Get Bank IFSC & MICR codes here.
[ad_1]
The above information can be accessed on Internet at https://wss.rbi.org.in/ The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762). Time series data are available at https://dbie.rbi.org.in Ajit Prasad Press Release: 2021-2022/1226 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[ad_2]
[ad_1]
It has been at the forefront in laying out the e-governance infrastructure for the country and providing citizen-centric services at population scale.
The account aggregator (AA) model has the potential to transform the way financial services are delivered through a unique architecture for consent-based data sharing, according to a statement.
The AA network, a financial data-sharing system, could revolutionise investment and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies.
Account Aggregator empowers individuals with control over their personal financial data, which otherwise remains in silos.
“Account Aggregator is a critical step in enabling data democracy. It is a first-of-its-kind consent framework that empowers an individual with control over his or her data, and the ability to securely and digitally access and share the same,” Suresh Sethi, MD and CEO, NSDL e-Governance, said.
According to him, NSDL e-Governance has been at the forefront of creating the nation’s digital public infrastructure, and managing and securing citizen data at population scale.
As a next step, the newly-formed subsidiary is completing the legal and operational formalities as per RBI guidelines, so as to be ready to commence operations once the apex bank issues the certificate of registration post-assessment, NSDL e-Governance Infrastructure said.
[ad_2]
[ad_1]
Seeking to safeguard the interest of customers, a Reserve Bank working group has suggested the enactment of separate legislation to prevent illegal digital lending through apps.
The other suggestions of the working group include subjecting the digital lending apps to a verification process by a nodal agency and establishing a Self-Regulatory Organisation (SRO) covering the participants in the digital lending ecosystem.
“The thrust of the report has been on enhancing customer protection and making the digital lending ecosystem safe and sound while encouraging innovation,” RBI said in a release.
The RBI had in January 2021 constituted the working group under the chairmanship of Executive Director Jayant Kumar Dash on digital lending, including lending through online platforms and mobile apps.
The working group was set up in the backdrop of business conduct and customer protection concerns arising out of the spurt in digital lending activities.
The stakeholders can send their comments on the report to the RBI by December 31.
The recommendations
Among other things, the group suggested the development of certain baseline technology standards and compliance with those standards as a pre-condition for offering digital lending solutions.
The loans, it added, should be disbursed directly into the bank accounts of borrowers and serviced only through bank accounts of the digital lenders.
Data collection with prior and explicit consent of borrowers should have verifiable audit trails and should be stored in servers located in India.
It is further stipulated that use of unsolicited commercial communications for digital loans should be governed by a Code of Conduct to be put in place by the proposed SRO.
Algorithmic features used in digital lending should be documented to ensure necessary transparency, the report said.
Standardised code of conduct
The lending companies should also be required to follow a standardised code of conduct for recovery to be framed by the proposed SRO in consultation with RBI.
The SRO should also be required to maintain a ‘negative list’ of lending service providers. Each digital lender should be required to provide a key fact statement in a standardised format including the Annual Percentage Rate, it said.
The Reserve Bank had constituted the Working Group (WG) on digital lending on January 13, 2021, to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players so that an appropriate regulatory approach can be put in place.
The report highlighted that lending through digital mode relative to physical mode is still at a nascent stage in the case of banks (Rs 1.12 lakh crore via digital mode vis-a-vis Rs 53.08 lakh crore via physical mode).
[ad_2]
[ad_1]
Before joining Avail Finance, John was Chief Risk Officer at Avanti Financial Services, a fintech company founded by Ratan Tata and Nandan Nilekani. Prior to Avanti, he was Business Head for the micro and small business lending segment at Jana Bank.
With over 24 years of professional experience, John has held a number of senior leadership roles spanning business, risk, strategy across the banking and ITeS spectrum.
His vast experience is expected to help the company build up business volumes and increase profitability while balancing risk and reward.
Ankush Aggarwal, Founder and CEO, Avail Finance, said, “I am pleased to welcome Alex to the Avail Finance family. His experience across diverse roles will be a huge positive as Avail gets ready to scale up significantly.”
Alexander John, Chief Business Officer, Avail Finance, said, “I am thrilled to start my new role at Avail Finance alongside some really talented professionals.”
“Neo banks are the future of the finance industry and with the nature of the audience that Avail Finance services, there is massive potential of growth for the brand. Avail has become a trusted name in a very short time and I look forward to growing the business volumes and increasing profitability,” John added.
Avail Finance is aggressively building up its leadership team with a good mix across MNCs and fast paced startups. The company plans to grow its tech, product and business talent pools by 2x in 6-8 months, according to a statement.
[ad_2]
[ad_1]
The Current Market Price (CMP) of Engineers India is Rs. 69.75. The brokerage firm, HDFC Securities has estimated a Target Price for the stock at Rs. 109. Hence the stock is expected to give a 56.27% return, in a Target Period of 1 year.
| Stock Outlook | |
|---|---|
| Current Market Price (CMP) | Rs. 69.75 |
| Target Price | Rs. 109 |
| 1 year return | 56.27% |
Engineers India’s (EIL) Q2FY22 performance was muted due to weak execution in both consultancy and turnkey segments. During the quarter, the company booked two large orders from Chennai Petroleum Corporation Limited (CPCL), Nagapattinam, leading to a total order inflow of Rs. 11.7bn. Execution on HPCL Barmer remained low as LSTK execution during Q2FY22 fell 12.3% YoY to Rs. 3bn. Consultancy execution was also subdued with a muted 1.8% YoY growth to Rs. 3.5bn over a low base.
HDFC thinks the company faced a weak execution but had a stable outlook. According to the brokerage firm, “Factoring in the weak execution and decline in margins, we cut our earnings estimates for FY22E and FY23E by 9% and 6% respectively. However, taking into account the investment in NRL and Ramagundam Fertilisers, and healthy growth prospects, we maintain BUY on the stock with a revised target price of Rs. 109 (previously: Rs. 116).”
EIL is a leading engineering consultancy and EPC company, delivering world-class projects. Certification Engineers International Ltd. (CEIL) is a wholly-owned subsidiary of EIL. For setting up a gas-based urea plant of capacity 3850 TPD, EIL, National Fertilizers Limited (NFL), and Fertilizer Corporation of India (FCIL) have incorporated RFCL as a Joint Venture Company.
The above stock was picked from the brokerage report of HDFC Securities. 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.
[ad_2]
[ad_1]
Sundaram Asset Management Company, a wholly-owned a subsidiary of Sundaram Finance, has received regulatory approval for the purchase of the asset management businesses of Principal Asset Management.
Sundaram will acquire the schemes managed by Principal India and acquire the entire share capital of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors.
The deal was announced on January 28.
The transaction is subject to compliance with SEBI prescribed processes and fulfillment of mutually agreed conditions precedent to deal closure.
As per regulatory requirements, there will be an ‘exit load free window’ for investors to redeem their investments, where such exit load is applicable.
Post deal closure, the schemes currently managed by Principal India and Sundaram will either be merged or renamed as Sundaram schemes in their respective categories.
Sunil Subramaniam, Managing Director, Sundaram Asset Management Company said the entire distribution franchise of Principal will be absorbed for minimal disruption to their commercial terms.
The existence of the same back-office service provider is expected to smoothen the transition for existing customers and distributors, he added.
Harsha Viji, Executive Vice-Chairman, Sundaram Finance said the combined business of both the entities will achieve an aspirational landmark of ₹50,000 crore.
The focus for us will be on delivering a better experience to investors and distribution partners, he said.
[ad_2]
[ad_1]
The Current Market Price (CMP) of Tanla Platforms (Tanla) is Rs. 1392. The brokerage firm, HDFC Securities has estimated a Target Price for the stock at Rs. 1600. Hence the stock is expected to give a 15% return, in a Target Period of 1 year.
| Stock Outlook | |
|---|---|
| Current Market Price (CMP) | Rs. 1392 |
| Target Price | Rs. 1600 |
| 1 year return | 15.00% |
The company’s enterprise revenue has increased 36.5/41.5% QoQ/YoY to Rs. 7.8bn in Q2, led by higher volumes and an increase in ILD rates. Platform revenue increased 12.6/90.2% QoQ/YoY to Rs. 0.6bn. The gross margin for enterprise/platform stood at 22.1/92.6% in the quarter. The working capital management has improved, leading to a strong CF conversion (OCF/EBITDA at 129/119% in FY21/H1FY22).
According to HDFC Securities, “Tanla’s enterprise messaging capabilities were strengthened by the acquisition of Karix (market leader in India CPaaS). It has emerged as an integrated CPaaS solutions provider with an asset-light business model in its new avatar (V2.0). We initiate coverage on Tanla with a Target Price of Rs. 1,600, valuing it at 30x FY24E EPS, supported by its top quartile growth, higher RoE of 44%, excellent cash generation, and net cash of INR 8.5bn (~5% of market cap).”
Tanla Platforms (Tanla) is a leading player in the fast-growing CPaaS market (22% CAGR), which is being led by increased online transactions. The company’s business model has changed several times in the past two decades, but it has found success in the Application-to-Person (A2P) messaging and platform business, which grew at 46% CAGR over FY15-21.
The above stock was picked from the brokerage report of HDFC Securities. 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.
[ad_2]
[ad_1]
Gold loans business is not a bed of roses, opined George Alexander Muthoot, Managing Director, Muthoot Finance Ltd (MFL), referring to a few large non-banking finance companies (NBFCs) taking the plunge in this line of business to diversify their loan book.
In an interaction with BusinessLine, Muthoot, who oversees consolidated assets under management of about ₹61,000 crore (of which about 90 per cent is gold loans), observed that more players getting into the gold loans business means that they see good prospects. He emphasised that this also vindicates MFL’s business model, honed over the last eight decades.
Excerpts:
Many lenders have jumped on the gold loan bandwagon. How are you fortifying your business?
We have a steady business. We have not changed our focus. The gold loans business has good prospects. The market is huge. There is space for everybody. And whoever is focussed will undoubtedly get good business.
All the entities that have entered the gold loans business will face a lot of operational challenges going forward and shift focus. This is what happens usually.
The business is operationally very intensive — taking the gold, its safekeeping, returning it, tackling frauds, etc.
New players are going to experience operational challenges. We have been through business cycles. This business is not a bed of roses.
So, you don’t see competition as a dampener?
We do not look at competition as a business dampener. It will only prompt serious players to intensify their focus on the business. More people getting into this business means they see good prospects. That means what we have been doing all along has been vindicated. The competition will be there. It will only widen the market.
I also feel is that customers who were earlier reluctant to take a gold loan are also interested in this product now. They see it as an alternative borrowing avenue.
Given that the 1st quarter was a washout due to the second Covid-19 wave, will you be able to achieve the 15 per cent year-on-year AUM growth target?
Our standalone AUM is around ₹55,000 crore. We have given a guidance of 15 per cent growth. In the first quarter, we were not able to do much. In the second quarter, we were able to achieve about 5 per cent quarter-on-quarter growth. So, in the third and fourth quarters, we should be able to make up and reach at least 15 per cent growth.
We will continue to grow at a 15 per cent pace over the next three-four years. This is a reasonable rate because the base is also going up.
Three years back, our average loan ticket size was about ₹35,000. Today, it is about ₹60,000. This increase is directly proportional to the gold price and the overall appetite for gold loans
As RBI has whittled down the regulatory arbitrage between banks and NBFCs, will you consider converting into a bank?
In the last three-four years, we have been closely monitored by RBI as we are a Systemically Important Non-Deposit-Taking NBFC. All the regulations applicable to banks are almost applicable to us. There is very little regulatory arbitrage between banks and NBFCs.
But then, what is the advantage of becoming a bank? What is the big advantage in getting low-cost deposits? Going by our rating, we can also raise cheap resources. We may not have the luxury of zero interest rate current accounts and low-interest rate SBI accounts etc. But the differential rates of interest on resources between NBFCs and Banks is actually narrowing.
As on date, we don’t see any advantage (on converting into a bank). But the board has not taken any decision as yet. Overall, in the last several years, the Board has not thought about it.
Given that you have projected your business to grow at 15 per cent yoy, are you planning to augment your capital?
As on September-end 2021, our capital adequacy ratio was at 27.60 per cent…The current level of capital will be adequate to support business growth for three-four years. But accumulated profit (retained earnings) is also there. So, the capital could last longer.
[ad_2]
[ad_1]
According to the brokerage “PNC Infratech Ltd (PNCIL) reported a healthy set of Q2FY22 numbers driven by its superior execution and a robust order book. The company reported revenue of Rs 1,615 Cr (up 53% YoY), EBIDTA of Rs 222 Cr (up 56% YoY), and APAT of Rs 135 Cr (up 95% YoY). It registered EBITDA Margins of 13.7% in Q2FY22 (our estimate: 13.6%) as against 13.5% in Q1FY21. The company reported APAT margins of 8.4% against 6.6% in Q1FY21 while also maintaining its growth momentum.”
The brokerage has said that “PNCIL has an order book of Rs 13,178 Cr (as of 30th Sep 2021), indicating revenue visibility for the next 2 years. With a robust bidding pipeline in EPC and HAM projects along with water projects going forward, we believe PNCIL is well-placed to capture growth opportunities in the sector. With robust order book and better execution prowess, we expect the company to post Revenues/EBITDA/PAT growth of 17%/18%/28% CAGR respectively over FY21-24E.”
Orderbook stands at Rs 13,178 Cr as of Q2FY22 end: Order book break up is as follows: 24% from the roads (Others), 48% from the roads (HAM), and balance 28% (Water projects).
Overall margins improve: The company’s overall margins improved on YoY/QoQ, driven by better execution and normalising economic activities. The company reported EBITDA and APAT margins of 13.7% and 8.4% against 13.5% and 6.6% YoY.
Focus on road projects: The company continues to sharply focus on road projects (both EPC and HAM). However, it intends to continue diversifying to augment revenue and the dirisk its business model further. The company expects good growth from water projects under the Jal Jivan Mission of the government. Currently, the company has 18 projects comprising EPC, HAM, BOT, OMT, and water projects. It has received PCOD in four HAM projects and the balance of 7 projects are under construction.
Axis Securities Limited has said in its research report that the “Road sector is witnessing significant development on the back of increased government thrust on infrastructure investment as well as due to the unveiling of the Gati Shakti Plan which will provide further momentum to the execution and avoid unnecessary delays. With the ongoing development in the entire infra space, a strong and diversified order book position, efficient execution prowess, asset monetization plan and a clean balance sheet, we expect the company’s Revenues/EBITDA/APAT to grow at a CAGR of 17%/18%/28% respectively over FY21-24E. We maintain a BUY on PNCIL and value EPC business at 13 x FY24E EPS and HAM portfolio at 1x book value to arrive at a target price of Rs 430, implying an upside of 30% from CMP.”
The above stock has been picked from the brokerage report of Axis Securities. 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.
[ad_2]
[ad_1]
Listed entities will be required to submit no objection certificate (NOC) from the lending scheduled commercial banks/financial institutions as well as debenture trustees, Sebi said in circular issued on Thursday.
This circular is an addendum to the one issued on Tuesday.
On Tuesday, the regulator said that such entities will be required to submit NOC from the lending scheduled commercial banks or financial institutions.
Apart from this, the listed entities are required to submit certain documents to the exchange, which includes a valuation report.
As per the revised guidelines, this report needs to be accompanied by an undertaking from the listed entity, stating that no material event impacting the valuation has occurred during the intervening period of filing the scheme documents with exchange and period under consideration for valuation.
“These amendments are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with Sebi Act, Rules, Regulations and circulars,” Sebi said.
Besides, the entities need to submit a declaration on any past defaults of listed debt obligations of the entities forming part of the scheme.
“The fractional entitlements, if any, shall be aggregated and held by the trust, nominated by the Board in that behalf, who shall sell such shares in the market at such price, within a period of 90 days from the date of allotment of shares, as per the draft scheme submitted to Sebi,” the regulator noted.
The listed company has to submit a report from its audit committee and the independent directors certifying that the listed entity has compensated the eligible shareholders.
Both the reports will be submitted within 7 days of compensating the shareholders. Sebi has also asked the exchange to ensure compliance with the guidelines and the non-compliance, if any, has to be submitted to the regulator on a quarterly basis.
Any misstatement or furnishing of false information will make the listed entity liable for punitive action. The guidelines will be applicable for all the schemes filed with the stock exchanges from the date of the circular.
There are certain requirements that need to be fulfilled before the scheme of arrangement is submitted for sanction by the National Company Law Tribunal. This includes that listed entities choose one of the stock exchanges having nationwide trading terminals as the designated stock exchange to coordinate with Sebi.
Scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors.
[ad_2]