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Reserve Bank of India – Tenders

Tenders

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E-tender no. RBI/Guwahati/Guwahati/1/21-22/ET/14

Reserve Bank of India, Guwahati invites tenders for the above mentioned work.

The tender forms can be downloaded from https://www.rbi.org.in and https://www.mstcecommerce.com. Your tender, duly filled-in and e-signed, should be submitted by e-tendering only through https://www.mstcecommerce.com up to 14:00 hours on July 28, 2021.

1. Estimated cost: – ₹ 6,16,000/-

2. Earnest Money: – ₹ 12,320/-

3. Event View date & time: – 07.07.2021 from 11:00 hours.

4. Date of pre-bid meeting: – From 11:00 hours to 14:00 hours on 16.07.2021.

5. Event start date & time: – 07.07.2021 at 11:00 hours.

6. Event close date & time: – 28.07.2021 at 14:00 hours.

7. TOE start time: – 28.07.2021 at 15:30 hours.

Bank reserves the right to accept or reject any or all the tenders, either in whole or in part, without assigning any reasons for doing so.

Regional Director
Reserve Bank of India
North Eastern States

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Drip Capital partners with SBM Bank India to empower MSME exporters

Banking & Finance

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Drip Capital, a fintech provider of cross border trade finance, has partnered with SBM Bank India to offer trade financing solutions — customised for small and medium-sized exporters in India.

With this partnership, MSME exporters will be able to avail collateral-free working capital at competitive rates.

Commenting on the collaboration, Pushkar Mukewar, co-Founder and CEO, Drip Capital, said in a statement, “By partnering with SBM Bank India, we aim to provide collateral-free working capital to MSME exporters through our invoice discounting facility. This association is an example of how fintech companies are eager to partner with banks and other financial institutions to grow collectively by using technology to its very core.”

Focus on MSMEs

Neeraj Sinha, Head – Retail and Consumer Banking, SBM Bank India, said, “The Indian MSME sector is one of the largest exporters in the country. With India being rapidly ascending onto the map of the global supply chain, the MSME sector is set to play a major role in the coming years. It is therefore critical to design and deliver #smartbanking solutions to this segment that offer accessibility, affordability, and adaptive to the ever-changing demands. Towards this, it is our pleasure to partner with Drip Capital. We are sure, together, our solutions will help the Indian MSMEs become more competitive and resourceful.”

Unlike traditional financial institutions, Drip Capital leverages data analytics and technology to underwrite its transactions, allowing it to scale rapidly and provide a seamless financing experience to small businesses.

In the past, Drip Capital has partnered with several local and international banks to offer its financing solutions to SMEs in developing markets like India and Mexico as well as the US. Since its inception in 2016, the company has worked with over 1,500 sellers and buyers spread across 80+ countries.

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FREO partners with HDB Financial Services to offer lending solutions

Banking & Finance

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Neobank FREO has partnered with HDB Financial Services to offer a credit line and high-ticket personal loans to customers across multiple cities in India.

“The credit line is FREO’s flagship product. HDBFS in partnership with FREO will offer the credit line which enables consumers to get access to credit anywhere, anytime via a smartphone,” it said in a statement.

Customers will get a personalised amount approved which they can start using immediately. As they repay the borrowed amount, the credit limit is replenished and they can continue withdrawing as much as they need. Interest is levied only on the amount the consumer uses, and not on the overall limit.

High ticket personal loans

“This partnership offers consumers high-ticket personal loans of up to ₹10 lakh, which can be utilised for bigger expenses such as home renovation, buying a vehicle, planning a trip,” it further said.

The partnership will help FREO and HDBFS develop and deliver multiple financial products in sync with the needs of customers, encouraging them to borrow, save and smartly spend money for various purposes.

“We have a strong presence in more than 950 locations with over 1,300 branches pan-India. The association is a great step towards boosting the overall customer experience by providing them with easy finance through digital channels,” said G Ramesh, MD and CEO, HDB Financial Services.

Bala Parthasarathy, Co-Founder, FREO said, “We have collaborated with HDB Financial Services and aim to deliver a complete digital financial journey to customers which is easy and flexible.”

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3 Stocks To Sell Now After Brokerages Downgraded Them And Lowered Price Target

Personal Finance

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1. Vodafone Idea:

The beleaguered telecom service provider has been downgraded by both ICICI Securities and Motilal Oswal. ICICI Securities has given a ‘Sell’ call on the scrip and sees the stock to hit a target price of Rs. 5.

Cash problem persist with the telecom service provider said ICICI Securities in its report:

“Vodafone Idea’s (VIL) Q4FY21 reported revenues were down 11.8% QoQ to | 9,607.6 crore, out of which 9.6% decline was due to removal of IUC. On a reported basis, ARPU fell ~11.6% QoQ to | 107. Reported EBITDA margins were up 660 bps QoQ to 45.9%, aided by one-off related to IT and network costs to the tune of | 450 crore. Adjusted for the same, margins were at 41.2%”, added the report.

On the valuation front, the company’s research report said VIL remains the weakest private telco. Further the report added the company’s survival is only possible on quick quick capital infusion and tariff hike/floor tariff implementation. This is indeed required become of the upcoming payment deadlines etc. We maintain SELL rating with a DCF based target price of Rs. 5/share (vs. Rs. 6/share, earlier). We will monitor triggers like fund raise and tariff hike, before changing stance.

2. Shoppers Stop:

2. Shoppers Stop:

For the retail company headquartered at Mumbai, HDFC Securities has given a ‘Sell’ recommendation and sees the stock to weaken in price by a sharp 27% from the last traded price to hit a target price of Rs. 180.

Mall Bound Shoppers Stop saw the most impact

HDFC Securities in its report said with the company’s major presence in malls, the retail stores of Shoppers Stop were the worst affected amid the lockdown due to the second wave. However, 4Q recovery (95% of baseline sales) has been better than expected (HSIE: -87.5%). “Gross margin improved sequentially (GAAP: 40.9% vs HSIE: 37.9%). Absolute operating cost structure was in line. We continue to remain circumspect on the longevity of the business as cost arbitrage between pure-play department stores and online platforms continues to shrink with each passing year, said the company.”

” We meaningfully cut our FY22 EBITDA estimates to account for the second wave impact. FY23 EBITDA estimates remain largely unchanged. Maintain SELL recommendation with a DCF-based TP of INR 180/sh (implying 9x FY23 EV/EBITDA).”

3. Spicejet:

3. Spicejet:

The airline company was seen trading firm in the previous day’s trade as the civil aviation allowed airlines to operate at increased capacity. Nonetheless the no frill air carrier today traded again lower by a margin.

Rising fuel and liquidity crisis a major problem with the airline

BOB Capital Markets sees a liquidity crisis for Spicejet. Also another dampener is the rising fuel cost.

The brokerage company said the company’s Q4FY21 revenue and it logged a net loss of Rs. 2.4 billion, translating to negative EPS of Rs 3.9. We remain cautious due to the weak balance sheet (negative net worth); as well as growing competition amid rising fuel cost. Maintain SELL with a revised TP of Rs 60 (vs. Rs 70) as we cut estimates owing to the pandemic-linked crisis and higher fuel costs.

Disclaimer:

Disclaimer:

All of the above 3 stocks are picked from brokerage reports. Investing in stocks is risky and investors should do their own research. The author, the brokerage firm or Greynium Information Technologies Pvt Ltd is not responsible for any losses incurred due to a decision based on the above article. I

GoodReturns.in



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These Stocks Enter Largecap, Midcap, Smallcap Category After AMFI Reclassification

Personal Finance

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7 Stocks Enter Largecap Category After AMFI Reclassification

Large cap funds are ones that invest a larger percentage of their assets in firms with a high market capitalization. Three characteristics that are frequently used to define a large-cap corporation are trustworthy, reputable, and strong.

NMDC, Apollo Hospitals, Cholamandalam Investment and Finance, SAIL, Bank of Baroda, Honeywell Automation and Adani Total Gas t all went from midcap to largecap territory.

PI Industries, HPCL, Indraprastha Gas, Petronet LNG, and Hindustan Aeronautics were replaced by these stocks.

Stocks that entered Midcap Category After AMFI Reclassification

Stocks that entered Midcap Category After AMFI Reclassification

Mid-cap funds are equity mutual funds that invest in the stock of mid-sized businesses. Companies that are rated from 101 to 250 depending on their market capitalisation are classified as mid cap companies, according to the rules.

Midcap stocks now have an average market capitalisation of Rs 11,819 crore, up from Rs 8,389 crore during the December-January reclassification.

Indian Railway Finance, Macrotech Developers, Sona BLW Precision Forgings and Indigo Paints are the new entries of the mid-cap segment.

Tata Elxsi, APL Apollo Tubes, Kajaria Ceramics, Bank of Maharashtra, and Apollo Tyres are among the firms that have been reclassified from small-cap to mid-cap.

Stocks that enter smallcap category After AMFI Reclassification

Stocks that enter smallcap category After AMFI Reclassification

Small cap funds are equity funds that invest at least 65 percent of their assets in small size businesses’ stock and stock-related investments. According to SEBI regulations, small cap businesses are those with a market value of less than 250 companies market cap.

Some of the stocks that have been reclassified as small-caps from midcaps include Metropolis Healthcare, Prestige Estate Projects, ITI, Mahanagar Gas, Procter & Gamble Health, Credit Access Grameen, Central Bank of India, SJVN, Akzo Nobel, IIFL Wealth Management, and Motilal Oswal Financial Services.



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Why IBC process has slowed down during pandemic, BFSI News, ET BFSI

Banking & Finance

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The Insolvency and Bankruptcy Code (IBC) is a vast improvement over the n the two earlier laws legislated to recover bad loans —the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB) and Sarfaesi.

Before IBC, resolution processes took an average of 4-6 years, after the enactment of IBC, they came down to 317 days.

However during the pandemic, the IBC process has been hit, with recovery rate dropping, and anxious lenders selling off assets at close to liquidation value or striking settlement deals with promoters.

Recovery rate

The recovery rate of IBC has fallen to 39.3% as of March 2021 from 46% as of March 2020. Of the total outstanding amount of Rs 1.32 lakh crore, only around Rs 25,944 crore was recovered in fiscal 2021, or a rate of 19.7%.

There has been a delay in the liquidation of companies. As of December 2020, around 69% of the liquidations were going on for more than one year, while in the case of 26% companies the process was on for more than two years.

Economic downturn

With huge capacity unutilised in the economy, companies are not looking to add more capacity, which is impacting the sale process at IBC. Barring sectors like steel where the product cycle has seen a turnaround, assets in other sectors such as textiles are not seeing much interest. While steel assets such as Essar Steel and Bhushan Steel were snapped up, those such as Alok Textiles were sold for much less.

The pandemic has increased operational challenges for the various parties involved in a CIRP, which resulted in limited cases yielding a resolution plan. The suspension of new proceedings under the IBC for the entire FY21 resulted in a sharp slowdown in the resolution process.

The slow judicial process in India allows the resolution processes to drag on, this was the same reason for slow recovery under SICA or RBBD.

Litigations by promoters not wanting to let the company out of their hands is also delaying the IBC process.

Lenders wanting to avoid delay in the recovery process and erosion of value are striking settlement deals with promoters, which defeats the purpose of the legislation.

Fiscal 2022 hopes

Financial creditors could realise about Rs 55,000 crore to Rs 60,000 crore in FY2022 through successful resolution plans from the IBC, estimates rating agency Icra. The higher realisation by the financial creditors would depend on the successful resolution of 8-9 big-ticket accounts, with more than 20% of estimated realisation for the year could be from these alone.



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Bitcoin swings as China regulators punish company over crypto, BFSI News, ET BFSI

Banking & Finance

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By Joanna Ossinger

Bitcoin fluctuated Tuesday after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services.

The largest cryptocurrency had risen as much as 3.7% to $35,094 before dropping back after the People’s Bank of China and Beijing’s local financial regulator ordered a company in the city to cancel its business registration. As of 7:55 a.m. in New York it was trading 1% higher at $34,194.

Financial and payments institutions should not directly or indirectly provide virtual currency-related services, the PBOC and the Beijing regulator said in a statement. It named marketing, promotion and display, and location-setting among prohibited activities.

”Whilst not directly affecting crypto, China clampdown on tech firms is another example of it flexing its regulatory muscles against an industry whose oversight has been lacking,” said Antoni Trenchev, co-founder of crypto lender Nexo in London. “Bitcoin too is caught in China’s regulatory crossfire as it’s seen as a threat to the digital yuan.”

China has increased its focus on the cryptocurrency industry, adding restrictions on mining, trading and other services, as well as issuing cautions to entities like banks that might facilitate such transactions. Many miners have shut down or are trying to move out of the country, and mining metrics have showed the decreased activity.

The move came after some chart watchers had been eyeing the 50-day moving average above $36,000 as a potential zone to see a bullish breakout. However, Bitcoin has been stuck in a range of about $30,000 to $40,000 for weeks after dropping from its record near $65,000 reached in mid-April.

“Bitcoin has been trending sideways between $30,000 and $40,000 for the best part of seven weeks now,” Trenchev said. “I expect Bitcoin to remain stuck in this trend for the forseeable future, before grinding higher again.”



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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) 4,12,160.40 3.25 0.15-5.30
     I. Call Money 6,498.87 3.11 1.90-3.40
     II. Triparty Repo 3,08,675.05 3.24 3.00-3.30
     III. Market Repo 95,574.18 3.27 0.15-3.45
     IV. Repo in Corporate Bond 1,412.30 3.57 3.40-5.30
B. Term Segment      
     I. Notice Money** 97.73 3.19 2.75-3.40
     II. Term Money@@ 213.25 – 3.10-3.55
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 75.00 5.35 5.35-5.35
  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 Tue, 06/07/2021 1 Wed, 07/07/2021 4,58,434.00 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 Tue, 06/07/2021 1 Wed, 07/07/2021 16.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -4,58,418.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 02/07/2021 14 Fri, 16/07/2021 1,881.00 3.75
    (iv) Special Reverse Repoψ Fri, 02/07/2021 14 Fri, 16/07/2021 61.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 02/07/2021 14 Fri, 16/07/2021 2,00,018.00 3.46
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
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
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
D. Standing Liquidity Facility (SLF) Availed from RBI$       19,187.82  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -99,480.18  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -5,57,898.18  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 06/07/2021 6,10,448.80  
     (ii) Average daily cash reserve requirement for the fortnight ending 16/07/2021 6,19,975.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 06/07/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 18/06/2021 9,04,119.00  
@ 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 and Press Release No. 2020-2021/1057 dated February 05, 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.
~ 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   
Press Release: 2021-2022/495

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SBI to auction two NPA accounts to recover dues of over Rs 313 cr, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: SBI will auction two non-performing accounts (NPAs) next month to recover dues of over Rs 313 crore, according to a notice by the lender.

The two accounts to be put up for e-auction on August 6 are Bhadreshwar Vidyut Pvt Ltd (BVPL) with a loan outstanding of Rs 262.73 crore and GOL Offshore Ltd with Rs 50.75 crore dues.

“In terms of the bank’s policy on sale on financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated there against,” SBI said in the notice.

The reserve price for the auction of Bhadreshwar Vidyut is set at Rs 100.12 crore and for GOL Offshore at Rs 51 crore.

SBI has asked the interested parties to do the due diligence of these assets with immediate effect, after submitting expressions of interest and executing non-disclosure agreement with the bank.

“We reserve the right not to go ahead with the proposed sale at any stage, without assigning any reason. The decision of the bank in this regard shall be final and binding,” SBI said.

BVPL was set up in 2007 as a special purpose vehicle promoted by OPG group, having substantial experience in power and steel sectors. In April 2019, ICRA moved the long term rating on bank facilities to the tune of Rs 2,062.40 crore to the company to ‘Issuer Not Cooperating’ category.

ICRA said it had been trying to seek information from the company to monitor its performance, but despite repeated requests, the management of the company remained non-cooperative. It had also advised lenders and investors of the company to exercise appropriate caution while using the rating action as it might not adequately reflect the credit risk profile of the company.

The Mumbai based GOL Offshore is engaged in the business of providing services to oil and gas extraction, excluding surveying.



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China deepens crypto crackdown with central bank warning, BFSI News, ET BFSI

Personal Finance

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BEIJING: China’s central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in digital currency transactions.

Beijing has turned a sharp eye on cryptocurrency in recent months as it widens its regulatory crackdown on the tech sector.

Cryptocurrency trading is banned in China, and authorities have recently closed mines and warned banks to halt related transactions.

On Tuesday, a Beijing office of the central bank ordered the closure of software company Beijing Qudao Cultural Development, alleging it had been involved in providing software services for cryptocurrency transactions.

The move was necessary “to prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public’s assets”, it said in a statement.

The bank also warned organisations not to “provide premises, commercial display, advertising… and other services for cryptocurrency-related business activities”.

Financial and payment institutions are instructed not to provide cryptocurrency-related services to customers.

The announcement comes shortly after provinces including Sichuan, Inner Mongolia and Qinghai shut down crypto mines — causing miners to look abroad — and follows an earlier warning for banks and a payment giant to halt crypto-related transactions.

Last month, bitcoin tumbled after China’s mining ban in southwestern Sichuan.

China is in the middle of a wide-ranging regulatory crackdown on its fintech sector, whose biggest players — including Alibaba and Tencent — have been hit with big fines after being accused of monopolistic practices.



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