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2 Stocks To Buy For Gains Up To 40% As Recommended By Motilal Oswal

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Buy Repco Home Finance for profits of up to 40%

Current market price Rs 314
Target price Rs Rs 440
Gains % 40%

Motilal Oswal has suggested buying the stock of Repco Home Finance at the current market price of Rs 314 for an upside target of Rs 440.

The brokerage says that the management does not foresee any significant/higher provisioning requirement if there are no new COVID waves/lockdowns in the remainder of FY22. It expects credit costs to be contained at Rs 1 billion in FY22 (with first quarter credit cost already at Rs 783 million).

The management expects 7-8% loan growth in FY22. It looks to grow the loan book to Rs 240 billion (2 times of its current assets under management of Rs 120 billion) by FY26-end.

“We cut our FY22E net profit estimate by 10% to factor in higher credit costs. We estimate a loan growth CAGR of 8% over FY21-24E and model a RoA/RoE of 2.6%/14% over FY23-24E. We have a Buy rating on the stock of Repco Home Finance with a target price of Rs 440 (1 times FY23E price to book value),” the brokerage has said.

Kaveri Seeds

Kaveri Seeds

Current market price Rs 615
Target price Rs Rs 710
Gains % 16%

Motilal Oswal has set a price target of Rs 710 on the stock of Kaveri Seeds, implying a 16% upside from the current levels.

“Kaveri Seeds first quarter FY22 revenue fell 12% on account of de-growth in the Cotton and Maize, offset by growth in the Hybrid Rice and Vegetables segments. Cotton seed sales volumes were impacted by lower cotton acreage and the use of herbicide-tolerant Bt (HTBt) seeds, which further impacted branded seed sales. Also, the pandemic affected the supply chain, resulting in the lower absorption of cotton hybrids by dealers and distributors and the consequent unavailability for the farmer,” the brokerage has said.

According to it, the operating performance was further impacted by write-offs over government dues and the absence of operating leverage.

“Factoring in the 1QFY22 performance, we lower our earnings estimate for FY22 by 34% as 1Q contributes 70% to annual revenue. We lower our earnings estimate for FY23 by 11%, primarily due to a decrease in cotton seed sales volumes (7 million packets v/s 7.5 million earlier) as well as margin estimates for the segment.

“We value the stock at 13 times FY23E EPS to arrive at a target price of Rs 710. Maintain the stock of Kaveri Seeds,” says Motilal Oswal.

Disclaimer

Disclaimer

The article is informational in nature, which is taken from the brokerage report of Motilal Oswal Institutional Equities. Please do consult a professional advisor before buying into any of these stocks. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article.



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Axis Bank Now Offers Returns Up To 6.50% On FD To Senior Citizens: Check New Rates Here

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Investment

oi-Vipul Das

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The leading private sector lender Axis Bank has recently revised interest rates on its fixed deposit schemes. The bank has modified interest rates on domestic fixed deposits, domestic fixed deposits plus, and NRI fixed deposits/FCNR deposits. With effect from August 14-2021, revised interest rates on these deposits are in force. After the most recent revision, the private sector bank is now offering an interest rate of 2.50% to 5.75% to the general public and 2.50% to 6.50% to senior citizens. Here is the list of the latest interest rates on fixed deposits of Axis Bank for different types of deposit amounts.

Axis Bank Regular Fixed Deposit For The General Public (Less Than Rs 5 Cr)

Axis Bank Regular Fixed Deposit For The General Public (Less Than Rs 5 Cr)

Sr No. Period Interest Rates In %
Deposits Below Rs 2 Cr Rs 2 Cr to Rs.4.91 Cr Rs.4.91 Cr to Rs 4.92 Cr Rs 4.92 Cr to Rs 5 Cr
1 7 days to 14 days 2.5 2.5 2.5 2.5
2 15 days to 29 days 2.5 2.5 2.5 2.5
3 30 days to 45 days 3 3 2.5 3
4 46 days to 60 days 3 3 2.5 3
5 61 days to less than 3 months 3 3.25 2.6 3.25
6 3 months to less than 4 months 3.5 3.5 2.6 3.5
7 4 months less than 5 months 3.5 3.5 2.6 3.5
8 5 months to less than 6 months 3.5 3.5 2.6 3.5
9 6 months to less than 7 months 4.4 3.7 2.75 3.7
10 7 months to less than 8 months 4.4 3.7 2.75 3.7
11 8 months to less than 9 months 4.4 3.7 2.75 3.7
12 9 months to less than 10 months 4.4 3.8 2.75 3.8
13 10 months to less than 11 months 4.4 3.8 2.75 3.8
14 11 months to less than 11 months 25 days 4.4 3.8 2.75 3.8
15 11 months 25 days to less than 1 year 4.4 3.8 2.75 3.8
16 1 year to less than 1 year 5 days 5.1 4.15 3 4.15
17 1 year 5 days to less than 1 year 11days 5.15 4.15 3 4.15
18 1 year 11days to less than 1 year 25days 5.1 4.15 3 4.15
19 1 year 25 days to less than 13 months 5.1 4.15 3 4.15
20 13 months to less than 14 months 5.1 4.15 3 4.15
21 14 months to less than 15 months 5.1 4.15 3 4.15
22 15 months to less than 16 months 5.1 4.15 3 4.15
23 16 months to less than 17 months 5.1 4.15 3 4.15
24 17 months to less than 18 months 5.1 4.15 3 4.15
25 18 months to less than 2 years 5.25 4.25 3 4.25
26 2 years to less than 30 months 5.5 4.45 3 4.45
27 30 months to less than 3 years 5.5 4.45 3 4.45
28 3 years to less than 5 years 5.4 4.45 3 4.45
29 5 years to 10 years 5.75 4.45 3 4.45
Source: Bank Website

Axis Bank Fixed Deposit Interest Rates For Senior Citizens

Axis Bank Fixed Deposit Interest Rates For Senior Citizens

Sr No. Period Interest Rates In %
Deposits Below Rs 2 Cr Rs 2 Cr to Rs.4.91 Cr Rs.4.91 Cr to Rs 4.92 Cr Rs 4.92 Cr to Rs 5 Cr
1 7 days to 14 days 2.5 2.5 2.5 2.5
2 15 days to 29 days 2.5 2.5 2.5 2.5
3 30 days to 45 days 3 3 2.5 3
4 46 days to 60 days 3 3 2.5 3
5 61 days to less than 3 months 3 3.25 2.6 3.25
6 3 months to less than 4 months 3.5 3.5 2.6 3.5
7 4 months less than 5 months 3.5 3.5 2.6 3.5
8 5 months to less than 6 months 3.5 3.5 2.6 3.5
9 6 months to less than 7 months 4.65 3.95 3 3.95
10 7 months to less than 8 months 4.65 3.95 3 3.95
11 8 months to less than 9 months 4.65 3.95 3 3.95
12 9 months to less than 10 months 4.65 4.05 3 4.05
13 10 months to less than 11 months 4.65 4.05 3 4.05
14 11 months to less than 11 months 25 days 4.65 4.05 3 4.05
15 11 months 25 days to less than 1 year 4.65 4.05 3 4.05
16 1 year to less than 1 year 5 days 5.75 4.8 3.65 4.8
17 1 year 5 days to less than 1 year 11days 5.8 4.8 3.65 4.8
18 1 year 11days to less than 1 year 25days 5.75 4.8 3.65 4.8
19 1 year 25 days to less than 13 months 5.75 4.8 3.65 4.8
20 13 months to less than 14 months 5.75 4.8 3.65 4.8
21 14 months to less than 15 months 5.75 4.8 3.65 4.8
22 15 months to less than 16 months 5.75 4.8 3.65 4.8
23 16 months to less than 17 months 5.75 4.8 3.65 4.8
24 17 months to less than 18 months 5.75 4.8 3.65 4.8
25 18 months to less than 2 years 5.9 4.9 3.65 4.9
26 2 years to less than 30 months 6.15 5.1 3.65 5.1
27 30 months to less than 3 years 6 4.95 3.5 4.95
28 3 years to less than 5 years 5.9 4.95 3.5 4.95
29 5 years to 10 years 6.5 5.2 3.75 5.2
Source: Bank Website

Axis Bank Fixed Deposit Plus Interest Rates (Premature Withdrawal Not Permitted)

Axis Bank Fixed Deposit Plus Interest Rates (Premature Withdrawal Not Permitted)

Sr No. Period Interest Rates In %
Deposits of Rs 5 Cr to 10 Cr Rs 10 Cr to Rs. 25 Cr Rs.25 Cr to Rs 50 Cr Rs 50 Cr to Rs 100 Cr Rs 100 Cr & Above
1 7 days to 14 days 2.5 2.5 2.5 2.5 2.5
2 15 days to 29 days 2.5 2.5 2.5 2.5 2.5
3 30 days to 45 days 3 3 3 3 3
4 46 days to 60 days 3 3 3 3 3
5 61 days to less than 3 months 3.25 3.25 3.25 3.25 3.25
6 3 months to less than 4 months 3.7 3.7 3.7 3.7 3.7
7 4 months less than 5 months 3.7 3.7 3.7 3.7 3.7
8 5 months to less than 6 months 3.7 3.7 3.7 3.7 3.7
9 6 months to less than 7 months 3.9 3.9 3.9 3.9 3.9
10 7 months to less than 8 months 3.9 3.9 3.9 3.9 3.9
11 8 months to less than 9 months 3.9 3.9 3.9 3.9 3.9
12 9 months to less than 10 months 4 4 4 4 4
13 10 months to less than 11 months 4 4 4 4 4
14 11 months to less than 11 months 25 days 4 4 4 4 4
15 11 months 25 days to less than 1 year 4 4 4 4 4
16 1 year to less than 1 year 5 days 4.35 4.35 4.35 4.35 4.35
17 1 year 5 days to less than 1 year 11days 4.35 4.35 4.35 4.35 4.35
18 1 year 11days to less than 1 year 25days 4.35 4.35 4.35 4.35 4.35
19 1 year 25 days to less than 13 months 4.35 4.35 4.35 4.35 4.35
20 13 months to less than 14 months 4.35 4.35 4.35 4.35 4.35
21 14 months to less than 15 months 4.35 4.35 4.35 4.35 4.35
22 15 months to less than 16 months 4.35 4.35 4.35 4.35 4.35
23 16 months to less than 17 months 4.35 4.35 4.35 4.35 4.35
24 17 months to less than 18 months 4.35 4.35 4.35 4.35 4.35
25 18 months to less than 2 years 4.35 4.35 4.35 4.35 4.35
26 2 years to less than 30 months 4.55 4.55 4.55 4.55 4.55
27 30 months to less than 3 years 4.55 4.55 4.55 4.55 4.55
28 3 years to less than 5 years 4.55 4.55 4.55 4.55 4.55
29 5 years to 10 years 4.55 4.55 4.55 4.55 4.55
Source: Bank Website



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Gold Prices Are Increasing in India Again: Should You Buy Now?

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Personal Finance

oi-Kuntala Sarkar

|

Gold prices in India are rallying once again. On 17th August, 22 carat gold prices stood at Rs. 46430 and 24 carat gold stood at Rs. 47430 per 10 grams. Major cities like Bangalore, Mumbai, Kolkata, and Delhi have followed the aforesaid trend and saw a price hike. However, on 16th August prices went down to Rs. 180 per 10 grams for both 22 and 24 carat gold in India.

Gold Prices Are Increasing in India Again: Should You Buy Now?

How did gold perform in the last week?

Gold prices in India from 6th August to 11th August were going through depression – as the US jobs data came out positively and investors assumed an interest rate hike by the US Fed. However, the market is at ease now as the prices are on the path to recovery. Since 12th August the prices have been going up.

From 12th August, 10 grams gold prices in the country have been rising each day at – Rs. 260 on 12th August, Rs. 320 on 13th August and Rs. 450 14th August unceasingly. Last Saturday, on 14th August in India the price of 22 carat gold per 10 gram was Rs. 46310 and 24 carat gold per gram was Rs. 47310.

Additionally, in the MCX FUTCOM, gold rates were last traded at Rs. 46930 per 10 grams on 13th August 11.29 PM. It was a 1.2% hike than the earlier day. The absolute price change was Rs. 567 per 10 grams. Since then, the prices have jumped 0.63% on MCX today (17th August, 3.47 PM IST). It saw a Rs. 296 absolute price hike since yesterday’s price drop. Hence, even if the prices fell significantly in the last week after US jobs data release, the rates are going upwards again. Certainly, this is going to be a prospectus field for the investors.

This is naturally reflected in the domestic gold rates in India – as Indian gold rates completely depend on the international gold rates. No up-scaling interest rate in the US helped the gold prices in the international market to rise. So Indian gold prices are seeing upward trend now. As there is no certain indication from the US Fed would hike interest rate hike, investors should buy gold now for better profits in near future.
However, if interest rates are hiked by the US Federal Reserve or the central bank resorts to tapering, we might see gold prices fall.



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Gold Prices Are Fluctuating: Should Investors Trust Gold Now?

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Personal Finance

oi-Kuntala Sarkar

|

Gold is a very relevant portfolio asset, globally. But some investors seemed concerned about the price fall of gold this month, or the rate of price hike – they thought it not good. Dominic Schnider, Head of Commodities and Asia Pacific foreign exchange at UBS Global Wealth Management CIO Office commented on gold, “If you have a tactical position, get out; if you have a strategic position, hedge it. In a world that looks better, why would you want to hold so much insurance asset, and that simply means the market needs to balance at the lower level.”

Gold Prices Are Fluctuating: Should Investors Trust Gold Now?

He additionally suggested storing platinum because of its better industry exposure. This certainly can be an outlook but the view should also be analyzed critically. Is gold losing its significance in the global market or the situation is completely different?

Price rally

To understand this, one must remember that gold prices in the international market change every day. Any sudden price drop for one day or even one week should not judge the precious metal’s potential. After going historical high last year, gold went down to Rs. 42980 for 10 gram 22 carat gold on 29th March 2021. This rate was significantly low for gold in India this year. Even then investors started to doubt the metal’s future values. However, it overcame. The prices have jumped 0.63% on MCX today (17th August, 3.47 PM IST). It saw Rs. 296 absolute price hike since yesterday’s price drop.

As it is reiterated, the metal’s value should always be considered in long term. People who had invested in gold during late March on MCX certainly got the fruit later. Now the prices are high again compared to that time.

Gold promises a better prospect

Just like that, even if the gold prices are not seeing record highs now, the metal will show its result after few months. Profit from gold is generally considered in a 3-4 years time period. Also for Sovereign Gold Bond (SGB), issued by the RBI, investors are unstuck with it for 8 long years. It is assumed that the prices will be very high within 8 years. So, even if the prices of gold do not offer a better prospect in a short span, no reason to doubt it. It will surely perform better in the long term – as inflation is going high, people must trust gold now as an investment. They should put money in gold when they can. Gold rates will increase as a hedge. It will only depend on how sustainable the economic recovery is going to be down the road.



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RBI, BFSI News, ET BFSI

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MUMBAI: The Reserve Bank of India (RBI) has said that there was a 24% improvement in financial inclusion (FI) as measured by RBI’s FI-Index between March 2017 and March 2021.

The FI-Index incorporates details of banking, investments, insurance, postal as well as the pension sector in consultation with government and respective sectoral regulators. In April this year, the RBI had announced that it would launch the FI-Index to capture the extent of financial inclusion.

On Tuesday, the RBI announced the first numbers of the FI-Index, and will henceforth publish the data once a year in July. The highest weightage in the index (45%) is given to the usage of various financial services, followed by access (35%) and quality (20%).

The index captures information on various aspects of financial inclusion in a single value, ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.

One of the biggest drivers of financial inclusion in the country has been the Pradhan Mantri Jan Dhan Yojana (PMJDY). There are about 42.6 crore PMJDY account holders with more than 55% being women. While the JDY was launched in 2014, the usage of the accounts picked up with the increase in direct benefit transfers (DBTs), which were facilitated by digital platforms and Aadhaar.

The impact of the digital payment in DBT can be discerned from the fact that Rs 5.5 lakh crore was transferred digitally across 319 government schemes spread over 54 ministries during 2020-21.

Since the pandemic, financial inclusion got a boost due to the increased usage of digital platform by small merchants and peer-to-peer payments.

“Lessons from the past and experiences gained during the Covid pandemic clearly indicate that financial inclusion and inclusive growth reinforce financial stability,” RBI governor Shaktikanta Das had said, speaking at the financial inclusion summit.

“As of March 2021, banks have achieved a digital coverage of 95.9% of individuals, while the achievement for businesses stood at 89.8%,” Das said in the summit.

The rise of the fintech’s have also supported financial inclusion as they innovated to simplify and promote digital payments like the UPI (Unified Payments Interface).

According to a report by Macquarie, while the retail payments (by value) have grown at an 18% CAGR over FY15 to ’21, UPI has grown at a CAGR of around 400% over FY17-21 and now forms 10% of overall retail payments (excluding RTGS) from 2% seen couple of years ago.

“Despite being a late entrant, UPI’s FY21 annual throughput value of around Rs lakh crore was almost 2.8x that of credit and debit card (at POS) combined largely,” the report said.



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Pandemic lifts home loan demand, rise up to 14% despite restrictions, BFSI News, ET BFSI

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As the pandemic raged, people took to the safety of homes, literally.

Banks home loan portfolios jumped up to 14% in the first quarter despite a rise in Covid cases and restrictions due to the pandemic.

The home loan portfolio of the State Bank of India increased 11 per cent to Rs 5,05,473 crore in the first quarter of the current fiscal ended June 30, 2021, compared with ₹4,55,443 crore in the year-ago period. It forms constituting 23 per cent of the bank’s total domestic advances.

Home loans at Canara Bank increased 13.15 per cent during the first quarter to Rs 65,136 crore. In the previous year, the growth in the portfolio was only 10.6 per cent. Punjab National Bank saw a 6.1 per cent growth in home loans.

Rising ticket size

HDFC saw its average loan size jump from Rs 27 lakh to Rs 29.5 lakh during the Covid pandemic as borrowers sought larger homes with many companies shifting to work-from-home mode.

Even as the average property value purchased by borrowers during the pandemic rose, the affordability of loans for borrowers improved to a 25-year high.

The affordability is measured as the number of years of income required to buy a house.

The affordability improved to 3.2 years of income as against 3.3 years in FY20 and 2.5 years in FY19. This was largely because the annual income of borrowers rose from Rs 15 lakh to Rs 16 lakh even as property values remained at FY18 levels. The average age of the borrower also dipped from 39 years to 38 years.

Growing competition

ICICI Home Finance has launched an on-the-spot home loan for workers and self-employed who do not have income tax returns (ITR) to show their earnings.

Under the ”Big Freedom Month”, ICICI Home Finance aims to assist home loan seekers who do not have income tax returns proof to buy their dream home, it said in a statement.

Carpenters, plumbers, electricians, tailors, painters, welders, auto mechanics, and auto taxi drivers, among others, can avail of the spot home loan by submitting PAN card, Aadhaar card and bank account statement of the past six months.

Prospective homebuyers can visit the ICICI HFC branch to get free consultation from experts.

SBI is also focusing on home loans. It announced a 100 per cent waiver on processing fees till August 31. Before the offer, the processing fee was 0.40 per cent.



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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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ICICI, HSBC, Standard Chartered strike India’s first swaption deals, BFSI News, ET BFSI

Banking & Finance

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Two years after RBI allowed them, ICICI Bank, HSBC and Standard Chartered Bank have cut the first swaption deals, giving new risk management tools to borrowers in rapidly changing interest rate scenarios.

The ‘swaption’ interest-rate derivative product helps both local borrowers and investors to rein in funding costs in a rising rate scenario and retain investment returns in a falling rate scenario. In June, 2019, the Reserve Bank of Indiaissued guidelines for ‘swaption’ deals.

What is swaption?

A swaption contract gives the buyer the right, but not the obligation, to enter into an interest-rate swap deal.

If a borrower raises local bonds with a ‘put’ option, investors could well surrender those papers in a rising rate scenario, forcing a borrower to issue new bonds at higher rates. This is where the utility of the instrument is evident for the borrower.

If the borrower buys a swaption contract, the instrument will protect the borrower against any losses from rate movements in the event of investors exercising their put options.

Similarly, if a borrower raises bonds with call options, and exercises them in a falling interest market, the investor has to invest at lower rates. If s/he buys a swaption contract, it will shield for any rate losses.

The transaction

ICICI Bank and the two overseas lenders transacted ‘swaptions’ on Overnight Index Swap (OIS) for a total notional sum, which formed a significant majority of the total worth of transactions reported on day one. Trading in the instrument began Tuesday on a Clearing Corporation of India (CCIL) platform, which showed six separate deals for a total notional sum of Rs 700 crore.

The demand for interest rate swaptions from domestic clients to increase in the short to medium term as the proportion of external benchmark linked lending by banks continues to rise.



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SBI Platinum FD Vs SBI Regular FD Vs SBI WeCare FD: Latest Interest Rates Compared

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SBI Platinum Deposit Scheme

SBI has recently introduced a Platinum Deposits Scheme for retail investors to commemorate the 75th anniversary of the country’s independence. This scheme is valid from August 15, 2021 to September 14, 2021. Deposits can be made for platinum 75 days, platinum 525 days, or platinum 2250 days under this scheme. Domestic Retail Term Deposits, comprising NRE and NRO Term Deposits of less than Rs 2 crore, New and Renewal Deposits, Term Deposit and Special Term Deposit products only, and NRE Deposits (for 525 and 2250 days only), according to SBI, are eligible deposits.

Senior Citizens and SBI Pensioners, according to SBI’s official website, would continue to receive benefits under the SBI WECARE Scheme for a period of 5 years and above, with no additional benefit under Platinum Deposits. Interest is paid at monthly/quarterly intervals, and premature withdrawal is allowed as applicable for Term / Special Term Deposits. This special fixed deposit can be opened through a branch, INB, or YONO channel.

SBI Platinum Deposit Interest Rates

SBI Platinum Deposit Interest Rates

Here is the interest rate chart of SBI Platinum Deposit Scheme, according to the official website of the lender.

Tenor ROI for Public ROI for Senior Citizens
Existing Proposed Existing Proposed
Platinum 75 days 3.90% 3.95% 4.40% 4.45%
Platinum 525 days 5.00% 5.10% 5.50% 5.60%
Platinum 2250 days 5.40% 5.55% ROI applicable under SBI WECARE Scheme (6.20%)
Source: SBI

SBI Regular Deposit For The General Public

SBI Regular Deposit For The General Public

For a deposit amount of less than Rs 2 Cr, SBI is currently offering an interest rate ranging from 2.9% to 5.4% to general customers across 7 days to 10 years of maturity period. Here are the most recent interest rates of SBI for the general public which are in force from 8 January 2021.

Tenor Regular Interest Rates In %
7 days to 45 days 2.90
46 days to 179 days 3.90
180 days to 210 days 4.40
211 days to less than 1 year 4.40
1 year to less than 2 year 5.00
2 years to less than 3 years 5.10
3 years to less than 5 years 5.30
5 years and up to 10 years 5.40
Source: SBI

SBI Fixed Deposit For Senior Citizens

SBI Fixed Deposit For Senior Citizens

SBI also offers a “WECARE” deposit scheme for senior citizens with a maturity period of 5 years to 10 years. Under this special fixed deposit scheme, senior citizens will get an additional premium of 30 bps (over and above the existing premium of 50 bps). A senior citizen will get an interest rate of 6.20% if he or she opens this special fixed deposit scheme for a period of 5 years to 10 years. Here are the latest interest rates on fixed deposits for senior citizens provided by the bank.

Tenor Interest Rate for Senior Citizens In %
7 days to 45 days 3.40
46 days to 179 days 4.40
180 days to 210 days 4.90
211 days to less than 1 year 4.90
1 year to less than 2 year 5.50
2 years to less than 3 years 5.60
3 years to less than 5 years 5.80
5 years and up to 10 years 6.20
Source: SBI



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Will be “back with a bang” on credit card rollout, says HDFC Bank, BFSI News, ET BFSI

Banking & Finance

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Private lender HDFC Bank on Tuesday said that all preparations are in place to be back with a bang on credit cards and new schemes will be rolled out soon. The bank had earlier stated that it has lined up a series of new card launches in anticipation of RBI lifting its ban.

Eight months after a ban was imposed, in a letter to the HDFC Bank board on Monday, the RBI communicated that it has decided to lift restrictions on launching new credit cards while the restrictions on launching new projects under digital 2.0 was still in place. Last month the lender’s chief Sashidhar Jagdishan had stated that the bank has complied with 85% of the requirements of RBI on the technology front.

“All the preparations and strategies that we have put in place to ‘come back with a bang’ on credit cards will be rolled out in the coming time,” the lender said in a press statement. “We would like to inform all that the Reserve Bank of India has lifted the restriction placed on sourcing of new credit cards. We thank the regulator for this. The board has taken note of the same and the bank is committed to full compliance of the regulatory directions.”

The bank added that it will continue to engage with the regulator and ensure compliance on all parameters, so that the restrictions imposed on new launches of the Digital Business generating activities planned under Digital 2.0 could be lifted soon.

The RBI has asked the bank to submit a board-approved letter indicating continued compliance with its IT examination report.

“The ban has come before the festive season which starts from September onwards in India, so the juggernaut can roll with full force and launch credit cards, attractive schemes within their ecosystem partners and be a force to reckon with,” said Suresh Ganapathy, associate director, Macquarie Capital.

As per Macquarie’s analysis, HDFC Bank lost nearly 180 basis points of market share as of May 2021 since end of November 2020 when the ban on launch of new credit cards came into effect. Their market share slipped to 24% while ICICI Bank and SBI Cards gained 130bps and 37bps to 17.4% and 19.2%, respectively.

The lender also has vast ground to gain and can easily capture back the space it lost after it added 36.5 lakh liability accounts from January to June 2021,1.5-2 lakh credit cards per month pre-Covid.

“Overall, lifting of RBI restrictions before the beginning of festive season is a positive development as HDFC Bank has usually been aggressive during festive season and offers various discounts on consumer products,” said Nitin Aggarwal, research analyst, Motilal Securities.



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