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Crypto honchos see miners fleeing China as crackdown deepens, BFSI News, ET BFSI

June 25, 2021 root Personal Finance

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By Joanna Ossinger and Tracy Alloway

The heads of some of the world’s biggest cryptocurrency exchanges say Bitcoin miners are shifting operations out of China as authorities intensify their crackdown on the space.

“We’re seeing a lot of those miners moving out of China to other places,” Changpeng “CZ” Zhao, the CEO of Binance Holdings Ltd., the world’s biggest crypto exchange by reported turnover, said in an interview at the Qatar Economic Forum on Tuesday. “Some of them are sending their mining equipment to overseas. There’s big shipments.”

Zhao said he’s seen movement by clients in Binance’s mining pool, which combines the computing power of number-crunching machines that verify cryptocurrency transactions.

China’s moves have injected uncertainty into the cryptocurrency market and helped pull Bitcoin down to the lower end of its recent trading range, with the coin briefly falling below $30,000 on Tuesday after having reached nearly $65,000 in mid-April. The hashrate, which measures the processing power used in Bitcoin mining and is used as a proxy for mining activity, has also dropped by about 40 per cent in the past couple of weeks, according to data from BTC.com.

While a lower hashrate is often portrayed as a negative for Bitcoin, a temporary disruption of mining power as rigs are moved out of China could also be embraced by some Bitcoin bulls who argue that a concentration of mining capacity has long been a vulnerability for an asset prized by proponents for its independence from governments and central banks.

“In the future you’ll have a different geographical distribution of hashpower,” Sam Bankman-Fried, the former Jane Street trader who now runs the crypto derivatives exchange FTX, said in an interview on Thursday. “It’s expensive to move rigs but it’s not impossible.”

The Global Times reported that multiple Bitcoin miners in China’s Sichuan province were closed on Sunday as authorities intensified their crackdown. On Tuesday, Bloomberg reported that China had summoned officials from its biggest banks to reiterate rules banning cryptocurrency services that were first issued in 2013.

China’s measures mean the country’s share of Bitcoin mining could fall from an estimated 65 per cent to less than 50 per cent by the end of the year, according to Dan Weiskopf, co-portfolio manager of the Amplify Transformational Data Sharing ETF, an actively-managed exchange-traded fund that’s composed of blockchain-related stocks, with about 20 per cent of its portfolio in crypto miners.

Alternate destinations for Chinese mining operations include Russia, Kazakhstan and Texas, according to market participants. Weiskopf cited Canada, Sweden and Argentina as other possibilities.

“The decline in hash is probably a short-term phenomenon and evidence of China miners coming offline,” he said in an e-mail. “It is a net positive for North America miners who are now expanding and scheduled to have a lot of hash come online later in 2021 and into 2022.”

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3 Stocks To Buy For Long-Term Investors From Broking Firm Sharekhan

June 25, 2021 root Personal Finance

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Bharat Electronics Ltd

Brokerage firm Sharekhan has a buy on the stock with an upside potential of around 10 to 15% from these levels.

Bharat Electronics Ltd (BEL) is a government majority owned enterprise that is into defence and electronics. Recently, the company declared its quarterly results and according to Sharekhan the net profits strongly beat estimates led by much higher-than expected Operating Profit Margins and better-than-expected execution.

“Management iterated its stand on investment in Research and Development and would invest 10% of revenues going ahead. Bharat Electronics Ltd remains our preferred pick in the defence sector on account of its strong manufacturing and Research and Development base, good cost control, growing indigenisation, and strong balance sheet with improving return ratios. The stock is trading at reasonable valuations of 13.9 times and 13.0 times its FY2023E and FY2024E earnings, respectively. With improving growth visibility, we retain our Buy rating on the stock with an unchanged target price of Rs. 196.”

The shares of Bharat Electronics Ltd were last seen trading at Rs 171 on the NSE.

Tata Consumer Products

The firm also suggests buying the shares of Tata Consumer Products at the current levels and sees an upside potential of 10 to 15% from the current levels. Tata Consumer Products is a top company with brands like Tata Tea, Tata Salt and Tetley to name just a few.

“Gaining market share in the branded tea and staples segment, scaling up the acquired ventures such as NourishCo and Soulfull, gradual improvement in out-of-home consumption and a foray into new categories through relevant launches remain key growth catalysts in the near term, besides acquisitions.

With consistent double-digit revenue growth, steady rise in margin and stable working capital management, Tata Consumer Products expects return ratios to consistently improve in the coming years. The stock is currently trading at 53 times its FY2023E earnings. We maintain a Buy recommendation on the stock with a revised price target of Rs. 875,” broking firm Sharekhan has said.

NMDC

This is another stock that Sharekhan is bullish on. The firm sees an upside potential to Rs 205 on the shares of NMDC from the current market price of Rs 175.55

“NMDC’s valuation of 3.8 times its FY2023E EV/EBITDA (excluding value of the steel plant at 0.5x CWIP) is attractive as it is at a steep discount of 28% to average EV/EBITDA multiple of 5.3x for global mining peers despite earnings visibility and strong return ratios (RoE/RoCE of 22.1%/24.5%).

Value unlocking from the demerger and potential strategic sales of the steel plant (could add Rs. 30-32/share to NMDC’s valuation as the street is ascribing only 50% value to CWIP of Rs. 18,560 crore). Hence, we maintain our Buy rating on NMDC with a revised target price of Rs. 205. We highlight here that likely stake dilution by the government through OFS could act as an overhang on NMDC’s stock price in the near term,” the broking firm has said.

Disclaimer

Views mentioned herein are taken from the brokerage report of Sharekhan. Neither the author, nor the brokerage nor Greynium Information Technologies would be responsible for losses incurred based on the article. Please consult a professional advisor. Investing in stock markets is risky.

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All PSBs, REC to buy stakes in bad bank; Indian Banks’ Association files application for incorporation of NARCL

June 25, 2021 root Banking & Finance

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A top banker had last week said the cost to the exchequer won’t exceed Rs 30,600 crore, as estimated by the IBA, as the prospects of recovery from some of the bad loans looked promising.

The Indian Banks’ Association (IBA) has filed an application with the corporate affairs ministry for the incorporation of the National Asset Reconstruction Company (NARCL), which will pave the way for its swift operationalisation, banking sources told FE.

Not just large lenders but all public-sector banks (PSBs), barring Punjab & Sind Bank, have evinced interest in picking up stakes in the so-called bad bank, one of the sources said.

The IBA – which is spearheading the initiative to set up the NARCL – has also held talks with REC, seeking its contribution to equity, he added. “The discussions with REC (which finances rural electrification projects) have been moving towards a positive outcome,” the source said. No private bank has yet agreed to put in capital but talks are still on.

While Canara Bank has announced it would be the sponsor of the NARCL and hold a 12% equity, other large banks are expected to pick up just about 10% each. Punjab National Bank (PNB) managing director and chief executive SS Mallikarjun Rao has said his bank would hold under 10% in the bad bank, while Union Bank of India MD & CEO and IBA chairman Rajkiran Rao G has said the lender would buy 9%. PNB and Union Bank have identified bad loans worth about Rs 8,000 crore and Rs 7,800 crore, respectively, for transfer to the NARCL.

Meanwhile, the IBA has finalised the article of association as well as memorandum of association for the NARCL so that the asset reconstruction company takes off quickly.

Sources had earlier told FE that the finance ministry could soon seek Cabinet approval for a plan to offer sovereign guarantee on the security receipts (SRs) issued by the NARCL while acquiring bad loans from lenders. This would cost the government Rs 30,600 crore over five years.

A top banker had last week said the cost to the exchequer won’t exceed Rs 30,600 crore, as estimated by the IBA, as the prospects of recovery from some of the bad loans looked promising.

Though the government has backed the setting up of the NARCL, announced in the Budget for FY22, it wouldn’t infuse capital into it; instead, participating banks would put in the equity. Nevertheless, it is set to give guarantee on the SRs to make the bad loan resolution process more viable and attractive.

An asset management company, comprising professionals, will also be set up within the broader NARCL structure, which will work out the toxic assets and take appropriate decisions, including on selling them off to investors.

Financial services secretary Debasish Panda had earlier said banks would have the option to transfer several large stressed assets (of at least Rs 500 crore each) worth Rs 2.25 lakh crore to NARCL initially. The IBA is also working out an “exit strategy” for those accounts that remain unresolved even after five years.

Of the 101 non-performing assets (NPAs) initially reviewed, banks have zeroed in on 22 accounts amounting to roughly Rs 89,000 crore for transfer to NARCL in the first phase.

NARCL is expected to acquire stressed assets at net book value by offering 15% of it upfront (in cash), and the rest (85%) in SRs. Once the bad loan is resolved, realisation for the relevant bank would be in sync with its SR interest in that asset.

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Maharashtra State Cooperative Bank reports Rs 369-crore net in FY21

June 24, 2021 root Personal Finance

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The bank’s operating profit stood at Rs 758 crore, same as the previous year. Last year, the operating profit increased due to receipt of government guarantee of Rs 304 crore towards interest.

Maharashtra State Cooperative Bank (MSC) Bank has reported a net profit of Rs 369 crore for the financial year 2021, a rise of 14% over the previous year.

The bank’s total income dropped 30% to Rs 2,427 crore, from Rs 3,485 crore. The bank had made provision of Rs 1,012 crore towards NPA loan write-off and Rs 455 crore general reserves write-off, according to senior officials.

The gross profit of the bank fell to Rs 776 crore, compared with Rs 1,345 crore for the previous year, down 42%. In FY20, general reserves of Rs 455 crore, Rs 62-crore IDR (investment depreciation reserve) and Rs 75-crore old IR (overdue interest reserve) were written back (total Rs 592 crore).

The bank’s operating profit stood at Rs 758 crore, same as the previous year. Last year, the operating profit increased due to receipt of government guarantee of Rs 304 crore towards interest.

Vidyadhar Anaskar, chairman of the board of administrators of the bank, said during FY21, the operating profit was the result of pure business operations. The net NPA ratio increased to 1.21% from nil in FY20 due to the Covid-19 impact. Advances increased 12% to Rs 23,295 crore, from Rs 20,817 crore in the previous fiscal.

The MSC Bank is the apex cooperative bank in the state and lends mostly to agricultural enterprises like sugar mills and agri-processing units. Anaskar said the total exposure to the sector is Rs 22,000 crore, of which Rs 10,000 crore is earmarked for the sugar sector as pledged loan. The bank’s proposal to foray into retail lending, however, has been rejected by the Reserve Bank of India, he said.

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HDFC Bank CEO Sashidhar Jagdishan identifies 5 key businesses for future growth

June 24, 2021 root Banking & Finance

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In December, RBI a had stopped HDFC Bank from issuing fresh credit cards and announcing new digital initiatives following multiple outages the bank witnessed over the past few years. The regulator also called for a third-party audit of the bank’s IT infrastructure.

HDFC Bank’s CEO Sashidhar Jagdishan said that bank was betting big on five key businesses, even as he acknowledged technical glitches that have impacted consumers.

In the annual report for the financial year 2021, Jagdishan said that the bank had identified corporate banking, lending to micro, small and medium enterprises (MSME), government banking, retail assets and payments as key focus areas going ahead and the growth strategy would be aided by digital channels. He also said that the last 28 months, the bank has been in the spotlight for the wrong reasons when it comes to technology. “As a bank we are certainly sorry for what has happened. And have taken this as an opportunity to improve and redouble our efforts to fix this problem for good,” Jagdishan said in a message to shareholders.

The bank is awaiting directions from the regulator on the temporary halt on sourcing of new credit card customers and digital launches. In an interaction with media on June 17, chief information officer of the bank, Ramesh Lakshminarayanan, had said that the lender was hopeful of coming out of the restrictions imposed by the regulator soon.

In the annual report, HDFC Bank CEO confirmed that audit was over and the report has been submitted to the regulator.

Alluding to the issue of GPS device bundling with auto loans, HDFC Bank’s chief executive Sashidhar Jagdishan said unscrupulous practices of a few people have made everyone resolve for far greater process controls. “I am personally determined to fix this,” he said, while assuring shareholders in the annual report.

On May 28, RBI had a imposed a penalty of Rs 10 crore on HDFC Bank due to deficiencies in regulatory compliance in the GPS case. The case pertains to marketing and sale of third-party non-financial products along with auto loan to bank customers.

During FY21, the net profit of the bank increased by 18.5% year-on-year (y-o-y) to Rs 31,116.5 crore and balance sheet size grew by 14.1% y-o-y to Rs 1,746,871 crore. Gross NPAs, however, increased to 1.32% in FY21 from 1.26% in the previous year (FY20).

Net interest income (NII), an indication of the difference between interest earned and interest paid. grew by 15.5% year-on-year to Rs 64,879.6 crore in FY21.

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RBI issues norms for dividend distribution by NBFCs

June 24, 2021 root Personal Finance

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The board will have to keep in mind long-term growth plans of the NBFC while declaring dividend. NFBCs will also have to report details of dividend declared during the financial year to the RBI.

The Reserve Bank of India (RBI) on Thursday came out with dividend distribution guidelines for non-banking finance companies (NBFCs) in order to infuse greater transparency and uniformity in the practice. The regulator has mandated that net NPA ratio of the NBFC concerned should be less than 6% in each of the last three years for declaring dividend.

Similarly, the RBI has prescribed applicable regulatory capital requirement in different types of NBFCs. For example, a deposit taking NBFCs will need to have a minimum capital adequacy ratio of 15%. However, for housing finance companies, the tier-I and tier-II capital should not be less than 13% as on March 2020, 14% as on March 2021 and 15% as on March 2022 for declaring dividend.

The guidelines also prescribe ceilings on dividend payout ratios for NBFCs. The maximum dividend payout ratio could be 60% for an NBFC which is a core investment company. However, there is no ceiling specified for NBFCs that do not accept public funds and do not have any customer interface. The proposed dividend should include both dividend on equity shares and compulsorily convertible preference shares eligible for inclusion in Tier 1 capital, the RBI said.

The board will have to keep in mind long-term growth plans of the NBFC while declaring dividend. NFBCs will also have to report details of dividend declared during the financial year to the RBI. The board of directors of the NBFC, while considering the proposals for dividend, will take into account supervisory findings of the RBI on divergence in classification and provisioning for NPAs.

In December 2020, the RBI had invited suggestions on draft guidelines on dividend payout for NBFCs. The guidelines issued on Thursday shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022, and onwards.

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Pandemic won’t deliver a big shock to banking system: Principal economic advisor Sanjeev Sanyal

June 24, 2021 root Banking & Finance

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“The IBC (Indian Bankruptcy Code) process related cases are getting solved. The NCLT system has continued to function. The banking channels mostly remained muted for financing. Some NPAs will pop up but the shock will be smaller than feared,” Sanyal said at a session of the Merchants’ Chamber of Commerce and Industry.

The Indian banking system would not be hit by the pandemic as much as feared by many Sanjeev Sanyal, principal economic advisor, said.

He said as the government was opening up more and more avenues for private investments. The booming stock markets could be a source for meeting the financing needs through more equity participation.

The capital expenditure, which the government started ramping up from October last year onwards to create more assets, has resulted in a strong economic recovery for the January-March quarter last fiscal. Sanyal said the FY22 Budget focussed on expanding the economy and that’s what the government is implementing.

The second wave of Covid has a deeper psychological impact on people with the number of deaths being significantly higher than the first wave. But a national lockdown would have been “blunt and costlier and so lockdown by the states have given a headroom to deal with the economy more efficiently”. Response to the situation was more adequate through faster creation of the required health infrastructure, though the country is still dealing with a lot of uncertainties, Sanyal said.

While he refrained from commenting on the preparedness of a probable third wave, he said a better surveillance and a situational awareness was required rather than prejudging how the economy would behave in case of a third wave. Though there could be many possibilities, the government at present was viewing three possibilities depending on which the economy would behave.

The first possibility would be to remove all restrictions and lockdown and get into economic activities. But this may not be sustainable while pumping up the economy a little and then again slowing it down. The second possibility is of the economy coming back roaring since exports, agriculture, construction, non-contract services and others alike are doing well and growing. But concern would shift from growth to inflation. The third possibility is some parts of the economy would become red hot and inflationary, and some parts like the hospitality industry and tourism may not recover.

“The government would be required to give a targeted response to the third possibility, while the second possibility would require a generalised response,” Sanyal said, adding that avoiding switching off and switching on the economy was the need of the hour and faster vaccination would pave the way to a quicker economic recovery.

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Reserve Bank of India – Press Releases

June 24, 2021 root Press Releases

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The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹ 20,400 Cr. (Face Value).

Sr. No.	State/ UT	Amount to be raised (₹ Cr)	Additional Borrowing (Greenshoe) Option (₹ Cr)	Tenure (Yrs)	Type of Auction
1	Goa	100	–	10	Yield
2	Gujarat	1500	500	10	Yield
3	Jammu and Kashmir	900	–	12	Yield
4	Kerala	2000	–	25	Yield
4	Kerala	1000	–	35	Yield
5	Maharashtra	1000	500	10	Yield
5	Maharashtra	1000	–	11	Yield
6	Manipur	200	–	10	Yield
7	Punjab	1000	–	10	Yield
7	Punjab	1000	–	20	Yield
8	Rajasthan	500	–	5	Yield
		500	–	10	Yield
		1000	–	20	Yield
9	Tamil Nadu	1000	–	Re-issue of 6.96% Tamil Nadu SDL 2051 issued on May 19, 2021	Price
9	Tamil Nadu	1000	–	Re-issue of 6.96% Tamil Nadu SDL 2056 issued on May 19, 2021	Price
10	Telangana	1000	–	30	Yield
11	Uttarakhand	700	–	10	Yield
12	Uttar Pradesh	2500	–	10	Yield
13	West Bengal	2500	–	7	Yield
	TOTAL	20,400

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 29, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 29, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on June 29, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on June 30, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on December 30 and June 30 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad
Director

Press Release: 2021-2022/423

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Reserve Bank of India – Press Releases

June 24, 2021 root Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on June 25 2021.

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security	Notified Amount	Minimum Underwriting Commitment (MUC) amount per PD	Minimum bidding commitment per PD under ACU auction
4.26% GS 2023	3,000	72	72
5.85% GS 2030	14,000	334	334
6.76% GS 2061	9,000	215	215

The underwriting auction will be conducted through multiple price-based method on June 25, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director

Press Release: 2021-2022/422

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Reserve Bank of India – Press Releases

June 24, 2021 root Press Releases

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The Reserve Bank of India vide directive DCBS.CO.BSD-I/D-16/12.22.474/2018-19 dated June 21, 2019 had placed the Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra under Directions from the close of business on June 25, 2019 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to June 24, 2021.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till September 24, 2021 as per the directive DOR.MON.D-18/12.22.474/2021-22 dated June 22, 2021, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated June 22, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public

4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/421

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