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A role reversal seems to be happening in the Indian financial markets, with India Inc lending to banks instead of borrowing from them.
High returns on investments in Additional Tier-I (AT) bonds issued by public sector banks is proving to be attractive for large corporates even as bank credit to them has declined.
This development comes amid mutual funds avoiding AT-1 bonds (Perpetual Debt Instruments) due to SEBI restrictions.
Given that corporates have substantially deleveraged over the last few years and are sitting on the fence when it comes to fresh capital expenditure, they are channelising their surplus funds parked with banks and mutual funds into AT-1 bonds, according to a fund manager with an MF.
Bank credit to large industries contracted by 1 per cent in September 2021 against a contraction of 0.2 per cent a year ago, per latest RBI data.
The investment by corporates in PSBs’ AT-1 bonds is opportunistic. Banks are offering relatively higher interest rates on these bonds to attract investors after SEBI’s March 2021 circular on “investment in instruments having special features and valuation of perpetual bonds” discouraged MFs from investing in them.
Union Bank of India recently raised ₹2,000 crore via AT-1 bonds at a coupon rate of 8.70 per cent. The PSB had earlier mopped up resources via AT-1 bonds twice — ₹1,000 crore (coupon: 8.64 per cent) in early January 2021 and ₹205 crore (8.73 per cent) late the same month.
Though AT-1 bonds are perpetual in nature, banks usually exercise the call option at the end of five years from the date of issuance. So, a corporate can earn higher returns by investing in these bonds than by parking in a five-year term deposit which fetches about 5.50 per cent.
PSBs are raising resources through AT-1 bonds as they have call options due in the current fiscal and the next on the bonds they had issued earlier. Bank of Baroda, Canara Bank and Punjab National Bank are among the PSBs believed to be considering raising resources via AT-1 route.
Among the reasons for MFs to keep away from these bonds is that their maturity is treated as 100 years from their date of issuance for the purpose of valuation as against the current practice of valuing them based on the time left for the next call option date.
So, MFs fear mark-to-market losses due to this change in the valuation norm, for if interest rates rise, the price of longer tenure bonds will depreciate much more than the short-to-medium term instruments.
By ICRA’s estimates based on industry data, MFs held 30 per cent of the outstanding Tier-I bonds and 14 per cent of the outstanding Tier-II bonds as on February 2021.
The credit rating agency assessed that the holding of Basel III compliant AT-I and Tier-II instruments is estimated at 8 per cent of the assets under management of MF schemes holding these instruments, thereby limiting the headroom for incremental investments.
ICRA, in its outlook for the banking sector for FY22, had estimated the Tier-I capital requirements for PSBs at ₹43,000 crore, of which ₹23,000 crore is on account of call options falling due on AT-I bonds, while the balance is estimated as the equity.
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E-Tender No. RBI/Ranchi/Estate/172/21-22/ET/233 With reference to the e-tender dated October 28, 2021, it is advised that the last date of submission of the e-tender on the MSTC portal as well as the last date of submission of EMD of the e-Tender has been extended from November 25, 2021 till 2:00 PM to December 09, 2021 till 02:00 PM. 2. Now the Part-I of the e-tender will be opened on December 09, 2021 at 03:00 PM. 3. Other conditions in the tender remain unchanged. General Manager (O-I-C) |
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Yes Bank on Thursday announced its collaboration with Amazon Pay and Amazon Web Services (AWS) to offer customers an instant real-time payment system through a UPI transaction facility.
“The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments,” it said in a statement.
Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, further extending the lender’s presence in the UPI merchant business segment.
The private sector lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales. It is hosting its UPI processing platform on AWS.
“With AWS, the bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand,” it further said.
Yes Bank is one of the market leaders in UPI payments. In fiscal 2020-21, it recorded a market share of around 40 per cent by volume in the UPI ecosystem and around 30 per cent by volume in the UPI merchant acquiring business.
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Paytm Payments Bank, an associate entity of the recently listed Paytm (One 97 Communications), is exploring possibilities for conversion into small finance bank and providing more services and offerings to customers.
According to Vijay Shekhar Sharma, Founder and CEO, Paytm, a conversion into small finance bank would help it solve a number of payment problems and also facilitate more services to its customers.
“A banking licence is an opportunity or decision which the regulator Reserve Bank of India gives to entities….so it would not be right on my part to comment on applying for a banking licence. But if we can become a small finance bank then we can solve a lot of payment problems and there are a lot of other things we can do,” Sharma said when responding to a question of whether the company would apply for a banking licence moving forward.
He was addressing the annual session and AGM of the Indian Chamber of Commerce virtually on Thursday.
Also see: UPI AutoPay sees robust consumer acceptance
The plan to consider applying for conversion into a SFB was disclosed in the draft red herring prospectus filed by One 97 Communications (Paytm) with SEBI before its initial public offering (IPO).
According to existing RBI guidelines, for ‘on tap’ licensing of small finance banks in the private sector, existing payment banks with a successful track record of at least five years can apply for conversion into SFB. An internal working group of the RBI had recently also suggested that a successful track record of three years may be considered sufficient for such conversion.
It may be recalled that Paytm Payments Bank got its licence to operate as a payments bank from RBI in 2017.
As per information available on its website, Paytm Payments Bank has over 100 million KYC customers with 0.4 million users added every month.
As at end-March 2021, Paytm Payments Bank had 6.4 crore bank accounts and demand deposits of ₹3,200 crore (including savings accounts, current accounts, fixed deposits with partner banks and balance in wallets).
Also see: Paytm Money launches Margin Pledge feature
According to Sharma, a payment-led credit business would be far more scalable as compared to a bank-based credit model as the payment-led model helps ascertain the creditworthiness of a customer.
“It is an obligation for a company like Paytm to discover and serve the underserved population by providing them access to finance,” he said.
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Cryptocurrencies were back in the green on Thursday as investors shed initial nervousness even as industry bodies said private cryptos should not be allowed as a currency but can be regulated as an asset to avoid unlawful usage.
More than 24 hours after a blood bath and almost a fourth of its value getting wiped out on the Indian exchanges, crypto prices recovered by nearly 10 per cent or more following Wednesday’s plunge of 15-20 per cent.
As of 6:00 pm on Thursday, Bitcoin was trading in green, up by 7.63 per cent. USDT or Tether’s price jumped by 4.83 per cent, Shiba Inu by 5.01 per cent, Dogecoin by 11.74 per cent and Ethereum by 8.02 per cent. Sandbox topped this list on WazirX, which was up by 11.77 per cent. The massive cryptocurrency crash on Indian exchanges on Wednesday was a result of a Lok Sabha notice summarising Bills to be discussed in the upcoming Winter parliamentary session.
The description next to The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 read that the government was seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology.
This created confusion and unexpected panic sale among investors, leading to temporary crash of several exchange platforms.
While the government is yet to reveal the proposed legislation, The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), which represents key players of the sector, argued in favour of prohibiting the usage of private cryptocurrencies as a currency in India by law since usage as currency is likely to interfere with monetary policy and fiscal controls.
On the other hand, the Council has advocated its use only as an asset. The Council believes that smartly-regulated crypto assets business will protect investors, help monitor Indian buyers and sellers, lead to better taxation of the industry, and limit illegal usage of cryptos.
“Crypto exchanges based in India offer an effective instrument of monitoring and are dedicated to creating an ecosystem that guarantees investor protection, besides bringing both investors and exchanges under proper tax laws.
“The Council believes that the efforts of the exchanges should be supported by a law that should enable them to provide safer services to investors and fair taxes to the government,” it added.
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Tender No.- RBI/Bhubaneswar/HRMD/18/21-22/ET/249 As per the Schedule, a Pre-Bid meeting for the captioned tender was held on November 24, 2021 at 11:00 AM in VC Room, 2nd Floor, RBI, Bhubaneswar to clarify the queries of the prospective bidders. The pre-bid meeting was attended by the representatives of following vendors: 1. Maazda Caterers 2. Monami 3. Paradise Enterprises On behalf of Reserve Bank of India, Bhubaneswar, the following officials were present: 1. Shri T.K. Mahapatra, Assistant General Manager, HRMD 2. Shri Santosh Kumar Behera, Manager, HRMD 3. Shri Udit Jaiswal, Assistant Manager, HRMD 4. Shri Siddhanta Mohanty, Assistant, HRMD The meeting was conducted to brief the bidders about the tender conditions, clarify any queries thereof and to sensitize them about how to submit e-Tenders on RBI portal of MSTC website. Further to the discussions held with the tenderers, clarifications arrived thereof are indicated as under.
• All above points are noted and agreed by the bidders.
Regional Director |
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Rail Vikas (RVNL) on June 29, 2021 announced a final dividend of Rs. 0.44 per share for which the stock shall turn ex-dividend on November 30. Record date for the same is December 2, 2021. Notably, record date is the date on which the company declaring dividend decides on the shareholders who are eligible to receive the announced dividend. Payment date for this dividend could be January 7, 2022.
For the year ending March 2021, Rail Vikas Nigam has declared an equity dividend of 15.80% amounting to Rs 1.58 per share. At the current share price of Rs 36.5 this results in a dividend yield of 4.37% which is quite attractive.
RVNL is a Category-I Mini Ratna CPSE under the Ministry of Railways, Government of India. The company was incorporated in the year 2003 with the twin objectives of raising extra-budgetary resources and implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis.
Transport and Logistics firm, Tiger Logistics in its board meet on November 22 has declared an Interim Dividend of Re. 1 per equity share of the face value of Rs.10/- each i.e.10% for the Financial Year 2021-2022. The Company has fixed 2nd of December, 2021 as the Record Date. “The Interim Dividend will be paid on or before 21 December, 2021”, said the company’s release.
This is a small cap company with latest m-cap at Rs. 180 crore. Based out of New Delhi, the company was founded in the year 2000. Tiger Logistics is engaged in offering third party logistics services to corporate and multinational companies in India and internationally. The company’s range of services include ocean and air freight forwarding services; project cargo handling services; custom clearance services comprising handling and execution of customs brokering, documentation, and inland clearance; and warehousing and transportation services, as well as supply chain management services. The clientele’s served by the company are from varied industries including automotive and engineering, aviation, agri and perishable products cargo, consumer durables and retail, and chemicals and hazardous industries.
Dividend date or ex-dividend date for the final dividend of 60% amounting to Rs. 3 per share announced on June 29 is December 2, 2021 (Thursday). Note record date for the said dividend is December 4, 2021. Bajaj Steel will be paying off this dividend by January 14, 2022.
In the previous year ending Fy 21, the dividend rate was the same at 60% with dividend amount being Rs. 3 per share, translating into a dividend yield of 0.34 percent.
Note in the story we have simply collated the stocks that are to turn ex-dividend next week and so soon will be crediting the declared dividend amount into the eligible shareholders’ account. Furthermore, story should not be construed as an investment advice into these stocks simply because of the dividend payout.
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The Kerala High Court on Thursday issued notices to the Centre and the Reserve Bank of India on a writ petition challenging the Banking Regulation Act amendments which have brought urban cooperative banks under the direct supervision of the RBI and made applicable to them governance norms of commercial banks.
The petition was filed by the Tiruvalla East Co-operative Bank and Guruvayur Cooperative Urban Bank. The petitioner said that, under the Banking Regulation Act amendments, urban cooperative banks were now forced to constitute a Board of Management and appoint a CEO/Managing Director which would function as a parallel power centre along with the Board of Directors elected by the General Body of the Co-operative Societies.
The petitioners pointed out that the RBI had also issued a circular in accordance with the amendments containing the procedure of appointment/termination of the MD/CEO, BoM and their qualifications. As per the Banking Regulation Act amendments, cooperative societies could not now amend their by-laws without the sanction of the Reserve Bank of India.
Also see: Crypto should be allowed only as an asset: IAMAI
The amendments brought in 2020 had nullified the provisions of the Kerala Cooperative Societies (KCS) Act and Rules and the power granted to the general body of the societies as per the KCS Act.
The Banking Regulation Act amendments were brought on the strength of the 97th Constitutional Amendment, 2011, whereby 2nd Proviso to Article 243ZL made all the provisions of Banking Regulation Act, 1949, applicable to all co-operative societies in banking. As a result, the power to fix the maximum number of directors of cooperative societies and the duration of term of office of elected members of the Board of co-operative societies etc were now put in the hands of the Central Government.
Also see: RBI tweak will lead to more NPAs for non-banking lenders: ICRA
The petitioners contended that the amendments had transgressed into the provisions of the KCS Act framed under item 32 in List II. Therefore, the Banking Regulation Act amendments were unconstitutional.
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It is one of the best and widely picked schemes by retirees in India. The safety and regular income with zero risk makes it a good scheme among retirees. Also, the rate of interest that is 7.4% per annum it offers is one of the best in this segment. The tenure of this is a maximum of 5 years. The scheme is backed by the Government of India (GOI), which makes it a safe destination for your investments. It was first introduced in August 2004 by the GOI keeping senior citizens in the center.
Citizens of India aged above 60 years can invest in the scheme, except for NRIs (Non-Resident Indians) and HUFs (Hindu Undivided Families). Also, people who opted for Voluntary Retirement Scheme at 55-60 age or the retired defense personals between 50 to 60 age group could go with the scheme.
SCSS has an investment bracket of a maximum of Rs 15 Lakh and a minimum Rs 1000 investment amount. The interest payable is quarterly after your first investment. The payout is on the first date of April, July, October, and January concerning the investment date. The investment in this scheme qualifies for the benefit of the 80C section of the Income Tax Act, 1961.
As the name says the scheme offers you a monthly income on your invested amount. The scheme comes under the direct influence of the Finance Ministry of India. The scheme is not exclusive for senior citizens, which makes it a good option as any Indian Citizen above aged 10 years can invest in this scheme and earn a good return. The scheme also allows you to transfer the account to any other city if you are switching. Every month you receive the interest on your investments in your account under the scheme.
The rate of interest it offers is also high that is 6.6% p.a. as of November 2021. The minimum amount you can invest in the scheme is Rs 1500 and the maximum of Rs 4.5 lakh. Under joint account the maximum amount doubles at Rs 9 lakh. The tenure of this investment scheme is 5 years. It also allows you to continue investment after maturity for another 5 years. No TDS applies to the incomes of the scheme. However, the principal amount is taxable as the scheme is not tax-free under section 80C either.
PMVYY is a newly introduced scheme by the government of India in 2017. It is a retirement cum-pension scheme managed and operated by the LIC (Life Insurance Corporation). The scheme is exclusively for the senior citizens of India aged above 60 years. The scheme is filled with great benefits, which makes it a good choice for your investment needs. Once you deposit a lump sum amount in this scheme, you will get a fixed payment on a regular basis-monthly, quarterly, half-yearly, or yearly.
The interest rate in the scheme is the highest among all three that is 7.4%. This range grew more specific based on the payout period chosen by you. The tenure of this scheme is 10 years. On premature closure of the scheme is 98% of your initial investment amount. The investment amount is not taxable, however, the return is taxable with respect to your income bracket, and the maturity amount is also taxable.
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