Get Bank IFSC & MICR codes here.
[ad_1]
|
The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on June 18, 2021, Friday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. (Yogesh Dayal) Press Release: 2021-2022/379 |
[ad_2]
[ad_1]
The Government of India announces the conversion/switch of its securities through auction for an aggregate amount of ₹10,000 crore (face value). The security-wise details of the conversion/switch are given as under:
| Date of Auction | Source Securities | Amount (FV) of Source Securities | Destination Securities |
| June 21, 2021 | 6.84% GS 2022 (Maturing on Dec 19, 2022) |
₹2,000 crore | 6.64% GS 2035 (maturing on Jun 16, 2035) |
| 7.16% GS 2023 (Maturing on May 20, 2023) |
₹2,000 crore | 6.64% GS 2035 (maturing on Jun 16, 2035) |
|
| 5.09% GS 2022 (Maturing on Apr 13, 2022) |
₹2,000 crore | GoI FRB 2033 (maturing on Sep 22, 2033) |
|
| 8.35% GS 2022 (Maturing on May 14, 2022) |
₹2,000 crore | GoI FRB 2033 (maturing on Sep 22, 2033) |
|
| 7.32% GS 2024 (Maturing on Jan 28, 2024) |
₹2,000 crore | GoI FRB 2033 (maturing on Sep 22, 2033) |
|
| Total | ₹10,000 crore |
The market participants are required to place their bids in e-Kuber giving the amount of the source security and the price of the source and destination security expressed up to two decimal places.
The auction would be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (e-Kuber) system on June 21, 2021 (Monday) between 10:30 AM to 11:30 AM. The result of the auction will be announced on the same day and settlement will take place on June 22, 2021 (Tuesday).
Government of India reserves the right to:
Accept offers for less than the notified amount.
Purchase marginally higher than the notified amount due to rounding-off effect.
Accept or reject any or all the offers either wholly or partially without assigning any reason.
Operational guidelines for switch transactions and other details are given in the Annex.
(Yogesh Dayal)
Chief General Manager
Press Release: 2021-2022/378
Operational Guidelines for Switch/Conversion Transactions with the Government of India
Switch module on e-kuber
1. The market participants can bid in the switch auction through the Switch Transaction module provided in the e-kuber portal.
Bidding in a switch transaction
2. Bidding in the auction implies that the market participants agree to sell the source security/ies to the Government of India (GoI) and simultaneously agree to buy the destination security from the GoI at their respective quoted prices.
Placing of bids
3. Each bid should specify the following details:
Amount of the source security (Face Value) that the participants are willing to sell.
Price of the source security (expressed up to two decimal places).
Choice of destination security and the price of the destination security (expressed up to two decimal places), at which the participants are willing to buy the destination security.
4. The participants can choose to bid for any/all the destination security/ies, but the aggregate amount of bids for the source security should not exceed their holdings of the source security in face value terms.
Minimum Bid size
5. Minimum bid size would be ₹10,000 and in multiples of ₹10,000 thereafter. The participants are allowed to submit multiple bids. However, the aggregate amount of bids submitted should not exceed the notified amount of source security/basket of source securities in the auction.
Price of source security
6. The price of the source security quoted must be equal to the FBIL closing price of the source security as on the previous working day.
7. Bids for source security not as per the price mentioned above will be rejected.
Price of destination security
8. Bids for the destination security may be placed after taking into account the price of source security as mentioned above.
Method of auction
9. The auction will be a multiple-price based auction, i.e. successful bids will get accepted at their respective quoted prices for the source and destination securities.
Auction decision
10. The auction cut-off will be decided based on the price of the destination security/ies.
11. Successful bidders are those who have placed their bids at or above the cut-off price. All bids lower than the cut-off price will be rejected.
12. There will be provision of pro-rata allotment, should there be more than one successful bid at the cut-off price.
Amount of destination security and dealing in odd amounts during switch auction
13. The switch ratio, which is the ratio of the price of the source security to the price of the destination security, would be rounded off at 8 decimal places.
14. The amount of destination security to be issued for each successful bid will be computed by multiplying the allotted amount (FV) of the source security with the rounded-off switch ratio. The amount of destination security (FV) would be rounded-off to the nearest lower value in multiples of ₹10,000.
15. The odd amount of destination securities (less than ₹10,000) which has been rounded-off, would be notionally allotted and bought back from the bidders at the quoted bid price of the destination security. The net cash consideration to be paid to the bidder for such odd amounts would be the clean price of these securities (as the accrued interest received during notional allotment and paid during notional buyback offset each other).
Fund settlement
16. Though the conversion would be broadly cash neutral, there will be fund settlement for the net accrued interest (accrued interest for the source security FV – accrued interest for the destination security FV) for each bid. Cash consideration (due to rounding-off of face value of destination security) computed for each bid would be added to the net accrued interest. Accordingly, fund settlement will be done for the final amount (Net accrued interest + cash consideration) for each bid.
Note: An illustration for the calculation of cash consideration due to rounding-off of destination security face value is as given below:
| Amount of Source Security (FV) | ₹10,00,00,000.00 |
| Price of Source Security | ₹97.50 |
| Price of Destination Security | ₹99.20 |
| Switch Ratio (rounded-off at 8 decimals) | 0.98286290 |
| Destination Security FV before rounding off | ₹9,82,86,290.00 |
| Destination Security FV re-issued after rounding-off | ₹9,82,80,000.00 |
| Odd amount of rounded-off destination security (FV) | ₹6290.00 |
| Cash consideration due to rounding off (Clean Price calculated at the quoted price of destination security) | ₹6240.00 |
17. The settlement of the auction would be held on T+1 basis.
Help Desk
18. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595415, 27595666, 27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 22705125).
[ad_2]
[ad_1]
|
Total amount notified (₹ in crore): Aggregate amount of ₹40,000 crore A. Government Securities
B. State Development Loans
Detailed results will be issued shortly. Ajit Prasad Press Release: 2021-2022/377 |
[ad_2]
[ad_1]
|
A reference is invited to the captioned tender which was floated on June 14, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) Under Section III, Commercial conditions, Clause 3 (Page no. 06) of Tender Document shall be read as “Earnest Money Deposit (EMD): The Earnest Money Deposit of ₹.1500/- shall be submitted only by the successful bidder in the form of Demand draft/ NEFT in favour of RBI Payable at Lucknow” All other terms and conditions mentioned in the tender remain unchanged. Regional Director |
[ad_2]
[ad_1]
The bank has put up for sale the accounts of N S Engineering Projects, with loan outstanding of Rs 36.98 crore, and Chinteshwar Steels Pvt Ltd, which owes Rs 22.72 crore to SBI.
The reserve price for these non-performing assets (NPAs) for the purpose of sale has been fixed at Rs 17.19 crore and Rs 10.50 crore, respectively.
The e-auction for these two accounts will take place on July 7, 2021.
The interested asset reconstruction companies (ARCs)/ banks/ non-banking financial companies (NBFCs) / financial institutions (FIs) can conduct due diligence of these assets with immediate effect, after submitting expression of interest and executing a non-disclosure agreement (NDA) with the bank, SBI said.
“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,” it added.
[ad_2]
[ad_1]
Punjab & Sind Bank (PSB) has declared the non-performing asset (NPA) account of Lanco Infratech Ltd as a “fraud account” and reported the same to the Reserve Bank of India.
Lanco Infratech had outstanding dues of ₹215.17 crore, PSB said in a filing with the stock exchanges.
PSB has already provided 100 per cent towards provisioning for this amount.
It maybe recalled that Lanco Infratech was among the first 12 accounts that were listed by the RBI for Corporate Insolvency Resolution Process (CIRP). This company was admitted for liquidation in August 2018 after an order by the National Company Law Tribunal. The total bank consortium exposure in Lanco Infratech was about ₹47,000 crore and banks had to take haircut of 88 per cent, sources said.
Lanco Infratech was the only listed entity of the Group and had to be delisted from both the exchanges following liquidation.
[ad_2]
[ad_1]
Private sector lender Kotak Mahindra Bank has said its life insurance subsidiary expects to incur a loss of up to ₹275 crore in the quarter ended June 30, 2021 due to increased Covid claims.
“Due to increased claims and higher mortality related provisioning arising on account of the second wave, the company expects to incur a loss for the quarter ended June 2021 in the estimated range of ₹225-275 crore,” Kotak Mahindra Bank said in a regulatory filing about Kotak Life Insurance.
“The second wave of Covid-19 has led to an unprecedented increase in fatalities in the country and consequently death claims reported to the company from May,” Kotak Life Insurance said, adding that the issue was discussed at its board meeting on June 16.
The provisioning going forward will depend on the trends in mortality, the private sector insurer said, adding that it continues to have a strong capital and solvency position.
[ad_2]
[ad_1]
|
RBI/2021-22/56 June 17, 2021 To All Category – I Authorised Dealer Banks Madam / Sir, Liberalised Remittance Scheme for Resident Individuals – Reporting Attention of all Authorised Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series) Circular No. 106 dated May 23, 2013, in terms of which, AD Category -I banks were required to upload the data in respect of number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme) on Online Return Filing System (ORFS). 2. It has now been decided to collect this information through XBRL system instead of the ORFS. 3. Accordingly, AD Category – I banks shall upload the requisite information on XBRL system on or before the fifth of the succeeding month from July 01, 2021 onwards. The XBRL site can be accessed through URL https://xbrl.rbi.org.in/orfsxbrl. User ids are being issued separately. In case no data is to be furnished, AD banks shall upload ‘nil’ figures. 4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (R. S. Amar) |
[ad_2]
[ad_1]
The stack leverages more than 35 interfaces to digitally verify KYC and employment information as well as analyse bank statements. It then uses advanced analytics and machine learning based models to assess eligibility in real time. Post this, the customer can conduct Video KYC and get the loan disbursed into his or her account after executing the agreement digitally.
“Over the past few months, we have been constantly working towards creating a comprehensive solution that enables customers with easy access to credit from the comfort and safety of their homes. ‘IndusEasyCredit’ is a testament to that effort which provides customers with the flexibility to avail a personal loan or a credit card on a single platform, in a completely seamless, paperless, and digital manner.” said Charu Mathur, Chief Digital Officer & Head-Business Strategy, IndusInd Bank in a statement.
Existing as well as non-IndusInd Bank customers can avail an instant personal loan by following the below mentioned steps:
In order to avail credit card, customers can simply follow the below steps:
Currently, customers can only apply for the ‘IndusEasyCredit’ facility through the Bank’s website. It will also be made available shortly on IndusMobile, the Bank’s mobile banking application, according to the statement.
[ad_2]
[ad_1]
Private sector lender ICICI Bank seems to be turning into the market leader in terms of acquiring credit card customers.
The bank has added over 8.15 lakh new credit card customers between January and April this year.
This coincides with the temporary halt on acquisition of credit card customers on HDFC Bank by the Reserve Bank of India in December last year.
According to the latest RBI data, ICICI Bank had 1.07 crore credit card customers by April end this year, adding 1.42 lakh customers over March.
The bank has the third largest credit card base and has been making additions on a monthly basis.
HDFC Bank continues to have the largest credit card customer base with 1.49 crore outstanding credit cards as on April 30, 2021.
But it has seen a decline of 3.8 lakh credit card customers since December 2020, when it had 1.53 crore outstanding cards.
State Bank of India has the second largest credit card base with 1.19 crore outstanding cards by April end this year. It has added 1.05 lakh new customers since December 2020.
Meanwhile, Citigroup which has announced plans to exit its consumer banking operations in India, has also registered a decline in its credit card base. It has 26.21 lakh credit cards outstanding as on April 30, 2021 versus 26.94 lakh as on December 31, 2020.
Private sector Axis Bank has 72.01 lakh credit cards in force by April end this year as against 68.72 lakh in December 2020.
However, with the economic uncertainty following the second Covid wave, analysts expect banks to have become more cautious in terms of credit card issuances.
“Given the challenges posed by Covid 2.0, we expect the spends, new sourcing, and business volumes to remain impacted in the near term. However, we believe that with Citi Bank’s exit from the credit cards business and domestic corporate loan cycle yet to pick up, credit cards will remain a growth avenue, especially for the major players such as SBI Cards, ICICI Bank further strengthening the position of such domestic players in this space,” said a report by Axis Securities last month.
[ad_2]