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In the underwriting auctions conducted on November 12, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Ajit Prasad Press Release: 2021-2022/1182 |
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Prime Minister Narendra Modi on Friday launched two customer-centric initiatives of the RBI with a view to provide opportunities to retail investors to participate in the government securities market and contribute towards nation-building.
The two initiatives of RBI — retail direct scheme and integrated ombudsman scheme — will also promote financial inclusion, he said.
The Prime Minister, while launching two innovative, customer-centric initiatives, said these schemes would expand the scope for investment and improve customer grievance redressal mechanism.
The retail direct scheme, he said, would provide access to small investors to earn assured returns by investing in securities and it will also help the government to garner funds for nation-building.
On the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS), he said, it is aimed at further improving the grievance redress mechanism for resolving customer complaints against entities regulated by the central bank.
With the launch of the scheme, he said, “One Nation-One Ombudsman” has become a reality. The RBI Retail Direct Scheme is aimed at enhancing access to the government securities market for retail investors. It offers retail investors a new avenue for directly investing in the securities issued by the centre and the state governments.
The investors will be able to easily open and maintain their government securities accounts online with the RBI for free. Leveraging technological advancements, the scheme offers a portal avenue to invest in central government securities, treasury bills, state development loans and sovereign gold bonds.
The scheme places India in a list of select few countries offering such a facility.
This scheme (RB-IOS) will do away with the jurisdictional limitations as well as limited grounds for complaints. RBI will provide a single reference point for the customers to submit documents, track status of complaints filed and provide feedback. The complaints that are not covered under the ombudsman scheme will continued to be attended to by the Customer Education and Protection Cells (CEPCs) which are located in the 30 regional offices of RBI.
With increased awareness, digital penetration and financial inclusion there were steep rise in the number of complaints against various regulated entities. The number of complaints shot up from 1.64 lakh in 2017-18 to 3.30 lakh complaints in 2019-20, as per RBI data.
The RBI in the recent past took several steps to strengthen the customer grievance redressal system of regulated entities including issuance of guidelines for strengthening of Internal Ombudsmen, graded regulatory and supervisory actions, and launch of Complaints Management System (CMS) in 2019.
The RBI after review decided to integrate the three ombudsman schemes into one and also simplified the scheme by covering all complaints involving deficiency in service by centralising the receipt and initial processing of complaints to enhance process efficiency.
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The schemes are administered through 22 offices of RBI Ombudsman (ORBIOs). Complaints that do not fall within the ambit of the Ombudsman mechanism are handled by the Consumer Education and Protection Cells (CEPCs) functioning at 30 regional offices of RBI.
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Insurance
oi-Sneha Kulkarni
The Department of Posts, India Post Payments Bank (IPPB), and Bajaj Allianz Life Insurance Company (BALIC) today established a strategic agreement to offer term and annuity products to consumers through the Bank’s wide network of 650 offices and over 1,36,000 banking access points.
According to the Ministry of Communications, the partnership will help customers, particularly those from lower socioeconomic groups and those living in unbanked or underserved areas, become financially secure and empowered. It also aligns with IPPB’s goal of providing value-added products and services to its customers.
According to a press release from Bajaj Agreement, the term and annuity products that will be offered as part of this strategic alliance include Bajaj Allianz Life Smart Protect Goal and Bajaj Allianz Life Guaranteed Pension Goal.
Bajaj Allianz Life Smart Protect Goal is a value-added term insurance plan designed to provide immediate financial help to a family in the case of the breadwinner’s unexpected death.
The Bajaj Allianz Life Guaranteed Pension Goal is an annuity plan that provides a guaranteed and fixed monthly income for the rest of the person’s life.
Customers will be able to purchase both of these goods in addition to DoP’s current Product.
Both goods will be offered on the POS platform, which is designed to be simple to sell. The Bajaj Allianz Smart Protect Goal offers a premium return option at maturity.
When the annuitant dies, Bajaj Allianz Guaranteed Pension Goal also provides a legacy of the purchase price. Customers can purchase these items entirely digitally.
Story first published: Friday, November 12, 2021, 12:32 [IST]
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The shares of Fino Payments Bank made a tepid debut on the bourses on Friday, listing at over 5 per cent discount.
It listed at a discount of over 5 per cent at ₹544.35 apiece on the NSE as compared to its issue price.
The shares listed at ₹548 on the BSE against its issue price of ₹577.
The shares slipped further to record a low of ₹527.00 on the BSE, post listing. At 10:31 am, it was trading at a 7.51 per cent discount at ₹533.65.
On the NSE, it was trading at ₹534.80.
“Fino payment debuted in secondary market on a tepid note as per our expectations and I think it may continue to remain under pressure post listing because of valuations concerns, competition, and regulatory challenges,” said Parth Nyati, Founder, Tradingo.
“However Fino Payment is a fast-growing fintech company and it is one of its kind company to list on the stock exchanges where its unique DTP network and new edge business model provide it an edge,” added Nyati.
Also read:Fino Payments Bank IPO to open on October 29
The ₹1,200 initial public offering of Fino Payments Bank comprised a fresh issue of ₹300 crore and an offer for sale (OFS) of 1.56 crore equity shares by promoter Fino Paytech.
The IPO was subscribed 2.03 times on the third and the final day with strong interest from retail investors.
According to data available on the BSE, bids were received for 2.32 crore shares as against 1.14 crore shares offered in the IPO.
The portion set aside for non-institutional investors (widely known as HNIs) saw a subscription of 0.21 times, and that of QIB witnessed a subscription of 1.65 times. The portion for retail investors was oversubscribed 5.92 times and the employee quota by 0.93 times.
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Mobikwik has collaborated with National Payments Corporation of India (NPCI) and Axis Bank to launch MobiKwik RuPay Card.
“The card will be free of charge to customers and purely digital keeping in line with the growing demand for digital payments across online and brick and mortar stores,” it said in a statement on Friday, adding that customers can now get up to ₹2 lakh of their MobiKwik wallet balance mirrored on the MobiKwik RuPay Prepaid Card.
“The integration of the card with MobiKwik wallet will allow MobiKwik customers to use the card and wallet balance at over 41 million merchants across 190 countries, in addition to the MobiKwik merchant network,” it further said.
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E-Tender No. RBI/Ranchi/Estate/172/21-22/ET/233 E-tenders were invited for RENOVATION OF CIVIL & ELECTRICAL WORKS IN RBI RANCHI OFFICE LOCATED AT ZILA PARISHAD BHAVAN after publishing the NIT in MSTC Portal and on the Bank’s website. As per the schedule, pre-bid meeting was scheduled to be conducted at 11.00 am on November 08, 2021 at Estate Department, Reserve Bank of India, Ranchi. No bidder came forward for the meeting. Hence, the meeting was not conducted. The terms and conditions and specifications of the tender document shall continue to remain same. |
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Total income during the July-September quarter of 2021-22 was down by 73 per cent to Rs 70.76 crore, as against Rs 259.11 crore in the same period of 2020-21, Reliance Home Finance said in a regulatory filing.
The company’s independent auditor Tambi & Jaipurkar, in its review report said that the company has defaulted on the payment of borrowing obligations amounting to Rs 8,607.16 crore as of September 30, 2021 and its asset cover has also fallen below 100 per cent of outstanding debentures to Rs 5,967 crore.
The company’s ability to meet its obligation is dependent on material uncertain events including restructuring of loan portfolio, implementation of resolution plan by inter creditor agreement for the resolution of its debt under the ICA and revival of housing finance. The financial results of the company have been prepared by the management on a going concern basis.
“Our conclusion is not modified in respect of this matter,” the auditor said.
The company said it has cash on hand of about Rs 2,220 crore in the form of investment in liquid mutual fund and fixed deposits. However, there is delay in debt servicing on the back of a November 2019 order passed by Delhi High Court, which bars the company from disposing off its assets.
“The company is engaged with its lenders for arriving at the debt resolution plan. In this regard, certain lenders of the company have entered into an Inter-Creditor Agreement (ICA)…The ICA lenders have evaluated, voted upon and selected Authum Investment & Infrastructure as the final bidder on June 19, 2021,” it said.
In view of the resolution process being in the final stages, the accounts of the company have been prepared on going concern basis, it added.
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Its deputy managing director Ashwini Kumar Hooda attributed the fall in profit to a 12 per cent decrease in the loan book in the second quarter of the financial year 2021-22 compared to the year-ago period.
It disbursed retail loans of Rs 325 crore in the month of September 2021 through its co-lending tie-ups, the lender said in a release.
This will scale up to Rs 500 crore of monthly disbursals by December 2021 and Rs 800 crore of monthly disbursals by March 2022, it said.
The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the third quarter of the financial year 2021-22. It has a total of seven co-lending partners- HDFC Ltd., Central Bank of India, Yes Bank, RBL Bank, Canara Bank, Punjab &Sind Bank, and Indian Bank.
Total loans disbursed as of September 30, 2021, under the Emergency Credit Line Guarantee Scheme (ECLGS) stood at Rs 176 crore, amounting to only 0.27 per cent of the loan book.
Gross NPAs have stood to 2.69 per cent in the second quarter of the financial year 2021-22 from 2.21 per cent in the previous quarter of the year-ago period.
“Balance sheet has been strengthened by shoring up provisions on the balance sheet to Rs 3,153 crore, which is 4x times of the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of Gross NPAs,” the release said.
Stage 3 provision coverage ratio stood at 43 per cent of gross NPAs (Non-performing assets).
The lender restructured loans of Rs 96.7 core, equivalent to 0.15 per cent of its loan book, under the Reserve Bank of India’s Restructuring Frameworks 1.0 and 2.0 combined.
In H1 of the financial year 2021-22, it has raised monies of Rs 12,186 crore across instruments and tenors. The company also raised Rs 792 crore through NCDs (non convertible debentures) in September 2021.
Hooda said the lender is looking to raise around Rs 10,000 crore through bank borrowings and NCDs during the second half of the current financial year.
The company’s scrip closed at Rs 237 apiece, down 3.42 per cent on BSE. PTI HV SHW SHW
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Other funds likely affected include the MTNL Gratuity Trust, UltraTech CEMCO PF and the Rajasthan Vidyut Karamchari Gratuity Trust, people familiar with the matter told ET.
“Currently, bondholders are in talks with trustees as they figure out their claims for the resolution process,” said a person involved in the matter.
Lenders to Srei Group are expected to vote on a group insolvency plan on November 17.
The two Srei group companies – Srei Infrastructure Finance and Srei Equipment Finance – have an outstanding of ₹4,730 crore in bonds. These include secured and unsecured non-convertible debentures. Total market borrowings of the group, taken to the National Company Law Tribunal (NCLT) by the central bank, were ₹30,783 crore at the end of FY21.
Meanwhile, ET has reviewed a list of two dozen investors that had bought into the bonds issued by Srei Group. Rajasthan Vidyut Karamchari subscribed through three sets of papers.
Other Investors
To be sure, the investments might not be substantial for several of the pension funds cited above as there is no major single investor in these bonds. Subscribers also include several wealthy individuals and HUF (Hindu Undivided Family) entities.
MTNL, PNB, UltraTech, Food Corporation and Rajasthan Vidyut did not respond to ET’s mailed queries.
Srei’s total liabilities are through a combination of loans, bonds and external commercial borrowings. The Indian Registrar of Shipping Staff Provident Fund and Caledonian Jute Mills Workers’ PF are also invested in these bonds.
Besides, small companies such as Sadbhav Engineering, Suruchi Foods, Maharashtra Enviro Power and YMS Finance are among other investors. They could not be contacted immediately for comments.
State Bank of India (SBI), Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank, Uco Bank and Union Bank of India are major lenders to the group. SBI is said to have the largest share of lending.
Under group insolvency, a joint resolution plan will be drawn for both SREI Infrastructure Finance and SREI Equipment Finance. Both were admitted for corporate insolvency and resolution process last month on central bank orders.
The committee of creditors (CoC) first met on November 2 when the Reserve Bank of India (RBI)-appointed administrator, Rajneesh Sharma, informed the lenders about the finances of the two debt-laden companies.
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