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Exim Bank to tap overseas market by January, BFSI News, ET BFSI

Banking & Finance

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India’s Exim Bank will tap the overseas market to raise $1 billion to fund overseas project finance with demand picking up this year. The recent upward revision will add to investors’ comfort according to Ms Harsha Bangari, MD of the export credit agency.

“On the whole we would require $2 billion for FY22. We may tap the bond market in January again subject to favourable market conditions,” Bangari added. The export credit agency is looking at raising $1 billion.

Exim borrows $2-3 billion annually on average. The exact quantum would depend on demand. “We have already borrowed around $1 billion, mostly on the bilateral market,” Bangari says. Bilateral market borrowing gives the borrower an advantage of 15-20 basis points over bonds in terms of pricing. Exim has factored in a loan book growth of 8-10 per cent for FY22, higher than its earlier forecast of 5-7 per cent made in May 2021.

“A stable outlook gives us a lot of comfort. I hope investor appetite gets much better. We are getting a pricing that is given to a higher rated entity. Besides, Exim would also be borrowing Rs 15,000-20,000 crore from the domestic market.”

Exim Bank is also seeing some improvement in the asset quality. “It is much better than the last two-three years. There are a few accounts that have slipped and are very much in the bank’s radar,” Bangari says. As part of a consortium, the bank has identified nine accounts worth Rs 700-800 crore to be transferred to the National Asset Reconstruction Company (NARCL).

Exim Bank’s slippage ratio improved to 1.52 per cent in FY21 from 1.94 per cent in FY20. Net NPA stood at 0.51 per cent from 1.77 per cent in FY20. Bangari says the provision coverage ratio was at over 95% last year & will be higher this fiscal.

It has received a capital support of Rs 750 crore from the government of India so far, against the budgeted amount of Rs 15,00 crore.



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Cryptocurrencies rebound 10-fold since last yr, despite tough steps from China, India, BFSI News, ET BFSI

Personal Finance

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Cryptocurrencies have rebounded with a total market value of $2.2 trillion in late September, despite tough restrictions imposed by countries like China and India, according to report by DBS Group Research.

This is a ten-fold increase since the beginning of last year. The launch of several digital asset exchanges, rollout of innovative wallets, changes in mining technology and wide issuance of stablecoins have kept the momentum strong for crypto, the report said.

Also read: China announces cryptocurrency bank – what does it mean for India?

Countries like India and China are keeping a close eye on crypto assets, as the scale and scope of this asset class are large enough to have systemic implications, it said.

Multiple reasons for the ban have been cited by the governments, such as security and governance, consumer protection, surveillance gap and monetary policy efficacy.

Also read: What are stablecoins, and how stable are they?

China’s central bank, in the last week of September, declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. This was the second time the government announced a ban on crypto.

In March, it was reported that India would propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets. This, again, is not the first time when India is declaring its inhibition towards adopting crypto.

The resilience of crypto assets after the ban suggests that the market impact of China’s opposition to crypto could be declining. Year-to-date, Ether is outperforming Bitcoin by 400% in price return terms.

The ban has also led miners to migrate their businesses to crypto-friendly locations, which can offer cheap, reliable and greener sources of electricity, the report said.

Kazakhstan, US and Russia are some of the preferred locations.

According to experts, China’s ban was likely because the government wants to remove competition for its digital yuan. Adding to this, India’s Reserve Bank of India has also said that it was eyeing a phased implementation of its central bank digital currency (CBDC).

Also read: RBI eyes phased implementation of CBDC, will work in unison with payment infra, says RBI’s Ranjan

CBDC adoption will help drive future usefulness, acceptance by merchants and improve cross-border payments, according to banking regulators.

However, there is still a lot of time for countries to roll out their CBDCs. To maintain stability, CBDCs would need to have a careful design and implementation, the report said.



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Khara, BFSI News, ET BFSI

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-By Nidhi Chugh & Ishwari Chavan

Dinesh Khara

State Bank of India will soon roll out its Environmental, Social, and Governance structure, with an aim to increase its exposure to climate-change-mitigation companies, such as renewable energy, by extending credit relaxations, said Chairman Dinesh Khara.

For loans exceeding Rs 50 crore, borrowers are assigned scores on the basis of their performance on various ESG parameters, Khara said at the ESG India Leadership Awards 2021 on Thursday.

“The bank acknowledges the increasing risk of climate change that is embedded in its credit portfolio, and is in the process of devising a framework for climate risk management. We are also in the process of identifying and managing risk arising out of ESG practices, to increase our exposure to climate-change-mitigation companies, which includes relaxation in extending credit facilities to borrowers in the renewable energy sector,” Khara said.

Unless banks are able to provide adequate credit to green projects and measure risk in their portfolio, the bank’s depositors and shareholders will continue to carry ESG risk that can erode returns, Khara said.

According to experts, ESG investors are likely to face risks of small cap and single stock investments, and interest rate and inflation.

Khara spoke of the bank’s plan to embrace ESG investments.
Khara spoke of the bank’s plan to embrace ESG investments.

SBI aims to be carbon neutral by 2030, and in line with this target the bank has taken a number of initiatives to reduce its carbon impact, including installation of solar power plants, tree plantation, organic farming and banning the use of single use plastic, Khara said.

The bank has taken a two-fold approach to reach its 2030 goal – managing the impact of its own operations and directing its funding to climate-change-mitigation sectors, he added.

On India’s approach towards sustainable growth, Khara said the banking sector should accelerate green lending and report their ESG portfolio performance. India should define its green finance by combining international practices, developing its set of principles, and obtaining stakeholders’ views.

“To support acceleration in green financing, a number of structural changes will be needed in the traditional lending approach, including evaluation and certification of the green credentials of each project, understanding of the corporate roadmap to achieve net zero, and how projects will contribute to the achievement of net zero emissions,” he said.

Meanwhile, at the award function, Infosys emerged as a ESG leader across industries, while Axis Bank led the pack in transparency and disclosures, said ESGRisk.ai, the organiser, in a note.



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4 Stocks To Buy And Sell For Short Term Gains

Personal Finance

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Domestic markets stay strong

“Domestic markets are holding up strong on the back of several positive factors like rating outlook upgrade, strong pre-quarterly data and healthy commentary from corporates for the festive season. Although volatility has increased due to global factors as well as elevated valuations. Q2 result season would officially start with TCS numbers on Friday. Also RBI’s monetary policy meeting decision is due on Friday. In this environment of global uncertainty and sector specific action, Investors should make use of small dips in the market to accumulate fundamentally strong stocks,” Khemka says.

4 stock ideas for short term traders for Oct 8

4 stock ideas for short term traders for Oct 8

1) Dr. Ravi Singh, Head of Research & Vice President, ShareIndia

ICICI BANK: Buy the stock at Rs 702, Target on the stock at Rs 715, Stop loss at Rs 695.

HINDALCO: Buy the stock at Rs 477, Target on the stock at Rs 488, Stop Loss Rs 474

2) Manoj Dalmia, Founder and Director, Proficient Equities Private Limited

ABAN OFFSHORE: Buy the stock at Rs 54, TARGET Rs 61, Stop Loss Rs 51.50

3) Ravi Singhal, Vice chairman, GCL Securities Limited

TRENT: BUY the stock at Rs 1111, Stop Loss Rs 1077, Target Rs 1144

Disclaimer

Disclaimer

The stocks recommended above are based on the recommendations of technical analyst. 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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Reserve Bank of India – Tenders

Tenders

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Sealed bids are invited for the sale of Hyundai Creta SK 01 PB 2292 on “As Is Where Is” basis stationed at Reserve Bank of India, Gangtok at Tseyang Djong Building National Highway 10, Amdo Golai Tadong, Gangtok, Sikkim-737102.

2. Tender forms can be downloaded from Bank’s website https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx or can be obtained from Reserve Bank of India, Tseyang Djong Building National Highway 10, Amdo Golai Tadong, Gangtok. Tender forms addressed to the General Manager and Officer-in-Charge, Reserve Bank of India, Tseyang Djong Building National Highway 10, Amdo Golai Tadong, Gangtok – 737102 in a sealed envelope should reach the office not later than 15:00 hours on November 15, 2021. The tenders will be opened at 16:00 hrs on November 15, 2021 in the presence of the tenderers who wish to be present.

3. Bank reserves the right to accept or reject any or all the tenders, either in whole or in part, without assigning any reasons thereof.

General Manager and Officer-in-charge
Reserve Bank of India,
Gangtok
October 07, 2021

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Karnataka Bank launches loan campaign to cater to festival demand

Banking & Finance

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Karnataka Bank has launched a special campaign ‘KBL Utsav 2021-22’ for home loans, car loans and gold loans to cater to the festive demand. The campaign will be effective from October 7 to December 31.

A statement by the bank said customers can get the benefit of digital banking and offers of the special campaign across all the 857 branches of Karnataka Bank in the country.

Customers can get home, car and gold loans with special interest rates, concession in processing charges and other benefits under the ‘KBL Utsav’ campaign, it said.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, the statement said, Karnataka Bank helps its customers in realising their dreams of owning a home and a car, with real time customer authentication, hassle-free and simplified digital processing, immediate sanctions, etc., through its in-house developed digital products. “We are always with our customers as ‘your family bank’ in its true sense, to fulfil all the financial needs and share the happiness of festivities through our industry best customer service,” he said.

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RBI to call-back retired officers to improve efficiency

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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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