Category: Banking & Finance

IDFC First Bank reports 41% rise in Q3 customer deposits

Banking & Finance

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IDFC First Bank reported a 41 per cent increase in customer deposits in the third quarter of the fiscal, with retail deposits surging by 100 per cent on a year-on-year basis.

“Customer deposits of the bank increased to ₹77,289 crore as on December 31, 2020, from ₹54,631 crore as on December 31, 2019 (year-on-year growth of 41 per cent). This was ₹69,368 crore as on September 30, 2020 (quarter-on-quarter growth of 11 per cent),” it said

Retail deposits (CASA and term deposits) of the bank increased to ₹58,435 crore at the end of the third quarter, registering a 100 per cent growth over ₹29,267 crore a year ago, and an 18 per cent increase from ₹49,610 crore in the second quarter of the fiscal.

However, the overall funded assets of the bank increased by just 0.7 per cent to ₹1,10,499 crore as on December 31, 2020, from ₹1,09,698 crore in the same period last fiscal. This was at ₹1,06,828 crore as on September 30, 2020, registering a quarter-on-quarter growth of 3 per cent.

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Canara Bank retains MCLR rates

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Canara Bank, a Bengaluru-based public sector bank, has retained its marginal cost of funds-based lending rate (MCLR) on loans/advances across all tenors with effect from January 7.

Accordingly, the tenor-linked MCLRs of the bank shall be: overnight MCLR (interest rate 6.80 per cent); one-month MCLR (6.80 per cent); three-month MCLR (6.95 per cent); six-month MCLR (7.30 per cent); and one-year MCLR (7.35 per cent). The Repo Linked Lending Rate (RLLR) continues to be at 6.90 per cent.

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Bank of Baroda signs MOU with SIDBI to support MSMEs, BFSI News, ET BFSI

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Bank of Baroda signed a memorandum of understanding (MOU) with the Small Industries Development Bank of India (SIDBI) to extend relief to MSME enterprises with an online facility of submitting their loan restructuring proposal.

Automated / Do-It-Yourself (DIY) web-portal ‘ARM-MSME‘ provides MSMEs with a platform to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options.The borrowers can also modify the online application or re-submit a new online application.

Dr. Ram Jass Yadav, Chief General Manager – MSME & Retail Business, Bank of Baroda, said, “As a bank, we are continuously working towards digitization and consumer friendly processes. This has led to our partnership with SIDBI for a platform like ARM-MSME, which will provide time saving convenient solution to MSMEs, at no additional cost. Through this partnership, we will hopefully assist numerous MSMEs who are in need of guidance.”

The Government of India and RBI has come up with several measures to support MSMEs to tide over the present pressing times post pandemic. Furthermore, RBI has extended the One-Time Restructuring (OTR) window till March 2021 to provide relief to MSMEs under financial stress, with credit exposure up to Rs. 25 crores.



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BoB signs MoU with SIDBI to enable MSMEs apply online for one-time restructuring

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Bank of Baroda (BoB) has signed a memorandum of understanding (MOU) with the Small Industries Development Bank of India (SIDBI) to enable MSMEs (micro, small and medium enterprises) apply online for one-time restructuring (OTR).

The public sector bank’s MSME customers can now access the web-based portal, ‘Asset Restructuring Module for MSMEs (ARM-MSME)’. To support viable MSME entities (with credit exposure up to ₹25 crore), which are under financial stress due to the fallout of the Covid-19 pandemic, the central bank has allowed banks to consider OTR proposals from MSMEs, whereby the restructuring of the borrower account has to be implemented by March 31, 2021.

ARM-MSME is an automated / Do-It-Yourself (DIY) web-portal for MSMEs to self-create their restructuring proposal with financial viability projections by iteration of multiple scenarios and relief options, the bank said in a statement.

Existing MSME borrowers of the bank can avail the online facility of submitting the application for restructuring of loan accounts from the comfort of their home/office free of cost, it added.

BoB said borrowers can also modify the online application or re-submit a new online application, as per their convenience. This will help MSMEs prepare their restructuring proposals by keying in only the most essential data of their past and projected financials, the bank said.

Ram Jass Yadav, Chief General Manager – MSME & Retail Business, BoB, said: “Through this partnership, we will hopefully assist numerous MSMEs who are in need of guidance and currently seeking advisory for the one-time restructuring application from external sources as of today.”

 

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In a first, Shivalik urban co-op bank receives Small Finance Bank license from RBI, BFSI News, ET BFSI

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The Reserve Bank of India (RBI) conferred Shivalik Mercantile Co-operative Bank (SCMB) license to carry on business as a Small Finance Bank (SFB)’s under its voluntary transition scheme. The lender said the entity, renamed as Shivalik Small Finance Bank, which would commence business as an SFB by April 2021, was the first Urban Cooperative Bank (UCB) to transit under the scheme.

Shivalik Small Finance Bank said it was the first, and the largest multi-state Urban Co-operative bank in Uttar Pradesh, and had 4 lakh customers as its base. The newly minted small finance bank said it handled a business size of Rs 1800 crore, and had focused on providing a digital experience to its customers.

The SFB said it had been given an 18 month timeline to commence and transition as an entity by the RBI, whilst adding that the lender was expecting the transition to complete by April 2021.

Suveer Kumar Gupta, MD & CEO, Shivalik Mercantile Cooperative Bank, said “It is an honor for Shivalik to be the first UCB in India to transition to a Small Finance Bank. A scheduled commercial banking license will alter our identity significantly allowing us to offer banking services across the country, offer a complete range of retail banking solutions to our customers and further our goal of financial inclusion.”

“Shivalik can rapidly innovate and rollout highly personalized products and services for its customers through its advanced technology platform including the ability to implement Open Banking, and easily collaborate with the external ecosystem, including fintech’s, digital businesses and non-banking financial service providers,” he further added, whilst noting “We believe that technology adoption will allow us to explore previously under explored customer segments and expand across the country without reliance on a physical branch network.”



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IDEMIA partners with IndusInd Bank to launch metal credit card, BFSI News, ET BFSI

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Metal payment card technology entity IDEMIA, in a partnership with IndusInd Bank, announced the lender’s first metal credit card. The entity said IndusInd Bank, which has named the card as “PIONEER Heritage”, added “Payment cards are no longer a mere payment tool in India but also reflect the lifestyle of the card holder,” IDEMIA quoted “Research shows that buying premium products makes 52% of global customers “feel good, and metal cards are a major differentiator for 58% of the card holders.”

IDEMIA further said “high-quality material, superior style, handcrafted design and artisanal effects,” defined the exclusivity quotient for card holders, whilst adding “Equipped with best-in-class features and privileges across categories like travel, wellness, lifestyle, among others, the all new metal credit card – offers exclusivity to wealth customers of IndusInd Bank by providing them with a superior payment experience powered with innovative technology.”

Amanda Gourbault, Executive Vice President, Financial Institutions, IDEMIA, on the launch of the card said “As the world goes digital, payment cards are arguably the last physical touch-point between the bank and its customers. The significance of metal cards is to promote IndusInd Bank’s brand and serve as a tool to create loyalty for the bank,”

“Our global experience is that Metal cards facilitate Card Holders’ exclusive and premium payment experience and hence the customer loyalty,” Gourbault further added.



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PhonePe launches Term Life Insurance plans for users

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PhonePe, India’s digital payments platform, today announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance Co Ltd.

According to the official release, with this launch, millions of PhonePe users can now avail of term life insurance starting from ₹149 per annum.

This policy can be availed instantly on the PhonePe app without any health check-up and paperwork through an all-digital customer experience, PhonePe noted.

The report noted that India’s population has an insurance penetration of just 2.73 per cent and PhonePe, with its over 250 million user-base, aims to improve awareness and penetration of term life insurance products.

All of PhonePe’s users aged between 18 and 50 years and earning ₹1 lakh per annum or above can avail of this policy instantly on the platform.

Furthermore, this policy insures the user for a sum ranging from ₹1-₹20 lakh. The sum depends on the premium amount, and can be renewed seamlessly upon expiration on the PhonePe app, the report added.

Also read: PhonePe introduces voice notification feature for Business app

Commenting on the launch, Gunjan Ghai, VP & Head of Insurance at PhonePe said in the official release: “Insurance as a product has remained largely unpenetrated in India especially in the geographies, age and income groups that need it the most…We at PhonePe are excited to partner with ICICI Prudential to help solve this problem and also to help our user base with a unique product specially tailored for their needs.”

Steps to avail term insurance plan

Users of PhonePe can obtain their term life insurance in a few steps. In the My Money section of the app (both Android & iOS) they can visit the Insurance section and proceed by selecting Term Life Insurance and select the sum they would like to be insured for.

After providing basic details of the person being insured and their nominee, the user can complete their purchase by paying instantly online through PhonePe.

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U GRO Capital sees disbursements at pre-Covid-19 level

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Small business lending fintech platform U GRO Capital has seen its disbursements reach pre-Covid-19 levels but believes that credit demand is still muted.

“We disbursed about ₹120 crore in February and we are now at a little bit more than that,” said Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital, but noted that the credit demand is largely for sustaining existing businesses.

“Borrowers are not thinking about growth too much,” he said in an interaction with BusinessLine.

Also read: U GRO Capital reports Q1 net profit at ₹3.72 crore

U GRO Capital on Wednesday also announced that it has filed an application with the Indian Patent Office for its distinctive methods and systems for modelling scorecards.

“This has allowed the company to penetrate in a highly unstructured segment, which is driven by physical processes,” it said in a statement, adding that it tackles the unavailability of appropriate MSME database, by utilising its unique classification technique leveraging the proprietary knowledge base and strength of statistical models.

Using this model, it aims to target 2.5 lakh small businesses and extend loans on the basis of data analytics amounting to over ₹30,000 crore in the next four financial years.

The company has made disbursals of ₹1,700 crore in the form of secured and unsecured loans till date.

Also read: U GRO Capital appoints Global Value Creation Partners to drive biz growth

The distinctive underwriting model generates credit score cards customised to suit the peculiarities and nuances of varied business enterprises, it said, adding that this is done by analysing the historical loan delinquency patterns and cash flow within each selected business segment.

The proprietary statistical scorecards for assessment at various stages have been developed in consultations with CRIF and Crisil market experts.

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Shivalik Bank receives commercial banking license

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Uttar Pradesh-based Shivalik Mercantile Co-operative Bank (SMCB) on Wednesday said it has received a license from the Reserve Bank of India (RBI) as a Small Finance Bank (SFB).

With this, SMCB becomes the first Urban Cooperative Bank (UCB) in the country to make a transition to a SFB under the voluntary transition scheme. The bank expects to commence business as a SFB by April 2021.

“The bank had received an in-principle approval from RBI for transitioning to a Small Finance Bank in January 2020 and was given an 18 month timeline to commence business as a Small Finance Bank. With today’s announcement, the bank is on track to achieve this much earlier than expected,” the Bank said in a statement.

Also read: Now, New India Co-op Bank to convert into SFB

SMCB is currently a multi-state UCB with an area of operation in Uttar Pradesh, Delhi, and parts of Madhya Pradesh and Uttarakhand. The Bank currently has 31 branches and 4 business correspondent offices.

As on 31 March 2020, the total business size of the bank was approximately ₹1,800 Crore, the statement said.

In a message to customers, Suveer Kumar Gupta, MD & CEO, said the Bank envisages a host of benefits to customers on transition to a SFB, including opening branches across the country; offering competitive rate of interest on home loans since the Bank will become eligible for refinancing facility from government institutions; acceptability of Bank Guarantees and Fixed Deposits offered by the Bank in government organisations.

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Supreme Court to hear pleas against farm laws, issues related to farmers’ protest on January 11

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The Supreme Court on Wednesday said it would hear on January 11 a batch of pleas challenging the new farm laws as also those raising issues related to the ongoing farmers’ protest at Delhi’s borders.

A bench headed by Chief Justice S A Bobde, which observed that there is no improvement on the ground regarding the farmers’ protests, was told by the Centre that “healthy discussions” are going on between the government and farmers on these issues.

Attorney General K K Venugopal said there is a good chance that the parties may come to a conclusion in the near future and filing of a response by the Centre on the pleas challenging the new farm laws might foreclose the negotiations between the farmers and government.

Solicitor General Tushar Mehta, while informing the bench that talks are going on between the government and farmers in a “healthy atmosphere”, said that these matters should not be listed for hearing on January 8.

“We understand the situation and encourage the consultation. We can adjourn the matters on Monday (January 11) if you submit the same due to the ongoing consultation process,” the bench said.

The top court was hearing a plea challenging the farm laws.

 

 

 

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