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ADB clears $150 million loan for urban poor housing project in Tamil Nadu

September 6, 2021 root Banking & Finance

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The project

With this $150 million loan, through the Tamil Nadu Slum Clearance Board, the project will construct housing units in nine different locations and relocate about 6,000 households vulnerable to natural hazards to safer locations.

It will also help Tamil Nadu’s Directorate of Town and Country Planning develop regional plans to map the State’s economic and infrastructure development including affordable housing, environmental protection, disaster risk management, and gender, ADB said.

A portion of ADB’s assistance will be invested by the State government as equity into the Tamil Nadu Shelter Fund to catalyse private sector financing and support investments mainly in industrial housing and working women’s hostels for low-income and migrant workers.

In addition, ADB will provide a $1.5 million (nearly ₹10.95 crore) technical assistance (TA) grant from its Technical Assistance Special Fund to support the capacity building of government agencies responsible for delivering affordable housing and regional planning in the state.

The TA will document successful approaches to affordable housing delivery, including the graduation programme for vulnerable relocated beneficiaries, that can be adopted in other cities and countries, it said.

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Reserve Bank of India – Tenders

September 6, 2021 root Tenders

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What is SIP And Should You Start Investing Now?

September 6, 2021 root Personal Finance

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Why SIP is suggested?

Large-cap funds invested in blue-chip companies with stable performances are better recommended than mid-cap and small-cap funds, as the former is less resilient than the two others. However, A large-cap scheme is recommended to a conservative equity investor, a Flexi cap is recommended to a moderate investor, while mid and small-cap funds are recommended for aggressive investors who stepped with a better risk appetite than others. For the investors who are starting new in the field, it will help them to get a season with the new system, and later they can move into other options.

Also, SIPs do not always depend on the market situation, if it is booming or sinking. Starting a small amount of investment is a stepping stone of a habit. SIPs generally have 3 years lock-in period which will get the maturity in stages, so the investor can track it always and have a better understanding of the funds for the future, and systematically realize which one is giving a better return. Also, SIPs are mostly recommended to new investors as these mitigate the risk factor than other investment options and they will also offer a consistent source of income. Withdraw at any time is an additional benefit for them if the investor is preferred security more. Additionally, the investor can put a Standing Instruction (SI) to the fund house against the auto-debit of money from the linked account.

How can one start SIP?

Starting an SIP is an easy procedure. Having a PAN card, correct address proof, passport size photo, and checkbook, coupled with Know your Customer (KYC) are typically needed to start a SIP investment. On the website of the fund house, one can choose a SIP after completing the KYC norms. One has to register on the preferred website and create a new account and fill in the personal details and contact information. A new user name and password will have to be selected. Then carefully the bank account details will have to be put from where the monthly payment will be deducted for the SIP. Then the scheme should be selected and start the investment any time after the confirmation of submission.

SBI Bluechip Fund, ICICI Prudential Mid Cap Fund, Nippon India Small Cap Fund, Parag Parikh Flexi Cap Fund are some of the most popular SIP portfolios in India that are preferred by new investors along with traditional players.

Story first published: Monday, September 6, 2021, 15:39 [IST]

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Small finance banks seen offering high interest rates for fixed deposits, BFSI News, ET BFSI

September 6, 2021 root Banking & Finance

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For those who seek to invest with guaranteed returns, fixed deposits (FDs) are still among the preferred investment products. They continue to be popular among senior citizens and investors who are looking for low-risk investment tools.

These days, small finance banks (SFBs) are offering lucrative interest rates than top lenders–State Bank of India (SBI), HDFC Bank and ICICI Bank.

On an average, small finance banks are offering interest rates ranging from 3.5% to 6.50%, while top lenders are offering 2.5 % to 5.5%.

Here are some small finance banks to consider for investing in FDs

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering interest rate ranging from 3.25% to 6.75% on deposits with maturity of seven days to 10 years.

North East Small Finance Bank

North East Small Finance Bank offers interest rates from 3% to 7% on deposits maturing in seven days to 10 years.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank offers interest rate from 3.00% to 6.75% on FDs maturing in seven days to 10 years.

Equitas Small Finance Bank

Equitas Small Finance Bank offers interest rates from 3.50 % to 6.50 % on FDs maturing in seven days to 10 years.

AU Small Finance Bank

AU Small Finance Bank offers interest rates ranging from 3.50 % to 6.00 % on FDs maturing in seven days to 10 years.

Jana Small Finance Bank

Jana Small Finance Bank offers interest rates from 2.50% to 6.75% on FDs maturing in seven days to 10 years.

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Reserve Bank of India – Press Releases

September 6, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

Volume
(One Leg) Weighted
Average Rate Range

A. Overnight Segment (I+II+III+IV) 6,287.55 3.15 2.70-3.32

     I. Call Money 816.25 2.90 2.70-3.25

     II. Triparty Repo 5,471.30 3.19 2.90-3.32

     III. Market Repo 0.00 –

     IV. Repo in Corporate Bond 0.00 –

B. Term Segment

     I. Notice Money** 60.40 2.93 2.75-3.00

     II. Term Money^@@ 0.00 – –

     III. Triparty Repo 0.00 – –

     IV. Market Repo 0.00 – –

     V. Repo in Corporate Bond 0.00 – –

Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate

C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)

I. Today’s Operations

1. Fixed Rate

    (i) Repo

    (ii) Reverse Repo Sat, 04/09/2021 2 Mon, 06/09/2021 38,160.00 3.35

    (iii) Special Reverse Repo^~

    (iv) Special Reverse Repo^ψ

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Sat, 04/09/2021 2 Mon, 06/09/2021 1,276.00 4.25

4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£

5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]* -36,884.00

II. Outstanding Operations

1. Fixed Rate

   (i) Repo

    (ii) Reverse Repo Fri, 03/09/2021 3 Mon, 06/09/2021 6,83,539.00 3.35

    (iii) Special Reverse Repo^~ Fri, 27/08/2021 13 Thu, 09/09/2021 6,574.00 3.75

    (iv) Special Reverse Repo^ψ Fri, 27/08/2021 13 Thu, 09/09/2021 611.00 3.75

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo Fri, 27/08/2021 13 Thu, 09/09/2021 3,00,027.00 3.42

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Fri, 03/09/2021 3 Mon, 06/09/2021 0.00 4.25

4. Long-Term Repo Operations^# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15

Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15

Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15

Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15

5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40

Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40

Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40

Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40

6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40

7. On Tap Targeted Long Term Repo Operations^€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00

Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00

Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00

8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00

Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00

Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00

Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00

D. Standing Liquidity Facility (SLF) Availed from RBI^$ 28,295.80

E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* -8,78,113.20

F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -9,14,997.20

G. Cash Reserves Position of Scheduled Commercial Banks

     (i) Cash balances with RBI as on 04/09/2021 6,24,169.62

     (ii) Average daily cash reserve requirement for the fortnight ending 10/09/2021 6,28,268.00

H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥ 03/09/2021 0.00

I. Net durable liquidity [surplus (+)/deficit (-)] as on 13/08/2021 11,32,933.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.

^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.

^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.

^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.

^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.

^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.

^~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.

^ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.

Ajit Prasad
Director

Press Release: 2021-2022/812

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ICICI Bank customers can now pay dues of other credit cards on iMobile Pay app, BFSI News, ET BFSI

September 6, 2021 root Banking & Finance

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Customers of ICICI Bank can now pay and manage dues of their credit cards, of any bank, using the bank’s mobile application ‘iMobile Pay‘, the bank said in a release today.

Customers can add credit cards of any bank to the application, and then pay and manage their dues.

“With a large section of customers using multiple cards for their various needs, this new solution aims to help them decongest the process of their credit card bill payments,” said Bijith Bhaskar, head of digital channels and partnership at ICICI Bank.

Users can also set bill payment reminders of all the cards they have added, view payment history, share payment confirmation through WhatsApp, and manage and change due dates as per the billing cycle of their cards, the bank said in the release.

The bank has also provided a simple 4-step process to avail this new feature:

> Login to iMobile Pay and select ‘Cards and Forex’ section

> Go to ‘Other Bank Credit Card’

> Tap on ‘Add a card’ and enter the required details

> Authenticate the one time password (OTP) sent on the registered mobile number, and card will be added instantly

> Once the card is added, it can be viewed and managed under the ‘Other Bank Credit Card’ tab

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Tamilnad Mercantile Bank Limited files its DRHP with SEBI, BFSI News, ET BFSI

September 6, 2021 root Banking & Finance

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Tamilnad Mercantile Bank Limited, one of the oldest banks in the country, filed its DRHP with SEBI. The Initial Public Offer (IPO) consists of up to 15,840,000 equity shares of face value of rs10 each (“Equity Shares”) of Tamilnad Mercantile Bank Limited comprising a fresh issue of 15,827,495 equity shares.

The Company proposes to utilise the Net Proceeds towards augmenting its Tier–I capital base to meet its future capital requirements. The Book Running Lead Managers to the offer are Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.

The offer comprises up to 12,505 equity shares, consisting an offer for sale of up to 5,000 equity shares D. Prem Palanivel, up to 5,000 equity shares by Priya Rajan , up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy , up to 500 equity shares by M. Malliga Rani and up to 500 equity shares Subramanian Venkiteshwaran Iyer (collectively, the “Selling Shareholders”).

The offer will constitute 10.00% of the post-offer paid-up equity share capital

TMB offers a wide range of banking and financial services primarily to MSMEs, agricultural and retail customers. As of June 30, 2021, the Bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. Their overall customer base is approximately 4.93 million as of June 30, 2021.

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Global banks push ESG loans in India as climate change threat worsens, BFSI News, ET BFSI

September 6, 2021 root Banking & Finance

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As the climate change threat worsens, global banks are pushing ESG (environmental, social and governance) compliant loans and bonds in India.

A huge pool of global funds is waiting to invest in these securities, which is a big opportunity for such projects in India.

Bank of America (BofA) is offering a 5-7.5 basis points incentive or levying a penalty based on the success or failure of companies in achieving their green targets as stated in the loan documents.

Earlier this year, BofA helped agri and industrial chemicals maker UPL raise a $750 million sustainability-linked loan. This will be a part of the global $1.5 trillion sustainable finance commitment that the US’ second-largest bank has made to be achieved by 2030, in which India will play an important role.

Huge opportunity

Investor interest in debt originating from India is also due to the country’s self-imposed stringent targets as detailed in the Paris Agreement on climate change in 2015. India has committed to reducing greenhouse gas emissions intensity of its GDP by 33-35% below 2005 levels by 2030 and 40% of power from non-fossil fuel-based sources by 2030.

To meet its commitments made under the Paris Agreement, India will need an estimated $2.5 trillion between 2015-2030.

Spelling the opportunity, for example, renewable sources make up only 7.9% of loans to the power sector.

Global lenders have themselves set ambitious targets to ensure a lower carbon footprint.

For instance, Barclays wants to achieve 100 billion of green financing by 2030, after facilitating 32.4 billion by the end of 2020. It is looking to raise $8-10 billion via sustainability-linked bonds by the end of this year.

HSBC deposits

Last month UK-based Hong Kong and Shanghai Banking Corp (HSBC) has raised $400 million of green deposits in India and identified financing opportunities to use those funds. Under its strategy, the bank first finds avenues to finance before raising the resources. The loans are extended for renewable projects, biodiversity linked initiatives, clean transportation and pollution control. Once the loans are sanctioned they are matched with deposits.

HSBC was the first bank to offer a green loan in India in January 2020, and it is currently in discussions to offer sustainability linked loans to multiple companies which will have incentives like a discount on rates.

ESG bonds

The ESG-focused fund-raising (green bonds) market, which has already scaled an all-time high so far this year, is set to cross the $10-billion-mark by December, according to Wall Street investment banking major JP Morgan, which has advised 12 of the 13 such bond issuances out of the country so far this year totalling $6.24 billion.

According to the bank, the overall bond issuances from the country may touch $25 billion this year, having already raised $17.5 billion so far, of which ESG-compliant bonds constitute USD6.2 billion.

Globally, the ESG has become a key board-room topic since 2013-14 and soon investors have also been asking on the ESG principles of their investee companies.

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Dukaan raises $11 million in funding from 640 Oxford Ventures, others

September 6, 2021 root Banking & Finance

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Dukaan, a retail platform that helps entrepreneurs to set up online store, on Monday said it has raised $11 million (about ₹80.3 crore) in funding led by 640 Oxford Ventures.

The pre-series A round also saw participation from existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India, as well as new firms – Venture Catalyst, HOF Capital, Old Well Ventures, LetsVenture and 9Unicorns.

Many high-profile executives also participated in the funding round, including OYO Room’s Ritesh Agarwal and Nothing Co-founder Carl Pei.

Suumit Shah, CEO and co-founder of Dukaan, said the post-money valuation of the company after this round would be $71 million.

The company has over 3.5 million sellers, who have opened their stores using the Dukaan platform and 70 per cent of these stores are from beyond the top six cities. Dukaan has also facilitated over 1.5 million transactions for these sellers, he told PTI.

“We founded Dukaan because we saw small businesses and first-time entrepreneurs struggling to digitise and make their presence online. We became obsessed with the idea of making the most affordable, easy-to-use, mobile-first commerce platform in the world,” he added.

Dukaan had raised $6 million in a seed round from Matrix Partners and Lightspeed Partners in October last year.

Shah said the latest capital infusion will allow Dukaan to aggressively expand its operations while building its team of highly skilled designers and developers.

“Additionally, this capital accelerates our ability to establish key strategic partnerships to grow our paying merchant base. We started with our monetisation journey on a small merchant base last quarter, and more than 2,000 merchants have enrolled in our Dukaan premium subscription plan so far,” he said.

Premium subscription contributes about 10 per cent to the company’s revenues, he added.

“We started with the monetisation of a small set of users in the last quarter and so many monetisation experiments are currently going on. Presently, we are at around $7,00,000 ARR (annual recurring revenue) in terms of revenue. We are just a year-old company and currently, the whole focus is to help as many merchants as possible,” he said.

Sources of revenue

The company has multiple sources of revenue, including take rate on transactions (0.40-3 per cent cut on each transaction happening through Dukaan Pay), the mark-up on marketing costs etc. It also offers Dukaan Delivery that provides an automated shipping solution and Dukaan Infinity that includes consultation on marketing, design and other business decisions for brands.

Shah said the company’s premium subscription revenues are currently growing at 23 per cent month-on-month and it does not expect sluggishness in this growth at least for a few quarters.

“Overall TAM is very large and we are just scratching the surface as of now. We have plans to add more value to the subscription pack without making it unaffordable for our partners,” he added.

Shah stated that Dukaan currently has 98 employees, and the company plans to hire 100 engineers to strengthen its product and offerings.

“We will be investing in talent on both the business and product sides as well,” he added.

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Lumpsum Or SIP In ELSS: Which Is Better Investment Option?

September 6, 2021 root Personal Finance

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ELSS Funds

A three-year lock-in is required for ELSS or tax-saving funds. With a lump-sum payment, your investment is unlocked all at once three years after purchase. For example, if you deposit Rs. 1.5 lakh in an ELSS on March 31, 2019, your money will be invested until March 31, 2022. You can either sell all of your units or keep them. Your investments in a SIP, on the other hand, will mature one by one, every month, beginning March 31, 2022. Only by March 31, 2023, will all of your investments be unlocked.

Individuals benefit from both one-time investments and SIPs for mutual fund programs. SIPs provide lower overall returns in consideration of the investor’s ability to make regular nominal investments. The rate of return is lower than it would be on a one-time investment.

Benefits of SIP

Financial Discipline

A monthly SIP in an ELSS fund ensures that you invest a portion of your earnings while avoiding paying taxes. As a result, it instills the habit of frequent investment and ensures that your money works for you.

Cost averaging

Because ELSS is an equity investment, it is highly volatile in the near term. If you wait until the end of the year, you may wind up investing a large chunk of money at a time when the markets are at their peak. Investing in a monthly SIP ensures that you invest at regular intervals, regardless of market conditions. This aids in the cost averaging process over time.

Cash flow

If you wait until the end of the year to plan your taxes, you could wind up having to make a one-time investment of Rs.1,50,000. However, with a SIP, it’s far easier to invest Rs.12,500 per month and earn Rs.1,50,000 over the course of the year.

As a result, SIP is an excellent tool for paid folks who are experiencing cash flow issues.

Benefits of Lumpsum Investment over SIP

Ideal For Business Persons

Individuals who are self-employed, as well as investors who do not have a consistent source of income, should consider investing in lump sum quantities. SIPs demand a predetermined amount to be deposited on a regular basis; investors who rely on seasonal revenues may struggle to keep up with the payments of a structured investment plan.

Tax Benefits

Making a lump-sum investment at the beginning of the financial year might enable an investor to receive significant tax benefits under Section 80C of the Income Tax Act, up to Rs. 1.5 lakh from total taxable income, which can be lodged with the Income Tax return. It also provides for higher returns on long-term ELSS investments.

Lumpsum Or SIP In ELSS?

The main distinction between the two approaches is the degree of risk involved. Because you’re just investing a portion of your overall investment, SIPs provide better capital protection. If you’re a seasoned investor, we encourage lump-sum investing.

If you’re a first-time investor, a SIP is a great way to get into the habit of investing. When you invest a huge sum of money, you must invest at the correct time. Starting SIPs does not necessitate market timing.

SIPs and lumpsum investments have differing lock-in periods; SIPs typically have a 3-year lock-in period that matures in stages, but lumpsum investments are unlocked all at once after 3 years.

For example, if you invest in an ELSS with a lumpsum deposit, your investment would mature all at once after 3 years, whereas SIP bonds will mature one by one (depending on the months of investment) once the 3-year period has passed.

For example, if an investor invests their entire cash in a three-year investment plan on September 1, 2019, all of the units would mature on September 1, 2022, and can be withdrawn at any time after that.

The situation will be different if you invest through a SIP. Every month, beginning on September 1, 2019, 1st October 2019, 1st November 2019, and so on, an investor deposits amount. The units purchased on September 1, 2019, will mature on September 1, 2022, 1st October 2019 will mature on 1st October 2022, and so on.

The situation will be different September 1, 2019.

Conclusion

The rules for investing in Mutual Fund schemes via Systematic Investment Plan or lumpsum payment are outlined. As an investor, you should examine your return expectations carefully before investing in either of the choices.

Choosing ELSS will allow you to take advantage of Section 80C tax benefits to the fullest extent possible. If you are investing at the end of a financial year or if you have a higher risk appetite, Lumpsum investments will be a better fit. SIPs, on the other hand, are excellent if you wish to avoid risks and have a consistent source of income.

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