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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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IDFC board approves divestment of mutual fund business

Banking & Finance

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The Board of Directors of IDFC Ltd and IDFC Financial Holding Company Ltd (IDFC FHCL) at their meetings held on Friday considered and approved to initiate steps to divest the mutual fund business — IDFC Asset Management Company (IDFC AMC) Ltd.

IDFC AMC is the direct subsidiary of IDFC FHCL and indirect subsidiary of IDFC. As on March 31, 2021, IDFC held 99.96 per cent in IDFC AMC.

IDFC AMC’s average assets under management (AAUM) for the June quarter was at ₹1,26,070 crore, as per AMFI data.

IDFC, in a regulatory filing, said the disinvestment is subject to requisite regulatory approvals, as applicable.

The Boards have authorised respective Strategy & Investment Committees to take necessary steps, including appointment of Investment Banker, for the same, as per the filing.

IDFC losing investor confidence over delay in value unlocking

Investors upset

At a pre-annual general meeting conference call held on September 14, investors expressed disappointment with the slow pace of progress of the disinvestment.

While one investor wanted IDFC to immediately divest its stake in its asset management company (AMC), failing which he said he will reach out to other investors to seek a change in management; another investor, referring to the performance of the stock, alleged value destruction for shareholders.

RBI approves re-appointment of Vaidyanathan as IDFC FIRST Bank chief

Vinod Rai, Non-Executive Chairman, IDFC, explained that it has taken the company the last 3-4 years to try and simplify the entire corporate structure and it has managed to remove all the other entities, except the Bank, AMC and the Foundation.

“Now, what we are grappling with today is the IDFC Foundation. It has two joint ventures under it — one is with the Government of Delhi and another is with the Government of Karnataka.”

In his statement to the shareholders in the latest annual report, Rai observed that in pursuit of creating maximum value for shareholders, over the last few years the Board has been focused on cleaning up the corporate structure of the IDFC Group, while awaiting the expiry of the 5-year lock in period for the Group as promoter of IDFC FIRST Bank.

The Reserve Bank of India vide their letter dated July 20, 2021, has clarified that after expiry of the ‘lock in’ period of five years, IDFC can exit as promoter of IDFC FIRST Bank.

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Reserve Bank of India – Press Releases

Press Releases

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    4.26% GS 2023 6.10% GS 2031 6.76% GS 2061
I. Notified Amount ₹3,000 cr ₹14,000 cr ₹9,000 cr
II. Cut off Price / Implicit Yield at cut-off 100.30/4.0682% 99.40/6.1810% 97.71/6.9297%
III. Amount accepted in the auction ₹3,000 cr ₹14,000 cr ₹9,000 cr
IV. Devolvement on Primary Dealers NIL NIL NIL

Ajit Prasad
Director   

Press Release: 2021-2022/878

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JM Financial Products to raise upto ₹500 crore via public issue of secured NCDs

Banking & Finance

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JM Financial Products, the NBFC arm of the JM Financial Group on Friday announced Tranche – I public issue of secured NCDs of face value of ₹1,000 each.

The issue includes a base issue size of up to ₹100 crore with an option to retain over subscription up to ₹400 crore, which would in all total up to ₹500 crore.

“The funds raised through this Tranche I Issue will be used for the purpose of onward lending, financing, and for repayment / prepayment of interest and principal of the borrowings of the company (at least 75 per cent) and for general corporate purposes (up to 25 per cent),” JM Financial said in a statement..

Tranche – I Issue will open on September 23, 2021 and close on October 14, 2021.

The issue offers four Series, of which Series I comes with floating interest rate option and Series II, III and IV comes with fixed interest rate option.

The fixed coupon rate is of up to 8.3 per cent per annum and the floating interest rate will be calculated based on 91-day T-bill and 3.15 per cent spread.

The tenor will range from 39 months to 100 months. “This public issuance will continue to help us diversify our borrowing and investor mix. Our strong balance sheet, well-capitalised and diverse set of businesses and strategic client-focused approach position us to drive sustainable value for our stakeholders,” said Vishal Kampani, Managing Director, JM Financial Products and Managing Director, JM Financial Group.

The lead managers to the issue are Equirus Capital and JM Financial.

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Top 5 Best Performing Chemical Stocks With Gains Up To 1000 Percent

Personal Finance

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Asian Petroproducts & Exports

Asian Petroproducts & Exports is a firm that manufactures chemicals based on ethylene oxide. It was founded in 1991. The PE ratio of Asian Petroproducts is 79.11, which is excessive and overvalued in comparison. Asian Petroproducts reported a revenue increase of 1,189.31%, which is reasonable given the company’s development and performance.

The stock returned 1,189.31%, in the year so far.

Sreechem Resins

Sreechem Resins

Sreechem Resins, founded in 1988, is a Small Cap business in the Chemicals industry with a market capitalization of Rs 15.56 crore. Sreechem Resins has a PE ratio of 6.26, which is low and cheap compared to its peers.

Sreechem Resins has an Inventory Turnover Ratio of 6.74, indicating that the company’s inventory and working capital management are inefficient. The return on equity ratio indicates how much profit is generated for every rupee of common stockholders’ equity. Sreechem Resins has a return on investment (ROI) of 4.62 percent, which is above average.

The stock returned a fantastic return of 735.77% so far this year.

Balaji Amines

Balaji Amines

Balaji Amines, founded in 1988, is a Small Cap business in the Chemicals sector with a market capitalization of Rs 15,935.78 crore. Only 7.16 percent of trading sessions in the last 14 years had intraday drops of more than 5%.

In the fiscal year ended March 31, 2021, the company generated a return on equity of 26.63 percent, surpassing its five-year average of 22.18 percent. Annual sales growth of 40.05 percent surpassed the company’s three-year CAGR of 14.78 percent. The stock returned 815.92 percent over three years, compared to 54.06 percent for the Nifty Midcap 100.

Yasho Industries

Yasho Industries

Yasho Industries, founded in 1985, is a Small Cap business in the Chemicals sector with a market capitalization of Rs 834.93 crore. Yasho Industries is a part of the Screener for Growth at Reasonable Prices.

Annual sales growth of 23.06 percent surpassed the company’s three-year CAGR of 13.09 percent. Over the last three years, the company has maintained a respectable ROE of 28.22%. The company manages its cash flow well, with a CFO/PAT ratio of 2.36. With a promoter holding of 74.09 percent, the corporation has a large promoter base.

Dhunseri Ventures

Dhunseri Ventures

Dhunseri Ventures, founded in 1916, is a Small Cap business in the Plastics industry with a market capitalization of Rs 1,021.15 crore. The stock returned 181.35 percent over three years, compared to 45.85 percent for the Nifty Smallcap 100. For the past three years, the company has shown a good profit growth of 49.84 percent.

The company is almost debt-free. With a respectable interest coverage ratio of 37.90, the company is in good shape. Dhunseri Ventures has a PE ratio of 3.12, which is low and inexpensive compared to its peers.

Top 5 Best Performing Chemical Stocks With Gains UP To 1000%

Top 5 Best Performing Chemical Stocks With Gains UP To 1000%

Stocks Price Year-To-Date Returns
Asian Petroproducts & Exports Rs 41 1,189.31%
Sreechem Resins Rs 39.95 735.77%
Balaji Amines Rs 4,754 406.21%
Yasho Industries Rs 786 391.78%
Dhunseri Ventures Rs 285 274.82%

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. Please consult a professional advisor.



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SBI to offer home loans at concessional rates during festive season, BFSI News, ET BFSI

Banking & Finance

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Bhopal, Sep 17 (PTI) With an eye on the coming festive season, leading public sector bank State Bank of India will provide home loans to its customers at concessional interest rates. SBI Chief General Manager (CGM) Umesh Kumar Pandey informed that this drive to provide home loans at concessional interest rates will be completed in two phases, an official release said on Thursday.

The first phase will be operated from September 1 to October 31, while the second phase will be operational from November 1 to December 31, it said.

Customers wishing to take a home loan during this period can get it with a minimum floor rate of interest of 6.70 per cent, and they will not have to pay any processing fee.

In this campaign, customers will also get many other benefits. The interest rates are linked with the CIBIL score.

No distinction has been made between the interest rates of salaried and non-salaried customers and a genuine effort has been made to pass on the benefit of lowest interest rates to all, it said.

Pandey also informed that the main objective of this campaign of SBI is to help more and more people to get their own home at low interest rates and without paying processing fee, making the home loan business simpler and more attractive, it added.



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3 Private Sector Banks Revises Interest Rates On Fixed Deposit In September 2021

Personal Finance

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Among safe debt instruments, the fixed deposit scheme has always been a safe option for long-term and short-term investors seeking guaranteed returns and regular income. Fixed Deposits are available to book from almost all public sector, private, and small finance banks, as well as the post office. However, interest rates vary depending on the kind of lender, with the private sector and small finance banks now offering the highest rates on fixed deposits. As an outcome of this, interest rates on fixed deposit schemes at three private sector banks have recently been changed which are briefly discussed below.



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Bank of Baroda announces festive offers on retail loans, BFSI News, ET BFSI

Banking & Finance

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State-owned Bank of Baroda on Thursday rolled out a slew of festive offers for its retail borrowers. The lender is offering a waiver of 0.25 per cent in the existing applicable rates for Baroda Home Loans and Baroda Car Loans, according to a release.

The bank’s home loan rates start at 6.75 per cent and car loan rates at 7 per cent.

It has also waived off processing fee on home loans.

“With the introduction of these retail loan offers for this festive season, we intend to bring festive cheer among our existing loyal customers and also offer new to bank customers an attractive proposition for availing home loans and car loans,” the bank’s general manager (mortgages & other retail assets) H T Solanki said.

Customers can apply for home or car loans by using the lender’s mobile banking application or its website for instant sanction.

Earlier in the day, State Bank of India (SBI) announced various festive offers for prospective home loan customers, including credit score-linked home loans starting at 6.70 per cent, irrespective of the loan amount.



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Airtel to conserve Rs 40,000 crore cash through moratorium, BFSI News, ET BFSI

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NEW DELHI: A day after the government announced a mega bailout package for the telecom industry, Bharti Airtel chief Sunil Mittal said the company will opt for the four-year moratorium on spectrum and AGR payments, which will help it conserve a cash outgo of Rs 35,000-40,000 crore that would be used for network and other capital expansion programmes.

“Overall cash flows of the government has to be invested back in the country and industry. It has to be utilised. There will be no dividend from this,” said Mittal.

Mittal also pitched greater collaboration between various telecom companies on the front of infrastructure — such as fibre, spectrum and towers — so that a strong network can be built for consumers.

He said he will talk to rivals such as Mukesh Ambani of Reliance Jio, after having initiated dialogue with Vodafone global CEO Nick Read and his Indian partner and industrialist Kumar Mangalam Birla.

“Ambani in his statement yesterday said that it’s time for the industry to come together… and build connectivity network for the digital vision of India. Responding to that statement, I would say, yes, time has come for all of us, the three plus one government operator, to close ranks, and to start to work together, work as Team India, for the telecommunications and digital dream, rather than being fierce competitors. All this while we will compete in the marketplace.”



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Over 60 South Korean crypto exchanges set to suspend services next week, BFSI News, ET BFSI

Personal Finance

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SEOUL: More than 60 cryptocurrency exchanges in South Korea must notify customers of a partial or full suspension of trading by Friday midnight, a week before a new regulation comes into effect.

To continue operating, exchanges must register with the Financial Intelligence Unit by Sept. 24, providing a security certificate from the internet security agency. They must also partner with banks to ensure real-name accounts.

Exchanges that have not registered must shut down services after Sept. 24, while those that have registered but failed to secure partnerships with banks will be prohibited from trading in won.

“Should some or all services need to be closed, (exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure,” the Financial Services Commision said earlier this week. It said this should be completed no later than Sept. 17.

Of all exchanges, nearly 40 are set to suspend all services. A further 28 have security certificates but have not secured bank partnerships.

Just four – Upbit, Bithumb, Coinone and Korbit – have registered and secured partnerships and so will be allowed to make won settlements.

Some smaller exchanges including ProBit, Cashierest and Flybit have already said they will end won trading, and that they will continue operations involving only digital coin trading until securing partnerships with banks.



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