Tag: coronavirus

Bank employees seek to reduce banking hours, BFSI News, ET BFSI

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AHMEDABAD: Members of Maha Gujarat Bank Employees’ Association (MGBEA) on Tuesday made a representation before the state level bankers’ committee (SLBC) seeking to reduce banking hours in the wake of the steep surge in Covid-19 cases.

“All branches can reduce business hours from 10am to 2pm and provide essential services only. Employees should be allowed to go home after the business hours. The purpose is to reduce the exposure of the staff with public,” mentioned a statement released by MGBEA.

In the wake of the prevailing situation in Gujarat, MGBEA has requested the head of SLBC and the state government to issue guideline to banks.

“Bank branches will be vulnerable points for transmission of Coronavirus. Nearly 10,000 bank employees are tested positive in March 2021. Across Gujarat, some 3,718 branches of nationalised banks along with 1,286 branches of State Bank of India and 1,619 of district and state cooperative banks in addition to 769 branches of gramin bank and 2,206 private bank branch have been operational full time,” said Janak Rawal, general secretary, MGBEA.

“After the hearing of a Suo moto public interest litigation on the Covid-19 surge, Gujarat Government issued some guideline related to Covid-control in Gujarat and allowed government offices to work with 50% staff. We have represented the matter before SLBC, Gujarat and to the chief secretary, Gujarat government to issue guideline for the functioning of banks branches in the state,” Rawal further added.

Bank should be advised to work with reduced staff strength which will be helpful to the employees as well as to the bank in implementing business continuity plan, according to MGBEA. “The banks must close the branch for 48 hours, if any employee tests positive for Covid-19.”



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Finance Ministry calls for vaccination of all bank and NPCI employees on priority

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The Finance Ministry has called for urgent Covid-19 vaccination for employees of all banks and the National Payments Corporation of India, irrespective of their age.

In a letter, the Department of Financial Services in the Finance Ministry has asked the Ministry of Home Affairs and the Ministry of Health and Family Welfare, to consider Covid vaccination on a priority basis for bank and NPCI employees, pointing out that “they are on the frontline and deal with customers and critical infrastructure for seamless banking and payment system”.

Bank employees have worked through the Covid-19 pandemic and lockdown. Bank unions have been requesting that bank staff be treated as frontline workers and are vaccinated as early as possible.

The letter comes amidst the second wave of the pandemic and concerns over mutant strains.

Data with the Indian Banks’ Association reveals that there have been 600 deaths due to Covid-19 in the banking industry as of December 31, 2020. The sector has about 13.5 lakh workers.

“Bank employees have played a critical role over the past year in ensuring that bank branches remain open and functional, and are providing the complete suite of banking services to their customers,” the DFS noted in its letter.

NPCI staff, too, have played a critical role, it said.

The DFS has also received representations from the IBA, HDFC Bank and NPCI on the issue.

At present, the Covid-19 vaccination is available for those above 45 years of age.

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Enable Covid-19 vaccination on “priority basis” for banking sector staff: Finmin

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The Department of Financial Services (DFS) in the Finance Ministry has urged the Union Home and Health Ministries to enable Covid-19 vaccination on priority basis to bank, NPCI employees – who are on the “frontline and dealing with customers and critical infrastructure for seamless banking and payment system”.

This will go a long way in assuring them about the safety of themselves and their families and will boost their morale in continuing to provide their best services to their customers, the DFS said in a communication to the Home and Health Secretaries.

‘Priority groups’

Making a case for inclusion of banking sector staff in the “priority groups” for vaccination, the DFS has highlighted that the Parliamentary Standing Committee on Home Affairs on Management of Covid-19 pandemic had in their 229th report appreciated the efforts taken by the banking sector for providing uninterrupted banking facilities during the Covid-19 outbreak and the consequent lockdown.

The Committee had, therefore, placed on record the good work done by them and recognised them as Covid-19 warriors, the DFS has said. DFS has also now pointed out that many bank officials in their efforts to provide continuous service had lost their lives.

Reliance on digital banking services

Similarity, as people’s reliance on digital modes of payment increased, it was critical to ensure that electronic and digital payments channels were available seamlessly round the clock for a safe and secure customer experience. Here the NPCI staff played a critical role, the DFS has said.

DFS has said that bank employees had played a critical role over the past one year in ensuring that bank branches remain open and functional, and providing the complete suite of banking services to their customers.

This was despite issues on mobility of bank staff to their place of work and issues in adhering to social distancing norms and other precautions. “The effort of bank staff was even more important in view of the disbursal and withdrawal of benefits transferred by the government to beneficiaries under Pradhan Mantri Garib Kalyan Yojana,” the DFS has said.

India has so far covered over 9 crore citizens in its vaccination drive and has supplied over 64 million doses to over 84 countries, including 10 million doses as grant. Already Indian Banks Association, HDFC Bank and NPCI had written to the DFS seeking inclusion of bank employees in the priority list for vaccination.

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RBI’s MPC starts deliberating on next monetary policy

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Reserve Bank of India Governor Shaktikanta Das-headed rate-setting panel MPC started its three-day deliberations on the next monetary policy on Monday amid a sudden surge in Covid-19 cases and the government’s recent mandate asking the central bank to keep retail inflation around 4 per cent.

The RBI will announce the resolution of the Monetary Policy Committee (MPC) on April 7.

Also read: RBI seen leaving repo rate unchanged in first review of FY22

Experts are of the view that the RBI will maintain status quo on policy rates at its first bi-monthly monetary policy review for the current fiscal. It is also likely to maintain an accommodative policy stance.

The policy repo rate or the short-term lending rate is currently at 4 per cent, and the reverse repo rate is 3.35 per cent.

Last month, the government had asked the RBI to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026.

Also read: Govt’s borrowing plan to mount pressure on G-Sec yields in H1

M Govinda Rao, Chief Economic Advisor, Brickwork Ratings (BWR), said given the rise in the spread of coronavirus infections and the imposition of fresh restrictions to contain the virus spread in the major parts of the country, RBI is likely to continue with its accommodative monetary policy stance in the upcoming MPC meeting.

“Considering the elevated inflation levels, BWR expects the RBI MPC to adopt a cautious approach and hold the repo rate at 4 per cent,” Rao said.

Rao noted that in the last MPC, RBI initiated measures towards the rationalisation of excess liquidity from the system by announcing a phased hike in the cash reserve ratio (CRR) for restoration to 4 per cent.

“In the current scenario, the RBI may like to drain in excess liquidity, while higher borrowings and the frontloading of 60 per cent borrowings in H1 FY21 may put pressure on yields, and hence, the RBI may go slow in reversing its liquidity measures announced as a Covid-19 stimulus since March 2020,” Rao added.

Meanwhile, G Murlidhar, MD and CEO, Kotak Mahindra Life Insurance Company, said 2021 has seen a rise in yields across the globe in line with the vaccination-led optimism.

“However, the case for India is a little different this time, with a rapid rise in new Covid-19 cases over the last few weeks. In the upcoming policy, MPC may continue to emphasise the importance of ‘orderly evolution of the yield curve’ given benign inflation trajectory and second wave headwinds to nascent growth recovery,” said Murlidhar.

In a bid to control the price rise, the government in 2016 had given a mandate to RBI to keep retail inflation at 4 per cent, with a margin of 2 per cent on either side, for a five-year period ending March 31, 2021.

The central bank mainly factors in the retail inflation based on Consumer Price Index while arriving at its monetary policy. On February 5, after the last MPC meet, the central bank had kept the key interest rate (repo) unchanged citing inflationary concerns.

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Fintech will be the silver bullet for growth in 2021

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The fintech sector has facilitated business growth during the pandemic. What seemed like an option in 2019, has become an imperative.

There has been a clear shift of digital payments from a nice idea to an essential service. Consumers started using digital payments for groceries, utility payments, etc and now it has become a preferred mode for all their transactions.

This has been propelled by two factors — convenience and the fear of infection which comes with managing cash. Our conversations with consumers indicate that this trend will continue in the post-Covid world as well. Another interesting trend that we have seen is the use of digital payments by what we call the Silver Tech generation — people in the age group of 50-70 years.

Exediting the adoption

According to IBM’s US Retail Index, the pandemic has accelerated the move from storefronts to e-commerce by five years. The ripple effect of e-commerce has fuelled fintech adoption rates. The mobile payments in India are said to grow by ~ 60 per cent by FY 2022.

As nations plan for the next normal, what should businesses be thinking about to succeed in 2021?

Although consumption continues to be low across economies, consumer spending on e-commerce platforms tell a different story. In October, e-commerce sales in India jumped to $ 4.1 billion – across the sale and festive days announced by e-commerce majors – up by $ 2.7 billion a year ago. This indicates green shoots of recovery in consumption.

Livestreaming

The new record set can be attributed to the convenience and safety of shopping from home. Another driver could be that brands and retailers who livestream or use modern technologies such as augmented reality (AI), appear to have a competitive edge, resonating strongly with their customers.

The hesitancy to handle cash will force the adoption of contactless and digital payments as the preferred transaction method both offline and online. In Q3, we saw 15.2 million new active accounts – our second highest quarter in organic user growth, coupled with 1.5 million new merchants come onboard – twice our usual rate in a quarter.

Consumer trust in e-commerce intensifies amidst pandemic

Salesforce’s State of the Connected Customer research report also found that consumers now spend 60 per cent of their time interacting with companies online compared to 42 per cent before the pandemic. By incorporating the Online to Offline (O2O) model, which refers to services such as online information, discounts or services, member rebates, in-store pick-up of items purchased online, or the allowing of online purchases to be returned to physical stores, to their business strategies, companies can improve customer experience, service and loyalty. On the O2O model, we also expect consumers to opt for payment methods that act as a bridge between online and offline, such as digital wallets offering QR codes.

On an average, 88 per cent of shopping carts globally are abandoned, with one of the most common reasons attributed to complex checkout processes.

For businesses looking to keep and grow their customer base in this competitive environment, a simpler, faster, more intuitive checkout process with seamless and safe payment options is critical.

India attracted $2.7 billion in fintech investment in 2020: KPMG

Building trust

This accelerated digital and e-commerce growth, unfortunately, has drawn unwanted attention from bad actors exploiting vulnerabilities for nefarious purposes. Email scams related to Covid-19 have surged in recent times. They will probably continue as scammers push our psychological buttons to acquire our personal and financial information.

With the changing times, consumer preferences have evolved. Retailers now need to review their business models to align to a new normal, where digital DNA will drive growth.

The author is Senior Vice-President, Europe and Australia Enterprise and Growth Markets, Paypal

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How health cover cushioned impact of Covid

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Health insurance has come a long way in the last one year in providing succour to the general public affected by the Covid-19 crisis.

Even as coronavirus completes one year of unleashing physical, psychological and economic turmoil on almost all sections of the society, the response from the regulator, industry and public to the first-ever major health crisis in the last one century, stands out quite prominently.

In the last one year, product innovation and standardisation have been driven by the insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), whose policy framework was met with an enthusiastic response from industry players.

The IRDAI has also played a pivotal role in simplifying complexities in health insurance policies, bringing in transparency to provide clarity to policyholders.

Standard Covid basic products

In the face of the Covid-19 challenge, the regulator rose to the occasion by introducing standard Covid basic products, ‘Corona Kavach’ and ‘Corona Rakshak’, to be offered by non-life and life insurers mandatorily for nine-and-a-half months.

All general and standalone health insurers began offering the products from July 10, 2020. In the backdrop of Covid cases surging between March and September 2020, the introduction of standard covers made a key difference to general public, according to industry experts. As the focus shifted gradually from hospitalisation to home care treatment, a provision to cover home care treatment costs under Covid-specific insurance products was brought in.

The Corona Kavach policy underwent regular modifications in the backdrop of changing ground realities and requirements of patients, and was made to cover some associated costs, including expenditure for personal protective equipment.

The IRDAI Chairman, Subhash C Khuntia, underscored that insurance companies must come to the rescue of policyholders and cater to the changing needs of customers in difficult times. The Covid-specific insurance products are a case in point, and reflect the adaptability of the regulator as well industry players. Corona Kavach finally turned out to be the right product that is aptly designed to cover all specific aspects associated with Covid-19, such as testing and home treatment costs.

The systematisation/standardisation of treatment costs were also ensured by the General Insurance Council (GIC), which brought out an indicative list of treatment costs. This had a positive impact on all Covid-related claims in the last one year.

Covid-19 hospitalisation rates have been arrived at by the council after taking into account the rates fixed by different State governments and after consultations with doctors. Similarly, the basic standard health cover product, ‘Arogya Sanjeevani’, has made good inroads. The standard health cover policy, offered by general and health insurers, provides a maximum cover of ₹5 lakh.

Going forward, Arogya Sanjeevani can provide a further boost to the health insurance portfolio in the post-Covid era.

A big shift

The Covid-19 outbreak and the need for health insurance can prove to be a game-changer for the industry in the days to come.

Innovative products and new service offerings such as telemedicine are likely to pick up, opening up new avenues in health cover, too. Digital technologies and their increased use, both by insurers and customers, are also expected.

There has also been an increase in demand for health insurance by consumers as they have become more health-conscious. The increase in demand has been fuelled to a significant extent by the younger generation, say industry sources.

As per the data available with insurers, millennials were the top buyers of the Corona Kavach plan, as over 40 per cent of the buyers are in the age group of 18-30 years.

As the treatment costs are high in private hospitals, data show that a good number of policyholders had opted for the higher side of the sum insured of ₹2 lakh to ₹5 lakh.

While the Covid threat is expected to pass over a period of time, with vaccination as well as preventive protocols by the larger public, the interest in health insurance is here to stay.

According to Sanjay Datta, Chief-Underwriting, Claims and Reinsurance, ICICI Lombard GIC, while Covid-specific policies were short-term policies, they created greater awareness on the need for long-term and regular health insurance.

“Overall, they have created large-scale awareness among the general public,” he told BusinessLine. As per industry estimates, insurance penetration in the country was at 3.78 per cent in FY20, which is low compared to the global average of 7.23 per cent.

Of this, the non-life segment penetration amounts to only 0.97 per cent. This is expected to expand further.

The final impact

What will be the final impact of coronavirus on the bottom line of insurers? It may take more time to get an answer for this question.

According to the CEO of a major non-life insurance company, an understanding of the net impact of Covid on the business of general insurers, may differ from company to company.

“As of now, we can say that health insurance business has certainly got a boost and it has overtaken motor segment. But the real picture will only come out with full-year numbers,” he added.

The lessons learnt in response to Covid can also go a long way in preparing for future perils to public health and designing viable and efficacious products.

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Banks’ impaired loans and credit costs to rise: Fitch

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Indian banks’ improved financial metrics do not fully reflect the impact of the coronavirus pandemic, cautioned Fitch Ratings.

The global credit rating agency expects both impaired loans and credit costs to rise as forbearance and easy-liquidity conditions ease even as it projected India’s real GDP growth at 11 per cent in FY22.

Also read: RBI allows AD Cat-I Banks to post and collect margin in India

Fitch believes the state-led banks are more vulnerable than private banks, given their participation in relief measures, while their earnings and core capital buffers are weak.

The agency observed that the operating environment remains challenging as the banking sector tries to balance a gradually recovering economy with preserving moderate loss-absorption buffers.

Pressure on retail, stressed SMEs loans

Indian banks’ aggregate non-performing loan (NPL) ratio fell to 7.2 per cent by end-December 2020 (end-March 2020: 8.5 per cent).

Fitch said NPLs exclude unrecognised impaired loans under judicial stay, restructured loans, loans under watch and loans overdue by 60 plus days, which formed 4.2 per cent of loans.

It underscored that average contingency reserves of 0.7 per cent of loans are inadequate to absorb heightened stress, although private banks are well above the average.

Fitch sees high risk of a protracted deterioration in asset quality with more pressure on retail and stressed SMEs loans (8.5 per cent of loans, 1.7 per cent state guaranteed).

Credit growth

Credit growth was weak at 4.5 per cent in the first nine months of the financial year ending March 2021 (9MFY21), in line with Fitch’s expectations, as banks remained risk averse.

Fitch said private banks are better poised to tap growth opportunities in 2021 as their higher contingency reserves offer better earnings and capital resilience.

The state-led banks’ average buffer between pre-provision profits and credit costs is only 160 basis points (bps) versus 340 bps at private banks, it added.

State-run banks: Limited core capital

Fitch assessed that state-led banks also have limited core capital buffers (average common equity Tier 1 ratio: 9.8 per cent) in the event of further asset stress, which is unlikely to be remediated solely via the state’s planned capital injections of $5.5 billion (0.7 per cent of risk-weighted assets) in FY21 and FY22.

Also read: India needs to make efforts to get rating upgrade in line with fundamentals: CEA

The agency emphasised that the plan is well below its estimated capital requirement of $15 billion to $58 billion under varying stress scenarios.

The strategy to either not lend or lend only to capital-efficient sectors is likely to continue as low market valuations leave state-led banks with limited scope to access fresh equity on their own, it added.

Stress among retail customers

Fitch said the faster-than-expected GDP rebound in 3QFY21 (October-December 2020) is positive, but many sectors continue to operate well below capacity.

In addition, the decline in private consumption (3QFY21: -2.4 per cent), and reports of rising urban utility bill defaults and social security withdrawals point towards stress among retail customers.

Fitch believes that the SME sector faces a litmus test in FY22 as short-term credit support extended in FY21, which, in its view, deferred the recognition of stress, comes up for refinancing.

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More companies opting for cyber insurance, hiking limit: Bharat Re Insurance Brokers

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More and more companies are taking up cyber insurance in recent years and those with existing policies are looking to hike their covers, said TL Arunachalam, Director and Head, Cyber and Emerging Risks Practice, Bharat Re Insurance Brokers.

“There has been a good response to cyber insurance in the last two to three years, It has been growing in two aspects — those who had bought a cover in the past are looking for increased limits for insurance. There are also new buyers in sectors apart from banking,” he told BusinessLine.

Companies in sectors like manufacturing, pharmaceuticals, e-publishing and service providers are also now buying cyber insurance, he said.

While companies with clients in Europe or the US now insist on having cyber insurance before any business activity takes place, there has also been an increase in incidences of ransomware, especially during the pandemic, he said.

Most companies in the banking and insurance sector had been taking cyber covers in recent years but other corporates had been slow to adapt, according to industry watchers.

The Insurance Regulatory and Development Authority of India too had recently noted that the economic situation owing to Covid-19 pandemic has seen an exponential increase in cyber attacks across the globe and, in particular, the financial sector. The IRDAI has also formed a committee now to review its insurance and security guidelines.

Meanwhile, commenting on the pandemic and its impact on businesses, Vijay Thyagarajan, Principal Officer and CEO, Bharat Re Insurance Brokers, said it has highlighted the need for business interruption cover.

“Business interruption cover was not being bought even before Covid. The cover should not be looked at only from the point of view of a pandemic,” Thyagarajan said, adding that business interruption could happen even due to other accidents like fire or a flood.

“People are slowly realising this,” he noted, adding that Covid has highlighted that business interruption is a real possibility.

Most business interruption covers globally do not cover the non-damage interruptions such as the Covid-19 lockdown.

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Federal Bank aims ‘mid-teen’ growth in credit for FY22, BFSI News, ET BFSI

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Private sector lender Federal Bank is aiming for an acceleration in credit growth into “mid-teen” figures in 2021-22 on the back of an economic recovery, a top official said on Tuesday. Its Managing Director and Chief Executive Officer Shyam Srinivasan said the increase in virus infections in states like Maharashtra needs to be watched, but exuded confidence that it will not affect the overall economic activity, terming it a “minor blip”.

“We are looking at a credit growth in the mid-teens levels for 2021-22. If you look at the growth in the third quarter of 2020-21, it will come at an annualised level of 10 per cent,” he said.

Srinivasan said a majority of the loan segments will grow at over 20 per cent levels and a few like corporate will also grow around 10 per cent to achieve the credit growth target next fiscal.

While more headroom exists for growth in share of gold loans in the overall book, the portfolio growth will moderate to 20-30 per cent levels from the current 60 per cent levels, he said.

There are early signs of a revival in private capital expenditure which will boost the corporate loan growth, and the same will be more visible by the second half of the current calendar year, he said.

The bank is “fairly close” to the objective of having a 55:45 split in the loan book between retail and wholesale loans, and would like to maintain it the same way going ahead as well.

From an asset quality perspective, Srinivasan said everybody is looking forward to the Supreme Court judgment on the standstill in asset recognition and hinted that a clarity will help in recovery efforts.

A non-classification as an NPA (non-performing asset) does not create the pressure on the borrower through poor credit scores and also restricts the bank from enforcing all the recovery efforts till the asset is a notional NPA, he said.

The bank has made provisions of over Rs 1,200 crore to increase its provision coverage ratio and maintains that it will be meeting its targets on return on assets by end of 2021-22, he said.

The overall collection efficiency is back to the pre-COVID-19 levels of over 90 per cent, Srinivasan said. He added that upcoming state elections in Kerala, Tamil Nadu, West Bengal and Assam have affected the collection intensity as governments ask banks to go slow.

The bank is set to launch its credit card offering by the next month to complete its product suite, Srinivasan said. After starting with its own staff, it will offer the card to existing customers starting in April and will go to new to bank customers by the end of the year, he said acknowledging the competition intensity in the segment.

For its non-bank lending subsidiary Fedfina, the bank will await clarity on rules expected later this year, and then decide whether to take the company public or let its private equity partner True North increase its stake in the company, Srinivasan said. The non-banking financial company has sufficient capital to last through the current year, he added.



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Covid-19 claims register marginal decline: Insurers

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Medical costs and insurance claims for Covid-19 treatment seem to have declined in recent months, with treatment costs now largely standardised and better management of the infection.

According to insurers, the average claim amount is now at about ₹1 lakh for Covid-19 hospitalisation, compared to the previous ₹1.3 lakh to ₹2 lakh.

“Covid-19 claims have gone down from what it was initially. In the initial days, the average size went up to ₹2 lakh, but it has been consistently coming down… At the industry-level, it is in the range of ₹1 lakh. For us, the average size is ₹1.25 lakh to ₹1.3 lakh as our product has no constraints. We do all our underwriting at the sales time,” said Anurag Rastogi, President, Chief Actuary and Chief Underwriting Officer, HDFC Ergo General Insurance.

Rastogi attributed this to various reasons. “The government has intervened, different State governments have fixed that maximum ceiling and insurance companies have been working with hospitals to rationalise the costs. The hospital industry has been very supportive. The General Insurance Council has been working with hospital associations and IMA so that common customers are not inconvenienced,” he told BusinessLine.

Treatment costs

Sanjay Datta, Chief, Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance, said overall, the per case treatment costs have remained the same or gone down slightly.

“The treatment has improved and not everyone who is getting Covid is getting hospitalised. More and more people with mild symptoms are isolating at home. Second, those who are going to the hospital are going at a stage when it is managed better. So, there are less cases of people going to ICUs or being put on ventilators. In terms of hospitalisation costs, doctors are now getting specific only tests done now,” he noted.

An industry expert, too, said that average cost now is at ₹1 lakh, or even marginally lower for Covid-19 hospitalisation. “This was at about ₹1.2 lakh to ₹1.3 lakh earlier,” he noted.

A second wave

The lower daily caseload has also brought some respite, but insurers say they are prepared for a possible second wave.

Sky-rocketing Covid-19 treatment costs, with bills for some patients reportedly touching ₹10 lakh, had proved to be a significant concern for patients and families and insurance companies. The General Insurance Council had even brought out an indicative list of treatment costs in an attempt to rationalise hospital charges.

According to industry sources, about ₹12,500 crore of Covid-related medical claims have been filed, of which, nearly ₹7,500 crore have been settled.

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