Tag: economy

UPI registers robust growth in August

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Digital payments continued to grow at a robust pace and touched a new record in August with further easing of lockdown restrictions by many States and resumption of economic activities.

Unified Payments Interface registered 355 crore transactions worth ₹6.39 lakh crore in August 2021, according to data released by the National Payments Corporation of India on Wednesday. Transactions on the UPI platform had breached the ₹6 lakh crore-mark in July to amount to ₹6.06 lakh crore.

The Immediate Payment Service (IMPS) also witnessed a sharp growth in transactions. The number of transactions on the IMPS platform rose to 37.79 crore in August and valued at ₹3.18 lakh crore. It had processed 34.97 crore transactions amounting to ₹3.09 lakh crore in July.

ALSO READ e-RUPI could be bigger than UPI, say experts

FASTag collection up

Payments on NETC FASTag crossed 20 crore in terms of volume in August to 20.12 crore. In value terms, it amounted to ₹3,076.56 crore. In contrast, 19.23 crore transactions worth ₹2,976.39 crore were processed on NETC FASTag in July.

Aadhar Enabled PaymentSystem (AePS) transactions, too, scaled the 10-crore transaction mark last month. As many as 10.84 crore payments worth ₹27,353.87 crore took place through AePS in August compared to 8.88 crore transactions totalling ₹23,447.11 crore in July.

The BharatBill Pay platform registered 5.88 crore payments totalling ₹10,307.4 crore in August versus 5.1 crore transactions amounting to ₹9,612.87 crore in July.

ALSO READ UPI sets new record in July

“We believe that continued opening of the economy and markets coupled with the upcoming festive season would enable spends to grow at a better pace over the medium term ,” Motilal Oswal had said in its Digital Payments Tracker report for July that looked at card and UPI spending.

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Despite signs of recovery, economy not yet out of the woods: RBI Governor

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The Governor of the Reserve Bank of India, Shaktikanta Das, on Tuesday said while there are signs of recovery in the economy, it is not yet out of the woods. The Governor made the observation at the 21st FIMMDA-PDAI annual conference.

It may be pertinent to note that Das, in his statement in the last monetary policy committee meeting, had said that managing the economy and the financial markets since the beginning of the pandemic has thrown up several challenges with cross-currents and conflicting objectives. “Under such circumstances, macroeconomic policies have to be carefully nuanced by making judicious policy choices,” he said.

“Continued policy support with a focus on revival and sustenance of growth is indeed the most desirable and judicious policy option at this moment,” the Governor had then said.

In order to facilitate the process for gradual restoration of the variable rate reverse repo (VRRR) auction as markets settle down to regular timings and functioning and liquidity operations normalise, the RBI will also conduct fine-tuning operations from time to time as needed, Das said at the 21st FIMMDA-PDAI annual conference.

The aforementioned operations are to manage unanticipated and one-off liquidity flows so that liquidity conditions in the system evolve in a balanced and evenly distributed manner.

New instruments

The Governor felt that this is also an opportune time to consider new instruments to facilitate hedging of long-term interest rate and reinvestment risk by market participants such as insurance companies, provident and pension funds and corporates

He assured the participants at the conference that on its part, the RBI will endeavour to ensure adequate liquidity in the Government Securities (G-Sec) market as an integral element of its effort to maintain comfortable liquidity conditions in the system.

Das observed that while the market for ‘special repo’ facilitates borrowing of securities, it is worthwhile to consider other alternatives that ensure adequate supply of securities to the market across the spectrum of maturities.

The suggestion comes as liquidity in G-Sec market tends to dry up during periods of rising interest rates or in times of uncertainty.

Securities: Lending and borrowing

Das also mentioned that discussions were held on the introduction of Securities Lending and Borrowing Mechanism (SLBM) with a view to augment secondary market liquidity, by incentivising ‘buy and hold’ type of investors (insurance companies, pension funds) to make available their securities to other market participants.

He urged that these discussions should be carried forward with a view to evolving market-based mechanisms that enable the lending and borrowing of securities as part of overall market development.

Emphasising that expansion of the investor-base is key to further development of the G-Sec market, Das noted that the RBI, together with the Government, is making efforts to enable international settlement of transactions in G-Secs through International Central Securities Depositories (ICSDs).

“Once operationalised, this will enhance access of non-residents to the G-Secs market, as will the inclusion of Indian G-Secs in global bond indices, for which efforts are ongoing,” he said.

Das felt that there is a need to develop a yield curve that is liquid across tenors.

In this regard, he remarked that the secondary market liquidity, as measured by the turnover ratio, is found to be relatively low on several occasions and tends to remain concentrated in a few securities and tenors.

“The yield curve accordingly displays kinks, reflecting the liquidity premium commanded by select securities/tenors,” he said.

“To a certain extent, this is the result of the market microstructure in India, dominated as it is by ‘buy and hold’ and ‘long only’ investors,” Das added.

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Moody’s, BFSI News, ET BFSI

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NEW DELHI: Moody’s Investors Service on Tuesday said the economic activity in India is picking up with the gradual easing of Covid restrictions and there could be further upside to growth as economies around the world gradually reopen.

In its August update to ‘Global Macro Outlook 2021-22’, Moody’s retained India’s growth forecast for the 2021 calendar year at 9.6 per cent and 7 per cent for 2022.

“In India, economic activity is picking up alongside a gradual easing of restrictions that were implemented in response to the second wave. And there is further upside to growth as economies around the world progressively reopen,” Moody’s said.

The rating agency said it expects the Reserve Bank to maintain an accommodative policy stance until economic growth prospects “durably improve”.

“We expect the RBI …. to maintain the status quo until the end of this year. We expect to see an increasing number of emerging market central banks shift to a neutral policy stance amid their gathering growth momentum later this year and early next year,” Moody’s said.

Indian economy contracted 7.3 per cent in 2020-21 fiscal. GDP growth in the current fiscal was estimated to be in double digits initially, but a severe second wave of the pandemic has led to various agencies cut growth projections.

Moody’s had in June projected a 9.3 per cent growth for the current fiscal ending March 2022.

It said the rapid global spread of the highly contagious delta variant of the coronavirus is a stark reminder that the global pandemic is far from over, although some vaccines appear to be highly effective at suppressing the severe disease, reducing the need for hospitalisations and lowering the incidence of fatalities.

Vaccination rates, the extent of serious infections and mobility restrictions remain the key determinants of where countries find themselves in their economic recovery cycle, it said, adding while the spread of the delta variant has prompted mobility restrictions in Asia, renewed lockdowns are far less likely in other regions of the world.

Moody’s estimates that the G-20 economies will grow by 6.2 per cent in 2021, after a 3.2 per cent contraction last year, followed by 4.5 per cent growth in 2022.

G-20 advanced economies will grow by 5.6 per cent collectively in 2021 while emerging markets will collectively expand by 7.2 per cent in 2021, it added.



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Q1 GDP growth seen at new high on recovery, BFSI News, ET BFSI

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NEW DELHI: The April-June GDP growth could turn out to be a record quarterly expansion as the economy recovers from the second wave of the pandemic and benefits from the low base of last year.

The country’s statistics office will release the quarterly GDP data on Tuesday and various estimates show that it could range from 10.5% to 31.6%, while the median forecasts of two polls show it at 20% and 21% in April-June, the first quarter in the 2021-22 fiscal year. The RBI had estimated the first quarter growth to be 21.4%. To put the numbers in perspective, the April-June quarter of last year had posted the sharpest contraction on record of 24.4% due to the impact of one of the strictest lockdowns imposed to prevent the spread of Covid.

“Essentially we are looking at a very strong doubledigit growth of 23% for this quarter and likely higher than RBI’s own assessment. A large part of this is because of a very favourable base from last year, when the nationwide lockdown had almost brought the economy to a standstill,” said Yuvika Singhal, economist at QuantEco Research.

“But nevertheless I think this double-digit growth is more of optics than anything else because we need to keep in mind that this was also the quarter when the second wave of the pandemic was extremely ferocious and April and May saw a large number of states getting into piecemeal restrictions, which by the end of May had almost become like a nationwide lockdown, though in a very staggered fashion at the state level,” said Singhal.

Since the April-June quarter of last year, the economy started scripting a robust recovery, but the second wave of the pandemic stalled the process. The unlocking and government spending has helped revive the recovery.

Economists say growth in the first quarter would be led by manufacturing, mining and construction sectors, while the agri segment will also lend strong support. The laggard will be the services sector, which has been hit hard by the two consecutive waves of the pandemic and is yet to recover from the bruising impact. The pace of vaccination, which has gathered momentum now, will also play a crucial role in determining the trajectory of growth in the quarters ahead.

“I think it would be a more broad-based story in the second half of the year unlike now where industry is leading the pack compared to services,” said Madhavi Arora, lead economist at Emkay Global Financial Services.



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Key Highlights of Finance Minister’s meeting with the heads of PSU banks., BFSI News, ET BFSI

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Nirmala Sitharaman

Union Finance Minister, Nirmala Sitharaman on Wednesday met with the heads of the Public Sector Banks to review their financial performance and the progress made in supporting the pandemic hit economy.

Sitharaman took note of the situation of the PSBs and their progress around the restructuring 2.0 scheme announced by the Reserve Bank of India.

“We Reviewed the annual performance of Public Sector banks and also the implementation of announcements of various COVID-19 related packages and Aatmanirbhar Bharat package,” FM Nirmala Sitharaman said.

The minister also declared the results of Ease 3.0 (Enhanced Access and Service Excellence) Index for 2020-21 and launched the Ease 4.0.

Ease is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.

This is the first meeting of the Finance Minister with the heads of PSBs since the beginning of the Covid-19 pandemic.

Following are the key highlights

From Nirmala Sitharaman, Finance Minister

  • Nature of banking is evolving rapidly, and the industry has realised the changing requirements of the sector.
  • Collectively, PSBs have done well and have shown that they are in a position to come to the market and raise funds.
  • Despite the customer requirements during COVID-19 pandemic, work of amalgamation of banks has not suffered.
  • Banks & financial services have been identified as strategic sectors. Govt will have a bare minimum presence.
  • Industries have the option of raising funds outside the banking sector.
  • There will be credit outreach in every district of the country this year.
  • Banks have been asked to come up with special plans for northeast states focusing on logistics, exports from the area.
  • Banks expressed concerns about CASA deposits piling up in eastern areas including Bihar, WB, Jharkhand. Banks should provide facilities to provide credit flow for business development in these regions.
  • Requested the public sector banks to address the needs of exporters. They have been directed to interact regularly with Federation of Exporters Organisation.
  • Banks are raising funds from different avenues. This new aspect needs to be studied to target credit where it is needed.
  • Customer Service of banks has not suffered even during the pandemic.
  • Sunrise sectors and fintech need banking support.
  • Fintech can provide technological help to banks. Fintechs and the banking sector can mutually benefit each other.

From Tarun Bajaj, Revenue Secretary

  • Direct listing of companies on the overseas platforms is under consideration.

Debashish Panda, DFS Secretary

  • PSBs’ contribution for employee pensions under NPS hiked to 14 pc from 10 pc earlier.
  • Pension payouts to bank employees could increase to ₹30,000- ₹35,000 from the earlier cap of ₹9284.

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Bounce rates for auto-debit transactions fall in July

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In an indication of easing financial stress amongst borrowers, the number of unsuccessful auto-debit requests declined in July, reversing a three-month trend that started with the second wave of the pandemic and localised lockdowns.

Data with the National Payments Corporation of India from the National Automated Clearing House (NACH) reveals that the number of unsuccessful auto-debit requests in July was at its lowest level this fiscal year.

Of the total auto-debit transactions of 8.64 crore in July 2021, 2.87 crore were unsuccessful or returned while 5.77 crore were successful. This translated into a bounce rate of 33.23 per cent in July.

Elevated bounce rates

Auto debit bounce rates have remained elevated since the start of this fiscal year at 34.05 per cent in April and then increasing to 35.9 per cent in May and 36.5 per cent in June. It was at a low of 32.8 per cent in March.

Auto debit transactions are typically done by customers for recurring payments such as EMIs and insurance premiums. The data does not capture intra-bank transactions.

With the second wave of the pandemic affecting normal life and economic activities, many banks and NBFCs had reported rising stress and a drop in payments by their borrowers in the first quarter of the fiscal as a large part of the economy was impacted. Some had also attributed the drop to widespread infections and difficulties in collections.

Recovery by June-end

However, by the end of June, collection efficiency had begun to improve and it further recovered in July.

“Non-banks reported a steep deterioration in asset quality (stressed loans up 75-1,150 basis points quarter on quarter) during the quarter, owing to lower collections in April and May 2021. Collections picked up in June 2021 and further increased in July 2021,” said a report by Kotak Institutional Equities, adding that early trends in the second quarter are encouraging, though there may be wide variations in the pace of recovery.

The report further noted that banks also reported a higher level of upgradations as banks were able to resume collections and recoveries towards the last few weeks of the first quarter.

Equitas Small Finance Bank recently said that collection efficiency in July improved to 104.62 per cent from 83.49 per cent in June.

Nitin Chugh, MD and CEO, Ujjivan SFB, said that collection efficiency recovered to 78 per cent in June 2021 against 94 per cent in March, and further recovered to 93 per cent in July.

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After a lull, NBFCs banking on better times

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Non banking finance companies (NBFC), which had witnessed a drop in disbursements and collections in Q1 (April-June) FY22, expect business to bounce back to the pre-pandemic levels by the end of this fiscal.

While collections have already started improving, disbursements are also expected to gain momentum in the run-up to the festival season, good monsoon and pent-up demand for credit across various sectors.

According to Mahesh Thakkar, Director General of Finance Industry Development Council (FIDC), Q1 of the current fiscal was not very good, but Q2 (July-September) is seeing an improvement. By Q3 (October-December) the industry should bounce back to around 95 per cent of the pre-pandemic levels.

Also read: Public sector banks report sharp slippages in MSME loans in Q1

“Sales are picking up in the auto sector, demand is coming in from MSMEs… the monsoon has been good, and demand is there ahead of the festival season. People have learnt to live with the pandemic and are looking forward to go out. This will give a push to consumption. Spending will improve,” Thakkar told BusinessLine.

Growth in disbursements

Some of the NBFCs expect business to be back to pre-pandemic levels by Q2 of this fiscal.

Shriram City Union Finance (SCUF), for instance, expects disbursements to return to pre-pandemic levels by the second quarter of this fiscal, backed by a steady pick-up in demand across two-wheeler loans, loan against gold, personal loans, and MSME finance.

The NBFC is looking to aggressively push two-wheeler loans, which have witnessed very little delinquency, as well as gold loans. While it also plans to push personal loans and SME loans, however, it would continue to remain cautious and prefer to lend to existing customers, said YS Chakravarti, MD and CEO.

“We normally do disbursements worth ₹6,500-6,600 crore during a quarter. We have disbursed close to ₹2,000 crore in July alone, and we hope to register close to ₹6,000 crore during the second quarter of this fiscal,” he said.

According to Oommen K Mammen, CFO, Muthoot Finance, while disbursements were low in May, by the end of June it started picking up. The company is targeting a 15 per cent growth in assets under management (AUM) this fiscal.

Also read: Microfinance industry bounces back to pre-Covid levels

“In Q2 we are expecting a better business compared to Q1. The restrictions (across various States) are being relaxed, and people have started getting back (to business),” he said, indicating that it will push up the demand for credit. The AUM of the sector grew by a modest 4 per cent in FY21 vis-a-vis six per cent in FY20 (16 per cent in FY19). The housing finance companies (HFCs) grew by about 6 per cent during the last fiscal; within the other NBFC space, retail credit (consisting of vehicle, business loans, personal credit, microfinance) grew by four per cent, while the wholesale credit declined on a year-on-year basis, said a recent report by ICRA.

Overall, the sectoral AUM is expected to grow at 7-9 per cent in FY22, bolstered by the growth in NBFC retail credit and HFCs, which is expected to be about 8-10 per cent, while NBFC wholesale credit growth would remain muted, the report said.

Collections improve

The ICRA report further suggests that the risks for the NBFC sector remain elevated in the near term, and the revival is likely to happen in the next fiscal.

The second wave of Covid9 had a varied impact on the business and operations of NBFCs (private NBFCs, including HFCs). While large HFCs saw relatively limited impact on their collection efficiency (CE), other NBFCs, having exposure to several segments such as vehicle finance, business loans and microfinance, witnessed their CEs decline by about 20-25 per cent in May 2021 vis-a-vis the average Q4 (January-March) FY21 when the lockdown imposed by various States was more stringent and widespread. The CE improved marginally (up by three-to-five per cent) in June 2021 vis-a-vis May 2021 levels, with States steadily relaxing restrictions.

“The impact on CE was lower during Q1 FY22 compared to what was witnessed in Q1 FY21, and initial feedback indicates a further improvement in CE in July 2021. Sustenance of the same in the subsequent months and no further impediments in the revival trends would be crucial from an asset quality perspective. We note that the headline asset quality numbers for June 2021 would be significantly elevated vis-a-vis March 2021, but the same is expected to subside over a couple of quarters if the CEs continue to trend upwards in the subsequent months,” said AM Karthik, Vice President, Financial Sector Ratings, ICRA Ltd.

The restructured book for the NBFCs (excluding HFCs) is expected to move up to 4.1-4.3 per cent by March 2022, while the same for the HFCs is estimated to go up to 2-2.2 per cent. The overall sectoral restructured book is expected to double to 3.1-3.3 per cent by March 2022 vis a vis 1.6 per cent in March 2021.

“Notwithstanding the near-term pressures, the net increase (adjusting for write-offs) in the 90 plus days past due (90+dpd) in the current fiscal is expected to be about 50-100 basis points. ICRA draws comfort from the provisions maintained by the entities, which continue to remain about 100 bps higher than the pre-Covid levels,” Karthik added.

Comfortable liquidity

Liquidity cover at a number of NBFCs has improved from a year ago, putting them in a better position to service debt in the near-term, and cushioning the impact of lower collections because of the second wave, said a CRISIL Ratings study.

Also read: Small businesses hit as banks freeze current a/cs

That is a change from last year when asset-quality and liquidity fears multiplied after a moratorium on repayments and stringent lockdowns affected collections.

Fund-raising through special RBI and government schemes, improving collections in the second half of fiscal 2021, and limited disbursements are some of the factors that supported liquidity.

In the first half of last fiscal, nearly 45 per cent of the funds raised via bonds were through schemes announced following the first wave of the pandemic, such as the targeted long-term repo operations and partial credit guarantee. Even NBFCs that did not have strong parentage managed to raise close to 60 per cent of their incremental bond funding through these routes.

This apart, in the fourth quarter, debt market borrowings also began to rebound. Bond and commercial paper issuances in March 2021 saw the highest on-month rise since January 2020. Even bank funding improved to nearly seven per cent during January-March 2021. With collections picking up and disbursements subdued, liquidity was bolstered.

“Most CRISIL rated NBFCs have built significant on-balance-sheet liquidity. This will allow them to manage the impact of the second wave of the pandemic better than the first. Nevertheless, business challenges linked to the pandemic will continue through most of this fiscal. In this milieu, we expect many NBFCs to continue maintaining strong liquidity cover for debt repayments and operating expenses. That would also help them assuage potential investor/ lender concerns in the near term,” said Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings, in the study.

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SBI’s biz activity index improves significantly in the week ended Aug 9

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State Bank of India’s business activity index has shown significant improvement in activity since May-end 2021, with the latest reading for the week ended August 9, 2021 of 101.6.

The index reading for May 22, 2021 was 61.4 and for July 21, 2021, was 94.2.

“Recovery is visible in labour participation rate, electricity demand, Google mobility and Apple mobility index. However, there is slight dip in RTO revenue collection and vegetables arrival from last week,” said Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India (SBI).

Also read: Public sector banks report sharp slippages in MSME loans in Q1

Agri production

In a report titled “Covid-19: Vaccinate, Vaccinate & Vaccinate!”, Ghosh observed that the month-on-month (m-o-m) rural recovery in July (as per key leading indicators) is expected to be steady, if not exceptional, as compared to June.

Rural indicators continue to be steady though patchy at times, as per the report.

“The rural recovery is far better than the pre-second wave. Looking ahead, agricultural production and rural demand are expected to remain resilient,” he said.

Covid vaccination

The report assessed that going by the present vaccination rate of 45 lakh per day, the critical mass (70 per cent) may be covered with first dose of the Covid-19 vaccination by November-end 2021 and second dose by March 15, 2022.

Also read: 10 top banks create secondary market for corporate loans

“India’s cumulative Covid-19 vaccination coverage has crossed the 52 crore mark and till now more than 54.04 crore vaccine doses provided to States/Union Territories,” it added.

In the last one month, speed of vaccination accelerated with the 7-day moving average currently at about 45 lakhs, and 43 per cent of eligible population vaccinated with first dose and 12 per cent with second dose.

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Visible signs of economic revival, says finance ministry, BFSI News, ET BFSI

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NEW DELHI: There are visible signs of economic rejuvenation since the second half of May, with the second wave of the pandemic abating in most parts of the country and state governments lifting restrictions in phases, a finance ministry report said on Tuesday, while calling for sustaining the vaccination progress and the need for Covid-appropriate behaviour.

“The receding of India’s second wave, along with rapid progress in vaccination, has set the stage to further accelerate economic recovery. The movement of high frequency indicators in July clearly point towards a broad-based economic revival,” said the finance ministry’s monthly economic report for July, adding that these signs resonate with the fact that the economic impact of the second wave is expected to be muted.

It said PMI manufacturing sharply rebounded to be in expansionary zone across output and input sub-components of the index. Marking swift economic recovery, GST collection has reclaimed its Rs 1 lakh crore-plus territory in July, signifying increased business and consumer activity.

Rail freight at 112.7MT in July hit a record for the month and registered 18.3% growth (year-on-year) and13.2% rise compared to pre-Covid July 2019. The surge in economic activity is further corroborated by trends in Kharif sowing, fertiliser sales, power consumption, vehicle registrations, highway toll collections, e-way bills and digital transactions, said the report.

“Latest available data on growth of eight core industries, auto sales, tractor sales, port traffic, air passenger traffic also indicate sequential improvement from the contraction induced by the second wave,” it further added.

“At this juncture, the economy and society are at a crucial inflection point where sustenance of economic recovery, vaccination progress and Covid-19 appropriate behavioural strategies are needed in close synergy with each other.”

It said that having antibodies reduces the probability of acquiring serious illnesses, as is borne by studies. So, any subsequent waves are expected to be mild in terms of severity of disease.



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GST collections for July record Rs 1.16 lakh crore, BFSI News, ET BFSI

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Gross goods and service tax (GST) revenue collected in July stood at Rs 1,16,393 crore showing a revived uptrend in business activity and economy during June as states eased restrictions.

The collections crossed the Rs 1 lakh-crore mark again after dipping from the level in June due to lockdowns or restrictions imposed by states amid the Covid second wave.

“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace,” the finance ministry said in a statement Sunday.

“The robust GST revenues are likely to continue in the coming months too,” it added.

The revenues for the month of July are 33% higher than the GST revenues in the same month last year.

During the month, revenues from import of goods were 36% higher and the revenues from domestic transaction, including import of services, are 32% higher than the revenues from these sources during the same month last year, the ministry added.

Experts said the sharp increase in the collections for June 21 indicates the resumption of economic activities in June and will raise expectations of better collections in the coming months.

”The improvement in GST collections both on domestic transactions and imports, accompanied by the fact that major producing states have shown significant increases, would indicate that the economic activities have resumed across the country,” said MS Mani, senior director at Deloitte India.

”If the country is able to resist the third wave, the GST collections should increase from here on,” said Rajat Bose, partner at Shardul Amarchand Mangaldas & Co.

Of the GST revenue collected in July, central GST is Rs 22,197 crore, state GST is Rs 28,541 crore, integrated GST is Rs 57,864 crore, including Rs 27,900 crore collected on import of goods, and cess is Rs 7,790 crore, including Rs 815 crore collected on import of goods.

The above figure includes GST collection received from GSTR-3B returns filed between July 1and 31 as well as integrated GST and cess collected from imports for the same period.

The GST collection for the returns filed between July 1-5, of Rs 4,937 crore had also been included in the GST collection in the press note for the month of June 2021 since taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month June for the taxpayers with the aggregate turnover upto Rs 5 crore in the wake of Covid pandemic second wave.

The government has settled Rs 28,087 crore to central GST and Rs 24,100 crore to state GST from integrated GST as regular settlement. The total revenue of Centre and the States after regular settlement in the month of July 2021 is Rs 50,284 crore for central GST and Rs 52,641 crore for the state GST.



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