Category: Banking & Finance

Bank of Maharashtra launches Retail Bonanza-Monsoon Dhamaka

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Bank of Maharashtra (BoM) has waived processing fees on its gold, housing and car loans till 30 September, 2021, under its ‘Retail Bonanza-Monsoon Dhamaka’ offer.

The Pune-heaquartered public sector bank said in a statement that it is offering home loans and car loans at interest rates starting from 6.90 per cent and 7.30 per cent respectively.

Retail loans have features such as two free Equated Monthly Installments on regular repayment of home loans, loan facility up to 90 per cent in the case of home and car loans, and no pre-payment / pre-closure / part payment charges, the statement added.

The bank also revamped its gold loan scheme, whereby customers can get loans up to ₹20 lakh at 7.10 per cent interest. Further, there is no processing fee for gold loans up to ₹1 lakh.

BoM said it has set up ‘Gold Loan Points’, dedicated counters in select branches, to facilitate gold loans within 15 minutes.

Hemant Tamta, Executive Director, Bank of Maharashtra, said customers will benefit from lower rates and waiver of processing fee under the Dhamaka offer this festive season.

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RBI may deploy LTRR to mop-up excess liquidity with banks

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The Reserve Bank of India (RBI) is understood to have broached the possibility of conducting Long Term Variable Rate Reverse Repo (LTRR) auctions with banks in the run-up to the normalisation of its ultra-accommodative policy.

The central bank is exploring LTRR as an instrument to absorb surplus liquidity for a longer duration from the banking system at a time when credit demand is muted, and retail inflation is sticky.

LTRR is one of the instruments to manage durable liquidity under the RBI’s revised Liquidity Management Framework. It has a tenor of over 14 days.

However, banks are wary of locking-up liquidity for longer tenors of, say, a month or two under LTRR because in case credit demand gains steam, they will have to tap funding options such as the central bank’s repo (repurchase agreement) window, certificate of deposits, among others, to meet their demand. They may even have to increase fixed deposit rates.

Banks have indicated to the RBI that they prefer investing in treasury bills of 91 days, 182 days and 364 days duration as the bills can be easily liquidated to fund future demand for loans. However, if they invest in LTRR, this flexibility will not be available.

Banks awash with liquidity

That banks are awash with liquidity is underscored by the fact that they collectively parked ₹6,53,431 crore with the RBI’s reverse repo window on August 4, 2021. Banks earn 3.35 per cent interest (reverse repo rate) on this amount.

Further, at the last 14-day Variable Rate Reverse Repo (VRRR) auction held on July 30, 2021, the RBI received bids to park surplus liquidity aggregating to ₹3,67,428 crore against the notified amount of ₹2 lakh crore.

The central bank accepted bids aggregating to ₹2,00,033 crore, with the weighted average interest rate that banks will receive working out to 3.43 per cent.

Radhika Rao, Senior Economist, DBS, observed that the RBI’s preference to gradually draw out excess liquidity might increase the sizes of variable reverse repo rate (VRRR) auctions while reaffirming support for the ongoing Government Securities Acquisition Program.

As per Rao’s assessment, the impact of a VRRR increase might be marginal given the scale of surplus liquidity (estimated at ₹7.5-8 lakh crore) – bank liquidity plus government cash balances.

Nonetheless, it affirms the central bank’s intent to mop-up liquidity at a calibrated pace before setting the stage for a reverse repo increase and change in policy stance around the end of 2021 or early 2022, she said.

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Insurtech RenewBuy plans overseas expansion

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RenewBuy, an InsurTech, plans to enter the Middle East and South-East Asian markets as part of its international expansion, Indraneel Chatterjee, Co-Founder, has said.

“We should by end December this year enter into Middle East ( either Dubai or Abu Dhabi will be first port of call) and some of the South East Asian markets six months thereafter”, Chatterjee told BusinessLine.

RenewBuy, which has now raised $ 10 million from Evolvence Capital in addition to the recent raise of $ 45 million capital, led by Apis Partners, has currently closed its Series C round at $55 million.

“With the common technology layer that we have, we can start touching base different markets at the same point in time. Essentially we are modifying our tech stack to be used in countries that are similar in nature i.e where customer choice is driven by the advisors available in these countries. That’s why we are choosing Middle East markets and South East Asian countries like Malaysia, Thailand and Vietnam. We will power them with same RenewBuy Technology layer”, he said.

Technology implementation and distribution expansion are two different levers of growth for RenewBuy. “While we are pressing the distribution layer for India where technology is in place, we are investing in technology for our overseas expansion. We have identified an opportunity of RenewBuy becoming a worldwide organisation and want to work towards that”, he said.

Balachander Sekhar, CEO RenewBuy said, “With this fund raise, we will scale up our technology infrastructure as well as explore international markets, which have similar insurance need gaps like India.”

Haitong Securities was the investment banker for the transaction with Evolvence.

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Here are the top 5 bank fixed deposit interest rates, BFSI News, ET BFSI

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The fixed deposit (FD) is one of the most popular investment avenues. Many investors prefer bank FDs over equities as the former are considered safe. The return earned from a bank FD is fixed and known at the time of investing unlike in case of equity.

Fixed deposits are also known as term deposits. This is because money is deposited with a bank for a fixed predetermined time period or term. Here are certain things that you must know while opening an FD account.

You can open a term deposit account with a bank where one already has a savings account. Some banks may allow you to open an FD account without having to open a savings bank account. However, you will be required to undergo a know-your-customer (KYC) process in case the bank allows you to place an FD without a savings account. You will be asked to provide self-attested photocopies of ID proof such as PAN, address proof such as Aadhaar, Voter ID card, passport etc. and coloured passport size photographs. You will be required to show the original documents which will be returned immediately post-verification.

  • Minimum and maximum investment amount

The minimum amount needed to open a fixed deposit account varies from bank to bank. However, there is no limit on the maximum amount which one can invest in an FD.The minimum and maximum tenure offered for which an FD can be placed varies from one bank to another. Usually, one can invest in FD for a minimum period of 7 days and for a maximum of 10 years. You can choose the period for which you wish to keep your FD as per your requirement.

Top 5 bank fixed deposit interest rates
Tenure: 1 year

Bank Name Interest rate (%) Compounded qtrly What Rs 10,000 will grow into
RBL Bank 6.10 10624.10
DCB Bank 6.00 10613.64
Indusind Bank 6.00 10613.64
Bandhan Bank 5.50 10561.45
IDFC First Bank 5.50 10561.45

Tenure: 2 years

Bank Name Interest rate (%) Compounded qtrly What Rs 10,000 will grow into
RBL Bank 6.10 11287.14
DCB Bank 6.00 11264.93
Indusind Bank 6.00 11264.93
Bandhan Bank 5.50 11154.42
Karur Vysya Bank 5.50 11154.42

Tenure: 3 years

Bank Name Interest rate (%) Compounded qtrly What Rs 10,000 will grow into
DCB Bank 6.50 12134.08
RBL Bank 6.30 12062.63
Indusind Bank 6.00 11956.18
IDFC First Bank 5.75 11868.13
Canara Bank 5.50 11780.68

Tenure: 5 years

Bank Name Interest rate (%) Compounded qtrly What Rs 10,000 will grow into
DCB Bank 6.50 13804.20
RBL Bank 6.50 13804.20
IDFC First Bank 6.00 13468.55
Indusind Bank 6.00 13468.55
Axis Bank 5.75 13303.65

All data sourced from Economic Times Intelligence Group (ETIG)
Data as on August 5, 2021The interest rate offered on fixed deposits (FDs) will depend on the period for which you are investing in the FD and also vary from bank to bank for FDs for the same tenure. Senior citizens are typically offered higher interest rates. To receive the interest payment, you can choose either cumulative option or non-cumulative option.

Under the cumulative option, interest accrued on the deposit is reinvested and paid at the time of maturity along with principal amount.

In the non-cumulative option, interest is credited into the depositors account at the pay-out interval chosen at the time of placing the FD. Generally, one can choose from the options of receiving the interest on monthly, quarterly, half-yearly or annually basis as offered by the bank.

Interest received on FD is fully taxable in the hands of the investor. It will be taxed at the rates applicable to your income tax slabs. TDS will be deducted by the bank if the interest payment in a single financial year exceeds Rs 10,000, as per current tax laws. To avoid TDS, one can submit Form 15G or Form 15H (as applicable) to the bank.In case of any urgent requirements, one can break his/her FD before the maturity date. A penalty may be levied by the bank on premature withdrawals. The penalty amount varies from one bank to another.

While placing a FD, one must check the rules regarding pre-mature withdrawals. Sometimes, banks offer FDs without premature withdrawal facility as well as FDs without penalty on premature withdrawal.

One can use FD as a collateral to obtain a loan. The maximum loan sanctioned is usually a certain percentage of the principal deposit. This percentage may vary bank to bank.Nomination facility for Fixed Deposits (FDs) is also available.At maturity, if no specific instructions are given, most banks automatically renew the FD for the same period for which it was initially placed at the interest rates prevailing on the date the FD matures. If you do not want automatic renewal of your FD, you need to choose this option on the account opening form.

If you have forgotten to mention it, then you can visit the bank branch on the day of maturity and ask them to credit the proceeds into your savings account.

Nowadays banks offer the facility of opening an FD account online via Net banking through your account. One can invest in FD without having to visit a branch physically. However, remember that your bank may not issue you a printed FD receipt/advice if invested online.

Disclaimer: The data/information given above is subject to change therefore before taking any decision based on it, contact the bank/institution concerned.

For any queries or changes, please write to us on etigdb@timesgroup.com or call us at 022 – 66353963.



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Nischal Maheshwari, BFSI News, ET BFSI

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As we are going back to normalcy, the easy money has already been made in pharma and it is going to be very stock specific, says Nischal Maheshwari, CEO-Institutional Equities, Centrum Broking.

What will be the impact on Vodafone after Mr Birla’s resignation? Also, how exactly would Bharti and Reliance Jio gain and how should one approach the telecom sector now?
I continue to maintain my view that there is trouble for this sector. Even after the number of players came down from 7-8 to 3, we were still not able to increase ARPU. Now, one of the companies is just throwing up its hands saying that they are not able to manage. In the short term, there is more pain. Maybe the government will come out with a package or something delaying the payments. But long term, it could be good. But in the short term, it would be pain.

Why would you say that? As Vodafone is losing market share, the subscribers are not going to stop using mobile phones. They will switch to Bharti or Jio and both will gain market share as a three-player market becomes a two-player market.
That was true earlier also. Vodafone has been hanging by a thread. In the last 12 months, every month Vodafone has lost customers. There has been a question of its survival. But still ARPUs have not increased. Both the top players continue to come with very aggressive numbers though their bottom packs have been raised from Rs 49 to Rs 79. But there are enough discounts out there. At the end of the day, I would look only at the ARPUs and ARPUs do not seem to be increasing and none of the two players are actually going out and saying that they are going to be giving away or taking a backseat as far as competition is concerned.

The world over, it has been a two- three player market. There has never been seven or eight players anywhere else. In India, they were surviving. Now, they have been cut down too and the existing players will continue to compete with each other.

SBI seems to be recovering faster than anticipated and the hit on account of Covid second wave is not as much as the Street was pencilling in or even the industry average. What’s next for SBI?
The results have been good but I would be a little bit worried given that most of the other banks have shown higher slippages as far as the second wave is concerned, especially, on the retail side. I would wait for another quarter because my issue remains that the coverage ratio is very low for SBI. It is only 40 bps which they have provided for unlike most other banks especially on the private side, who have provided for anything between 1% and 1.5%. Otherwise, the bank is doing pretty well. The recoveries have been good and it seems to be on a very solid wicket. So wait for another quarter but definitely it is a buy on dips.

Everyone is bullish on real estate and housing demand but somehow the HFC stocks have done nothing. Why is that?
After the first wave, most of the HFC stocks doubled from the bottom like Can Fin, LIC. HDFC has been a bit of an underperformer but that has also done well. During the second wave, basically everybody seems to have suffered — and the slippages are much higher in companies like LIC Housing Finance. HDFC Limited came up with very good numbers, Can Fin also faced some amount of pressure. So during the second wave, market was worried as far as retail is concerned/

The market is worried what is really going to happen if another wave comes in because the retail seems to be getting much more hit than the corporate book in the banks because the corporates are able to get their people vaccinated and and it so they continue to work but the collections suffer as far as the retail is concerned. That is why the market is a bit worried and wants to wait out for another quarter to see what really happens on the health side.

If everything goes fine, then we will start seeing some action in housing finance companies. But having said that, I believe it is a good time because these stocks have not performed and if real estate rightly is doing well, it is only a matter of time that the housing finance stocks will also start doing well. So we have a buy across the whole sector.

Where within banks are you finding comfort to buy afresh?
The top two banks SBI and ICICI are the ones I would put my money on. As the recovery in the economy happens, most of these banks are showing stronger recovery in their old NPAs. ICICI, Axis and SBI historically have had much higher NPAs in their portfolio. So when the recovery happens, they would be the beneficiaries and that is why one is seeing a strong recovery there. HDFC and Kotak are the better ones of the lot. They never had much problem and that is why they have quoting at 3.5-4 times. During this phase, they may underperform the market.

The Covid bump off for pharma companies is over. Today Cipla will come out with numbers for the quarter gone by. Is market pricing in the normalisation of pharma earnings?
I think so. Last year when Covid hit, the pharma sector came out of five years of underperformance with most of the stocks doubling in a very short period of time. But if you look at a longer time horizon, I think they would have just returned whatever 30-40% kind of a return on a five year time basis. So yes, for a short term, outperformance happened. The API companies started showing 20% plus kind of margins and as the Covid receded or things became normal, most of them have hit below 20% margin and are not even able to hold 17-18% margin.

So as we are going back to normalcy, the easy money has already been made in pharma and it is going to be very stock specific. We may see something like Divi’s outperforming. A new stock which got listed, Gland Pharma, is outperforming. Now it is going to depend on earnings growth and valuations.

Sun has been an underperformer for a long period of time and for two quarters, they have started showing good performance on the specialty portfolio which the market was waiting for. The stock is outperforming now. It is very, very stock specific now. The big move is over in pharma



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Aptus Value Housing Fin fixes IPO price band at ₹346-353

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Retail-focussed housing finance company, Aptus Value Housing Finance India, has fixed the price band of its initial public offering at ₹346-353 per equity share for its ₹2,780-crore public issue.

The issue will open for subscription on August 10 and will close on August 12. The anchor book, if any, will open one working day prior to the issue opening date, i.e. August 9.

The IPO consists of fresh issue of equity shares worth ₹500 crore and an offer for sale of up to 64,590,695 equity shares by existing shareholders, including promoter Padma Anandan, besides investors Aravali Investment Holdings, JIH II LLC, GHIOF Mauritius and Madison India Opportunities IV.

The Chennai-based lender will use the net proceeds from the fresh issue for augmenting its tier I capital requirements.

Also see: Chemplast Sanmar fixes IPO price band at ₹530-541 per share, opens on Aug 10

The minimum bid lot is set at 42 equity shares and in multiples of 42 scrips thereafter. The lender has reserved up to 50 per cent of the total offer for qualified institutional buyers, 35 percent for retail investors and 15 percent for non-institutional investors.

Upbeat growth

Aptus is a retail-focussed housing finance company primarily serving low and middle-income self-employed customers in the rural and semi-urban markets. According to a CRISIL report, Aptus is one of the largest housing finance companies in south India in terms of assets under management as of March 2021.

The company’s gross loan assets as of March 2021 stood at ₹4,067.76 crore, growing at a compounded annual growth rate (CAGR) of 34.54 per cent from ₹2,247.2 crore in FY19.

Promoters M Anandan, Padma Anandan, and WestBridge Crossover Fund, LLC currently hold 60.84 per cent stake in the company.

ICICI Securities Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the offer.

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A collapse of Voda Idea will hurt IDFC First Bank, YES Bank most, BFSI News, ET BFSI

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MUMBAI: The looming prospect of a financial crisis in India’s third-largest telecom operator, Vodafone Idea, will spell disaster for some of the country’s biggest private sector banks just when they were recovering from a multi-year bad loan cycle.

The refusal by existing promoters of Vodafone Idea to infuse cash in the debt-laden company and the Supreme Court’s recent dismissal of a plea for rectification of alleged miscalculation in adjusted gross revenue dues payable by the company to the government have condemned the telecom operator to bankruptcy, unless it can raise fresh capital.

Prospects of fund raising for the company look grim given that any new strategic investor will have to pour in billions of dollars that will largely be channelled to the government coffers and will not be reinvested in the company to prepare it for the new 5G world.

The resignation of Kumar Mangalam Birla as head of the company and his offer to the government to buy out Aditya Birla group’s stake is likely to further discourage potential investors.

In that backdrop, Vodafone Idea is unlikely to be able to service its gross debt of over Rs 1.8 lakh crore. The telecom operator owes at least Rs 28,700 crore to several state-owned and private sector lenders.

The highest exposure is with State Bank of India at Rs 11,000 crore followed by Yes Bank at Rs 4,000 crore and IndusInd Bank at Rs 3,500 crore. However, in terms of percentage of loan book, the biggest hit from Vodafone Idea’s default will be to IDFC First Bank as it has an exposure of 2.9 per cent of its loan book followed by YES Bank at 2.4 per cent and IndusInd Bank at 1.65 per cent.

According to media reports, IDFC First Bank has already marked Vodafone Idea as stressed and provided for 15 per cent of the outstanding debt.

While Vodafone Idea is a one-off large account instead of the torrent of defaults seen over the past 10 years, it could have a bearing on the earnings performance of these banks in the coming quarters, as they will have to make hefty provisions against these loan accounts.

No surprise then that SBI was the worst Nifty50 performer today, down 3.3 per cent. Shares of IDFC First Bank tanked over 5 per cent, while those of YES Bank 2 per cent.



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‘Disbursements set to grow, while NPAs will decline’

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Mahindra and Mahindra Financial Services has seen an improvement in rural sentiment as the second Covid-19 wave ebbs. Ramesh Iyer, Managing Director and Vice-Chairman, Mahindra Finance, says demand is picking up and collection efficiencies are improving. In an interview with BusinessLine, Iyer said the company will look at expansion in the second half of the fiscal and is well capitalised for its business plans. Edited excerpts:

What kind of growth do you expect this fiscal?

Compared to previous years, the disbursement will be high. I see that volumes will pick up for auto loans, tractors, pre-owned vehicles. Disbursements will see a growth trajectory and NPAs [non-performing assets] will have a declining trajectory.

How confident are you of a reduction in NPA levels?

NPAs in the first quarter were purely due to a liquidity problem for customers, where they couldn’t earn enough and delayed payments. Otherwise, they are not defaulting customers. I would call them as a delay and not a default. We are confident that the customers who have delayed their instalments would definitely pay back.

Mahindra Finance: Macro sentiments turning positive in July

Are there more restructuring requests since the first quarter?

We had about six lakh eligible customers, but we did restructuring for only 60,000 in the first quarter. I would not expect the restructuring numbers to be very high this quarter but there could be some demand from commercial and passenger vehicles. It could be 30,000 to 35,000 customers. In terms of exposure, along with what we did in June, it should not account more than 4-5 per cent of the book.

Is demand picking up?

Even during this pandemic, we didn’t see too many cancellations, but dealerships were closed. With the opening-up in June, we did see volumes pick up and it continued in July. Normally, July and August are not great months for vehicle purchase. People wait for the festival season. This could also be pent-up demand from the first quarter. We all hope and pray there is no severe third wave; and with a good monsoon one could expect both September and October to do well, especially as infrastructure work gathers pace. With both of that happening, it could be a good buoyant story from a rural perspective.

Mahindra Finance posts Q1 net loss of ₹1,573 crore

Will this be a year of expansion for you?

It will be a mix in terms of people and branches. We will definitely add in the second half. By then we will know, the third-wave behaviour, if any, and we will also know how the harvest is panning out. We are also ensuring adequate investment in technology. We have built a very strong digital and AI team, and they are looking at various processes that can be digitised. Our data team is looking at the millions of data we have and coming out with forecasts based on trends.

Are you looking at new products or focus areas?

From our point of view, it’s important to capture three areas for further growth. We have created a very strong SME [small and medium-sized enterprises] vertical, where we are working with a large Mahindra ecosystem, and other OEM [original equipment manufacturer] ecosystem, where we will support suppliers for their capex or working capital requirements. We have chosen three industries to work with — auto, agriculture and engineering — where we think there is a lot of play for SME players. In the vehicle segment, pre-owned vehicles will be a good growth segment. As infrastructure opens up, tractor volumes will pick up. Many OEMs in cars are also reaching out to rural markets with their launches and that can become a natural synergy for us to gain volume. We do believe that leasing in the next three years will become a prominent play. We have set up a digital finco for small-ticket consumer durable and personal loans. The platform is live but this is a testing year. While we have done some loans, from April you will see a lot of aggression in this business.

Are there any outstanding issues for NBFCs?

The issue of liquidity has been addressed now. If at all the third wave happens and impacts customers, then expectations would be for a moratorium for customers. In restructuring, typically, customers are a little worried about the interest burden; but in a moratorium, they are very clear that they will not have to pay an instalment for a certain period. It helps both the company and the customer.

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Raghuram Rajan, BFSI News, ET BFSI

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NEW DELHI: The term ‘Quantitative Easing’ became widely known in financial markets during the last Global Financial Crisis of 2008. Former RBI governor Raghuram Rajan, who famously predicted that particular collapse, has recently warned about the risks associated with excessive largesse from central banks.

In a recent article, Rajan flagged the potential pain that global financial markets might see when central banks turn off the easy money tap.

The world over, government debt is rising exponentially and more worryingly, an increasing amount of the debt maturity profile is skewed through issuance of longer-dated securities.

Political dispensations typically look past long-term debt, as the exigencies of democratic politics may ensure that a successive administration has to bear the burden of earlier borrowings.

“…What if interest rates start moving up as inflation takes hold? If government debt is around 125% of GDP, every percentage point increase in interest rates would translate into a 1.25 percentage point increase in the annual fiscal deficit as a share of GDP,” the RBI ex-governor wrote.

SHORT-TERM EXPOSURE
Rajan specifically warned about the risks that economies are exposing themselves to on account of the inevitability of interest rate hikes.

“When the central bank hoovers up five-year government debt from the market in its monthly bond-buying program, it finances those purchases by borrowing overnight reserves from commercial banks on which it pays interest… QE thus drives a continuous shortening of effective government debt maturity and a corresponding increase in (consolidated) government and central bank exposure to rising interest rates,” he wrote.

LESSON FOR INDIA?
India’s public debt profile worsened significantly well before the pandemic. Government debt, which till three years back used to be confined to Rs 6 lakh crore on a gross basis, has risen by around 80% over the last 2-3 years.

This financial year, the government has announced a gross borrowing programme of Rs 12.06 lakh crore. When interest rates rise, as they must at some point, the shock to banks’ profit margins could be huge after this degree of exposure.

In recent chats with ETMarkets.com, some leading economists have flagged the issues emanating from such elevated levels of public indebtedness.

“Scenarios where debt-to-GDP becomes a problem can always emerge, especially if nominal GDP growth is not close to double digits. However, as of now, our baseline view is that general government debt-to-GDP is close to 88-90%, but it is unlikely to become a concern for the rating agencies, because we expect a gradual downward trend after two to three years,” Standard Chartered Bank’s head of economic research Anubhuti Sahay said.

“… with public debt at close to 90% of GDP, fiscal headroom to deal with another wave is now further compromised. And then, there is not a whole lot that additional monetary accommodation can achieve,” ANZ Bank’s Chief Economist for South East Asia and India Sanjay Mathur said.

Raghuram Rajan perhaps reserved the most hard-hitting part of his recent note for the last paragraph.

“As for the US, not only is the outstanding government debt much shorter in maturity than that of the UK, the Fed already owns one-quarter of it,” he wrote.



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