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Top 5 Private Sector Banks Promising Up To 6.50% Returns On 1-Year Fixed Deposits

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IndusInd Bank

With effect from 23rd July 2021 Indusind Bank is promising an interest rate of 6.00% to regular citizens and 6.50% to senior citizens on deposits maturing in 1 Year to below 1 Year 6 Months. The most recent interest rates on 1 year fixed deposits of the bank are as follows.

Tenure Regular Interest Rates Annualised Yield Rates for senior citizens Annualised Yield
7 days to 14 days 2.5 2.5 3 3
15 days to 30 days 2.75 2.75 3.25 3.25
31 days to 45 days 3 3 3.5 3.5
46 days to 60 days 3.25 3.25 3.75 3.75
61 days to 90 days 3.4 3.4 3.9 3.9
91 days to 120 days 3.75 3.75 4.25 4.25
121 days to 180 days 4.25 4.25 4.75 4.75
181 days to 210 days 4.6 4.63 5.1 5.13
211 days to 269 days 4.75 4.81 5.25 5.32
270 days to 354 days 5.5 5.58 6 6.09
355 days to 364 days 5.5 5.58 6 6.09
1 Year to below 1 Year 6 Months 6 6.18 6.5 6.71
Source: Bank website, w.e.f. July 23rd, 2021

RBL Bank

RBL Bank

For a deposit amount of less than Rs 3 Cr, Domestic, NRO, NRE & Flexi Fixed Deposits of less than 1 year will fetch the following rates.

Period of deposit Interest Rates p.a. Senior Citizen Interest Rates p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
Source: Bank Website, w.e.f. September 01, 2021

Yes Bank

Yes Bank

For a deposit amount of less than Rs 2 Cr, Yes Bank is promising the below-listed interest rates on 1 year deposits which are in effect from 5th August 2021.

Period Interest Rates Annualised Yield Senior Citizen Interest Rates p.a. Annualised Yield
7 to 14 days 3.25% 3.25% 3.75% 3.75%
15 to 45 days 3.50% 3.50% 4.00% 4.00%
46 to 90 days 4.00% 4.00% 4.50% 4.50%
3 months to 4.50% 4.50% 5.00% 5.00%
6 months to 5.00% 5.03% 5.50% 5.54%
9 months to 5.25% 5.32% 5.75% 5.83%
Source: Bank website, w.e.f 5th August, 2021

DCB Bank

DCB Bank

DCB Bank is now promising the following interest rates on deposits maturing in less than 1 year.

Tenure Interest Rates Annualised Yield Senior Citizen Interest Rates p.a. Annualised Yield
7 days to 14 days 4.35% 4.35% 4.85% 4.85%
15 days to 45 days 4.35% 4.35% 4.85% 4.85%
46 days to 90 days 4.35% 4.35% 4.85% 4.85%
91 days to less than 6 months 5.05% 5.05% 5.55% 5.55%
6 months to less than 12 months 5.45% 5.56% 5.95% 6.08%
12 months 5.55% 5.67% 6.05% 6.19%
Source: Bank website, (with effect from 17th August, 2021)

IDFC First Bank

IDFC First Bank

For a deposit of less than Rs 2 Cr, Rate of Interest (%p.a.) w.e.f. September 15, 2021 of IDFC First Bank are as follows.

Period Regular interest rates Senior Citizen Interest Rates p.a.
7 – 14 days 2.50% 3.00%
15 – 29 days 2.50% 3.00%
30 – 45 days 2.75% 3.25%
46 – 90 days 2.75% 3.25%
91 – 180 days 3.25% 3.75%
181 days – less than 1 year 4.50% 5.00%
Source: Bank Website



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FIDC seeks refinance mechanism for NBFCs

Banking & Finance

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Finance Industry Development Council (FIDC) has sought a refinancing mechanism for non-banking finance companies and other measures to further credit flow to MSMEs through these shadow banks.

In a letter to SIDBI Chairman and Managing Director S Ramann, FIDC has said there is a dire need for an effective refinance mechanism on similar lines as the NHB refinance to ensure diversity and greater regularity in sources of funds to NBFCs.

“We believe that SIDBI is most suited as an institution to provide such a facility to NBFCs for onward lending to MSMEs and other appropriate sectors,” FIDC said, adding that it has also discussed the issue with the Reserve Bank of India and Finance Ministry.

It has also called for changes in the eligibility criteria used by SIDBI for funding NBFCs, apart from rating.

“While rating should be an important consideration for SIDBI to assess its credit risk, we submit that this may be seen as only one of the criteria, which could be counter-balanced with vintage of NBFC, the track record and experience of the key personnel, financial parameters, credit quality and capital adequacy,” it said, adding that rating should not be used as a qualifying criterion for a “go-no go” decision for lending to NBFCs.

FIDC is a representative body of asset and loan financing of RBI registered NBFCs.

It has sought extension of CGTMSE coverage to loans given to educational institutions. Currently, the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage is not available for loans provided by NBFCs to educational institutions.

FIDC pointed out that many educational institutions are now being opened, and there is a need to provide adequate financing for restoring normalcy and enabling their growth.

“Covering these loans under the CGTMSE scheme would facilitate greater flow of funds to this critical sector,” it said.

It also asked that CGTMSE coverage should be restored to 75 per cent of the non-performing asset. Further, FIDC has suggested that arbitration should be considered a valid legal step taken for debt recovery under the ECLGS scheme.

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Our target is to grow every business at twice the industry growth rate, says Rashesh Shah of Edelweiss Financial

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After restructuring the Edelweiss group into ten independent business units, Rashesh Shah is looking to grow these companies at 12 per cent to 15 per cent a year for the next five years. In an interview with BusinessLine, Rashesh Shah, Chairman and Managing Director, Edelweiss Financial Services shared his vision to become a technology-driven, niche player.

Post the two waves of the pandemic, what is your strategy for the company?

Edelweiss has got multiple businesses now. In the last two years, during the pandemic, we have made every company a standalone business. We have spun off the wealth management business, which has its own investor PAG. It made sense to keep the businesses together when they were small five years ago, but they have grown enough to require their own independence. Second, in terms of credit, we have started disbursements from August.

There will be two kinds of NBFCs in India – some that will compete with banks while others, like ours, will partner with banks for co-lending. Going forward, our strategy is to keep 50 per cent of the disbursements on our books, and 50 per cent will be sold down.

Our HFC book is ₹5,000 crore, and SME book is ₹2,000 crore. Of the ₹7,000 crore book, we will originate about ₹3,000 crore a year. About ₹1,500 crore will be on our books, and ₹1,500 crore will be sold down. This will keep us asset-light. We have capital adequacy of over 25 per cent in most of our core credit businesses. For us, this is a much better model, as we don’t take ALM risk, ROE is better, there is higher fee income, and it’s easier to cross-sell. We will be a technology-driven, niche player.

What is your target for your businesses for the next couple of years?

There’s not an overall target because all companies are at different stages of growth and a different size. Our rule of thumb for every business we have is to grow at twice the industry growth rate. Most of our businesses should grow at 12 per cent to 15 per cent a year for the next five years.

Are you looking at more dilution of stake or listing of businesses?

This is one of our intentions in the long term. In a model like ours, one can create value and needs to unlock that value. De-mergers, spin-offs, IPOs are the various ways. We don’t intend to sell any more businesses. What we did in the wealth management business is one way of unlocking value. We sold insurance broking as part of the wealth management business but in partnership with Arthur Gallagher. When we were de-merging the businesses, we had kept it out. It was like a standalone business, but we couldn’t list it. So it was a good idea for Gallagher to buy it.

Is the acquisition of a fintech on the cards to broaden your reach?

We are already partnering with quite a few fintechs. Many of them are doing great work in analytics, customer servicing, and collections. We are also open to acquisitions, but we want to maintain the culture. Partnering is a better option, but we are open to buying stakes. We already have small stakes in a few of them. Fintechs are not disrupting, they are not replacing traditional banks, NBFCs, insurance companies. In India, expansion of the financial services market is needed as many underserved and unserved segments are required. MFIs cater to an unserved segment; they do not replace the banks.

Would you be interested in getting a bank license?

We are in 10 businesses, and maybe our NBFC business can explore converting into a bank. It is one credit opportunity for us. But even without bank, with all these partnerships with the banks and co-lending, we see enough growth opportunities for the next five to 10 years. There are pros and cons to becoming a bank. It’s not that all the new banks are doing very well. They have to build a CASA deposit base, which is a long haul. As an NBFC, we are very small. We are very far away from being a bank. We are growing our asset management and insurance business, for which we want to keep our firepower and bandwidth free. Converting into a bank is not a magic bullet; it is an expensive proposition. We have a very good path on NBFC growth.

How is your ARC doing? Do you see recoveries improving?

All through the pandemic, recoveries have been reasonably good. In the last four years, we have recovered almost ₹25,000 crore from over 140 accounts. IBC is only one of the tools. More than half of our recoveries are outside the IBC. Our ARC is very good at restructuring, and we have about 35 per cent to 40 per cent of the market share. We see that as a steady business. The first ten years of our ARC was corporate credit. Last three years, we have bought a lot of retail assets such as home loans, where ARCs can play a huge role. In fact, in the last two years, we have bought more retail assets than wholesale assets. In the next ten years, we see more opportunities more on the retail side.

What is your view on NARCL? Will it speed up your roadmap for retail?

Currently, NARCL is taking care of accounts that banks have fully written off. It will not change the landscape of the market. NARCL is a positive move as banks will get indirect capitalisation when they sell fully written-off accounts. But NPAs will happen though large corporate NPAs of the past may not be there. Part of these will be retail and part will be wholesale. ARC is a permanent business model. Our ARC aims to be about 50 per cent retail and 50 per cent wholesale. It gives us about ₹250 crore to ₹300 crore of profits after tax.

Is fresh capital infusion required for any of the companies?

We may have to invest a bit in the insurance business – around ₹100 crore or so every year for the next three years. But that is already allocated. All our other businesses are adequately capitalised.

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Nation Pension System AUM likely to rise 30% to Rs 7.5 lakh crore by FY22, says PFRDA chairman, BFSI News, ET BFSI

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Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supratim Bandyopadhyay on Friday said that the corporate sector is showing greater interest in the National Pension System (NPS), which may lead to an on-year 30% rise in assets under management (AUM) on year to Rs 7.5 lakh crore by FY22.

Other key takeaways from the speech

  • Total NPS corpus was at Rs 6.67 lakh crore as on September 25, 2021, up from Rs 5.78 lakh crore as on March 31.
  • Private individual enrolments (excluding Atal Pension Yojana) grew 35% on year to 18.28 lakh as on September 25, 2021, while corporate sector subscribers have shown 20% growth to 12.59 lakh during the period.
  • The Central government employee subscribers grew 4.4% on year to 22.24 lakh as on September 25, 2021, while state governments subscribers grew 10% to 53.79 lakh during the period.

Addition of new fund managers

PFRDA has recently given approval to two new entrants – Tata Asset Management and Max Life Insurance – into fund management of NPS. Axis Mutual Fund is also in the process of joining as a fund manager, Bandyopadhyay said.

Currently, there are seven fund managers – HDFC Pension Management, ICICI Prudential Pension Funds Management Company, Kotak Mahindra Pension Fund, LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions and Aditya Birla Sun Life Pension Management.

Individual Subscribers

In June, PFRDA permitted the engagement of individuals who are working as business correspondents or agents within their existing business structure for facilitating the distribution of pension schemes.

Bandyopadhyay said individual distributors would play a key role in the expansion of NPS among the masses. The regulator is also examining if the fees paid to distributors could be enhanced from the current rate of 0.25% of the contribution by a subscriber.

With longevity of life and working life going well beyond 60 years, the regulator has enhanced the entry age for NPS to 70 from 65 and exit age from 70 to 75 years, in all citizen and corporate schemes.



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Buy This EV Stock With Upside Potential Of 17%, Says Motilal Oswal

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Chip shortage a near-term issue; long-term view remains intact

Tata Motors (TTMT) is a significant worldwide car company that produces a wide range of vehicles including PVs, SUVs, buses, trucks, pickup trucks, and defence vehicles.

JLR’s profitability to improve, driven by market recovery and ramp-up in newly launched Defender

According to Motilal Oswal, beginning in 2HCY19, JLR volumes began to show early indications of recovery, fueled by the new Evoque, a ramp-up in I-Pace, and a course correction in China – which was initially derailed by the COVID impact and is now stalled owing to the semi-conductor shortage.

“We expect JLR (including JV) to post a 13% volume CAGR over FY21-23E (after 13.3% CAGR decline over FY18-21). This, coupled with the possibility of mix improvement and reduced variable marketing spend, would lead to a ~15% revenue CAGR,” the brokerage has said.

India business on recovery path; PV nearing cash breakeven

India business on recovery path; PV nearing cash breakeven

Motilal Oswal believes that COVID 2.0 had a significant impact on the turnaround of the Indian business. Nonetheless, the India CV market is on solid ground, with M&HCV (42 percent CAGR over FY21-23E) and LCV (21 percent CAGR) poised for robust cyclical recovery. 2HFY22 is expected to be better than 1HFY22, with momentum continuing for the following 2-3 years.

TTMT’s revised product portfolio would allow for a sustained recovery in the PV sector (34 percent CAGR) as well as market share increases, putting the company on track to achieve FCF breakeven by FY23E. In the medium term, it aims for a 15% market share in India PV, with EBITDA margins in the high single digits.

Valuation and view

Valuation and view

“Recovery is underway in all the three businesses of TTMT. While the India CV business would see cyclical recovery, the India PV business would witness structural recovery. JLR is witnessing cyclical recovery, supported by a favorable product mix. However, supply-side issues would defer the recovery process. While there would be no near-term catalysts from the JLR business, the India business would post continued recovery. The stock trades at 9.6x FY23E consolidated EPS and 3.2x EV/EBITDA. We maintain our Buy rating, with a Target Price of Rs 400 per share,” the brokerage said in the report.

Head start in EV

India PV has two scalable and electrified platforms: Alpha Arc (Altroz and Punch) and Omega Arc (larger vehicles such as Harrier and Safari). PV has a 70 percent market dominance in EVs in India, giving it a head start in the EV industry – the competition isn’t as well-equipped. It expects to launch 1-2 electric vehicles every year by converting existing ICEs to electric vehicles, with a total of 10 pure electric vehicles on the road by 2025. By 2025, it wants EVs to account for 25% of PV volume.

Disclaimer

Disclaimer

The above stock is picked from the brokerage report of Motilal Oswal Institutional Equities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article. The above report is for informational purposes only.



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Reserve Bank of India – Press Releases

Press Releases

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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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Banking And Finance Stocks To Buy As Listed By Motilal Oswal For Upto 30% Gains

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Buy Federal Bank, says Motilal Oswal

Current market price Target price Gains %
Rs 84 Rs 110 30.95%

According to Motilal Oswal Institutional Equities, gross advances at Federal Bank grew 9.7% YoY to Rs 1.4 trillion. The bank has reported a strong recovery in business trends with a 3.4% sequential growth (v/s a 1.6% QoQ decline in 1QFY22 affected by the second COVID wave). The growth is largely contributed by a recovery in retail assets such as gold, home, and auto loans.

According to Motilal Oswal Institutional Equities the bank continues to maintain a high liquidity coverage ratio (LCR) of 226 per cent (v/s 216% in the first quarter of FY22).

“Federal Bank posted a strong recovery in business trends, despite higher COVID-19 cases in its core state. It reported a strong performance, despite many odds. The Current Account Savings Account trend remain healthy, with the liability franchise holding up well for the bank. We expect an improvement in margin in 2QFY22, supported by a recovery in credit trends and lower cost of funds. We maintain our Buy rating with a target price of Rs 110 per share (1.2 times FY23E anticipated book value).

The stock of Federal Bank was last seen trading at Rs 84.

Buy HDFC, says Motilal Oswal Institutional Equities

Buy HDFC, says Motilal Oswal Institutional Equities

According to the brokerage HDFC sold down loans worth Rs 71.3 billion in 2QFY22 v/s Rs 30.3 billion YoY and Rs 55 billion QoQ. “We expect the company to report an upfront assignment income of Rs 3.2-3.3 billion from the sell-down. Note that in the prior fiscal, it sold down Rs 190 billion worth of loans,” the brokerage has said.

“HDFC is our preferred pick in the Housing Finance sector. We like HDFC’s ability to gain profitable market share, despite significant competitive pressures. The Real Estate market saw a swift turnaround in 2QFY22. We expect this sector to remain reasonably buoyant even in the absence of any stamp duty cuts. With incremental cost of funds from the capital markets at

5.5-6%, the company has been able to manage spreads, despite the sharp cut in home loan yields, led by the largest Public Sector Bank in India. HDFC has built a large provision buffer to guard against contingencies in non performing assets from COVID-led disruptions. We expect it to deliver a core Return on Equity of 12-13% over the medium term.

The Motilal Oswal Institutional Equities report does not suggest any target on the stock. The shares of HDFC were last seen trading at Rs 2754 on the NSE.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Motilal Oswal Institutional Equities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article. The above report is for informational purposes only.



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CoinDCX brings in Amitabh Bachchan as brand ambassador

Banking & Finance

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Cryptocurrency exchange CoinDCX has brought onboard actor Amitabh Bachchan as its first-ever brand ambassador.

“Through this collaboration, CoinDCX wants to increase awareness around crypto and popularise crypto as an emerging asset class,” it said in a statement on Monday, adding that Bachchan will be the face of the new campaign, which will focus on popularising crypto as an asset class.

Significantly, Bachchan is well versed with the crypto sector as he too is a crypto investor and has launched his own non fungible token recently.

Also read: Making crypto a common currency

“Through Bachchan, CoinDCX wants to convey that it is at the forefront when it comes to the safety of its users and being compliant with all the regulations. In addition, the brand aims to educate prospective users about the crypto space,” it further said.

According to CoinDCX, the crypto market in India is worth more than $2 trillion and is set to increase further with more Indian investors showing interest in it.

“Bachchan’s knowledge will prove valuable in building trust and credibility amongst new users. We are certain that his association with CoinDCX will help bring greater visibility to the world of crypto and develop a strong brand recall for us,” said Sumit Gupta, Co-Founder and CEO – CoinDCX.

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Top banks face up to Rs 800 crore hit on GST on FD insurance premiums, BFSI News, ET BFSI

Banking & Finance

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Major banks face increased costs of Rs 250 to Rs 800 crore on input tax credit on insurance paid to Deposit Insurance and Credit Guarantee Corporation (DICGC) by them on fixed deposits after the hike in insurance of deposits to Rs 5 lakh from Rs 1 lakh

The indirect tax department is questioning banks on the status of input tax credit (ITC) on the insurance paid to the DICGC.

All banks are required to insure this amount with the DICGC and pay a premium on that sum, for which an 18% GST rate is applicable.

Most banks consider GST as a cost and add it towards the available input tax credit.

Input tax credit

Input tax credit is GST paid on input services or raw materials that can be set off against a certain kind of future tax liability.

The indirect tax department is contesting the availability of input tax credit on insurance premiums.

Banks may have to shell out not only higher premiums and also incur higher tax costs due to credit disputes.

The indirect tax department claims the insurance premium paid by banks is not towards taxable output services and so they cannot input tax credit. As per the GST framework, banks can only avail half of the input tax credit available to them. The tax department claims the insurance premium is not towards the “core” function of banks.

Services free

Since most services provided by banks to fixed deposit holders are free, the tax credit cannot be used against any outgoing GST as well, it says.

SBI, Bank of Baroda, Punjab National Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank are the major banks that may be affected.

Under the existing tax laws, there is an ongoing debate as to whether any cost that a company or a financial institution incurs due to a regulatory requirement should be considered crucial, and whether input tax credit hould be available on that.



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IBC poised for a new set of changes, weeks after rap by parliamentary panel, BFSI News, ET BFSI

Banking & Finance

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The government is working on a new set of amendments to strengthen the Insolvency and Bankruptcy Code, which has come under criticism after over 90 per cent haircuts suffered by lenders in some hi-profile resolutions.

The amendments are being worked on by the finance ministry and IBBI officials to plug any loopholes in the system, according to a report.

finance and corporate affairs minister Nirmala Sitharaman had given directions to officials at the Financial Stability and Development Council meeting last month to finalise changes that would be required to strengthen the IBC.

A meeting of officials was held on September 21 and 28 over the issue, according to a report.

The Reserve Bank of India and Securities and Investment Board of India wants issues over IBC settled.

Rising haircuts

Almost half of the closed cases by lenders under IBC in FY21 ended in liquidation, according to IBBI, while only 13 per cent were resolved. In most of the cases under IBC, by the time they are resolved, their asset value depreciates leading to 90% haircuts, according to IBBI

In August, the parliamentary standing committee on finance cautioned that the IBC may have strayed from its original objectives, highlighting inordinate delays and large haircuts for lenders.

“Liquidation should not be a benchmark. And that is why we have to think carefully about what should be the benchmarks and a resolution process particularly for secured financial creditors,” Jayant Sinha, chairman of the parliamentary standing committee on Finance had said.

Panel suggestions

Sinha had suggested three steps to reduce litigation.

Firstly, fill the vacancies at NCLT as quickly as possible because then there is more time to adjudicate a case well and come up with a good resolution.

If judges don’t have enough time and rush through cases, they won’t give good judgments, and then things will end up in litigation. Therefore, adding capacity as soon as possible is one way in which we can deal with these endless litigation type issues.

Secondly, improve the quality of NCLT members. The parliamentary committee has recommended that the NCLT should at least have high court judges so that we can benefit from their experience and their wisdom. That’s another way to prevent litigation.

The third way of preventing litigation is to ensure when people submit the resolution plan as per the deadline, they do not have an opportunity to come in with another resolution plan after that. Because not doing so, will again rest in litigation, and a lot of contentions back and forth.

“So these are three very concrete steps that we have suggested to reduce litigation as it is one of the reasons a lot of these timelines are being extended,” he said.



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