Tag: India

Now, Indian crypto exchanges hit by payment processors pullout, BFSI News, ET BFSI

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Just as they were breathing easy with the Reserve Bank of India clarifying that banks can do due diligence of crypto clients, Indian crypto exchanges have been hit by another hurdle.

With the RBI reiterating that it does not favour cryptocurrencies, major payment gateways have pulled out hitting transactions.

Customer complaints have inundated all India’s key exchanges as the pullout by major payment gateways, including Razorpay, PayU and BillDesk has hit transactions, according to social media and users.

The options

Options being resorted to including tying up with smaller payment gateways, building their own payment processors, holding back on immediate settlements or offering only peer-to-peer transactions.

At least two exchanges have tied up with smaller payment processing firm, Airpay, as its larger peers have cut ties.

Some crypto exchanges, such as WazirX, are forced to stick only to peer-to-peer transactions on certain days, while others, such as Vauld, allow bank transfers with manual settlement as they hunt for a payment processor, backing up settlements.

Smaller payment gateways have not proved very successful in executing high volumes of transactions, leading to failures that have resulted in a flood of user complaints.

Others, such as Bitbns, have built their own basic payment processor, allowing some essential transactions since the systems do not require prior approval from the Reserve Bank of India, the central bank.

A grey area

Despite the boom, cryptocurrencies are in a grey area in India, with the Reserve Bank hostile towards it and the government unsure about its prospects.

There is no legislation or regulatory code yet to govern the crypto ecosystem, leading to confusion among customers, businesses and financial institutions providing banking services.

In 2018, the Reserve Bank of India barred financial institutions from supporting crypto transactions, which the Supreme Court overturned in 2020. The government has circulated a draft bill outlawing all cryptocurrency activities, which has been under discussion since 2019.

Last month, the RBI asked banks not to cite its 2018 circular and clarified that banks can do their own KYC for crypto clients. With this, banks are now reassessing the situation, but several banks currently lack the technical expertise to make a supervisory assessment on these transactions.



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With advance POS terminals BFSI companies are scaling up merchant’s businesses, BFSI News, ET BFSI

Banking & Finance

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With the proliferation of the point-of-sale (POS) technology, BFSI companies have been adding different layers consistently. The POS terminal has also strengthened the merchant’s business.

How does POS create opportunities for merchants?

POS is the point where retail transactions take place. It is a replacement for a cash register but is more functional. From payments to emailing the customers, from operations management to selling insurance covers, the POS world is burgeoning with opportunities and this means swelling possibilities to optimise the business and earn higher revenues.

Inventory Management

For small businesses where there are only a handful of employees, inventory can be controlled efficiently via POS machines. It can track the best-selling products or services based on the sales. All previous transactions can be looked up through POS and inventory can be tracked and products can be reordered in case of low stock. Before getting a POS system, ensure that it has a separate inventory management software or has the capability to integrate well with yours.

Almost all businesses have an online address apart from the brick and mortar store. POS can even help businesses integrate and streamline the sales from all locations.

Employee Management

Softwares in the POS hardware can even help merchants track the performance of the employees. Individual sales by employees, their checking in and out time, how far they are from their sales targets, a lot can be monitored. This will also help employees to improve their strategies and get to their targets faster.

Customer Relationship

Sending an SMS or an email thanking the customer soon after the purchase can also be set via POS. Customers’ style and previous purchases can be looked into and marketing and advertising can be customised to boost sales. Insights from the customer can help the merchant help them better.

Cloud for managing business data

Every businessman doesn’t ace data analytics and POS saves them from this necessary headache. Reports can be created relating to tax, best selling products and even inventory. Just knowing about your profits or total sales isn’t enough, pointing at what worked and what didn’t is beneficial for long-term success of the business. You need to know what has been lying on the shelves and what has been running out of stock. A cloud-based POS system helps in reaching these data points. Merchants can understand which days are the busiest and which employee is working exceptionally well and crossing targets. These reports won’t only help optimise the payroll but also make other staffing and operational decisions convenient.

Diversifying the revenue source

When a POS terminal is set up in a nearby kirana store or neighbourhood shops, anybody can come and withdraw or deposit cash. Instead of travelling to a distant ATM or a bank branch, one can head there. The merchant can advertise its own store and products on the POS system as well. This will attract eyes and also increase the chances of a sale happening. This is a way to double the revenue sources for small businesses.

Not just cash but even insurance can be sold via these terminals. The mobile POS and mobile payments solution provider, Mswipe offers insurance for two-wheelers. Even Spice Money delivers this product to its users. There’s also the provision of a micro-credit facility for merchants. Spice Money offers it with a ticket size of INR 30,000 to 40,000 via its own POS machines.

Merchants that employ the POS terminals don’t charge the consumer directly for using these services but do have the power to stretch up the prices of their products and services. So, it is a profitable way for businesses to upscale their operations and raise revenues.

Expanding payment options

Different customers prefer contrasting payment modes and not just one. With POS, credit cards, debit cards, mobile wallets, QR codes and even the UPI mode is accepted, thus allowing businesses to cater to all.

A POS system has been strengthening the merchants’ businesses and has a scope for a lot more. From restaurants to salons, the POS market is growing gradually in India. As per the RBI’s vision, the expectation of 5 million PoS terminals by the end of 2021 has already been fulfilled during FY20 with 5.1 million terminals.



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Banks tank up on capital but corporate loan demand is missing, BFSI News, ET BFSI

Banking & Finance

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Bank credit growth to the industrial sector decelerated 0.8% year-to-date as of May 21, 2021, due to poor loan offtake from the corporate sector.

It slowed the non-food credit growth to 5.9 per cent in May 2021, as compared to 6.1 per cent in the year-ago month, RBI data showed.

On the other hand, personal loans registered an accelerated growth of 12.4 per cent in May 2021, as compared to 10.6 per cent a year ago, primarily due to accelerated growth in vehicle loans and credit card outstanding.

What’s up?

Corporates are preferring to deleverage debt and waiting it out for the pandemic to end before committing any new capital expenditure. They are retiring high-cost bank loans by tapping the bond markets where funds are available for cheaper rates.

Banks anticipate a loan demand surge from retail as the pandemic ebbs in the year ahead. However, the corporate loan demand is not yet on horizon.

Loans to industry

Loans to industries were 1.7% higher on year as of May 22, 2020, according to data on sectoral deployment of bank loans in May released by the Reserve Bank of India.

The RBI said that the fall in loans extended to industries was mainly because credit to large industries contracted by 1.7% compared to a growth of 2.8% a year ago.

However, credit to medium industries registered a robust growth of 45.8% compared to 5.3% in the previous year, and those to micro and small industries registered a growth of 5.0% versus a contraction of 3.4%.

Within the industrial sector, mining and quarrying, food processing, textiles, gems and jewellery, wood and wood products, paper and paper products, glass and glassware, infrastructure, leather and leather products, rubber, as well as plastic and plastic products registered higher growth in May.

On the other hand, credit to beverages and tobacco, petroleum coal products and nuclear fuels, vehicles, vehicle parts and transport equipment, basic metal and metal products, cement and cement products, all engineering, chemicals and chemical products and construction decelerated, RBI said in a release.

Fiscal 2021

Growth in credit to the private corporate sector, however, declined for the sixth successive quarter in the fourth quarter of the last fiscal and its share in total credit stood at 28.3 per cent. RBI said the weighted average lending rate (WALR) on outstanding credit has moderated by 91 basis points during 2020-21, including a decline of 21 basis points in Q4.

Overall credit growth in India slowed down in FY21 to 5.6 per cent from 6.4 per cent in FY20 as the economy was hit hard by Covid. and subsequent lockdowns.

Credit growth to the industrial sector remained in the negative territory during 2020-21, mainly due to the COVID-19 pandemic and resultant lockdowns. Industrial loan growth, on the other hand, remained negative during all quarters of 2020-21.”

The RBI further said working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third of total credit, contracted during 2020-21, indicating the impact of the coronavirus pandemic.

Shift to bonds

The corporate world focused on deleveraging high-cost loans through fundraising via bond issuances despite interest rates at an all-time low. This has led to muted credit growth for banks.

Corporates raised Rs 2.1 lakh crore in December ended quarter and Rs 3.1 lakh crore in the fourth quarter from the corporate bond markets. In contrast, the corresponding year-ago figures were Rs 1.5 lakh crore and Rs 1.9 lakh crore, respectively.

Bonds were mostly raised by top-rated companies at 150-200 basis points below bank loans. Most of the debt was raised by government companies as they have top-rated status.

For AAA-rated corporate bonds, the yield was 6.85 per cent in May 2020, which fell to 5.38 per cent in April 2021 and to 5.16 per cent in May 2021.



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Personal loans keep banks afloat in FY21 as industrial credit demand sinks, BFSI News, ET BFSI

Banking & Finance

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Credit growth to the industrial sector remained in the negative territory during 2020-21, mainly due to the COVID-19 pandemic and resultant lockdowns, RBI data showed on Tuesday. However, “personal loans continued to grow at a robust pace and recorded 13.5 per cent growth (Y-oY) in March 2021; industrial loan growth, on the other hand, remained negative during all quarters of 2020-21.”

The RBI further said working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third of total credit, contracted during 2020-21, indicating the impact of the coronavirus pandemic.

Private banks

The data further revealed that private sector banks recorded higher loan growth when compared to public sector lenders. Their share in total credit increased to 36.5 per cent in March 2021 from 35.4 per cent a year ago and 24.8 per cent five years ago, it said.

However, the private sector banks’ loan growth slowed to 9.1 per cent in FY21, from 9.3 per cent in FY20. Public sector loans grew 3.6 per cent in FY21, down from 4.2 per cent in FY20. The lending by foreign banks shrunk by 3.3 per cent during 2020-21 as against a growth of 7.2 per cent a year ago.

Credit to the household sector rose by 10.9 per cent (Y-o-Y) and its share in total credit increased to 52.6 per cent in March 2021 from 49.8 per cent a year ago, as per the ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021’, released by the central bank.

Industrial credit

Growth in credit to the private corporate sector, however, declined for the sixth successive quarter and its share in total credit stood at 28.3 per cent. RBI said the weighted average lending rate (WALR) on outstanding credit has moderated by 91 basis points during 2020-21, including a decline of 21 basis points in Q4.

It also said bank branches in urban, semi-urban and rural areas recorded double-digit credit growth (Y-o-Y) in March 2021, whereas metropolitan branches, which accounted for 63 per cent of bank credit, logged 1.4 per cent growth.

Overall credit growth in India slowed down in FY21 to 5.6 per cent from 6.4 per cent in FY20 as the economy was hit hard by Covid. and subsequent lockdowns.



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Banks, experts pin hopes on bad bank to cut NPA pile, BFSI News, ET BFSI

Banking & Finance

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The National Asset Reconstruction Company (NARC) is likely to help banks cut their bad loan piles.

The bad bank and healthy provisioning buffers against doubtful advances should help India’s banks mitigate the impact of delinquencies and asset quality slippages in the aftermath of the second Covid wave, according to Boston Consultancy Group.

The formation of National Asset Reconstruction Co Ltd will help lenders keep up the momentum of recovery in stressed assets in 2021-22 (Apr-Mar), State Bank of India Chairman Dinesh Kumar Khara said.

Along with the resumption of courts and the roll-out of pre-package for resolution through the insolvency law, this will help banks make judicious use of recovery options, Khara said.

The NARC would help reduce sticky assets exposure to 1.8% – 2.3% of total loans, BCG said.

Asset quality is still a major concern for many Indian banks even as nonperforming assets (NPA), on average, could be contained, the global consultancy firm said.

Asset quality

“The second wave of the coronavirus pandemic poses risk to asset quality even as banks retain healthy provisioning buffers,” it said.

Banks have identified 22 bad loans totaling Rs 89,000 crore to be transferred to the NARC in the initial phase.

The State Bank of India plans to transfer bad loans worth around 200 bln rupees to NARCL.

The report also said that bad loans sold to asset reconstruction companies (ARCs) as a proportion of banking system stressed assets increased to about 34% at the end of FY20, up from 25% in FY18, with banks taking a much higher haircut on these sales.

Haircuts on sales to ARCs have risen to 66% in FY20 compared to 62% in the prior financial period, it said.

The bad bank

The bad bank was proposed in the Union Budget for 2021-22.

In the last financial stability report released in January, the central bank said that banks’ gross non-performing assets may rise to 13.5% by September 2021 from 7.5% as of September 2020. In the event of extreme stress, the ratio could rise to 14.8%.

Former Reserve Bank of India deputy governor Rakesh Mohan has also warned that higher stress on assets in the banking system threatens financial stability.

Recoveries through various channels have bounced back to about 16% in FY20 from decadal lows of about 10% in FY16 before the pandemic struck.



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Axis Bank aims to fuel digital transformation with AWS, BFSI News, ET BFSI

Banking & Finance

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India’s third-largest private sector bank, Axis Bank, has selected Amazon Web Services (AWS) to accelerate its digital transformation program and meet the growing demand for its digital banking services.

As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35% and lower costs by 24%, as claimed by the bank.

Axis Bank has so far deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer (V-KYC), and WhatsApp Banking. Axis Bank also plans to migrate 70% of its on-premises data center infrastructure in the next 24 months to further reduce costs.

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

Axis Bank said it believes building a cloud-native, design-centric engineering capability is critical to its success. To achieve this, the bank has dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles.

Subrat Mohanty, Group Executive, Axis Bank said, “We continue to anticipate future trends and make investments ahead of time within our technology stack. We believe AWS will enhance our agility and resilience to manage two key features that define our digital business – rapid scale and high velocity. We aim to transition 70% of our infrastructure and applications on the cloud.”



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UK’s fintech firm Tide to invest over ₹1,000 crore in India

Banking & Finance

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Fintech firm, Tide, the UK’s leading SME-focused neobank, has forayed into the India market, its first international market. As part of its India chapter, Tide announced that it will create over 1,000 jobs and invest more than ₹1,000 crore in India.

These jobs will be across a wide variety of roles, including product development, software development, marketing, risk & compliance and member support. Hiring has already begun and the company will be hiring both freshers and laterals across levels.

Tide already has over 200 highly skilled employees in India, with most based in its Hyderabad technology centre, which was set up in early 2020. Its business headquarters are in Gurugram. Tide is building a robust team in India, creating a pool of talented and experienced colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time and money in running their businesses.

Also read:How China humbled Britain’s mighty HSBC Bank

“We, at Tide, are committed to serve India with our innovative business banking solutions and support the country’s post-pandemic economic recovery. Through this, Tide looks to contribute to both the countries’ vision in developing a roadmap to a free trade agreement with a target of 100 billion pounds by 2030,” said Gurjodhpal Singh, CEO, Tide India.

Besides providing business accounts and related banking services, Tide will also offer a comprehensive set of administrative solutions including invoicing, digital ledger, taxation, payroll etc. to help SMEs run their businesses easily and efficiently. Besides supporting the organised SME sector, Tide will also focus on serving the unregistered and unorganised sector, helping small businesses digitise and bringing them into the mainstream.

Also read:Investment tech start-ups see surge in funding in 2021

As a first step towards this mission, Tide recently announced its collaboration with its first banking partner, RBL Bank, one of India’s fastest growing private sector banks. RBL Bank will provide the bank account infrastructure for Tide’s India platform where members (SMEs) will have an option to open current and savings accounts.

Congratulating Tide on the achievement, UK Minister for Investment, Gerry Grimstone said, “I am pleased that Tide’s innovative business financial platform, part of the UK’s world leading fintech ecosystem, is embracing the opportunities in India’s dynamic and growing SME market. The UK and India have ambitious plans to deepen our trade and investment partnership and bring benefits to both economies, and this is a great example of what we can do together.”

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MasterCard, Instamojo eye MSMEs and gig workers, BFSI News, ET BFSI

Personal Finance

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Mastercard has announced a strategic equity investment in Instamojo, India’s largest full-stack digital solutions provider for MSMEs. This investment is aimed at empowering MSMEs and gig workers by providing easy to use solutions that will help them to enhance digitisation such as setting up online stores, equip with digital payment acceptance capabilities and reach out to customers, even during the pandemic.

Sampad Swain, CEO and Co-Founder of Instamojo, said, “While we started as a payments solution for the small business, we have broadened our purview since then and now we are focused on the larger picture of providing the small businesses with a platform that helps them to start, manage and grow their business online.” He also added, “With players like Mastercard showing confidence in us, helps us broaden our horizon further.”

Using Instamojo’s platform, merchants would have access to a fully functional online store with in-built payments and shipping capabilities, marketing tools and other value-added services such as logistics and credit facilities. The company said that this investment and partnership will strengthen both companies’ initiative to support gig workers like electricians, personal trainers, tutors, and small F&B operators among others, to continue to grow and run their businesses.

Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, said, “MSMEs and gig workers are an important part of our Indian economy. Mastercard is committed to supporting them with the company’s strategic investment and partnerships to help them unlock the power and potential of digital commerce. Mastercard’s partnership and investment in Instamojo is a step in this direction and will enable millions of small businesses to grow by strengthening their digital footprint and payment acceptance capabilities.”



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IBC cases per RP may be capped, Code of ethics strengthened, BFSI News, ET BFSI

Banking & Finance

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The Indian Institute of Insolvency Professionals of ICAI (IIIPI) is working on a four-point plan for insolvency professionals.

The plan includes setting limits on the number of permissible assignments for each executive and their role in the prepack package for MSMEs.

The plan

IIPI has conducted study groups on four matters of contemporary topics on enhancing the role of small-sized IPs, response of insolvency regime to Covid, clarifying roles of IPs in respect of prepack framework for MSMEs, and creating code of ethics for our professional members.

The reports of these study groups are may take a month to complete.

The self-regulator and IBBI are aiming to strike a balance between resolution professionals coming from large institutions and standalone individual IPs, with the latter often finding themselves at a relative disadvantage in comparison with executives from top-draw consultancies.

IIIPI is also set to recommend urgent covid-response measures that IPs will likely follow in proposing any resolution plan. The quasi-judicial body is also defining a prudent role of IPs in the pre-packs.

IIIPI is drawing on best practices to craft a role for MSMEs, where promoters face default occasions due to macroeconomic environment or policy changes.

It has tapped legal expertise in the UK where prepack packages are a hit.

IIIPI is drawing a code of ethics by adding more clauses to the IBBI statute already available.

The recommendations would need to be approved by both the Insolvency and Bankruptcy Code of India (IBBI) and the government.

There are 3,500 insolvency professionals, three insolvency professional agencies, 80 insolvency professional entities, 4,000 registered valuers, 16 registered valuers’ organisations and one information utility.

IBC cases per RP may be capped, Code of ethics strengthened

IBC so far

Since the provisions of the Corporate Insolvency Resolution Process (CIRP) came into force on December 1, 2016, a total of 4,376 CIRPs have commenced till the end of March this year.

Out of the total, 2,653 have been closed, including 348 CIRPs that ended in approval of resolution plans. As many as 617 CIRPs were closed on appeal or review or settled, while 411 were withdrawn and 1,277 ended in orders for liquidation, as per IBBI’s latest quarterly newsletter.

Significant improvements in the score for resolving insolvency made doing business in India easier and the emergence of new markets for resolution plans, interim finance and liquidation assets are among others.

Apart from the few missing elements such as cross border and group insolvency to complement corporate insolvency, an institutional framework for grooming a cadre of valuers is sometime away.

As compared to the previous regime which took nearly five years for a conclusion, the process under the Code yielding a resolution plan takes on average 400 days. It, however, falls short of intended 180/270 days.



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After SFB license, Shivalik to raise its first fund of Rs 100 crore, BFSI News, ET BFSI

Banking & Finance

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The co-operative bank turned Small Finance Bank, Shivalik Bank is going to raise funds for the first time as a small finance bank.

The recently turned SFB is looking to raise Rs 100 crore growth capital from institutional investors.

Harsh Mittal, Chief Financial Officer, Shivalik Small Finance Bank

Harsh Mittal, Chief Financial Officer, Shivalik Small Finance Bank in a conversation talks about the fundraising and expansion plans.

Maiden Fundraise

Mittal said, “This is the first raise we are going to raise funds as a small finance bank and there wasn’t a debt in the market that existed for co-operative banks before and this is the first raise the bank is going to do.”

He added, “We are looking to raise Rs 100 crore in this year and hopefully do it in next quarter for which requisite board approvals are in place. Board has given the scope to increase the amount.”

This is growth capital as the bank has already invested heavily in the digital and tech infrastructures in the past. Mittal said, “Most part of this capital will be used as growth capital towards ramping up disbursements and growing business to achieve our stated targets. This year we want to grow the business by 50% and increase the total business size to Rs 3000 crore and by 2024-25 we want to triple the size by Rs 6000 crore.”

Debt-Equity

Mittal explained that the great part is that the balance sheet has a lot of flexibility as we don’t have much debt on our balance sheet. Most of our capital adequacy is in Tier1 equity so this Rs 100 crore we are largely looking at equity raise and there’s a small component which will also be raised from debt.”

He adds, “80:20 split would be a reasonable number and are appointing investment bankers to run the process for us and the names will be finalised by the end of this month or mid-July.”

The bank is looking to onboard an institutional investor base including insurance companies especially the ones who already are in tie-ups and a couple of private equity players who have been investing in the SFB space. The idea is to broaden the investor base as at the moment it is broadly retail, Mittal said.

Credit Disbursement

The bank’s 50% of the book is secured business loans and will continue to focus on that.

Mittal explains, “One of the differentiating factors for us is that as an SFB 90% of our book is secured either by property or gold collateral. So we are a very secured lender in that sense and only 10% of our book is MFI.”

He adds, “Our focus would be on secured and gold loan business. The gold loan book has doubled in the last year and we plan to increase it further substantially again. Now that lockdowns have eased up we would want to cater to small businesses too.”

Expansion Plans

Shivalik Bank will be opening branches in unbanked regions as per the norm of RBI and is aiming to open 15 branches in FY22.

Mittal said, “This covers us on the regulatory requirement and in addition to regulatory requirement we are also looking at expansion in adjoining states in Delhi & Uttarakhand as we are already present in UP and Madhya Pradesh. On the digital side, we’ve tied up with India Gold for gold-related business and this year we are looking to add more FinTech partnerships which would help us to source customers on the liability side as well.”

Impact of Second Wave

The NPA recognition case in the Supreme Court didn’t allow it to issue recovery notices or proceedings. Mittal explained, “Since that got lifted towards the end of March, April was much better for us as we were able to issue some of the proceedings, and as a result borrower discipline was improved on the secured side.”

There was no major challenge in collection efficiency as due to the secured nature of our book, customers were more amenable discussing how they can improve their position and we don’t have large exposures in any of the currently challenging sectors like hospitality or aviation impacted due to Covid-19. Our book is very granular and the average ticket size is Rs 4 lakhs, said Mittal.

The bank saw restructuring of less than half a percent of its book in FY 20-21 and Gross NPA at 31 March 2021 was 3.9% which is expected to remain largely unchanged in Q1 21-22



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