Dhanlaxmi Bank Revises Interest Rates On FD: Check New Rates Here

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Dhanlaxmi Bank Regular Fixed Deposit Interest Rates

For deposits of less than Rs 2 crore, the bank is now giving a 3.25 percent interest rate on FDs maturing in 7 to 45 days. Dhanlaxmi Bank is providing interest rates of 3.75 percent and 4.00 percent on term deposits maturing in 46 days to 90 days and 91 days to 179 days, respectively. Whereas for fixed deposits maturing in 180 days to less than one year, 1 Year and above up to & inclusive of 2 years, above 2 years upto & inclusive of 3 years, above 3 years upto & inclusive of 5 years and above 5 years upto & inclusive of 10 years the private sector bank is now promising an interest rate of 4.25%, 5.15%, 5.30%, 5.40%, and 5.50% to the general customers respectively.

Term Deposits (All Maturities) Regular Interest Rates In %
7 days to 14 days 3.25
15 days to 45 days 3.25
46 days to 60 days 3.75
61 days to 90 days 3.75
91 days to 179 days 4.00
180 days to less than one year 4.25
1 Year and above upto & inclusive of 2 years 5.15
Above 2 years upto & inclusive of 3 years 5.30
Above 3 years upto & inclusive of 5 years 5.40
Above 5 years upto & inclusive of 10 years 5.50
Source: Bank Website, Rates of Interest (Less than Rs.2 Crore)

Dhanlaxmi Bank Fixed Deposit Interest Rates For Senior Citizens

Dhanlaxmi Bank Fixed Deposit Interest Rates For Senior Citizens

For a deposit amount of less than Rs 2 Cr, senior citizens will continue to get an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits. After the most recent revision of the bank, senior citizens will get the following interest rates on their fixed deposits.

Term Deposits (All Maturities) Interest Rates In % For Senior Citizens
7 days to 14 days 3.25
15 days to 45 days 3.25
46 days to 60 days 3.75
61 days to 90 days 3.75
91 days to 179 days 4.00
180 days to less than one year 4.25
1 Year and above upto & inclusive of 2 years 5.65
Above 2 years upto & inclusive of 3 years 5.80
Above 3 years upto & inclusive of 5 years 5.90
Above 5 years upto & inclusive of 10 years 6.00
Source: Bank Website, Rates of Interest (Less than Rs.2 Crore)

Dhanlaxmi Bank Bulk Deposit Interest Rates

Dhanlaxmi Bank Bulk Deposit Interest Rates

The bank is currently providing depositors the following interest rates on deposits of Rs.2 crore and above.

Term Deposits (All Maturities) Rates of Interest In % (deposits of Rs.2 crore and above)
7 days to 14 days 2.75
15 days to 45 days 2.75
46 days to 60 days 3.25
61 days to 90 days 3.25
91 days to 179 days 3.5
180 days to less than one year 3.75
Source: Bank Website



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RBI dashes hopes of big corporates eyeing retail payments space, BFSI News, ET BFSI

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The Reserve Bank of India has put on hold its plan to create National Umbrella Entities (NUE) and end dominance of the National Payments Council of Indias (NPCI) in the retail payments space due to data safety concerns, according to a report.

The recent data security breaches at fintech firms and a ban on foreign card firms has made the central bank rethink the NUE plan, according to the report.

In the race

Lured by the digital payments potential unleashed by the pandemic, six consortiums, including those led by Tata Group and Reliance Industries, had submitted applications to the central bank to set up a national payments infrastructure rivalling NPCI platform.

The other consortiums are led by Paytm, India Post and Fintech startup iserveU.

The bank consortium is led by Axis Bank and ICICI Bank, with 20% each and co-promoting an entity called MoPay. This consortium also has BillDesk, Pine Labs, Amazon and Visa with a 15% stake each.

A consortium led by Reliance Industries and Inbeam Avenue has also submitted its proposal for the entity in which Facebook and Google are set to hold minority stakes.

Tata Group has also applied for the NUE licence through its subsidiary Ferbine Payments. It will own 40% in the entity while Airtel Digital, Mastercard and Nabard will hold 10% each. Flipkart, through its subsidiary

FlipPay, and Naspers-backed PayU will own about 5% each in the Tata entity.

A Paytm led consortium has set up another prospective NUE called Foster Payments. Paytm entities are set to co-promote with Electronic Payment and Services (EPS) and will together pick up 50%. Ola Financial and Policybazaar along with IndusInd Bank may each pick less than 10% non-controlling stake in the NUE.

Non-bank lender Centrum Finance, Suryoday Small Finance Bank, data analytic platform Think360.ai and fintech Zeta are the remaining consortium players that will have partial stakes in the NUE.

Another consortium led by technology provider FSS, payment gateway RazorPay and India Post payments bank have also applied for the licence. The sixth consortium is led by start-up iserveU technology. ET couldn’t determine consortium partners of this NUE aspirant.

NUE licence

An NUE licence can help the entity gain greater autonomy in processing digital payments in India. That will help establish a firm presence in the financial services ecosystem through value-added lending and insurance services.

The RBI had last August issued guidelines for corporates to create for-profit NUEs with an aim to foster competition and “de-risk” India’s burgeoning digital payments ecosystem where much of the settlement burden has fallen on the non-profit NPCI over recent years.

What is NUE?

New Umbrella Entity (NUE) is the beginning of the Reserve Bank of India’s attempt to encourage private players to build digital space for retail payments. It will be a ‘for-profit’ digital platform and be allowed to charge fees for online transactions, unlike the existing system of NCPI. The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts. Currently, digital transactions are processed by the National Payments Corporation of India (NCPI), a non-profit, umbrella organisation backed by more than 50 retail banks. In operation since 2016, its Unified Payments Interface allows users to link their mobile phone numbers to their bank accounts. Reducing the concentration risk of digital transactions and expansion of the payments infrastructure are the key reasons for the initiative.



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Finance Ministry exploring insurance bonds as alternative to bank guarantees, BFSI News, ET BFSI

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The government is considering introducing insurance bonds as an alternative to bank guarantees, Finance Secretary T V Somanathan said here on Tuesday. Somanathan made the announcement during a meeting between industry captains and Finance Minister Nirmala Sitharaman, who is on a two-day visit to the financial capital.

“Government is exploring the possibility of instituting insurance bonds as alternatives to bank guarantees,” an official statement said.

Bank guarantees are usually asked for while extending a loan and typically require a collateral. An insurance bond is also a surety but it does not require any collateral.

As per reports last year, insurance regulator Irdai was also looking at the option of insurers offering surety bonds in the context of road projects.

(With inputs from PTI)

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2 Stocks HDFC Securities Gives A Buy For Gains Of 14% In The Near Term

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1. Venkys:

The company has diversified operations in the poultry segment and includes production of SPF eggs chicken and eggs processing broiler and layer breeding animal health products Poultry feed & equipment soya bean extract and many more. As per the technicals suggested by the brokerage the company’s stock price has corrected nearly 30% from the recent high and now reached near to an important long-term support. “Stock price reversed northwards and trading above its 5-day EMA with higher volumes. RSI Oscillator has exited from the oversold level and now placed above 30 levels. MFI Oscillator has fallen below an oversold level of 10 and now bounced back to 25 odd levels. Considering the Technical evidences discussed above, we recommend buying Venkys at CMP of 2560 and average at 2380, for the upside targets of 2875 and 3100, keeping a stop-loss at 2270”, said the brokerage firm.

Stock Current market price Target Upside
Venkys 2836 3100 9%

2.	Schaeffler India:

2. Schaeffler India:

The company is involved in innovating and shaping the global pace of change. With innovative technologies, products, and services for CO₂-efficient drives, electric mobility, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion and mobility more efficient, intelligent, and sustainable. The company’s major brands include FAG, INA and LuK.

For the stock the analysts from the brokerage sees a flag pattern breakout is seen on the daily chart. “Stock has broken out from last 5 week’s price consolidation In the Month of July 2021, Stock registered multiyear breakout with jump in volumes Indicator and Oscillator setup has been holding bullish on weekly charts Short term moving averages are placed above medium to long term moving averages Nifty MNC Index looks very strong on short to medium term charts Stock has been forming higher tops and higher bottoms on weekly and monthly charts”, says the brokerage report.

Stock Current market price Target Upside
Schaeffler 7150 8150 14%

Disclaimer:

Disclaimer:

Note the stocks listed here are taken from brokerage report and need not be taken as an investment advice.

GoodReturns.in



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4 Indian Companies With Market Valuation Of $100 Billion

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Reliance Industries

Reliance Industries Limited, headquartered in Mumbai, India, is an Indian multinational conglomerate business. Energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles are among RIL’s diversified activities.

Reliance Industries has a market capitalization of Rs 14,77,782.78 crore as of August 2021. Reliance Industries is the world’s 56th most valuable corporation by market capitalization.

RELIANCE INDUSTRIES LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 1476024.64
Earning Per Share (EPS TTM) (Rs.) 46.41
Price To Earnings (P/E) Ratio 47.03
Book Value Per Share (Rs.) 618.04
Price/Book (MRQ) 3.53
Price/Earning (TTM) 36.07
ROCE (%) 6.27

Tata Consultancy Services

Tata Consultancy Services

Tata Consultancy Services is an Indian multinational information technology services and consulting firm with headquarters in Mumbai, Maharashtra, and its main campus in Chennai, Tamil Nadu. TCS is the world’s largest IT services firm by market capitalization as of February 2021.

The shares of TCS appreciated 76.86 percent over three years, compared to 40.63 percent for the Nifty 100. Over a three-year period, the stock returned 76.86 percent, while the Nifty IT delivered investors a 122.28 percent return. TCS has a market capitalization of Rs 13,36,541 as of August 2021.

TATA CONSULTANCY SERVICES LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 1336171.34
Earning Per Share (EPS TTM) (Rs.) 89.60
Price To Earnings (P/E) Ratio 40.31
Book Value Per Share (Rs.) 225.28
Price/Book (MRQ) 16.03
Price/Earning (TTM) 36.84
ROCE (%) 56.24
PAT Margin 22.77
Dividend Yield 1.05

HDFC Bank

HDFC Bank

HDFC Bank Limited, headquartered in Mumbai, Maharashtra, is an Indian banking and financial services firm. As of April 2021, HDFC Bank is India’s largest private sector bank in terms of assets and market capitalization. It is the third-largest company by market capitalization on the Indian stock exchanges.

Stock generated 50.62 percent over three years, compared to 40.63 percent for the Nifty 100 index. Over a three-year period, the stock returned 50.62 percent, while the Nifty Bank provided investors a 26.19 percent return. HDFC has a market capitalization of Rs 8,61,533 as of August 2021.

HDFC BANK LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 862971.66
Earning Per Share (EPS TTM) (Rs.) 58.14
Price To Earnings (P/E) Ratio 26.81
Book Value Per Share (Rs.) 336.17
Price/Book (MRQ) 4.64
Price/Earning (TTM) 26.81
ROCE (%) 14.51
PAT Margin 25.75
Dividend Yield 0.42
Face Value 1

Infosys

Infosys

With Monday’s increase in Infosys’ share price, the Bengaluru-based IT firm’s market capitalization surpassed 7.45 lakh crore ($100 billion). After Reliance Industries, Tata Consultancy Services, and HDFC Bank, Infosys became India’s fourth firm to reach the $100 billion mark, according to stock exchange data.

The Infosys shares generated 149.71 percent over three years, compared to 40.63 percent for the Nifty 100 index. Over a three-year period, the stock returned 149.71 percent, compared to 122.28 percent for the Nifty IT index.

INFOSYS LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 725730.67
Earning Per Share (EPS TTM) (Rs.) 44.49
Price To Earnings (P/E) Ratio 38.68
Book Value Per Share (Rs.) 158.44
Price/Book (MRQ) 10.86
Price/Earnings (TTM) 34.37
ROCE (%) 36.79
PAT Margin 21.01
Dividend Yield 1.57
Face Value 5



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RBI approves re-appointment of Sandeep Bakhshi as MD and CEO of ICICI Bank

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The Reserve Bank of India has approved the re-appointment of Sandeep Bakhshi as Managing Director and CEO of ICICI Bank with effect from October 15, 2021 till October 3, 2023.

“…the shareholders at the annual general meeting held on August 9, 2019 had already approved the appointment of Bakhshi for a period effective from October 15, 2018 up to October 3, 2023,” the private sector lender said in a stock exchange filing.

Also read: ICICI Bank files cheating case against Karvy Stock Broking

Bakhshi was appointed as MD and CEO of ICICI Bank in October 2018 after the bank’s board had accepted the request of Chanda Kochhar to seek early retirement.

“His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals,” the bank had said at the time.

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Citi considering bitcoin futures trading for some institutional clients, BFSI News, ET BFSI

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Citigroup Inc is considering offering bitcoin futures trading for some institutional clients, a spokesperson for the bank said on Tuesday, citing increased demand in the cryptocurrency space.

Bitcoin prices rose past $50,000 on Monday, after having weathered a crackdown by Chinese authorities on domestic cryptocurrency mining companies earlier this year, as mainstream adoption by corporations and the wider public gathers pace.

Media outlet Coindesk reported earlier on Tuesday that Citi is awaiting regulatory approval to begin trading bitcoin futures on the Chicago Mercantile Exchange, citing a source within the bank.

“Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach,” a Citi spokeswoman said in an email.

“We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks,” she added.

The bank was weighing the option of providing cryptocurrency related services in May, according to a Financial Times report.

Business Insider reported in late July that JPMorgan Chase & Co will allow all of its wealth management clients access to cryptocurrency funds.



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Harvard Business Publishing features successful merger of Indian Bank, Allahabad Bank, BFSI News, ET BFSI

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Indian Bank has been featured in Harvard Business Publishing for its successful merger of Allahabad Bank.

The first-of-its-kind seamless merger of equal-sized Indian banks with prominence in southern and eastern region was recognised and published as a case study.

Curated by Indian School of Business (ISB), the case study encapsulates journey that Indian Bank embarked on to successfully execute the amalgamation process.

‘Merger of Equals’ narrates the entire integration process, which comprised of rigorous strategic planning and execution by Indian Bank, with impetus on the challenges faced and their answers found.

The merger has made Indian Bank a pan-India lender with significant presence in southern, northern and eastern parts of the country.

Padmaja Chunduru, Managing Director and CEO of Indian Bank, said the merger has given Indian Bank a distinct experience of building synergies between two banks with vast legacies.

“We hope this case study will help readers understand the big picture of this exemplary merger,” she said.

The two banks merged efficiently while addressing challenges of human capital, varied cultures and geographic locations. This case of Indian Bank’s merger process can be used by faculty and trainers from various business schools and organisations globally.

Indian Bank is the seventh-largest public sector bank in India with 10 crore customers and 41,557 employees.



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Bank of India plans to raise Rs 3,000 cr equity capital via QIP, BFSI News, ET BFSI

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New Delhi: Bank of India is planning to raise Rs 3,000 crore equity capital through a qualified institutional placement (QIP) offer to fuel business growth and meet regulatory compliance, sources said. “The bank is in the process of raising Rs 3,000 crore through QIP and seven book running lead managers have been appointed for the proposed issue,” sources privy to the development said.

A non-deal roadshow to woo investors concluded on Monday.

The management of the bank participated in one-on-one and group meetings for the roadshow during August 10-23, 2021, the bank said in a filing.

Total 26 investors participated in the roadshow including Yes Bank, IDFC Bank, HDFC Treasury, ICICI Prudential Life, Edelweiss, SBI Life, Mirae, Kotak Life, Federal Bank, Marshal Wace, Polunin among others, the bank said.

The purpose of the issue is not only to fuel regular business growth, but also to deploy capital for improving technical platform of the bank, co-lending digital operations, tie-ups with fintech companies, and syncronisation of tech platform with overseas and domestic operations, as per the sources.

The bank will also utilise the proceeds of the QIP for developing app based retail loan applications and offer electronic bill discounting facility, they added.

“Also, Government of India, our promoter is currently holding 90.34 per cent stake in the bank as of June 30, 2021. With the proposed QIP of Rs 3,000 crore, the promoter’s stake will come down to a substantial level and as a result, the compliance with Sebi guidelines of maintaining minimum public shareholding will be ensured,” a source said.

The bank’s asset quality has shown consistent improvement with gross non-performing assets (NPAs) falling to 13.5 per cent as of June 30, 2021 from 13.8 per cent at end-March 2021. The gross NPAs were at 14.8 per cent by end of March 2020 and 15.8 per cent by March 2019.

Besides, the bank has returned to profitability as against back-to-back losses in FY19 and FY20.

Bank of India earned a net profit of Rs 720 crore in June quarter 2021-22. In FY21, there was an overall profit of Rs 2,160 crore. The lender had suffered a net loss of Rs 2,960 crore in FY20 and of Rs 5,550 crore in FY19.

“Around 88 per cent of the gross advances are comprised of A rated and above as well as GGA (government guaranteed advances) segment advances. Most of the bank’s gross advances presently comprise secured and good rated assets.

“The bank’s focus going forward would be towards RAM (retail, agri, MSME) and GGA segments, particularly with the emphasis on the good rated and sovereign guaranteed advances, so that the bank can maintain asset quality in future,” said a source.

Further, the bank has identified total restructuring book of not more than Rs 11,500 crore. Out of this, the bank has restructured Rs 7,300 crore till June 2021 and the rest of the restructuring will be made before the threshold date of September 30, 2021.

“So, together with the restructuring and SMA (special mention accounts) 2 portfolios, the stress loan book stood at less than 3 per cent on gross advances (as on June 2021) and the same is significantly low, in comparison to other peer banks,” they said.



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Why controlling inflation is not the job of the RBI Governor alone, BFSI News, ET BFSI

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In 2021, the focus of policymakers across the globe is to not just recover and sustain growth but also to ensure price stability. Not only emerging economies, but even developed economies are dealing with price pressure. The rising inflation rate has prevented many economies from announcing further stimulus measures. Central banks in some countries have gone for a rate hike even when their own economies have not fully recovered from the pandemic-induced economic crisis.

One of the major contributors for the overall rise in inflation is the surge in commodity prices. Within commodities, rising crude oil prices has burdened oil importing countries including India. In July, India imported $12.89 billion worth of petroleum crude & products (POL). And, in the same month, POL accounted for a share of 27.7 percent of the total imports to the country.

In India, inflation rate, as measured by the Consumer Price Index (CPI), is used as RBI’s monetary policy anchor. Within CPI, fuel and light account for a share of 6.84 per cent. Though the share of fuel in the CPI basket is less than 10 per cent, crude prices have a huge impact on the overall inflation rate. Higher fuel prices have a ripple effect on other commodities. Crude oil is used as a raw material in various sectors, with petrol/diesel used in transportation of goods. When the cost of production goes up, it will be passed on to consumers.

In the current situation, higher prices for goods and services is an additional burden on both the consumers and producers. The Indian economy is still in a nascent stage of recovery. An economy in the recovery stage won’t be able to tolerate a higher inflation rate. Inflation rate in July has cooled off to 5.59 per cent, within the upper tolerance band of 6 per cent. However, we need to closely watch how inflation figures would turn out in the coming months. The fall in the overall inflation rate has been mainly contributed by the decline in food prices. Food inflation declined to 3.96 per cent YoY in July’21 from 5.15 per cent in June’21. Yet, during the same period, fuel and light inflation registered only a marginal decline to 12.4 per cent from 12.6 per cent.

At this juncture, both the central and state governments should consider ways to reduce the burden arising from increasing fuel prices. The RBI Governor has explicitly stated on many occasions the need for coordinated action between the Centre and states on tax reduction on fuel prices. Presently, the central government levies an excise duty of Rs 32.9 per litre on petrol while the VAT levied by state governments vary. A reduction in the excise duty and VAT could lead to an increase in disposable income in the hands of the common man. This, in turn, could improve consumer sentiments and prevent the heating up of the economy.

In India, controlling the inflation rate is not just the RBI’s job. The factors contributing to rising inflation in the country calls for a concerted effort from the central bank and Centre/state governments.



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