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5 ways digital lending apps can become safer for you

Personal Finance

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Lately, the digital lending platforms have gained traction as they provide easy access to the credit online and have come handy in hard times, especially after the outbreak of Covid, for those looking for instant loans. But there also have been increasing number of complaints by consumers against these platforms over mis-selling, breach of data privacy, and illegal conduct.

To protect the customers from widespread unethical practices, the Reserve Bank of India (RBI) has come out with the ‘Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps’. The report contains recommendations and suggestions from both RBI and the government such as setting up of Self-Regulatory Organisation to oversee the functions of the players in the industry and to standardise certain operations. It is open for comments from public until December 31, 2021 through email.

We look at the five key areas which makes customers of digital lending apps vulnerable and how the report seek to ensure more protection for borrowers on these fronts.

Unauthorised lending apps

If you happen to opt for unauthorised digital lending apps, you may have to deal with unreasonable terms and conditions of the loan.

To have some accountability, currently, to be a digital lender, one has to be associated with a bank or a non-banking financial company or abide by the money-lending laws in the respective State in which the services are provided. But the report goes a few steps further.

Proposal: One, it suggests that digital lending should be limited to only those entities that are either regulated by the RBI or those registered under any other regulatory authority. Currently, there are some digital lending apps which are carrying out the business as intermediaries between the customer and the financial institution. Gaurav Jalan, Founder & CEO of mPokket and member at Fintech Association for Consumer Empowerment says there still exists an ambiguity on what kind of regulations that intermediaries will be subject to.

Bringing the whole digital lending space under regulatory framework is one of the significant changes that would take place if the report becomes actionable. Direct regulation will serve as an additional layer of monitoring that prevents apps from any unauthorised activities.

The working paper also suggests establishing an independent body – Digital India Trust Agency (DIGITA), which will verify the digital lending apps before they are made public. Not just that, the report also recommends setting up of a Self-Regulatory Organisation (SRO), an industry association which will lay down a code of conduct and provide a mechanism for grievance redressal of customers.

High and hidden costs

Digital lending apps generally charge higher interest rates than conventional banks and NBFCs. This is partly due to the additional risk these players take by serving users who may not have a proper credit history.

In addition to interest rate, there could be processing fee and other costs. Credible money-lending apps disclose most of these details transparently in the ‘About the app’ space in the app store and also mention them in the loan agreement. But many others don’t.

Proposal: To hold the reins of those apps that don’t disclose transparently and mispresent the rates of interest, the paper recommends that each lender provide a key fact statement (KFS) in standardised format for all digital lending products.

Especially in case of short term consumer credits (STCC), the Central bank may establish standard definitions for the cost of digital STCC/ micro credit as Annual Percent Rate (APR). This would enable disclosure of all costs in a clear and understandable way.

Another important recommendation has been that a cooling off/ look-up period of certain days should be given to customers for exiting digitally obtained loans by paying proportionate interest cost without any penalty.

Breach of data privacy

Most of the digital apps seek access to your contacts, gallery and details of other apps in your mobile phone, on installation, to create a credit profile of the borrower. There have been cases that these players breached data privacy.

Proposal: The report recommends that the app collect only minimum required personal data from the borrower after indicating usage of each data/ access permission obtained. The borrower should be provided with an option to revoke consent granted to collect their personal data and if required, make the app delete/ forget the data.

The key point here is that the lenders should capture the economic profile of borrower and assess the consumer’s creditworthiness in an auditable way.

Further, it also talks about mandatory submission of information of loan transactions by digital lenders to Credit Information Companies (CICs) at a shorter interval compared to conventional reporting. This will ensure less dependence on alternate data for financial consumers as more of them would develop formal credit history for themselves.

Unacceptable recovery methods

There have been cases in the past of unacceptable and high-handed recovery methods by lenders.

According to the current RBI’s ‘Guidelines on Fair Practices Code for Lender’, in the matter of recovery of loans, the lenders should not resort to undue harassment such as persistently bothering the borrowers at odd hours and use of muscle power for recovery of loans.

Proposal: Despite this, on the back of rise in concerns over unethical recovery practices, the working paper suggests standardising the code of conduct for recovery, which has to be framed by the proposed SRO.

The SRO is expected to maintain ‘negative’ list of agencies that involved in unreasonable means of recovery and the lender has to make sure periodically that the collecting agency is not mentioned in the list.

Poor grievance redressal

As per the current guidelines, the loan agreement must clearly disclose the options available for the borrower to redress any grievance — be it customer care support, bank/NBFC’s support or the regulator’s redressal mechanism.

A lot of users complain about the poor customer care support in the user reviews for most of these money-lending apps. Once the RBI announced the RBI’s Sachet portal (https://tinyurl.com/rbiportal) for filing complaints, there has been tremendous increase in the number of complaints filed, says the report.

Proposal: The key recommendation in this aspect is that the digital lending apps should name a suitably competent nodal officer to deal with FinTech related issues with customers as well as regulators, SRO, law enforcement agencies, etc. The contact details of the nodal officer would be displayed on the website of the digital lending app.

Also, similar to Banking and NBFC ecosystem, it suggested defined timelines, escalation mechanism for any grievances.

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Key lessons for homebuyers from RERA judgments

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It has been over four years since the Real Estate (Regulation and Development) Act or RERA has been active. There continues to be new questions raised on the different aspects of the Act. For instance, recently the Supreme Court confirmed the retroactive applicability of the Act to projects that were underway when the Act was passed in 2016.

As of November 2021, 70,848 projects have been registered and 78,793 complaints have been disposed, based on data from the Ministry of Housing and Urban Affairs. These cases have helped to shed light on the nuances of the Act.

Affirmed rights

There are a few judgments that have strengthened the rights of homebuyers. One example is the one involving Emaar MGF on the channels available to a buyer for remedy. The verdict clarified that consumers have the option to approach RERA as well as Consumer Protection forum and not limit to just one.

Another case, involving Arkanade Realty, relates to buyers’ rights on parking. The developer had delivered the house but the parking space was being sold to others. The ruling confirmed the requirement under RERA that the developer is obligated to provide parking space to all buyers in a project and that the land cannot be sold to outsiders.

Buyers can also take comfort to note that they can get compensation not just for delays in hand-over but also for shortages in carpet area. In a case handled by the Maharahstra RERA authority, a buyer filed that there was a shortfall of 69 sq. ft. in the 806 sq. ft. carpet area promised. The builder was directed to reduce the cost of the flat for the shortfall in area.

The Maharashtra RERA has also made it mandatory that a society or similar legal entity should be formed by the developer after 51 percent of the flats have been booked. This is a shift from the earlier practice of forming one after the project receives completion certificate. The benefit of this decision is that home buyers can oversee the work and seek regular updates from the developer.

Besides private builders, RERA also applies to construction projects undertaken by the Government. So homebuyers in these projects can also take advantage of the redressal available for delays or other issues. Also, landowners will be liable as a builder if they take a share of revenue from the sale of the project and would be answerable to buyers.

Another important issue that was lingering related to precedence of RERA in situations when there are different Central and State government laws. In a case regarding the state of West Bengal, the Supreme Court noted that the State can legislate in spaces which are left out by RERA but in areas where there are overlaps, RERA has an over-riding effect over any conflicting State laws.

Also read: ‘Real Estate Regulatory Authority can delegate its powers to hear complaints from homebuyers’

Few restrictions

There were also instances where the result was not favorable to buyers. One such is the judgment by National Company Law Appellate Tribunal (NCLAT) on the question of whether home buyers can be included under the ambit of financial creditor when the builder files for insolvency. While the buyers had already received an order for payment through RERA, the forum ruled that relief cannot be provided under the Insolvency and Bankruptcy Code to receive the amount awarded. On the question of whether redevelopment is covered, the Maharashtra RERA ruled in the negative. For these, the housing society members must approach a civil court.

Also, while a buyer can approach civil court and RERA, they cannot get double compensation. In a ruling, a plea for compensation and possession was dismissed because relief had already been granted by a civil court. The complainant was also charged INR 10,000, to cover the developer’s legal costs.

Lease transactions are also not in the purview of RERA as only allottees are covered and not lessees. In the case involving Lavasa’s project – which had been halted due to an order from the Ministry of Environment and Forests – the agreements were a 999-year lease and not of sale. The buyers were not deemed as allottees, but as lessees and hence cannot get relief for delays through RERA.

Some gaps

The question on whether a buyer can receive refund of their advance is still unclear. The Tamil Nadu RERA ruled that a buyer needs to approach the consumer forum for refund of the advance amount paid to book an apartment. However, the Maharashtra RERA ordered a refund when a buyer noted that there were discrepancies in the booking offer – such are regarding EMI payment terms. Given that the purview depends on the specific situation, buyers may keep their options open and approach both RERA and consumer forum for relief.

Also, data on follow-up to the verdict is a cause for concern – Karnataka RERA data from August 2021 showed that while 595 verdicts were delivered, only 14 cases had penalty amount paid. This is a mere ₹6.87 lakh paid out of ₹245.72 crore.

The author is an independent financial consultant

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How much life insurance cover does one need?

Personal Finance

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Morgan Housel’s book ‘Psychology of Money’ does a great job of explaining the power of money – it can give you control over your own time. That in a nutshell is the function of life insurance. It enables financial continuity for your dependents and avoids a drain of your existing resources. So, it is quite irrefutable that adequate life cover is critical. Here, we revisit the factors that can help people determine how much life cover they need.

Most Indians continue to perceive life insurance as a savings vehicle and believe that the insurance benefit attached to such products is adequate. So, let’s clarify one thing – every earning individual with financial dependents must buy term insurance.

Take for example Arun, a 35-year-old married person with one kid and a second one on the way. He is looking to buy a term insurance and decides to rely on the general thumb rule – a life cover must be 10 times your annual income. Considering Arun earns ₹10 lakh per annum, the thumb rule would suggest his ideal life cover is ₹1 crore.

While this is a good thumb rule to determine the minimum cover required, an individual often needs more than 10 times his / her income. In other words, it is highly likely that Arun is inadequately covered. So, how can he determine his multiplier?

The DIME method is a holistic tool for assessing one’s current state of finances and future needs. So, here’s what Arun needs to know:

Debt: Your liabilities survive you and therefore provisioning for recurring debt is very important. Let’s assume Arun has an outstanding student debt of ₹2 lakh.

Income: Consider the number of years you want to provide an income replacement for your family and multiply your current income by that number. Assuming Arun wants to create income replacement for 5 years, he will need a corpus of at least ₹50 lakh.

Mortgage: The next step is accounting for a home loan, which can derail your family’s monetary stability in your absence. Let’s assume, Arun has an outstanding home loan of ₹50 lakh.

Education Expense: Considering Arun is a father, he will need to create a financial corpus to support his daughter until she turns 25 years of age (typically when kids start earning). With education cost constantly on the rise, Arun will need an estimated ₹35 lakh until graduation of his child. With another baby on the way, he wants to make an additional provision of ₹50 lakh for the upbringing and education of his second child.

All these factors summed up show Arun’s future requirement, which is ₹1.87 crore. But there is one missing ingredient – it doesn’t account for his existing assets. Assuming he has assets worth ₹20 lakh in the form of fixed deposits and mutual funds, Arun’s final financial requirement is ₹1.67 crore. Assuming Arun passes away after 10 years, then at a 4 per cent inflation rate per annum, he will need a life cover of ₹2.47 crore (nearly 25 times his current annual income).

Personal finance advisors can support you in this process. One key factor to always remember is that life insurance is not a one-time purchase. You must review your protection requirements at regular intervals, especially as you progress through various life stages.

The writer is Chief Distribution Officer, Edelweiss Tokio Life Insurance

(This is a free article from the BusinessLine premium Portfolio segment. For more such content, please subscribe to The Hindu BusinessLine online.)

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Is buying bonds on Wint Wealth an attractive proposition?

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Wint Wealth, an alternative debt asset platform for retail investors, recently launched ‘Wint Bricks Nov21’ – a senior secured bonds issue from U GROW Capital (Ugrow), a non-banking financial company.

The bonds are offering an attractive 10.50 per cent (XIRR) for a little over a two-year tenure. You can invest as little as ₹10,000 which is a small ticket size for bond investments. The return is particularly enticing when seen in the context of the falling interest rates on bank fixed deposits.

But the higher returns obviously come with commensurate risk. Do your homework before you take the plunge. Here, we highlight the key points about this bond issue.

What bonds are on offer

Co-founded in November 2019 by two financial services industry professionals, Wint Wealth (earlier GrowFix) is a fixed income investment platform for retail investors. Excluding the latest offering, Wint Bricks Nov21, the platform has so far offered seven bond issues totalling ₹100 crore.

The latest one, Wint Bricks Nov21 is a ₹50 crore senior secured bond issue from Ugrow, an NBFC focused on lending to small businesses (more details later). These bonds have been bought by Wint Wealth and other wholesale buyers (or warehousing partners, as they are called) from Ugrow in a primary issue and are now being made available for sale to retail investors on the Wint Wealth platform.

The bonds mature in 27 months and are offering a return (XIRR or extended internal rate of return) of 10.50 per cent. Investors will receive monthly interest on the bonds and will be repaid 33 per cent of their principal every 9 months (see table for details). That one doesn’t have to wait until maturity to receive the entire principal is a positive on the risk front.

Though, as part principal repayments are made, the monthly interest income is bound to go down.

Usually investment returns are indicated in the form of CAGR (compound annual growth rate). But, in case of investments involving multiple inflows / outflows (periodic interest and principal repayment in the case of the Ugrow bonds) at different times throughout the investment period, XIRR and not CAGR provides the correct return calculation.

The Ugrow bonds are ‘senior secured’ which essentially means that they are secured by way of collateral (assets) on which the bondholders have exclusive charge. In this case, the Rs. 50 crore issue has been collateralized by ₹62.5 crore worth of property loans. The bonds are rated A (Positive) by Acuite Ratings.

Any individual with a demat account can buy these bonds either on the Wint Wealth platform or directly through their brokerage account. Even when you invest via the platform, the order is still placed through the broker and executed on the exchange. Note that, there is a temporary halt in the sale of these bonds and these are expected to be available for sale from December 1. These bonds are listed on the BSE and the NSE. Investors are not charged for transactions on the platform.

While the returns are enticing and buying the bonds too appears easy, let these not be the deciding factors for investing in them.

Also read: Nuts and bolts of Retail Direct Gilt account

Multiple risks

While the bond issue is backed by adequate collateral, the issue has a relatively low credit rating of A from Acuite Ratings and calls for caution. The highest-rated safest bonds are assigned a AAA rating.

Ugrow is a relatively new NBFC specializing in SME lending that began loan disbursements only in January 2019. It had assets under management of only ₹1,933 crore as of September 2021. Sector-wise, light engineering and food processing alone account for 40 per cent of its loan book. While the company’s net NPA (non-performing assets) of 1.8 per cent appears low, this is likely reflecting the impact of loan restructuring (7.2 per cent of its portfolio) undertaken by it in the September 2021 quarter.

When it comes to the collateral, what matters is how liquid it is. In this case, the issue is backed by Ugrow’s property loans. As long as the majority of the borrowers keep servicing their loans, the collateral (property loans) can offer support in the event of any default on the bonds. But, if there were to be a spike in loan defaults, then even though the underlying property can be confiscated, liquidating it to pay off the bondholders can turn out to be a time-consuming process.

Also, while it may be easy to buy the Ugrow bonds now, selling them before maturity may not so, due to lack of sufficient buyers. So, one must be prepared to hold these bonds until maturity.

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Crypto Bill should look at capping foreign currency exposure, registering authorised dealers: IndiaTech

Banking & Finance

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Amidst several ongoing discussions on the draft cryptocurrency Bill, industry body IndiaTech on Friday said the Bill might seek to cap foreign currency exposure an investor can have annually while buying crypto assets.

The Bill is also expected to define and register authorised dealers or exchanges in a regulated manned.

 

Following the meeting of the RBI and cryptocurrency industry stakeholders earlier this month, IndiaTech had made several suggestions to the central bank, most of which have been kept confidential, apart from a white paper asking for stricter Know Your Customer (KYC) rules to be followed by the Indian crypto exchanges.

Also read: Cryptocurrency firms say no plan B as of now

Rameesh Kailasam, CEO, IndiaTech.Org, told BusinessLine: “The draft crypto Bill should ideally also cover aspects as to how much of foreign currency exposure one can have for buying crypto in an year.

“Also, what type of crypto, from whom you can buy and where such authorised dealer equivalents should be registered. Reporting mechanisms and authority for suspicious transaction reporting by exchanges would also be necessary.”

Also read: A sudden and complete ban on crypto trading unlikely: Experts

At present, the thriving crypto industry in India which already has two unicorns, has been self-regulating and operating in a grey area with nearly no rules to monitor them. This has left many retail investors clueless when there are platform crashes, loss of money and technical glitches during high volume of transactions.

Coupled with this, RBI’s regular warnings to the banks to avoid servicing cryptocurrency exchanges has only left the exchanges more troubled.

Meanwhile, RBI governor Shaktikanta Das has been reiterating his views on not allowing cryptocurrency in the country, calling it a major concern to macro-economic and financial stability of the country.

Changing bank accounts

Some of the retail investors, BusinessLine spoke to, said the exchanges even have to keep changing bank accounts at regular intervals to keep business running, about which they update them over emails.

An industry insider said: “Stability in this sector will only come through regulation. Sudden withdrawal of banks from providing services to the exchanges based on RBI’s notices and recommendations leave exchanges with no choice but to keep changing bank accounts to service the investors.”

Protecting smaller investors

The major focus of The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 will be to protect the interest of small-time investors with limited resources while improving the health of the overall ecosystem.

A few steps towards the same would be to have a centralised filtering mechanism for cryptocurrencies and allowing only a few that are reliable and eligible for the Indian market, IndiaTech recommended. The bill might even specify limits of exposure to cryptocurrencies in an investor’s portfolio mix.

“There needs to be a filtration mechanism formulated on what crypto assets, tokens etc. will be allowed to be traded in India. It is important that a mechanism should ideally be formulated on what kind of cryptocurrencies will be eligible for trade in India,” Kailasam said.

He said that out of over 10,000 cryptocurrencies, there are only 150-200 cryptos that are allowed to be traded at present, as Indian crypto exchanges already follow a similar filtration process.

Kailasam emphasised that investor education is fundamental and dos and don’ts for customers must be clearly brought out as this sector also requires huge amount of customer diligence.

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Cryptocurrency firms say no plan B as of now

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Most cryptocurrency companies in India are closely following developments around the proposed legislation on cyptocurrency but at present don’t have a plan B in case of a complete ban on trading.

“As an industry, we are in sync with the fact that INR is the only legal tender in India and crypto is an asset or utility which people buy and sell.

“If tabled in the Parliament, there will be discussions and deliberations around this bill. The process of crypto regulation is in the works, and we need to have faith in our lawmakers,” said Nischal Shetty, Founder, WazirX.

Regulation over prohibition

Gaurav Dahake, CEO and Co- founder, Bitbns, also expressed confidence that the government will embrace regulations instead of prohibitions.

“We are not putting in any efforts for any kind of alternate plans as we believe that all these speculations are initial hiccups before the whole cryptocurrency ecosystem gets regulated. Well-appraised regulations and a more defined framework will work better in favour of the economy than a ban,” he said.

Also see: 50,000 jobs at stake as govt brings laws to regulate cryptocurrencies

Experts said most cryptocurrency companies are incorporated overseas and will be able to continue operations abroad. However, a ban would lead to immediate losses and at least some would have to transfer operations abroad.

“Businesses in and around crypto assets may transfer their operations offshore but an immediate ban would definitely lead to some losses,” said Rashmi Deshpande, Partner, Khaitan & Co.

Blockchain: Part of Web 3.0

Many cryptocurrency companies also work on blockchain technology apart from trading.

“CrossTower is more than just a crypto platform. Crypto is a part of blockchain and blockchain is part of Web 3.0. We are focused on blockchain technology and innovation around Web 3.0, the next revolution in internet technology,” said Vikas Ahuja, CEO of CrossTower India.

Based in the US, CrossTower has users in the US, India, and other over 70 countries.

“When the Indian government is talking about banning certain cryptocurrencies, that doesn’t necessarily mean they’re banning this giant game of blockchain or interrupting the next level of innovation on digitising the trading world for the country.

“We believe they are trying to make it safe for consumers by providing safeguards, which is the best thing for crypto trading in India to grow smartly,” Ahuja said.

RBI’s digital currency

According to industry sources, many of these cryptocurrency companies had moved overseas after the 2018 restriction by the Reserve Bank of India.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been listed as part of the Government Legislative and Financial Business that will be taken up at the Winter Session of Parliament.

Also see: A sudden and complete ban on crypto trading unlikely: Experts

The Bill seeks to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.

The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

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Indusind Bank’s Hindujas welcome RBI move to up promoter holding to 26%, BFSI News, ET BFSI

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The Hindujas, who had earlier applied to RBI seeking to increase their holding in Indusind Bank, on Saturday welcomed the RBI move to allow promoter holding of up to 26 % in private sector lenders. IIHL Mauritius, the Hindujas’ entity which is the promoter of IndusInd Bank, had applied to RBI to increase its holding to 26 % from the previous cap of 15 %, seeking parity after promoters of rival Kotak Mahindra Bank were given the permission to have their holding at 26 % after dragging the RBI to courts.

“We believe this measure of increased promoter holding will be of benefit to all stakeholders: the regulator, the banking institution and its clients, particularly at this time when Indian economy is poised for exponential growth,” Ashok Hinduja, the chairman of IIHL, said.

The RBI on Friday came out with revised guidelines on private sector banks, allowing for 26 % promoter ownership but did not go ahead with an internal working group’s recommendation to allow corporates to promote banks after protests from various quarters including former governors.

Hinduja said IIHL now awaits operational guidelines as it gives the promoters an opportunity to inject capital to increase stake up to 26 %.

The increased promoter holding will lead to enhanced financial strength of the bank and its clients will be protected, he added.



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ITR Filing: How To Fix Errors In Annual Information Statement (AIS) Online?

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Investment

oi-Vipul Das

|

The Income Department presented the new Annual Information Statement (AIS) on the Compliance Portal at the beginning of the current month of November, which offers a taxpayer a detailed overview of the financial transactions made by him or her. The new AIS, according to the department, comprises additional details on interest, dividends, securities transactions, mutual fund transactions, foreign remittance records, and so on. The new AIS also includes an alternative for taxpayers to provide online feedback if they believe the information in the AIS is erroneous, pertains to another person/year, or is duplicate.

Some transactions involving the taxpayer that are not valid or do not pertain to him or her in the Annual Information Statement may exist. Taxpayers should double-check all necessary details and fill out the Income Tax Return completely and accurately. As a result, taxpayers should review the values or details recorded in the Annual Information Statement (AIS) and provide feedback if any of them needs to be changed. Hence, a taxpayer can address the errors in AIS online by following the instructions below.

ITR Filing: How To Fix Errors In Annual Information Statement (AIS) Online?

Steps to fix errors in Annual Information Statement (AIS) online

  • Visit https://www.incometax.gov.in/iec/foportal and click on ‘Login’
  • Now enter your PAN, Aadhaar Number, or any other User ID in order to sign into your account.
  • Under the drop-down menu of ‘Services’ click on Annual Information Statement (AIS)
  • Now select the tab ‘AIS’ and you will get options two select i.e. Taxpayer Information Summary (TIS) and Annual Information Statement (AIS).
  • Click on Annual Information Statement (AIS) and on the next page two options will appear i.e. Part A- General Information and Part B which includes TDS/TCS Information, SFT Information, Payments of Taxes, Demand and Refund, and Other Information.
  • Select either Part A or Part B which you think is not correct and click on ‘Optional’ to submit your feedback.
  • Now from the drop-down menu select your feedback type from Information is correct, Income is not taxable, Information is not fully correct, Information relates to other PAN/Year, Information is duplicate/included in other information, Information is denied and Transfer not in the nature of sale.
  • Upon selecting your feedback type, click on ‘Submit’ to let your errors fixed by the Income Tax Department.

According to a tweet from the Income Tax Department published on 16th November 2021 “Taxpayers may give feedback on the accuracy of the info displayed, modify information value & also give customized feedback on an info category. Click on link ‘AIS’ under ‘Services’ tab on /incometax.gov.in.” According to the department, there are also some Do’s & Don’ts which the taxpayer must follow to have a seamless experience in the AIS utility. To know about the Do’s & Don’ts of AIS, please click here.

Story first published: Saturday, November 27, 2021, 15:40 [IST]



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Minister, BFSI News, ET BFSI

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New Delhi, Centre’s specialised groups will address banking challenges faced by exporters, said Union Minister of State for Finance, Dr Bhagwat Kishanrao Karad.

Speaking at the ‘Banking Conclave on Exports’ organised by FIEO in Mumbai on Friday, the minister announced formation of various groups to address the problems raised by exporters and other stakeholders consisting of FIEO, leading banks, IBA, Ministry of Commerce and Ministry of Finance including one on challenges of e-commerce retail exports.

He highlighted the importance of banking sector in promoting and facilitating exports.

He informed that several reforms related to the banking sector have taken place in the recent past, and all the banks have implemented it in a successful manner.

Besides, he said that the Centre is keen on extending the due support to the trade, and therefore the decision on the extension of Emergency Credit Line Guarantee Scheme (ECLGS) was taken “well in time”.

Furthermore, he assured the government is open for discussions and meetings to understand the challenges faced by the exporters, so as to strengthen and support the export trade.



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Buy Siemens For A Price Target Of Rs. 2550: ICICI Direct

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Q4FY21 results of Siemens:

The infrastructure company follows October-September financial year. For the Q4 period of Fy21, the company logged decent performance despite disruptions. Consolidated revenue came in at Rs. 4296.1 crore, up 21.1% YoY. EBITDA stood at Rs. 447.2 crore with margins of 10.4% impacted by higher other expense, higher commodity prices. Consequently, the company reported profit after tax (PAT) of Rs. 321.6 crore. Order inflows for the review period had been decent at approximately Rs. 3378 crore, up 4.9% on YoY.

About Siemens:

About Siemens:

Siemens is a leading player in technology solutions with key focus on intelligent and smart infra for buildings and distributed energy systems, among others. The company operates primarily in 5 major segments that include energy/gas & power, smart infrastructure, digital industries, mobility. As per the brokerage house, Siemens is well positioned to benefit from the overall energy market transformation from electrification to automation & digitisation.

Target Price and Valuation:

Target Price and Valuation:

The brokerage values Siemens at Rs. 2550 on an SoTP basis. “Overall, further penetration of automation & digitisation products and services across segments to drive long term growth”, adds the brokerage.

Key triggers for future price performance:

Strong focus on technology leadership in digitisation and automation products to further strengthen its market share.

Strong demand for short cycle products with clear traction form steel, cement, chemical, pharma, fertiliser industries to drive strong growth and margin expansion in smart infrastructure and digital industries segments.

We expect revenue, EBITDA to grow at CAGR of nearly 11%, 16.4%, respectively, in FY21-23E owing to strong traction in short cycle products and services .

Alternate Stock Idea:

Alternate Stock Idea:

“We also like Bharat Electronics in our coverage. Strong order inflows visibility, strategy to diversify into non-defence/civil areas, focus on increasing exports and services to drive long term growth”, said the brokerage. Buy with a target price of Rs. 250 suggests the brokerage house, resulting into gains of 26 percent if the investor buys into the scrip at the current market price of Rs. 198.2 per share.

Disclaimer

Disclaimer

The stock has been picked from the brokerage report of ICICI Direct. 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.

GoodReturns.in



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