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NABARD Tamil Nadu region aims ₹40,000 crore loan disbursals in FY22

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The National Bank for Agriculture and Rural Development (NABARD) Tamil Nadu region is planning to make ₹40,000 crore of loan disbursal in FY22, according to a senior official of the development bank.

During FY21, loans disbursed by Tamil Nadu Regional Office of the NABARD reached an all-time high of ₹27,104 crore, nearly doubling from ₹14,458 crore disbursed the previous year.

“In FY21, our loan disbursal grew by 87per cent to ₹27,104 crore. If the same level of growth sustains and co-operation from all stakeholders continues, we are confident of disbursing loans worth ₹40,000 crore in FY22,” S Selvaraj, Chief General Manager, NABARD, Tamil Nadu Region said here on Thursday.

He was addressing a press conference in the city to highlight the milestone achieved by NABARD Tamil Nadu region.

Also read: Nabard staff strike on March 30, seek pension updation

Selvaraj said that the growth in loan disbursement of NABARD Tamil Nadu region is higher than the national growth rate and also assumes significance as it came during the pandemic-hit year.

“This growth (in disbursements) is really remarkable since office functioning were severely impacted during the first five months due to Covid-19,” Selvaraj said, adding, “The support from Tamil Nadu government and government institutions and from stakeholders such as commercial banks, co-operative banks, NBFC-MFIs, selfless work and dedication by NABARD officials and transparent and simplified procedures at NABARD are the major reasons that enabled this robust growth.”

At pan-India level, Loans and advances of NABARD grew by 25 per cent to to ₹6.03-lakh crore in FY21 as against ₹4.81-lakh crore in the previous year.

Of the total disbursement in Tamil Nadu during FY21, refinancing of loans to eligible financial institutions increased by 89 per cent to ₹23,062 crore while support for rural infrastructure stood at ₹4,042 crore. The development bank also extended a grant assistance of ₹31 crore to various innovative projects to Agri and allied sectors.

Also read: CAG seeks details of performance audit of public sector banks recapitalisation

Of the total refinancing, Cooperative banks accounted for a major share at ₹8,761 crore (38 per cent) followed by Commercial Banks (₹6,602 crore), Regional Rural Banks (RRBs) – ₹4,840 crore and NBFC / NBFC-MFIs at ₹2,858 crore.

The ratio between loan refinancing and rural infrastructure support stood 85-15 per cent in FY21. Selvaraj said in FY22, the share of rural infrastructure may go up to 25 per cent as per the demand.

To aid the economic revival, the Reserve Bank of India (RBI) on Monday extended a fresh support of ₹50,000 crore to the All-India Financial Institutions for new lending in FY22. Out of which, NABARD will be provided a special liquidity facility (SLF) of ₹25,000 crore for one year to support agriculture and allied activities, the rural non-farm sector and non-banking financial companies-microfinance institutions.

“RBI has announced a SLF window to address liquidity problems faced by banks due to the pandemic. Last year, we released ₹1,500 crore to banks in Tamil Nadu under this facility. This year also we expect to extend around ₹2,000 crore to Cooperative Banks and RRBs to meet liquidity challenges, if any,” Selvaraj said.

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IndiaFirst Life Insurance registers 5% growth in individual new business

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IndiaFirst Life Insurance recorded a growth of five per cent or ₹894 crore in individual new business annual premium equivalent in 2020-21.

“This was the highest ever since its inception. This translates to a year on year growth of five per cent which, on the back of an industry leading 25 per cent year on year growth in 2019-20, is satisfying,” said Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance.

Also read: How to save for children’s studies without sacrificing on retirement plans

The private sector life insurer also crossed ₹4,000 crore of gross premium in 2020-21 and registered a growth of six per cent in total new business APE of ₹995 crore last fiscal, it said in a statement on Thursday.

Renewal premium income crossed ₹2,000 crore in 2020-21. Individual 13th month persistency also improved to 78.7 per cent last fiscal from 75.8 per cent in 2019-20.

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Trifecta Capital files for ₹1,500 crore late stage VC Fund

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Venture debt provider, Trifecta Capital, is planning to launch a late-stage venture capital fund – Trifecta Leaders Fund – I with a targeted corpus of ₹1,500 crore. Through this Equity Fund, the Firm aims to invest in new economy companies that are category leaders and likely to pursue an IPO in the next 1 to 3 years.

Trifecta Capital has invested in over 70 companies across its two Venture Debt funds and its portfolio now comprises 9 unicorns and 11 unicorns including BigBasket, Pharmeasy, Cars24, Vedantu, Infra.Market, ShareChat, Dailyhunt, UrbanCompany, CarDekho, Blackbuck, Ninjacart, NoBroker, Kreditbee, Dehaat, Turtlemint, Livspace and BharatPe amongst several others.

All these companies are backed by the marquee, global VC funds and have created substantial value in the digital economy. They have cumulatively raised $8.1 billion of equity and are cumulatively valued at $20 billion. With the launch of Trifecta Leaders Fund – I, the firm is extending its platform capabilities as a life cycle capital provider to the start-up ecosystem.

Also read: Trifecta Capital sees top-level exits

The Fund is filling a structural gap in the late-stage VC ecosystem in India, and in addition to primary infusions, will cater to the unmet needs of late-stage companies by providing off-cycle liquidity to early investors, angels, current and former employees including consolidation of equity cap tables.

Trifecta Leaders Fund – I will invest in a targeted set of category-leading start-ups, selected predominantly from Trifecta Capital’s portfolio across its Venture Debt funds where the Firm has proprietary knowledge of the businesses as well as a deep relationship with the Founders and Investors. The Fund will invest $15-30 million each in around 10 companies for minority stakes, through a combination of primary and secondary positions. The firm has already built a strong pipeline of 20 companies as potential portfolio candidates.

“Through the launch of this new fund, we hope to capture the value that is expected to accrue from investing in these category-leading companies, one to three years ahead of an IPO. As the start-up and investing ecosystem matures, it is natural to see large, well-known start-ups plan their IPOs to create liquidity for existing investors and tap the public markets for their longer-term financing needs. We believe that Trifecta Leaders Fund-I is a timely and attractive opportunity for investors who have so far been unable to access these great companies as they are predominantly funded by offshore VC and PE funds,” said Rahul Khanna, Managing Partner, Trifecta Capital, in a statement.

The Fund leadership team has a cumulative 75+ years of lifecycle investing, operating and entrepreneurial experience across global institutions like Canaan Partners, Accenture and Goldman Sachs. With a Fund duration of only 5 years, Trifecta Capital believes this Fund provides a unique investment opportunity for investors, both domestic and offshore, to partner with India’s new economy category leaders. Trifecta Leaders Fund – I have also established a best-in-class governance framework with a global advisory board comprising domain-knowledge experts who can support portfolio companies as they navigate their path to liquidity.

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Will enhance aggregate limit of WMA for States, UTs: RBI

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The Reserve Bank of India (RBI) has decided to enhance the aggregate limit of ways and means advance (WMA) limit for all States and Union Territories to ₹47,010 crore, which is an increase of 46 per cent from the current limit of ₹32,225 crore.

Also read: RBI proposes mandatory interoperability of full KYC prepaid instruments

The central bank also decided to continue with the enhanced interim WMA limit of ₹51,560 crore granted by RBI due to the pandemic for a further period of six months (September 30, 2021).

Under WMA, States and UTs get short-term credit up to three months from the RBI to bridge temporary mismatches in cash flows.

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Non-banking finance cos seek easier rules for cancelling NACH mandates

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Non-banking finance companies, especially those with an asset base of less than ₹500 crore, have sought relaxation in rules for cancelling National Automated Clearing House (NACH) mandates by their customers. The Finance Industry Development Council (FIDC) has written to the National Payments Corporation of India “to provide cancellation facility through simpler means such as Whatsapp and SMS” in a secure manner.

In a letter to the NPCI Managing Director and CEO, Dilip Asbe, FIDC has said this would enable customers to cancel NACH mandates in a simple manner rather than having to access the companies’ websites to carry out such a request. NACH or “National Automated Clearing House (NACH)” for banks, financial institutions, corporates and government is a web-based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature and bulk payments.

‘Best effort’ basis

It has also requested NPCI to allow small NBFCs (with asset base of less than ₹500 crore – which are categorised by the RBI as non-systemically important) to provide such a facility on a “best effort” basis and not as a mandate.

“Most of our members are small NBFCs that operate in limited geographies and provide the vital last mile credit delivery to unserved and under-served segments of the economy including agriculturists, MSME, small road transport operators,” FIDC said in the letter, adding that many of these NBFCs are very small and do not have a well developed website.

Further, many of their customers are not tech-savvy and are not comfortable with transacting on electronic platforms though they may be comfortable in using SMS or WhatsApp, it has said.

“Small NBFCs have, with great difficulty, convinced their customers to use electronic and non-cash means for EMI payments, but still the prevalence of cash repayments is significant,” FIDC said, adding that the provision of the facility for cancellation of NACH mandates is neither feasible nor effective in achieving the ultimate objective of customer empowerment.

NPCI guidelines

In a circular dated September 11, 2020, NPCI had come out with guidelines to provide customers the facility for online cancellation of NACH mandates.

“In order to faciliate online submission of customer request for mandate cancellation, all the entities that are obtaining the mandates from the customer shall provide an option to the customer to submit the stop/cancellation request through their website or any other electronic channels,” NPCI had said in a circular, noting that customers have to reach out to the company or the bank branch and submit the cancellation request in á physical form.

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SBI customers face issues with online transactions

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Customers of State Bank of India faced disruption in online transactions on Thursday after the bank undertook maintenance activities. Customers took to social media to report issues with logging into the bank’s flagship mobile app, YONO. Users were also having problems with payments using the Unified Payments Interface (UPI).

‘Maintenance activities’

“We will be undertaking maintenance activities between 2:10 p.m. and 5:40 p.m. on April 1. During this period INB/ YONO, YONO Lite/UPI will be unavailable. We regret the inconvenience caused and request you to bear with us,” SBI said in a tweet. However, it did not account for the outage faced in the first half of the day.

The bank has faced technical glitches with its platforms on previous occasions.

In December last year, YONO encountered a technical glitch. Customers took to Twitter to complain about not being able to open the app/login.

Today’s outage has occurred as SBI’s branches are closed for business since being the first day of the financial year.

“We request our esteemed customers to bear with us as we upgrade our digital banking platforms to provide a better online banking experience,” SBI said. Likewise, the customers of private sector lender HDFC Bank had faced intermittent problems with internet and mobile banking on Tuesday.

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Bank lending to get a boost if Indian bonds are included in FTSE index, BFSI News, ET BFSI

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New York: FTSE Russell placed Indian government bonds on the watchlist for possible inclusion in its debt index, a move that may bring the nation closer to its aim of joining a global bond gauge after several false starts.

Rupee securities will be considered for addition to the FTSE Emerging Markets Government Bond Index, FTSE said as part of its semi-annual review. In the coming weeks, it’ll start an index that tracks securities issued under the Fully Accessible Route after investors expressed an interest in the notes.

India has been trying to gain entry into a global debt index since 2019, but talks with index compilers have made little headway. A report this month said India’s efforts have been stymied by demands from global bond funds including a request that the government doesn’t change tax rules to the disadvantage of investors.

“The attractiveness of IGBs as an ongoing investment will not solely depend on index inclusion,” said Arthur Lau, head of Asia ex-Japan indexed income at PineBridge Investments Asia. “Other factors including expected returns based on the prevailing economic conditions, government policies, and relative value to other local bond markets should be taken into account.”

$10 billion inflows

Inclusion in FTSE’s index may attract about $10 billion of inflows into rupee securities, said Dariusz Kowalczyk, a senior emerging-market strategist at Credit Agricole CIB in Hong Kong, adding that this was an initial estimate.

At its September review, JPMorgan said Indian bonds remain off index and were still under review for inclusion, although about $115 billion in notional value of current and upcoming government debt have been marked for accessibility.

How will India benefit?

If India becomes part of the EMGBI, foreign portfolio investors could step up investments in the Government Securities (G-Sec) market, say market players.

The move will aid the massive government borrowing of Rs 12 lakh crore planned for fiscal 2022. Bond traders are demanding higher rates of G-Secs, forcing RBI to devolve a significant portion of the auction on primary dealers

Inclusion in FTSE will bring in new investors and reduce pressure on banks to invest in government bonds and free resources relatively for lending.

IF G-Sec yields go down, it will benefit corporates too as corporate bond yields mirror government securities.

However, the quantum of flows will depend on the percentage allocation to India. Also, FTSE is a smaller index when compared to Bloomberg Barclays and JP Morgan Emerging Market Government Bond Index (GBI-EM).

China inclusion

Index provider FTSE Russell has given its final approval for Chinese sovereign bonds to be included in its flagship bond index from later this year, setting the stage for billions of dollars of inflows into the world’s second-largest economy.

But a longer-than-expected inclusion period – of 36 months, rather than one year, as FTSE had previously announced – reflects persistent concerns among some global investors about investing in the world’s second-largest bond market.

Chinese government bonds (CGBs) will be added to the FTSE World Government Bond Index (WGBI) over three years from the end of October, FTSE Russell said in a statement.



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Mashreq Bank appoints Mohua Sengupta as MD of its remote working campuses in Bengaluru, BFSI News, ET BFSI

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Mohua Sengupta, Managing Director, Mashreq Bangalore.

UAE based lender Mashreq announced the appointment of Mohua Sengupta as the Managing Director of its remote working campuses spread across India, Egypt and Pakistan. Sengupta, who will be based out of Bangalore, will collaborate with all group functions to enable and develop them into market leading talent and services platforms, Mashreq said.

Mohua was earlier the Executive Vice President and Global Head of Services for 3i Infotech, prior to which she was associated with iGATE, MPHASIS, and Accenture.

Mark Edwards, Group Head of Operations, Mashreq Bank, said We are very pleased that Mohua has joined Mashreq to lead our remote working campuses in India, Egypt and Pakistan. The recent widespread changes in working practices has presented an opportunity for us to create the best digital remote working experience for our employees, ensuring that we can continue to provide the very best digital banking experience for our customers.

“We are confident that Mohua, with her rich and diverse experience, together with Mashreq’s proven agile way of thinking and acting, will be able to successfully lead our efforts in building a world class work from anywhere platform for Mashreq globally,” added Edwards.

Mohua Sengupta further echoed “I am delighted to be part of the Mashreq family. For over 50 years, Mashreq has been powering the future of banking using the latest technologies in data, software, intelligence, robotics. Today, the global financial and technology landscape is extremely dynamic and exciting.”



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MobiKwik denies data breach of 3.5 million users amid IPO plans, BFSI News, ET BFSI

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NEW DELHI: Digital wallet and payments company MobiKwik, reportedly planning an initial public offering (IPO) around September this year to raise $200-250 million, on Monday denied claims that sensitive data of millions of its users has been leaked.

Independent cyber security researchers have claimed that a database containing KYC details of nearly 3.5 million users of MobiKwik is up for sale on the Dark Web.

First tweeted by independent cyber security researcher Rajshekhar Rajaharia and then by French researcher Elliot Alderson on Monday, the alleged breach includes 8.2TB data containing users’ phone numbers, emails, hashed passwords, addresses, bank accounts and card details.

MobiKwik, however, vehemently denied any such breach. “Some media-crazed so-called security researchers have repeatedly attempted to present concocted files wasting precious time of our organisation as well as members of the media,” the company said in a statement shared with IANS.

“We thoroughly investigated and did not find any security lapses. Our user and company data is completely safe and secure,” the company added.

Alderson had tweeted: “Probably the largest KYC data leak in history.” Rajaharia had claimed earlier that “11 crore Indian cardholder’s cards’ data including personal details and KYC soft copy (PAN, Aadhaar etc) allegedly leaked from the company’s server in India”.

According to the researchers, the entire database is available for 1.5 Bitcoin (nearly $84,000) on the Dark Web.

The reports surfaced as MobiKwik last week raised $7.2 million in a funding round prior to the listing on the stock exchange, according to regulatory filings with the Ministry of Corporate Affairs.

According to Entrackr, Mobikwik’s post-money valuation currently stands at $493 million with the latest funding round.



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Former RBI deputy governor Kamalesh Chandra Chakrabarty passes away, BFSI News, ET BFSI

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Former Reserve Bank of India deputy governor Kamalesh Chandra Chakrabarty passed away on Friday morning due to heart attack.

One of the most colourful personalities in Indian banking who was known for speaking his mind, Chakrabarty served the central bank from June 2009 to April 2014, resigning three months ahead of the completion of his term citing personal reasons.

Prior to his stint as central banker, he was the chairman & managing director of Punjab National Bank. He had also led Indian Bank for two years.

Chakrabarty started his career as a teacher and researcher at the Banaras Hindu University before joining Bank of Baroda where he rose through the ranks to become general manager.

As RBI deputy governor, Chakrabarty championed the cause of customers’ rights and financial inclusion. He had also contributed to the fields of banking supervision and human resources management.

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