Author: root

Yes Securities , BFSI News, ET BFSI

Personal Finance

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Yes Securities has buy call on Axis Bank with a target price of Rs 822. The current market price of Axis Bank Ltd. is Rs 783.75.

Time period given by analyst is Intra Day when Axis Bank Ltd. price can reach defined target. Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 240332.38 Crore).

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 20285.41 Crore, down -3.53 % from last quarter Total Income of Rs 21028.45 Crore and up 4.23 % from last year same quarter Total Income of Rs 19461.77 Crore. The bank reported net profit after tax of Rs 2356.91 Crore in latest quarter.

Investment Rationale
The stock has resumed the uptrend after breaking out of a Triangle pattern resistance on good volumes. Technical indicator RSI has turned upwards after forming a positive divergence, confirming the bullishness.

Promoter/FII Holdings
Promoters held 11.4 per cent stake in the company as of June 30, 2021, while FIIs held 53.7 per cent, DIIs 23.7 per cent and public and others 11.3 per cent.



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Gold firms on softer dollar, investors await US jobs data, BFSI News, ET BFSI

Personal Finance

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Gold prices were underpinned by a subdued dollar on Tuesday, with investors looking ahead to US non-farm payrolls data, which could be key to the Federal Reserve‘s tapering decision.

FUNDAMENTALS
Spot gold rose 0.1% to $1,812.27 per ounce by 0116 GMT.

US gold futures were up 0.2% at $1,816.00.

The dollar hovered near two-week lows against a basket of currencies, steadying from falls after Fed chief Jerome Powell gave no signal regarding the central bank’s tapering timeline except that it could be “this year.”

Gold is considered a hedge against inflation and currency debasement in the wake of massive stimulus measures.

Cleveland Fed President Loretta Mester said the US economy is recovering strongly but she is not yet convinced that recent inflation readings will be enough to satisfy the price stability goal the central bank revamped a year ago.

The US non-farm payrolls report for August is due on Friday. The market is expecting an increase of 728,000 jobs, unemployment to fall to 5.2% from 5.4% and average hourly earnings to rise 0.4% month-on-month.

China’s factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world’s second largest economy.

Roughly 28% of Brazilian gold exports in 2019 and 2020 likely came from illegal mines, a report by public prosecutors and the Federal University of Minas Gerais found, pointing to widespread forging of documents and lack of effective law enforcement.

Silver fell 0.1% to $24.03 per ounce, while platinum eased 0.3% to $1,003.89.

Palladium dropped 0.7% to $2,476.22, having risen 3.1% in the previous session.



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Q1 GDP growth seen at new high on recovery, BFSI News, ET BFSI

Personal Finance

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NEW DELHI: The April-June GDP growth could turn out to be a record quarterly expansion as the economy recovers from the second wave of the pandemic and benefits from the low base of last year.

The country’s statistics office will release the quarterly GDP data on Tuesday and various estimates show that it could range from 10.5% to 31.6%, while the median forecasts of two polls show it at 20% and 21% in April-June, the first quarter in the 2021-22 fiscal year. The RBI had estimated the first quarter growth to be 21.4%. To put the numbers in perspective, the April-June quarter of last year had posted the sharpest contraction on record of 24.4% due to the impact of one of the strictest lockdowns imposed to prevent the spread of Covid.

“Essentially we are looking at a very strong doubledigit growth of 23% for this quarter and likely higher than RBI’s own assessment. A large part of this is because of a very favourable base from last year, when the nationwide lockdown had almost brought the economy to a standstill,” said Yuvika Singhal, economist at QuantEco Research.

“But nevertheless I think this double-digit growth is more of optics than anything else because we need to keep in mind that this was also the quarter when the second wave of the pandemic was extremely ferocious and April and May saw a large number of states getting into piecemeal restrictions, which by the end of May had almost become like a nationwide lockdown, though in a very staggered fashion at the state level,” said Singhal.

Since the April-June quarter of last year, the economy started scripting a robust recovery, but the second wave of the pandemic stalled the process. The unlocking and government spending has helped revive the recovery.

Economists say growth in the first quarter would be led by manufacturing, mining and construction sectors, while the agri segment will also lend strong support. The laggard will be the services sector, which has been hit hard by the two consecutive waves of the pandemic and is yet to recover from the bruising impact. The pace of vaccination, which has gathered momentum now, will also play a crucial role in determining the trajectory of growth in the quarters ahead.

“I think it would be a more broad-based story in the second half of the year unlike now where industry is leading the pack compared to services,” said Madhavi Arora, lead economist at Emkay Global Financial Services.



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Government extends the tenure of Canara Bank, Bank of India executive directors by two years, BFSI News, ET BFSI

Banking & Finance

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The government has extended the tenure of two executive directors of Canara Bank and Bank of India for two years, the state-run lenders said on Monday. Canara Bank in a regulatory filing said that the central government has extended the term of office of A Manimekhalai, Executive Director, for a period of two years beyond her currently notified terms that expires on 10 February 2022, or until further orders, whichever is earlier.

Bank of India in a separate filing said that the term of office of P R Rajagopal, Executive Director, has been extended for a period of two years, beyond his currently notified term or until further orders, whichever is earlier. His current term was to expire on February 28, 2022, the bank said.

The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021.

The government last week extended the term of executive directors of various public sector banks. It also extended the terms of MD & CEOs of Punjab National Bank and Bank of Maharashtra.



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RBI issues direction on compensation of private banks’ top officials, BFSI News, ET BFSI

Banking & Finance

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The RBI said on Monday the fair value of the share-linked incentives paid to chief executive officers, whole-time directors and other key functionaries by the private banks should be recognised as an expense during the relevant accounting period. The RBI has also asked all banks, including local area banks, small finance banks and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021.

The central bank had issued guidelines on the compensation of whole-time directors/ chief executive officers/ material risk takers and control function staff in November 2019.

Issuing a clarification in this regard, the RBI said, “the fair value (of share-linked incentives) …should be recognised as expense beginning with the accounting period for which approval has been granted”.

In terms of the extant guidelines, share-linked instruments are required to be fairly valued on the date of grant using the Black-Scholes model.

The RBI issued the clarification saying “it has been observed” that banks do not recognise grants of the share-linked compensation as an expense in their books of account concurrently.



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Depositors of stressed banks to get up to Rs five lakh back from November 30, BFSI News, ET BFSI

Banking & Finance

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Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act. Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.

The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.

“In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (30 of 2021), the Central Government hereby appoints the 1st day of September, 2021, as the date on which the provisions of the said Act shall come into force,” it said.

Consequently, 90 days from the effective date is November 30, 2021 for depositors to get their funds back.

The first 45 days are meant for the bank, which has come under stress, to collect all the details of the accounts where the claims will have to be made. This will then be forwarded to the insurance company, which in real-time will check it all up, and nearer the 90th day, depositors will get the money, Finance Minister Nirmala Sitharaman had said.

The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

DICGC, a wholly-owned subsidiary of the RBI, provides insurance cover on bank deposits.

At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.

Though the RBI and the Centre keep monitoring the health of all banks, there have been numerous recent cases of lenders, especially cooperative banks, being unable to fulfil their obligations towards the depositors due to the imposition of a moratorium by the RBI.

Last year, the government increased the insurance cover on deposits by five times to Rs 5 lakh. The enhanced deposit insurance cover of Rs 5 lakh came into effect from February 4, 2020.

Every bank used to pay 10 paise as an insurance premium per Rs 100 of deposit.



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Reserve Bank of India – Tenders

Tenders

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E-tender No: RBI/Hyderabad/Estate/57/21-22/ET/76

It has been decided to extend the last date of submission of tender documents for the above-mentioned tender up to September 09, 2021 at 02:00 p.m. Part-I of the tender will open at 03:00 pm on September 09, 2021.

In case of any clarification, please feel free to contact us at Estate Department, Reserve Bank of India, Saifabad, Hyderabad, Telangana.

Regional Director

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Reserve Bank of India – Notifications

Notifications

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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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Reserve Bank of India – Tenders

Tenders

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SITC of 80 nos. 100 AH Sealed maintenance free Batteries (SMF) having fire retardant casing for 2 x 40 KVA UPS system College of Agricultural Banking, Reserve Bank of India, Pune – Minutes of pre-bid meeting

Sr. No. Queries/doubts raised by vendors Banks reply
1 Page No.3-Point-5- eligibility-C- Turnover- Audited financial statements for last three financial years i.e. 2018-19, 2019-20 and 2020-21 along with a certificate of Chartered Accountant indicating the turnover for these financial years. –

Suggestion/Request:- We have Provisional Balance sheet for the year 2020-21 with CA Certify Turnover Certificate mentioned ‘’The books of accounts for the Financial Year 2020-21 are yet to be audited on the date of certification.’’ Same undertaking we have submitting in technical Bid.

 The audited financial statements for 2017-18, 2018-19, 2019-20 and provisional balance sheet for 2020-21 shall be uploaded on MSTC portal.
2 Page No.30- Section VII- Approved make list mention-Exide/ Amaron (Quanta)/ Panasonic

Suggestion/Request:- Please add HBL Brand also.

The approved makes of batteries should be as per the makes given in the tender only.
3 Page No.40- Annexure IV- CLIENT’s CERTIFICATE REG. PERFORMANCE OF CONTRACTOR

Suggestion/Request:- Please accept Client certificates in other format also.

The client’s certificate in other format also will be accepted with required minimum details like:

i) Name of the vendor

ii) Name of the work

iii) Amount of the work done

iv) Time allowed for completion of the work

v) Date of completion of the work

vi) If delayed then the reason for delay

vii) Whether work done satisfactorily

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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


Next

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