Tag: banks

Lenders remain risk averse to additional lending or alter lending terms: Ind-Ra

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India Ratings and Research (Ind-Ra) said lenders remain risk averse despite only 5 per cent of its rated 450 issuers in the mid and emerging corporates (MEC) space availing the Reserve Bank of India’s (RBI) financial restructuring facility available till December 31, 2020.

The credit rating agency, in a report, opined that bankers have remained extremely risk-averse to extend additional lending or alter the lending terms for issuers (companies) having weak liquidity, high leverage or where the credit profile is unlikely to improve in the near to medium term.

Ind-Ra observed that the relief package offered by banks and festival demand coupled with positive sentiments will partially abate the near-term liquidity headwinds for lower rated mid and emerging corporates.

Funding constraints

However, the agency expects funding constraints to increase for issuers having stretched liquidity and a weak credit profile over FY22 and FY23, reducing the financial flexibility for those that have not availed loan restructuring.

Of Ind-Ra’s rated MEC portfolio, 56 per cent of the issuers primarily belonging to the ‘IND BB’ and below rating categories depict a stretched liquidity profile. Of these, 74 per cent belong to the Discretionary and Industrial segments.

“Developments like the fear of a second wave of pandemic…the availability of liquidity with the issuers at end-1H (April-September) FY22 once the additional bank funding availed is exhausted are key monitorables,” said Shivani Suvarna, Analyst, Ind-Ra.

Ind-Ra believes that notwithstanding the short-term liquidity relief, reverting to the pre-Covid profile would be prolonged, especially for the ones belonging to the Discretionary segment.

The agency said it will continue to monitor the credit and liquidity profile of the issuers in the MEC space and could take negative rating actions for issuers having weak liquidity or deteriorated long-term credit profile or a combination of both.

Restructuring: lower-than-expected

Ind-Ra attributed the lower-than-expected restructuring to the various government measures and faster demand recovery in the domestic market, supported by a marginal pick-up in exports in certain sectors.

“Issuers having availed restructuring are primarily rated in the ‘IND BB’ and below rating categories with stretched liquidity.

“Such issuers belong to the Industrial and Discretionary segments and operate mainly in sectors such as real estate and construction & engineering,” said Suvarna.

Ind-Ra believes the lower restructuring stems from the ₹3 lakh crore Emergency Credit Line Guarantee Scheme and the Covid-19 loans provided by banks, offering respite to issuers with weak liquidity and increasing their ability to withstand the sustained cash flow pressures caused by the Covid-19 led lockdown.

“Even though not all issuers had availed the additional funding, the same has flowed down to the entities lower down the value chain.

“Many banks have also automatically converted the interest due on the working capital loans under moratorium into term loans, thus, eliminating the need for the issuers to apply for the restructuring scheme,” the report said.

Moreover, the revised definition of micro, small and medium enterprises (MSMEs) has enhanced the access of freshly included entities to funding from the financial system.

Restructuring: Sentiments

Ind-Ra also believes that the sentiments of the issuers have played a role in them not availing the restructuring scheme. The liquidity crunch endured by the issuers in 1HFY21, backed by the onset of a recovery in 3Q (October-December) FY21, has led to a belief of their increased resilience towards their liabilities.

The opening of offices, factories, retail stores and malls backed by the festival and marriage season demand has led to the issuers witnessing a steady recovery in their credit profiles over October – December 2020, the report said.

Recovery for players operating in the textile sector was augmented by a demand improvement in their export markets. The production and consumption of steel have been improving month on month, backed by an increase in demand, reflecting in its prices.

The automobile industry also grew 6 per cent year on year on December 31, 2020, aided by festival demand, thus imbibing confidence in the small-medium scale auto dealers and OEM manufacturers.

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Veena Sivaramakrishnan, BFSI News, ET BFSI

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The resolution framework for stressed assets has been in the works for sometime from the time of Project Sashakt itself and the AMC-ARC structure has been attractive leading to competition because there is now an expectation that there will be competition in this market so the price discovery would get better because NPAs don’t have a mechanism by which they’re traded.

Veena said, “AIFs coming into fray would allow other players to also enter into this market which is not permitted directly and certainly the first step in the right direction.”

On the framework, she says, “ARC purchases bad debt and looks at recovering directly from the borrower and is fairly limited. With an AMC coming into picture means there’s a specialist in the frame who can provide the know-how on actual resolution and outside IBC.”

An expert AMC will play a role in restructuring an account and therefore arrive at a resolution.

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RBI sets out enhanced norms to improve grievance redress mechanism at bank

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Suggested keywords: disclosures, customer complaints, cost-recovery framework, grievance redress mechanism, banks

Enhanced disclosures on customer complaints and operationalisation of a cost-recovery framework have been prescribed by the Reserve Bank of India (RBI) to strengthen and improve the efficacy of the grievance redress mechanism of banks.

Further, the central bank will undertake intensive review of the grievance redress mechanism of banks having persisting issues in their redress mechanism.

Based on the review, a remedial action plan will be formulated and formally communicated to banks for implementation within a specific time frame.

In case no improvement is observed in the grievance redress mechanism within the prescribed timelines despite the measures undertaken, the bank(s) will be subjected to corrective actions through appropriate regulatory and supervisory measures, RBI said in a notification to all Scheduled Commercial Banks (excluding Regional Rural Banks).

Granular disclosures

Granular disclosures on complaints and grievance redress include providing summary information on complaints received by the bank from customers and from the Offices of Banking Ombudsman (OBOs), and top five grounds of complaints received by the bank from customers.

“Disclosures serve as an important tool for market discipline as well as for consumer awareness and protection.

“Appropriate disclosures relating to the number and nature of customer complaints and their redress facilitate customers and interested market participants to better differentiate among banks to take an informed decision in availing their products and services,” the notification said.

Cost-recovery framework

RBI said it will operationalise the cost-recovery framework for banks, whereby the cost of redress of maintainable complaints will be recovered from the banks against whom the number of complaints received in OBOs are in excess of their peer group averages.

For this, peer groups based on the asset size of banks as on March 31 of the previous year, will be identified.

Peer group averages of maintainable complaints received in OBOs would be computed on three parameters — average number of maintainable complaints per branch, average number of maintainable complaints per 1,000 accounts (total of deposit and credit accounts) held by the bank, and average number of maintainable digital complaints per 1,000 digital transactions executed through the bank by its customers.

The cost of redress to be recovered in this respect will be the average cost of handling a complaint at the OBOs during the year.

Intensive review

RBI will undertake, as part of its supervisory mechanism, annual assessments of customer service and grievance redress in banks, based on the data and information available through the Complaint Management System, and other sources and interactions.

Banks identified as having persisting issues in grievance redress will be subjected to an intensive review of their grievance redress mechanism to better identify the underlying systemic issues and initiate corrective measures.

The intensive review will include, but not be limited to, areas such as adequacy of customer service and customer grievance redress-related policies, functioning of the Customer Service Committee of the Board, level of involvement of the top management in customer service and customer grievance-related issues, and effectiveness of the grievance redress mechanism of banks.

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Banks review services policy for WhatsApp, BFSI News, ET BFSI

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Banks, which were looking to integrate WhatsApp as a key channel for customers to transact on, are reviewing their policies in respect of the use of the messaging platform. This comes after general concerns among the public that have arisen over Facebook sharing user data among its group companies.

HDFC Bank, which was earlier offering customers the option to obtain bank account balances through WhatsApp banking, has discontinued the facility. Customers seeking balance inquiry are asked to use the bank’s mobile banking app, net banking or other offline methods. Others — ICICI Bank, IDBI Bank, Kotak Mahindra Bank and IndusInd Bank — continue to allow customers to check their balance.

According to an industry source, earlier the idea was to have deep integration with the bank’s systems and artificial intelligence chatbots so that customers can get their servicing requests and even transactions done in a straight-through manner. The idea was to facilitate the entire banking experience through the social media platform, where customers spend most of their time, without having to log into net banking.

Now there appears to be some caution in using WhatsApp banking as a channel. It is not clear whether HDFC Bank’s change in WhatsApp services is part of its ongoing back office overhaul or review of the WhatsApp policy.

Incidentally, all Whatsapp banking chats come with a label stating that while these are encrypted, the bank may use a service to store, read and respond to messages and calls. According to Rajshekhar Rajaharia, a researcher on internet security who pointed out the policy change, businesses and solution providers will use WhatsApp’s parent company, Facebook, to securely store messages and respond to customers.

While Facebook will not automatically use messages to determine the ads that you see, businesses will be able to use chats they receive for their own marketing purposes, which may include advertising on Facebook.An ICICI Bank spokesperson, responding to a query from TOI, said, “Messages to the ICICI Bank WhatsApp Banking service are secured with end-to-end encryption. This means that WhatsApp or third parties cannot read them. Further, the delivered chats are neither shared with Facebook nor saved in the servers of Facebook. Facebook has meanwhile integrated a Whatsapp button on the homepage of banks. Customers will have the option to chat with the bank clicking on the button. The button is also available on some advertisements.”According to WhatsApp’s privacy policy, “Facebook may use the way you interact with these ads to personalise the ads you see on Facebook.”

Experts say that WhatsApp messages, being encrypted, are more secure than SMSs, which are viewable to telecom companies and government agencies and can also be intercepted by hackers. However, the concerns are not about hacking but privacy with organisations using customer data to sell third-party products.



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Depositors seek end to ATM ‘decline fee’, BFSI News, ET BFSI

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The All India Bank Depositors’ Association of India in their pre-policy meeting with RBI governor Shaktikanta Das have asked for the withdrawal of an “unjust” ‘transaction decline charge’ on debit cards.

Each time a person without adequate balance in his/her account tries to withdraw cash from an ATM or uses debit cards to make a payment, the bank penalises him/her Rs 25 plus GST as ‘transaction decline’ charge. This can be termed as the digital version of a charge for bouncing a cheque.

“Such exorbitant penalty for digitally paying consumers ‘disincentivises’ them, thereby many are moving away from digital payments. This applies more to the marginalised class of depositors who may not always have adequate funds in their accounts,” the association said in its written representation.

The body said that these charges are not only unjust but also against the principle of ‘transaction decline’ as this is not like issuing a cheque to a third-party but like a depositor walking into a branch and trying to draw cash. Also, there is no cost to the card-issuing bank in such transactions.

“The NPCI does not consider it as a transaction and hence no interchange is paid by the card-issuing bank,” the letter said. “Though, we can still understand that as a deterrent, banks charge for cheque bounce, where cheque/ECS returns involve third parties and create distrust in the payment mode. However, declined POS/ATM transactions due to insufficient balances is nowhere on a par with cheque/ECS returns. It does not involve any intent of systemic inconvenience or distrust to a third party,” the bank said.

In its representation to the RBI, the association said that prior to January 2020, SBI was charging Rs 17.7 per non-cash digital transaction for over 12 crore basic savings bank deposit accounts. “SBI has agreed to refund the exorbitant charges only for the period starting January 2020, but not prior to that. As disclosed by SBI, during FY20, SBI collected over Rs 150 crore towards service charges from such accounts,” the association said.

Another wrongful charge highlighted by the association was the one imposed by payment aggregators on consumers for making digital payments on e-commerce websites. While the merchants and the banks claimed that they were not the ones pocketing the charge, they did facilitate these charges. which were against the government mandate.

The association also urged the RBI governor not to cut interest rates as inflation has been high and oil prices were firming up.



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Finance ministry looks at holding company for PSB recap, BFSI News, ET BFSI

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NEW DELHI: The finance ministry is looking at other avenues for affordable capital infusion, including setting up of a Bank Investment Company (BIC), as the RBI has raised concern over the issuance of zero coupon bonds for recapitalisation of public sector banks (PSBs), sources said.

Setting up BIC as a holding company or a core investment company was suggested by the P J Nayak Committee in its report on ‘Governance of Boards of Banks in India‘.

The report recommended transferring shares of the government in the banks to the BIC which would become the parent holding company of all these banks, as a result of this, all the PSBs would become ‘limited’ banks.

BIC will be autonomous and it will have the power to appoint the board of directors and make other policy decisions about subsidiaries.

The idea of BIC, which will serve as a super holding company, was also discussed at the first Gyan Sangam bankers’ retreat organised in 2014, the sources said. They added that it was proposed that the holding company would look into the capital needs of banks and arrange funds for them without government support.

It would also look at alternative ways of raising capital such as the sale of non-voting shares in a bid to garner affordable capital.

With this in place, the dependence of PSBs on government support would also come down and ease fiscal pressure.

To save interest burden and ease the fiscal pressure, the government decided to issue zero coupon bonds for meeting the capital needs of the banks.

The first test case of the new mechanism was a capital infusion of Rs 5,500 crore into Punjab & Sind Bank by issuing zero-coupon bonds of six different maturities last year. These special securities with tenure of 10-15 years are non-interest bearing and valued at par.

However, the Reserve Bank of India (RBI) expressed concerns over zero-coupon bonds for the recapitalisation of PSBs.

The RBI has raised some issues with regard to calculation of an effective capital infusion made in any bank through this instrument issued at par, the sources said.

Since such bonds usually are non-interest bearing but issued at a deep discount to the face value, it is difficult to ascertain net present value, they added.

As these special bonds are non-interest bearing and issued at par to a bank, it would be an investment, which would not earn any return but rather depreciate with each passing year.

Parliament had in September 2020 approved Rs 20,000 crore to be made available for the recapitalisation of PSBs. Of this, Rs 5,500 crore was issued to Punjab & Sind Bank and the finance ministry will take a call on the remaining Rs 14,500 crore during this quarter.

With mounting capital requirement owing to rising NPAs, the government resorted to recapitalisation bonds with a coupon rate for capital infusion into PSBs during 2017-18 and interest payment to banks for holding such bonds started from the next financial year.

This mechanism helped the government from making capital infusion from its own resources rather utilised banks’ money for the financial assistance.

However, the mechanism had a cost of interest payment towards the recapitalisation bonds for PSBs. During 2018-19, the government paid Rs 5,800.55 crore as interest on such bonds issued to public sector banks for pumping in the capital so that they could meet the regulatory norms under the Basel-III guidelines.

In the subsequent year, according to the official document, the interest payment by the government surged three times to Rs 16,285.99 crore to PSBs as they have been holding these papers.

Under this mechanism, the government issues recapitalisation bonds to a public sector bank which needs capital. The said bank subscribes to the paper against which the government receives the money. Now, the money received goes as equity capital of the bank.

So the government doesn’t have to pay anything from its pocket. However, the money invested by banks in recapitalisation bonds is classified as an investment which earns them an interest.

In all, the government has issued about Rs 2.5 lakh crore recapitalisation in the last three financial years. In the first year, the government issued Rs 80,000 crore recapitalisation bonds, followed by Rs 1.06 lakh crore in 2018-19. During the last financial year, the capital infusion through bonds was Rs 65,443 crore.



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Mobile app for gold loan launched in Kochi

Banking & Finance

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Kochi-based Gold Dimensions Pvt Ltd has introduced a mobile app using which customers can take out gold loans on easy and borrower-friendly terms from banks.

The app named My Gold Bazzar.com helps locate suitable banks, both in the private and public sectors, for speedy disbursal of loans at lower interest rates and high per gram rate, Tomy K Augustine, one of the promoters of the company, said.

Also read: Big Story | Five cautions against money-lending apps

The main feature of the app is that prospective borrowers can easily locate lenders that offers customer-friendly features such as low rate of interest, high per gram rate, low service charge, and quick service, among others. The facility of takeover of existing loan is also offered by this app.

This is for the first time in the country that an app for gold loans has been launched, he said. Users can also obtain daily gold rates through this app. In an initial offer, the company will return a part of the interest paid if the loan is closed after 30 days, he said.

Also read: CSB banks on gold loans to drive growth

The company intends to expand across South India within three months, and pan India in the next six months, he added.

The app was launched by Jose Dominic, Director and Co-founder of CGH Earth Group.

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RBI FSR, BFSI News, ET BFSI

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Banks‘ gross non-performing assets may rise to 13.5% by September 2021, from 7.5% in September 2020 under the baseline scenario, according to the Financial Stability Report (FSR) released by the Reserve Bank of India. The GNPA ratio of PSBs may increase from 9.7% in September 2020 to 16.2% by September 2021; that of PVBs (private banks) to 7.9% from 4.6% in 2020; and FBs’ (foreign banks) from 2.5% to 5.4%, over the same period. Under the baseline scenario, it would be a 23-year-high. The last time banks witnessed such NPAs was in 1996-97 at 15.7%, showed the RBI data.

These projections are indicative of the possible economic impairment latent in banks’ portfolios, with implications for capital planning, noted the report.

“While the RBI has strongly cautioned about a likely surge in NPAs in the coming months, it may not be a surprise given the current economic scenario. Banks that maintain high CRAR should be on a distinctly better footing. Meanwhile, the signs of tapering in fresh Covid-19 infections, and positive developments on the development of vaccines can help faster normalisation of economic activities. Also, it is heartening to note that the RBI remains committed to nurture growth recovery,” said Siddhartha Sanyal, Chief Economist and Head of Research, Bandhan Bank.

In case of severe stress scenario, the GNPA ratios of PSBs, PVBs and FBs may rise to 17.6%, 8.8% and 6.5%, respectively, by September 2021. The GNPA ratio of all SCBs may escalate to 14.8%. This highlights the need for proactive building up of adequate capital to withstand possible asset quality deterioration, said the report.

Stress tests gauge the adequacy of capital and liquidity buffers with financial institutions to withstand severe but plausible macroeconomic and financial conditions. In the face of a black swan event such as the COVID-19 pandemic, it is necessary to tweak regular stress testing frameworks to accommodate the features of the pandemic.

“In view of the regulatory forbearances such as the moratorium, the standstill on asset classification and restructuring allowed in the context of the COVID-19 pandemic, the data on fresh loan impairments reported by banks may not be reflective of the true underlying state of banks’ portfolios. This, in turn, can underestimate the impact of stress tests, given that the slippage ratios of the latest quarter for which data is available are the basic building blocks of the macro-stress testing framework. To tide over this limitation, it is necessary to arrive at reliable estimates of slippage ratios for the last three quarters, while controlling for the impact of regulatory forbearances,” the report said.

The stress tests results also indicated that four banks might fail to meet the minimum capital level by September 2021 under the baseline scenario, without factoring in any capital infusion by stakeholders. In the severe stress scenario, the number of banks failing to meet the minimum capital level may rise to nine

At the aggregate level, banks have sufficient capital cushions, even in the severe stress scenario facilitated by capital raising from the market and, in case of PSBs, infusion by the Government. At the individual level, however, the capital buffers of several banks may deplete below the regulatory minimum.

Hence going forward, mitigating actions such as phase-wise capital infusions or other strategic actions would become relevant for these banks from a micro-prudential perspective, the report stated.



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Private banks close gap with public sector banks on term deposit rates

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While PSBs’ WALR on outstanding loans fell by 69 bps between February and November 2020, for private banks the rate fell 59 bps. Representative Image

As private banks gain share in the banking system’s deposit base, they have begun to close the gap with public sector banks (PSBs) in terms of how much they pay for deposits. According to Reserve Bank of India (RBI) data on bank group-wise interest rates, the difference between the weighted average domestic term deposit rates of the two sets of banks fell to three basis points (bps) in November 2020 from 32 bps in December 2019. The data also point to poor transmission of rate cuts, with the weighted average lending rate (WALR) on outstanding rupee loans declining only 69 bps between February 2020 and November 2020 even as the repo rate fell 115 bps over the same period.

Private lenders are now comfortable paying less on term deposits even as growth in this category of deposits has been slowing for them in FY21 so far. The central bank’s recent Trend and Progress Report attributed the moderation in term deposits to easing interest rates and the lure of returns on competing asset classes. “Term deposit growth of PVBs decelerated sharply even as it quadrupled in PSBs,” the report said.

Analysts attribute the downtrend in private banks’ deposit rates to a longer-term phenomenon of market share shifts. In a report dated December 16, analysts at Morgan Stanley said that one of the challenges for Indian private banks was that of funding, as they were gaining market share in loans faster than deposits.


Consequently, loan to deposit ratios were high, and private banks were paying a premium on term deposits relative to PSBs. “However, we note that large private banks have significantly accelerated pace of deposit market share gains over the past two years, and hence reduced the premium that they pay on term deposits,” the report said.
Another factor that has helped private banks lower term deposit rates is a faster accretion of low-cost deposits. Credit Suisse said in a recent report that deposit growth in Q2FY21 remained strong for private banks, with smaller private banks continuing to see strong growth post the outflows in Q4FY20, aided by higher rates being offered. “Given excess liquidity, banks have focused on growing their low-cost deposits and CASA (current account savings account) ratios have moved up for most banks,” the report said.

At the same time, private banks have also been slower to pass on rate cuts to their borrowers. While PSBs’ WALR on outstanding loans fell by 69 bps between February and November 2020, for private banks the rate fell 59 bps. Kotak Institutional Equities (KIE) on Monday pointed out that the gap between outstanding and fresh lending rates has been in the range of 110-140 bps for the past nine months. Before that, it had been increasing, led by a steady decline in fresh lending rates.

Obviously, loan spreads remain quite high and a closer look at specific product segments would prove transmission to be less effective than what the headline figure suggests. “In a relatively low growth and heightened risk environment, especially after Covid, we note that the spreads have continued to remain high,” KIE said, adding, “The spread over G-Sec with deposits and loan rates has widened implying banks are seeing lower spreads on investments and better spreads on loan yields.”

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Post Office Savings Bank likely to be interconnected with other banks by April, BFSI News, ET BFSI

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New Delhi: India Post expects to make the Post Office Savings Bank interoperable with other bank accounts by April and will focus on enhancing digitisation of all services in 2021, a senior official of the department said. The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.

“We will enhance our focus on digitising services and delivery of service at doorstep in the coming year. Our banking and financial services have been digitised already. We expect to make Post Office Savings Bank also directly interoperable with accounts of other banks by April,” Bisoi said.

The Post Office Core Banking Solution (CBS) system is the largest in the world with 23,483 post offices already on this network.

India Post serves more than 50 crore Post Office Savings Bank (POSB) customers through 1.56 lakh post offices across the country. It has an outstanding balance of Rs 10.81 crore under POSB schemes.

All POSB accounts can be linked to the India Post Payments Bank (IPPB) accounts and can be operated through mobile app DakPay.

“Besides making services digitally accessible to people, we are focussing on doorstep delivery of services. This year we remitted Rs 900 crore money through around 85 lakh transactions and verified 3 lakh pensioners on their doorstep,” Bisoi said.

India Post had to suddenly handle responsibility of delivery of essential articles during the lockdown when all the modes of transport were grounded.

The Department of Posts (DoP) started a national level dedicated ‘Road Transport Network’ on 56 routes touching 80 cities and carried approximately 15,000 bags containing 75 tonnes of parcels daily through the network.

“We now have a parcel handling capacity of 9 crore articles per annum. Average transit time of Speed Post reduced from 105 hours in July 2019 to 81 hours in February 2020,” Bisoi said.

During the lockdown, the postal network carried over 10 lakh medical articles across the country, including boxes of medical equipment, ventilators, PPE kits and medicines.

Around 36,000 tonnes of material were delivered through postal channels which also include use of parcel trains.

Not only medicines, India Post also delivered Gangajal to 2.37 lakh homes between April-November 2020.

Bisoi further said the business of India Post was down during the first six month of the current fiscal but it is now getting back to normal.



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