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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank Ltd. (USFB), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office in New Delhi. USFB has commenced operations with effect from November 1, 2021.

PMC Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank, was placed under All-Inclusive Directions under Sub-section (1) of Section 35-A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on September 23, 2019 vide Directive DCBS.CO.BSD-I/D-1/12.22.183/2019-20 dated September 23, 2019 on account of fraud which led to steep deterioration in the net-worth of the bank. The directions were last extended vide Directive dated June 25, 2021 up to December 31, 2021. Given the financial condition of the PMC Bank and in the absence of proposals for capital infusion, the bank was not viable on its own. In that event, the only course of action could have been cancellation of its licence and taking it for liquidation, wherein, depositors would have received payment up to the insurance ceiling of ₹5 lakh.

The draft scheme of amalgamation published today, envisages takeover of the assets and liabilities of PMC Bank including deposits, by the USFB in terms of the provisions of the scheme giving a greater degree of protection for the depositors. It may be seen that USFB is being set up with capital of about ₹1,100 crore as against regulatory requirement of ₹200 crore for setting up of a Small Finance bank under the Guidelines for on-tap licensing of Small Finance bank in Private Sector dated December 5, 2019, with provision for further infusion of capital at a future date after amalgamation.

The Reserve Bank invites suggestions and objections, if any, from members, depositors and other creditors of transferor bank (PMC) and transferee bank (USFB), on the draft scheme, which may be sent to the address mentioned in the “Notice”. The draft scheme has also been sent to transferor bank and transferee bank for their suggestions and objections. The suggestions and objections will be received by Reserve Bank up to 5.00 PM on December 10, 2021. The Reserve Bank will take a final view thereafter.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1231

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‘Co-op Societies not authorised to conduct banking biz’

Banking & Finance

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The Reserve Bank of India (RBI), in an advisory to the members of the public, said co-operative societies have neither been issued any licence under Banking Regulation (BR) Act, 1949 nor are they authorised for doing banking business.

Further, insurance cover from the Deposit Insurance and Credit Guarantee Corporation (DICGC) is also not available for deposits placed with these societies.

“Members of the public are advised to exercise caution and carry out due diligence of such co-operative societies if they claim to be a bank, and look for banking licence issued by RBI before dealing with them,” the central bank said in a statement.

Forbidden word

Simultaneously, RBI asked co-operative societies to desist from using the words “bank”, “banker” or “banking” as a part of their names, except as permitted under the provisions of BR Act, 1949 or by the Central bank.

RBI has noticed some co-operative societies are using the word “Bank” in their names in violation of Section 7 of the BR Act, 1949 (As Applicable to Co-operative Societies) (the BR Act, 1949).

“It has also come to the notice of RBI that some co-operative societies are accepting deposits from non-members/ nominal members/ associate members which tantamount to conducting banking business in violation of the provisions of the BR Act, 1949,” the Central bank said.

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Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/133
DOR.Rur.REC.70/31.04.002/2021-22

November 22, 2021

All Regional Rural Banks

Madam/Sir,

Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – Regional Rural Banks (RRBs)

We advise that the name of Baroda UP Bank has been included to and names of three erstwhile Regional Rural Banks (RRBs) have been excluded from the Second Schedule to the Reserve Bank of India Act, 1934, by notification DOR.Rur.S1765/31.04.002/2021-22 dated October 12, 2021 published in the Extraordinary Gazette of India (Part III – Section 4) dated November 12, 2021.

2. Copy of the above notification DOR.Rur.S1765/31.04.002/2021-22 dated October 12, 2021 is enclosed.

Yours faithfully,

(Neeraj Nigam)
Chief General Manager-in-Charge
Encl: as above

DOR.Rur.S1765/31.04.002/2021-22

October 12, 2021

NOTIFICATION

In exercise of the powers conferred under clauses (a) and (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934 (hereinafter referred to as “the RBI Act”), the Reserve Bank of India, hereby, directs the exclusion of the Regional Rural Banks indicated below at column no. [A] from the second schedule of the RBI Act and the inclusion of the Regional Rural Bank indicated below at column no. [B] in the second schedule of the RBI Act.

Name of the erstwhile Regional Rural Banks
[A]		 Name of new Regional Rural Bank
[B]
Baroda Uttar Pradesh Gramin Bank Baroda UP Bank, Gorakhpur, Uttar Pradesh
Kashi Gomti Samyut Gramin Bank
Purvanchal Bank

(Jayant Kumar Dash)
Executive Director

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Top 5 Private Sector Banks With Highest Interest Rates On Savings Accounts

Personal Finance

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DCB Bank

DCB Bank’s resident, NRE, and NRO Savings Bank Account interest rates are listed below (with effect from October 1, 2021).

Balance Range (INR) Rate of Interest p.a. W.E.F October 1, 2021
On balances up to 1 lakh in the account 2.75%
On balances above 1 lakh to less than 25 lakh in the account 5.00%
On balances from 25 lakh to less than 50 lakh in the account 6.00%
On balances from 50 lakh to less than 2 crore in the account 6.50%
On balances from 2 crore to less than 50 crore in the account 5.50%
On balances from 50 crore and above 5.00%
Source: Bank Website

RBL Bank

RBL Bank

Below are the interest rates on savings deposits including NRE/NRO Savings of RBL Bank which are in force from September 01, 2021.

Daily balance Rate of Interest (p.a.)
Upto Rs. 1 lakh 4.25%
Above Rs. 1 lakh upto Rs. 10 lakh 5.75%
Above Rs. 10 lakh and upto Rs. 3 Crore 6.00%
Above Rs. 3 Crore upto Rs. 5 Crore 6.00%
Source: Bank Website

Bandhan Bank

Bandhan Bank

Bandhan Bank’s Domestic / Non-Resident Rupee Savings Deposit interest rates, effective from November 1, 2021, are listed below.

Daily balance In Rs Rate p.a
Daily Balance up to 1 lakh 3.00%
Daily Balance above 1 lakh to 10 lakh 5.00%
Daily Balance above 10 lakh to 2 crore 6.00%
Daily Balance above 2 crore to 10 crore 5.00%
Source: Bank Website

Yes Bank

Yes Bank

With the introduction from May 13, 2021, the interest rates on savings accounts of Yes Bank for resident and non-resident customers are stated below.

Daily Balance in the Savings Account (INR) Applicable Interest Rates (p.a.)
4%
>1 Lac to 4.50%
>=10 lacs to 5.25%
Source: Bank Website

IDFC First Bank

IDFC First Bank

Here are the most recent interest rates on savings accounts of IDFC First Bank which are in force from 01/05/2021.

On Balances (in Rs) Rate of Interest (% p.a.)
4.00%
>1lac 4.50%
>10lac 5.00%
>2Cr 4.00%
>10Cr 3.50%
>100 Cr 3.00%
Source: Bank Website



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Buy This Engineering & Construction Company Stock For 32% Upside: ICICI Direct

Personal Finance

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Techno Electric Q2FY22 results:

The company has logged 193 bps increase YoY in margins which came in at 31 percent, offsetting just 6.4 percent YoY revenue growth at Rs 2.7bn. Because of covid, “EPC revenue reported flat YoY growth of Rs. 2.2 billion in Q2FY22 and was below expectations. EPC margins contracted 220bps YoY to 18.3%. Energy segment booked healthy 42% YoY revenue growth to Rs481mn. The management guided for Rs12bn of revenue from EPC segment for FY22E with a

margin of 15%”, said the report.

Strong order intake outlook:

Strong order intake outlook:

In the first half of the Fy22, the company’s order book totalled to Rs. 5.7 billion. The company’s order book is seen to expand going forward in H2FY22 and the management forecasts for order intake worth Rs. 20 billion, of which Rs. 12 billion order will be by FGD, Rs5 billion from transmission and Rs.2 billion from

smart meters.

Rationale for a ‘Buy' on Techno Electric:

Rationale for a ‘Buy’ on Techno Electric:

ICICI Direct maintains BUY on the scrip of Techno Electric on healthy cashflow with cash and equivalents of Rs.8 billion, and benign valuation. “Despite challenges, the company is confident of maintaining margins at 15%. Given healthy growth outlook

and cashflow, we maintain BUY with revised SoTP-based target price of Rs332. We believe the foray into data centre business will be positive in the long run as it gives an avenue to utilise the wind power efficiently and provides the company a foothold in a promising growth segment. Using the SoTP methodology, we value the standalone EPC business at Rs211 (20x FY23E earnings), discounted cashflow from wind

assets at Rs.44, transmission assets at Rs.10 per share and cash and equivalents at Rs. 66 per share”, says the brokerage.

Disclaimer:

Disclaimer:

The stock has been picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Reserve Bank of India – Press Releases

Press Releases

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The Banking Regulation Act, 1949 (BR Act, 1949) was amended by the Banking Regulation (Amendment) Act, 2020 (Act 39 of 2020) which came into force on September 29, 2020. Accordingly, co-operative societies cannot use the words “bank”, “banker” or “banking” as part of their names, except as permitted under the provisions of BR Act, 1949 or by the Reserve Bank of India (RBI).

It has come to the notice of RBI that some Co-operative Societies are using the word “Bank” in their names in violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the BR Act, 1949).

It has also come to the notice of RBI that some Co-operative societies are accepting deposits from non-members/ nominal members/ associate members which tantamount to conducting banking business in violation of the provisions of the BR Act, 1949.

Members of the public are hereby informed that such societies have neither been issued any licence under BR Act, 1949 nor are they authorized by the RBI for doing banking business. The insurance cover from Deposit Insurance and Credit Guarantee Corporation (DICGC) is also not available for deposits placed with these societies. Members of public are advised to exercise caution and carry out due diligence of such Co-operative societies if they claim to be a bank, and look for banking license issued by RBI before dealing with them.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2021-2022/1230

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Shriram City crosses 1-crore milestone in two-wheeler financing

Banking & Finance

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Shriram City Union Finance Ltd (SCUF) on Monday announced that it has crossed the milestone of one crore two-wheeler financing, coinciding with the 2021 festive season.

Two-wheeler loans currently account for about 22 per cent of the NBFC’s ₹30,000 crore assets under management.

Shriram City Union Finance posts 10% growth in Q2 net profit

YS Chakravarti, MD & CEO, SCUF, said: “The festive cheer, pent-up demand, and a good monsoon have aided rural demand. At Shriram City, our goal is to help consumers earn a livelihood, with 65 per cent of our borrowers being self-employed and using the two-wheeler as part of their business.”

Impact of pandemic

The company, in a statement, noted that it financed the first 50 lakh two-wheelers over 15 years, beginning 2002, whereas the next 50 lakh customers were added in under four years.

No festive cheer for two-wheeler industry

The statement underscored that 2021 saw two-wheelers gain momentum as a mode of transport, with the need for mobility gaining importance amid the Covid pandemic. The demand for two-wheelers has been the highest when compared to other motorised modes, it added.

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Some Chinese banks told to issue more loans for property projects

Banking & Finance

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BEIJING, – Some Chinese banks have been told by financial regulators to issue more loans to property firms for project development, two banking sources with direct knowledge of the situation told Reuters on Monday, in efforts to marginally ease liquidity strains across the industry.

Chinese authorities have yet to publicly give any signal that they will relax the “three red lines” – financial requirements introduced by the central bank last year that developers must meet to get new bank loans.

But lenders have recently adjusted their lending practices to reflect the latest central bank guidance of “meeting the normal financing needs” of the sector.

The marginal relaxation of loan policies to developers will still stick to the major principle that “homes are for living in, not for speculation,” said the sources, one from a city commercial bank and the other from a big bank, who received the guidance from regulators.

Financial regulators have told the banks to specifically accelerate approval of loans to develop projects, and to ensure that outstanding loans to project development show positive growth in their loan books in November compared with October, the two sources said.

Both sources declined to be named due to the sensitivity of the matter.

The People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) did not immediately respond to requests for comment.

As of end-September, banks’ outstanding loans to project development stood at 12.16 trillion yuan ($1.91 trillion), up by 0.02% from a year earlier, central bank data showed.

Quarterly growth of this loan type slowed further from the second quarter by 2.8 percentage points, the data showed.

The real estate sub-index of the Chinese mainland’s blue chip index jumped nearly 5% on Friday following market rumours about potential relaxation of property loans.

The sub-index ended down 4% on Monday.

China will stand firm on policies https://www.reuters.com/business/china-property-financing-tweaks-fall-short-investor-expectations-2021-11-11 to curb excess borrowing by property developers even as it makes financial tweaks to help home buyers and meet reasonable demand, bankers told Reuters previously.

Some banks have accelerated disbursement of approved home loans in some cities, the bankers said.

Last month, central bank official Zou Lan said there had been “misunderstanding” among lenders about the PBOC’s debt-control policies, causing financial strains for some developers.

“Banks should have supported new projects reasonably after (developers) have repaid existing loans,” Zou said. ($1 = 6.3819 Chinese yuan) (Reporting by Xiangming Hou, Kevin Huang and Ryan Woo; Writing by Cheng Leng; Additional reporting by Jason Xue; Editing by Jacqueline Wong)



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Reserve Bank of India – Press Releases

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) 0.00 – –
     I. Call Money 0.00 – –
     II. Triparty Repo 0.00 – –
     III. Market Repo 0.00 – –
     IV. Repo in Corporate Bond 0.00 – –
B. Term Segment      
     I. Notice Money** 0.00 – –
     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 Sun, 21/11/2021 1 Mon, 22/11/2021 1,898.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Sun, 21/11/2021 1 Mon, 22/11/2021 25.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -1,873.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo Sat, 20/11/2021 2 Mon, 22/11/2021 15,620.00 3.35
  Fri, 19/11/2021 3 Mon, 22/11/2021 46,619.00 3.35
  Thu, 18/11/2021 4 Mon, 22/11/2021 97,803.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 18/11/2021 15 Fri, 03/12/2021 445,742.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 16/11/2021 7 Tue, 23/11/2021 200,010.00 3.94
  Tue, 02/11/2021 28 Tue, 30/11/2021 50,007.00 3.97
3. MSF Sat, 20/11/2021 2 Mon, 22/11/2021 68.00 4.25
  Fri, 19/11/2021 3 Mon, 22/11/2021 7,201.00 4.25
  Thu, 18/11/2021 4 Mon, 22/11/2021 1,215.00 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
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
  Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 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
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       24,195.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -737,124.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -738,997.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 21/11/2021 648,849.24  
     (ii) Average daily cash reserve requirement for the fortnight ending 03/12/2021 650,308.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 18/11/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 05/11/2021 1,123,716.00  
@ 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, 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 and Press Release No. 2021-2022/1023 dated October 11, 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 (Communications)
Press Release: 2021-2022/1229

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Poonawalla Fincorp, CARS24 in strategic pact for consumer financing

Banking & Finance

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Poonawalla Fincorp and CARS24 on Monday announced their strategic partnership for quick and seamless consumer financing on vehicles bought from CARS24.

CARS24 raises $450 million funding in Series F round

“In this partnership, Poonawalla Fincorp will fulfil consumer loans originating through CARS24. Additionally, both parties will partake in the risk and rewards,” they said in a statement.

‘Huge market opportunity’

Vijay Deshwal, Group Chief Executive officer, Poonawalla Fincorp Ltd, said, “With technology at its core, we at Poonawalla Fincorp aim to create a digitally-enabled consumer lending platform and this partnership with CARS24 is a step in that direction. We are optimistic that this will be a great partnership and will provide hassle-free experience to customers in fulfilling their dream of owning a car.”

Cars24 eyes 20% share of the used car market in 5 years

Ruchit Agarwal, Co-founder and CFO, CARS24, said, “With only 20 per cent consumer financing penetration in the used cars industry, we feel that there is a huge market opportunity waiting to be tapped.”

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