Get Bank IFSC & MICR codes here.
[ad_1]
|
A reference is invited to the captioned e-tender no. RBI/Jaipur/Estate/129/21-22/ET/175 which was placed on September 28, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (www.mstcecommerce.com). 2. In continuation to this, it is notified that
The last date for submission of captioned tender has been extended to November 25, 2021, 03:00 PM. Regional Director Date: 17.11.2021 |
[ad_2]
[ad_1]
Insolvency regulator IBBI has clarified that an Insolvency Professional (IP) handling voluntary liquidation process will not be required to seek any No Objection Certificate (NOC) or No Due Certificate from the Income Tax department for compliance with any such process.
Th position was laid down in a circular by the Insolvency and Bankruptcy Board of India (IBBI) which held that the process of applying such NOC/NDC from the IT Department is time-consuming and defeats the objective of time-bound completion of process under the Insolvency and Bankruptcy Code (IBC), the IBBI said.
Currently, the voluntary liquidation regulations mandates the liquidator to make the public announcement within five days office appointment, calling for submission of claims by stakeholders within 30 days from the liquidation commencement date. The regulations also obligate all the financial creditors, operational creditors including government and other stakeholders to submit their claims within the specified period. If the claims are not submitted in time, the corporate person may get dissolved without dealing with such claims and such claims may consequently get extinguished.
It has been noticed that even after providing an opportunity for filing of claims, the liquidators seek NOC/NDC from the income tax department despite the fact that the code or the regulations do not envisage seeking such NOC/NDCs.
Yogendra Aldak, Partner, Lakshimkumaran and Sridharan Attorneys, said “It brings necessary assurance to the stakeholders and makes sure that the stakeholders are not required to comply with a procedure not contemplated under the Code.”
Veena Sivaramakrishnan, Partner, Shardul Amarchand Mangaldas and Co, said “ Negating the practice of seeking a NOC/NDC from the IT department would operationally ease the process of voluntary liquidation. The liquidators can strike off this requirement from their checklist of obligations.”
Maneet Pal Singh, Partner, I.P. Pasricha & Co, said that in recent times we have seen that the objective of time-bound completion of liquidation process gets defeated primary due to the process of obtaining NOC from the Income Tax Department by the Insolvency Professional since that consumes substantial amount of time against the express provisions of the Insolvency and Bankruptcy Code, 2016.
“In order to tackle the same, the IBBI clarified that an Insolvency Professional handling voluntary liquidation process is not required to seek any NOC from the Income Tax Department and with this we believe that the process will be handled smoothly in a time bound manner”, Singh said.
[ad_2]
[ad_1]
Banks collectively lent about four times more in the reporting fortnight ended November 5, vis-a-vis the preceding fortnight amid the festival season, indicating further improvement in credit appetite in the economy.
Banks lent ₹1,27,742 crore in the reporting fortnight ended November 5, against ₹32,671 crore in the preceding fortnight ended October 22, according to Reserve Bank of India (RBI) data on Scheduled Banks’ Statement of Position in India.
Brickwork Ratings (BWR) in a report, noted that credit growth has begun to pick up as business activity resumes in full swing, with gross bank credit growth improving to 6.80 per cent year-on-year (y-o-y) in October 2021 against 5.80 per cent y-o-y growth in June 2021.
In a speech at State Bank of India’s Banking & Economics Conclave on November 16, RBI Governor Shaktikanta Das observed that: “There are signs that consumption demand triggered by the festive season is making a strong comeback. This would encourage firms to expand capacity and boost employment and investment amidst congenial financial conditions.”
Further, with stronger balance sheets, the organised corporate sector is well-placed to make new investments in emerging areas.
“As demand recovers, I am sanguine about corporate sector playing a major role in turning the investment cycle that will facilitate absorption of surplus liquidity for productive investment,” the Governor said.
In this background, Das emphasised that it is incumbent upon a competitive and efficient financial system to identify high productive sectors and reallocate resources to harness the growth opportunities.
He opined that banks, in particular, should be investment ready when the investment cycle picks up.
The Governor said: “Improved vaccination and reduced infections have materially reduced extreme health outcomes like hospitalisation and mortality.
“This has boosted consumer confidence. With additional boost coming from the festival fervour and pent-up demand, numerous high-frequency indicators suggest that economic recovery is taking hold.”
Per the data on Scheduled Banks’ Statement of Position in India, deposit accretion was at ₹3,40,496 crore in the reporting fortnight against a de-growth of ₹38,019 crore.
[ad_2]
[ad_1]
Ajit Prasad Press Release: 2021-2022/1212 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[ad_2]
[ad_1]
Velocity.in, a Bengaluru-based fintech start-up, has raised $20 million in Series A funding from Peter Thiel’s Valar Ventures along with the participation from Presight Capital, Utsav Somani’s iSeed, Maninder Gulati (Oyo), Zac Prince (BlockFi) and Philippe De Mota (Hedosophia).
Combined with the $10 million seed round announced earlier this year, Velocity has raised a total of $30 million in equity till now. In addition, Velocity has also raised multiple debt lines with NBFCs to scale its revenue-based financing platform.
Launched in early 2020, Velocity offers revenue-based financing to e-commerce businesses as an alternative to venture capital and traditional bank debt. Within the span of 1.5 years, over 1,500 D2C and e-commerce businesses have signed up for Velocity’s revenue-based financing. The fintech player claims to have over ₹1,200 crore fundable revenues connected to its platform and has processed 250+ investments across 175 companies. With the new capital, the start-up aims to deploy over ₹1,000 crore towards 1,000+ e-commerce businesses.
Commenting on the fundraise, Abhiroop Medhekar, co-founder and CEO of Velocity, said, “Our vision is to build the future of business financing in India. Valar’s investment in our Series A has reaffirmed the firm’s belief in Velocity. We are keen to use this funding to build multiple world class products for thousands of new-age businesses.”
Andrew McCormack of Valar Ventures, said: “Since our last investment, Velocity has grown 10x and secured the lead position in this fast-growing market. Despite this exponential growth, their portfolio quality remains strong. We were impressed by their strong customer orientation, tech-product DNA, and ambitious growth plans.”
Velocity leverages digital data to evaluate an application across 50+ parameters and extend up to ₹3 crore of finance within five days. The repayments happen flexibly as a share of the company’s online revenues. Velocity does not take any collateral, personal guarantee or equity dilution and only charges a fixed fee of 4-8 per cent on the deployed capital.
Brands that have historically raised capital through Velocity are said to have grown their revenues by 1.5x within six months of funding and 78 per cent of these brands become repeat customers. Velocity’s portfolio includes companies like PowerGummies, Green Soul, WallMantra, BellaVita, Smoor Chocolates and CrossBeats.
[ad_2]
[ad_1]
IDBI Capital maintains its ‘Buy’ rating on the scrip of Ashoka Buildcon for a target price of Rs. 135 while the stock last closed the trading session at a price of Rs. 104.55, implying potential investors in the stock can make decent gains of 29%.
• Q2FY22 Snapshot: The construction and contracting firm reported Q2FY22 revenue at Rs.9 billion, +5% YoY / -9% QoQ. The decline in revenue sequentially is attributed to delayed initiated of the projects owing to heavy monsoon. EBITDA margin came in at 11.5 percent, while EBITDA at Rs. 1 billion during the review period saw a decline both QoQ and YoY. Profit after tax has been reported at Rs. 0.9bn (-9% YoY / -6% QoQ). The company has guided for EBITDA margin of 12-12.5% and revenue growth of 20% YoY for FY22E.
• Order inflow robust: “H1FY22 Order book at Rs120bn (equals 3x TTM Revenue) with Roads at 61%, power T&D 16%, EPC building at 16% and Railway at
7%”, says the report. During the review period, the company bagged orders worth Rs 18.7 billion. YTDFY22 total order inflow stood at Rs. 33.5 billion.
• Trigger for future stock performance: “Catalyst for stock performance is conclusion of ACL asset sale,
execution momentum and orders win. ACL stake sale is key event to watch and will remove overhang on stock performance and provide CF for future growth to ASBL.Stock at 5x FY24E EPS is trading at -1 STD of its historical average”, adds the brokerage report.
Brokerage firm has retained its previous ‘Buy’ call on the scrip of PNC Infratech for the target price of Rs. 406. This means potential investors in the stock can gain returns to the tune of 27.5% considering the stock’s current price of Rs. 318.35.
• Q2FY22 snapshot: The company’s revenue jumped by 53% YoY at Rs.16 billion. EBITDA was up 56% at Rs2.2bn with EBITDA margin of 13.7% vs 13.5% YoY. Q2FY22 PAT stood at Rs1.3bn (+95% YoY / +45% QoQ). Increase in PAT is on the back of lower tax rate at 26% versus 36%.
The company has guided for revenue growth of 20-25% with EBITDA margin of approximately 13.5-13.75%.
• Nearly 3/4th of the company’s order book is accounted by the Road sector: “H1FY22 Order book at Rs132bn (equals 2x TTM Revenue) comprises of roads at 72% and water and Irrigation projects at 28%. Q2FY22 order inflow stood at Rs27bn”, mentions the report. The company focuses to realize an order inflow of Rs. 80 billion in FY22 (HAM: EPC at 50:50). Further ahead, the company is planning to make a bid for NHAI projects amounting to Rs. 250 billion and also sees opportunities under the Jal Jeevan Mission.
The company maintains ‘BUY’ rating, while the stock trades closer to its historical average at 12x, 2 years forward EPS. “PNCL remains our top pick in the construction with order book visibility, lean balance sheet for the growth and key beneficiary of capital expenditure in road construction in India”, adds the brokerage.
The above stocks have been picked from the brokerage report of IDBI Capital. 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]
The comments come amid a heated debate over whether to allow private cryptocurrencies into the country, which has seen the RBI being vocal about its concerns, while the government seems to be more amenable.
RBI Governor Shaktikanta Das had on Tuesday reiterated his concerns over cryptocurrencies, saying there are ‘far deeper issues’ involved in virtual currencies that could pose a threat to the country’s economic and financial stability. The government is likely to introduce a bill on cryptocurrencies during the winter session of Parliament, beginning November 29.
Vishwanathan said world over, central banks are concerned with cryptocurrencies and wondered what makes governments more supportive of it.
“The central bank’s concerns come from two fundamental areas. One, of course, is that crypto-assets are seen as a possible source of money laundering, number two is that the valuations,” he said, speaking at the 8th SBI Banking and Economic Conclave.
He said we should not confuse cryptocurrencies with dematerialisation, where there is an underlying asset, which comes up in a digital form.
The career central banker added that we do not know what defines a value of a crypto asset, and the limited understanding is demand-supply forces govern the value.
The value of bitcoin, probably the most popular among the crypto assets, “gyrated” to USD 10,000 and swings between USD 7-17,000 per coin, he noted.
Vishwanathan said a person’s crypto holdings should not determine the wealth because the constant volatilities in the value can make a rich person seem poor or vice-versa.
Bankers should be extra careful and should not look at the crypto holdings while assessing a wealth of a potential borrower and should not lend against such assets, he added.
Earlier, Vishwanathan said, central banks prefer central bank digital currencies (CBDC) over the private and unregulated crypto assets and added that the introduction of the CBDC will help foreign trade.
The former DG said the activity of big tech companies like Google in aspects like deposit mobilisation for lenders is not so high that the RBI needs to be concerned about.
SBI Chairman Dinesh Kumar Khara said our experiences with the past will ensure an orderly exit from the present stimulus given by the RBI.
Replying to a question on whether banks are overcharging for forex commissions to small exporters, Khara said the market forces can ensure that no one is over-charged, while Swaminathan J, a managing director of SBI, said any enterprise works on cross-subsidisation, where it earns higher from a particular revenue stream and less from another.
Swaminathan added that various fee and commission streams have closed down with time, and banks will take an appropriate call on this particular one and case of regulatory action.
[ad_2]
[ad_1]
|
Reserve Bank of India, Chandigarh invites e-Tender from eligible and willing firms for Operation and Routine Maintenance of Central Air Conditioning (HVAC) Plant Installed at Main office Building, RBI Chandigarh. The estimated cost of work is ₹8,75,400/- (including GST) only. 2. This is an Open Tender. Only those firms, who are registered on MSTC portal will be able to take part in the Tender process. The tender document is available on website www.rbi.org.in for download. 3. Tender shall be submitted online in two parts. Part-I of the tender will contain the Bank’s standard technical and commercial conditions for the proposed work, which must be agreed to by the tenderers. Part-II of the tender will contain Bank’s schedule of quantities and tenderer’s price bid to be submitted online. 4. The firms fulfilling the eligibility criteria and desirous of being considered for award of the work should upload all the required documents at www.mstcecommerce.com/eprochome/rbi on or before December 15, 2021 till 02:00 PM. 5. Part-I of the tender will be opened on December 15, 2021 at 03:00 PM on MSTC website. The timeline of the tender is as follow:
|
[ad_2]
[ad_1]
Fino Payments Bank, which has begun offering credit through NBFCs to its customers, plans to expand its product offering but is not looking to convert to a small finance bank.
“We are already offering credit to our customers through a tie up with KreditBee. We are also offering insurance. We plan to have a much bigger bouquet of products including mutual funds, recurring deposit, fixed deposit and international remittances,” said Rishi Gupta, Managing Director and CEO, Fino Payments Bank.
The payments bank is also looking at deposits, for which pilots are going on at the moment.
The bank has launched products including subscription current accounts, AEPS cash deposit, Aadhaar Pay, PPI cards, Gift cards and UPI P2M in the first half of the fiscal.
But conversion to a small finance bank is not on the cards anytime in the near future though the bank’s personal loan offering is doing well.
“We don’t want to get into credit business on our own books as of now. Credit is a completely different area. We don’t have the expertise. We don’t have the team,” Gupta told BusinessLine.
Fino Payments Bank was recently listed on the bourses. It also announced its second-quarter results reported a 74.5 per cent increase in its net profit at ₹7.89 crore.
The bank remains upbeat about its business model despite many of its peers facing pressures in maintaining profitability.
“Growth and profitability are built into the Fino model. We don’t need to compromise on one to focus on another,” Gupta said, adding that the bank has been able to set up a very asset-light ecosystem.
“We are focused on the business. We have a good mix of profit, good mix of high margin as well as low margin products model,” he further said, adding that the bank is confident of being able to maintain its growth trajectory.
The capital raised as part of the listing is being used on building a bigger technology stack as well as for marketing and branding.
“We are investing in infrastructure, on software and digital ecosystem. We have already started to build a team. There is a lot of products on the digital side as well,” Gupta said.
As of September 30, 2021, the bank has 8.1 lakh merchants and 34 lakh, customers.
[ad_2]
[ad_1]
Mahindra & Mahindra Financial Services on Wednesday announced the launch of its leasing and subscription business Quiklyz.
“This venture is a new-age digital platform for vehicle leasing and subscription, that aims to provide great convenience, flexibility and choice to customers across cities,” it said in a statement.
It provides a digital journey on car usership with which the customer can access a brand-new car without purchasing it. Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, road-side assistance. It will be available for both corporate (B2B) and retail (B2C) customers.
In the initial phase Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida and Pune. It will expand to other cities, including tier-II cities, covering 30 locations over the next one year. It is also in discussions with several automotive OEMs.
Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, said, “We aim to achieve a book size of ₹10,000 crore in a span of three to five years. Leasing is seeing significant traction in the last mile mobility space especially with EVs, something our business module will also focus on.”
Turra Mohammed, SVP and Business Head – Quiklyz, said at present leasing accounts for 10 per cent of corporate registered vehicles. “We expect it to grow to 20-25 per cent share in the next five years. We will leverage Mahindra Group’s extensive network to expand Quiklyz to 30 cities within a year,” he said.
[ad_2]