Tag: Private banks

realtors, BFSI News, ET BFSI

Banking & Finance

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New Delhi, India’s residential property market is expected to witness a strong consumer demand during the festival season with various banks, including SBI, providing concessional interest rates on home loans, according to real estate developers and consultants. They also hoped that other public and private banks would soon announce their festival offers on interest rates on home loans and processing fees.

On Thursday, the country’s largest lender State Bank of India announced various festive offers for prospective home loan customers, including a credit score-linked home loan starting at 6.70 per cent, irrespective of the loan amount. Earlier, a borrower availing a home loan above Rs 75 lakh had to pay an interest rate of 7.15 per cent.

Anarock group Chairman Anuj Puri said: “This is an extremely competitive move by SBI, and it virtually negates all the previous limitations which applied to special home loan interest rates. Instead of focussing on just budget housing, this new interest rate is genuinely democratic as buyers from any budget bandwidth will benefit.”

Puri termed the SBI’s decision as “aptly timed” ahead of the festive season.

“This year, we are likely to see significantly improved traction in the housing segment during this period. Waiving of processing fees and occupation-linked interest premium are added levels of savings,” he said.

Puri expected other lenders to follow SBI’s footsteps in order to remain competitive.

Vikas Wadhawan, Group CFO, Housing.com, Makaan.com and Proptiger.com, said the reduction in home loan interest rates by SBI will help the sector gain further momentum.

“Prices are already subdued and buyers will be able to save a little more money,” he added.

Amit Goyal, CEO, India Sotheby’s International Realty, said the rate cut by some of the country’s leading banks will act as a catalyst for faster decisions.

“SBI decision to offer lower interest rate irrespective of the prices of the unit or loan amount is likely to benefit buyers in the luxury segment as well. Given the upcoming festive season, which is considered auspicious by a large number of Indians to make big-ticket purchases, the timing of reduction in interest rate couldn’t have been better,” he added.

Raoul Kapoor, COO Andromeda, said the reduction in interest rates by major banks is expected to give a boost to the resurgent real estate market, especially during the busy festive season.

Signature Global founder and chairman Pradeep Aggarwal said: “The market is already on the up, and we expect that the recent decision by the SBI will help turn the table and lead to a substantial increase in sales.”

Nayan Raheja, Executive Director, Raheja Developers, said the demand for affordable and mid-segment houses will go up as affordability improves.

“This will be a double dose of benefit for buyers as developers have already kept the prices on a leash, even though construction cost is going up,” Raheja added.

Noida-based ABA Corp Director Amit Modi hoped that other private and public sector banks would also announce similar initiatives to revive the market confidence.

“The market has already started seeing sales increase post-May 2021, and the home loan interest rate reduction will further boost the buying sentiment. We are looking forward to a faster recovery and hope the measure will expedite the sector to reach pre-COVID levels sooner than expected,” he added.

Gurugram-based Silverglades group CEO Anubhav Jain said the SBI has set a trend for reducing home loan rates by reducing lending rate to as low as 6.7 per cent.

This would go a long way in giving a boost to the real estate sector in the upcoming festive season, he added.

“Home buyers will be entitled to get home loans at 6.7 per cent irrespective of the amount of loan. Earlier, people seeking home loans over Rs 75 lakhs were required to pay comparatively higher rates. Also the decision to do away with distinction between salaried and non-salaried is welcome and makes the whole process simpler and transparent,” Jain said.

With the introduction of the new offer by the SBI, a borrower can now avail home loan for any amount at a rate as low as 6.70 per cent,

This will result in a saving of 45 basis points (bps) which translates to an interest saving of more than Rs 8 lakh, for a Rs 75 lakh loan with a 30-year tenure, SBI said.

Further, the rate of interest applicable for a non-salaried home borrower was 15 bps higher than the interest rate applicable to a salaried borrower. The lender has removed this distinction between a salaried and a non-salaried borrower.

Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers, the bank had said.

Recently, Anarock issued its estimates of housing sales for the current calendar year, projecting 30 per cent increase in demand across seven major cities to nearly 1.8 lakh units in 2021.

However, it said that the demand would still be lower than the pre-Covid levels.

In 2019, housing sales stood at 2,61,358 units across seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata. PTI MJH MKJ



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IndusInd Bank gets empanelled as Agency Bank to RBI, BFSI News, ET BFSI

Banking & Finance

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IndusInd Bank on Tuesday said it has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank‘ to facilitate transactions related to government businesses. It will strengthen the bank’s presence within the government domain, IndusInd Bank said.

The announcement comes close on the heels of a recent RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business.

With this, IndusInd Bank joins ranks with few other private banks of the country to carry out general banking business on behalf of the central and state government, while also offering customers – the convenience of undertaking routine financial transactions through its banking platform, the bank said in a release.

“We are honoured to be appointed by the RBI to facilitate transactions pertaining to all kinds of government-led businesses.

“Given IndusInd Bank’s exclusive suite of services comprising innovative and cost-effective solutions, coupled with our state-of-the-art technology platforms, we are confident of being a ‘partner of choice’ for the government, its enterprises, as well as all other stakeholders in fulfilling their financial aspirations in the most seamless manner,” said Soumitra Sen, Head – Consumer Bank, IndusInd Bank.

As an empanelled ‘Agency Bank’, IndusInd Bank can now be authorised to handle transactions pertaining to revenue receipts under CBDT, CCBIC and GST on behalf of the state/central government.

It can also make transactions for pension payments on behalf of state/central government, work related to Small Savings Schemes (SSS), collection of stamp duty charges, and collection of stamp duty from citizens for the franking of documents.

Besides, it can also undertake the collection of state taxes such as professional tax, VAT, state excise etc. on behalf of various state governments, IndusInd Bank said.



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Private banks hold on in second Covid wave in Q1, but retail stress grows, BFSI News, ET BFSI

Banking & Finance

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Private banks have posted first-quarter results that are in line with analyst expectations, less deterioration in asset quality, though they are seeing stress in retail and gold loans.

Axis Bank

Axis Bank’s net profit almost doubled to Rs 21.6b in 1QFY22, with a PPOP of Rs 6420 crore, up 10% YoY. Net interest income grew 11% YoY, while margin fell 10bp QoQ to 3.46% due to interest reversals on slippages, higher liquidity, and change in product mix.

The bank has delivered an in-line performance, even as slippages stood elevated, resulting in a slight deterioration in asset quality. On the business front, loan growth remains flat due to a muted business environment, while margin witnessed a sequential decline. On asset quality, total restructuring stood controlled at 0.44% of loans (including approved, but not implemented). Though slippages could remain elevated in the near term, healthy provision coverage ratio of 70%, coupled with additional provisions buffer of 2%, would likely protect the Balance Sheet against any potential stress.

Kotak Mahindra Bank

Kotak Mahindra Bank reported an in-line core operating performance in a challenging environment, despite muted loan growth across most segments.

Private banks hold on in second Covid wave in Q1, but retail stress grows

Asset quality deteriorated slightly led by the secured Retail segment. Standalone PAT grew 32% but consolidated PAT declined by 3% YoY on account of weaker performance from subsidiaries, mainly Kotak Life and Kotak Prime.

Loan book fell 3% QoQ (up 6.6% YoY) to Rs 2.2 lakh crore, led by a decline across most segments. On the liability front, CASA growth remains steady, driving CASA mix to 60.2% (highest in the industry).

On the asset quality front, slippages stood elevated at Rs 1500 crore (annualized 2.8% of loans) mainly from Tractors, CV/CE, and the Small Commercial segment. GNPA/NNPA ratio rose by 31bp/7bp QoQ to 3.56%/1.28%. The bank carries COVID-related provisions of Rs 1280 crore (0.6% of advances), which remains unchanged.

The bank continues to report steady progress in building a strong liability franchise, with a CASA ratio of an estimated 60% (highest in the industry). Asset quality was affected due to the second Covid wave, which hampered collections, thus driving elevated slippages. The restructured book remains under control ~0.25% of loans. The bank carries Covid-related provisions of Rs 1,280 crore (0.6% of advances).

ICICI Bank

ICICI Bank reported strong earnings performance, led by robust core PPOP, aided by healthy NII growth (5bp NIM expansion). Also, lower provisions drove the earnings. The bank is thus progressing well towards earnings normalization.

Fresh slippages stood elevated at Rs 7,230 crore (annualized 4% of loans), predominantly from the retail/business banking portfolio. However, this was partially compensated by higher recoveries and upgrades. The GNPA/NNPA ratio grew by 19bp/2bp QoQ to 5.15%/1.16%. PCR remains stable at 78.4%, the highest in the industry. Restructured loans stood controlled at 0.7% of loans versus 0.5% in FY21.

ICICI Bank holds Covid related provisions of Rs 6,425 crore (0.9% of loans), despite utilizing provisions of Rs 1050 crore in 1QFY22. It guided at improved asset quality trends mainly from 2HFY22.

Private banks hold on in second Covid wave in Q1, but retail stress grows

The steady mix of the high yielding portfolios such as retail/business banking portfolio, deployment of excess liquidity, and low-cost liability franchise is aiding margin expansion. Covid has disrupted collections, leading to elevated slippages in the retail/business banking portfolio. However, the management is confident of improved asset quality trends over FY22, mainly from 2H onwards. Restructured loans remain under control at 0.7% of loans. Provision coverage remains best in the industry and additional Covid provision buffer (0.9% of loans) provides comfort on normalization in credit cost. We expect RoA/RoE to improve to 1.8%/15.3% for FY23E.

Federal Bank

FB reported a net profit of Rs 370 crore in 1QFY22, led by strong other income (recovery from a written-off account and treasury gains of INR2.6b). It prudently deployed these gains towards provisions, which stood elevated at INR6.4b (63% YoY increase), to further strengthen its Balance Sheet.

The bank posted a moderation in business growth, with loans across most segments declining sequentially. Deposit growth was muted, while the CASA ratio touched ~35% (record high levels). The share of Retail deposits rose to 93% of total deposits. Around 60% of Retail slippages came from the Home loan portfolio, with the rest mainly from the LAP segment.FB expects slippages in FY22 to remain at a similar trajectory as the last two years.

Private banks hold on in second Covid wave in Q1, but retail stress grows
Its restructured book is fully secured. The bank expects LGDs to remain low. Most of its Retail restructured book constitutes Home loans, LAP, etc. Collections efficiency in this portfolio stands at 95%, which is in line with its other portfolio.

FB reported a slight moderation in business growth owing to a challenging environment and lockdowns across several states. However, the bank’s liability franchise remains strong, with Retail deposit mix ~93% and CASA ratio at a record high of 35%. On the asset quality front, slippages stood elevated from the Retail/Agri/SME segments as the second Covid wave has severely affected the Self-employed segment and impacted the rural economy as well. The bank prudently utilised higher treasury gains/one-off recovery from written-off accounts towards provisions to further strengthen its Balance Sheet and stabilise PCR.



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Private banks report rise in deposits, muted growth in advances in Q1FY22

Banking & Finance

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Private sector banks reported a steady increase in deposits in the provisional data for the quarter-ended June 30, 2021, though advances remained subdued amidst localised lockdowns that impacted business activity.

However, bucking the trend, HDFC Bank reported a 14.4 per cent growth in its advances to about ₹11,47,500 crore as of June 30, 2021 compared to ₹10,03,300 crore a year ago.

Domestic retail loans as of June 30, 2021 grew by around 10.5 per cent over a year-ago period and remained at a level similar to that as of March 31, 2021; domestic wholesale loans as of June 30, 2021 grew by around 17 per cent y-o-y and around 2 per cent over March 31, 2021, it said in a regulatory filing on Monday.

The bank’s deposits grew 13.2 per cent to about ₹13,46,000 crore as of June 30, 2021 versus ₹11,89,400 crore a year ago.

Also read: Amid worries over demand revival, Axis Bank sees 10 times growth in online shopping fest

Yes Bank and Federal Bank

Meanwhile, Yes Bank reported a 0.4 per cent decline in its loans and advances for the first quarter of the fiscal to ₹1,63,914 crore as against ₹1,64,510 crore as on June 30, 2020. On a sequential basis, loans fell 1.8 per cent.

In contrast, its deposits soared by 39.1 per cent to ₹1,63,295 crore for the quarter-ended June 30, 2021 from ₹1,17,360 crore a year ago.

Meanwhile, Federal Bank reported an 8 per cent growth in gross advances to ₹1,32,770 crore for the first quarter of the fiscal as against ₹1,23,437 crore a year ago.

Its total deposits increased by 9 per cent to ₹1,69,393 crore for the quarter-ended June 30, 2021 from ₹1,54,938 crore a year ago. However, deposits fell by 1.9 per cent on a sequential basis.

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Bank holidays in June 2021: Banks to remain closed for up to 9 days next month; check full list here

Banking & Finance

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According to the Reserve Bank of India (RBI), banks in a few states will be closed for different occasions, other than weekly holidays

Bank holidays: Banks in India will remain closed for up to nine days in June, including second and fourth Saturdays, and Sundays. According to the Reserve Bank of India (RBI), banks in a few states will be closed for different occasions next month in June 2021, other than weekly holidays. Banks will not be closed for all nine days for all states as holidays vary from state to state. Only the gazetted holidays are observed by banks all over the country. The Reserve Bank of India has categorised holidays under three categories — Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts. The list of holidays given below has been notified by RBI.

Bank Holidays in June 2021

Festivals in June 2021

15 June 2021 – Y.M.A. Day/Raja Sankranti
25 June 2021 – Guru Hargobind Ji’s Birthday
30 June 2021 – Remna Ni

Banks across Mizoram’s Aizawl and Odisha’s Bhubaneswar will observe a holiday on June 15, on account of Y.M.A. Day and Raja Sankranti. On June 25, 2021, only banks in Jammu and Srinagar will remain shut to observe Guru Hargobind Ji’s Birthday. Similarly, on June 30 (Remna Ni) only banks in Aizawl will remain closed.

Also read: Banks move Supreme Court against RTI disclosure, seek direction to RBI

Weekend holidays in June 2021

06 June 2021 – Weekly off (Sunday)
12 June 2021 – Second Saturday
13 June 2021 – Weekly off (Sunday)
20 June 2021 – Weekly off (Sunday)
26 June 2021 – Fourth Saturday
27 June 2021 – Weekly off (Sunday)

Also read: SBI should be able to build a book of Rs 2,000 crore through expanded ECLGS: Dinesh Khara

All the private and public sector banks across the country remain shut on the second and fourth Saturdays of every month, along with a weekly holiday on Sunday. Even as banks will remain shut on the above-mentioned days, customers can avail online services. Moreover, mobile and internet banking will remain operational. Further, for the next three months (July-September quarter), banks will be closed for 24 days, other than Sundays and second and fourth Saturdays.

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Private banks see 21% jump in frauds as online frauds rise, BFSI News, ET BFSI

Banking & Finance

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The public sector banks seem to have learnt a lesson from the multi-billion dollar Punjab National Bank scam and worked to put their processes in order.

The number of frauds in PSBS fell 34% during fiscal 2020-21, more than double the overall 15% decline in frauds in the banking system. Interestingly, frauds in private banks rose 21% during the period, according to the RBI annual report for fiscal 2021.

The share of PSBs in total fraud value shrank to 59.2% this fiscal, from 80% in fiscal 2020, while it rose to 33.5% in the case of private sector banks this fiscal. In fiscal 2020 private banks had reported a 18.4% share.

The RBI in its annual report stated that a total of 7,363 frauds worth Rs 1,38,422 crore were reported. These frauds have been reported across all banks and areas of operations.

Online frauds rise

The number of frauds in the online space shot up 34.6% at the end of March 2021. About 99% of the total frauds reported in the fiscal year gone by were from the advances category in value terms. However, the value of frauds in the advances category remained almost the same as compared to the last year and the incidence of frauds in the advance category have come down over the previous year.

In value terms, private banks reported a rise of 35% y-o-y in frauds during FY21, and PSBs have reported a decline of 45%.

The average time lag between the date of occurrence of frauds and the date of detection was 23 months for the frauds reported in 2020-21. However, in respect of large frauds of Rs 100 crore and above, the average lag was 57 months for the same period. In terms of area of operations, frauds have been occurring predominantly in the loan portfolio (advances category), both in terms of number and value, RBI said.

Reducing frauds

In the current fiscal, the central bank is looking at enhancing the fraud risk management system, including improving the efficacy of early warning signal (EWS) framework, fraud governance and response system. This includes augmenting the data analysis for monitoring of transactions, introduction of dedicated market intelligence (MI) unit for frauds and implementation of automated unique system generated number for each fraud.

For an account declared fraud, banks have to make 100% provisioning of the outstanding loans, spread over up to four quarters.



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RBI modifies norms for undertaking govt business by private banks, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank on Monday came out with modified guidelines that allow sound private sector banks to undertake government business, whether at the Centre or in states. According to the modified norms, scheduled private sector banks, which are not under the Prompt Corrective Action (PCA) framework of the RBI, can undertake government business after executing an agreement with the central bank.

“Scheduled private sector banks, not having agency banking agreement with RBI, but intend to handle government agency business, may be appointed as agents of RBI upon execution of an agreement with RBI.

“This will be subject to the condition that the concerned bank is not under PCA framework or moratorium at the time of making the application or signing of the agreement with RBI,” the central bank said in a notification.

It may be mentioned that the Finance Ministry in February 2021 had lifted the embargo imposed in September 2012 on further allocation of government business to private sector banks.

In view of the lifting of the embargo, the RBI has decided to revise the framework for authorising Scheduled Private Sector Banks as agency banks of RBI for conduct of government business.

The notification further said existing private Sector agency bank with whom RBI already has agency banking agreement and who are authorised to do government agency business may continue to do these government agency businesses for Central and/or State Governments without taking any fresh approval from the central bank.

It also said once RBI authorises a bank for any government business, separate approval from RBI with regard to mode (physical or e-mode) and area of operations is not required and the same will be decided by the CGA (for Central Government) or the Finance Department of the State Government, keeping the RBI informed in the matter.



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Public sector banks losing market share in loans to private sector rivals

Banking & Finance

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The proposed privatisation of two public sector banks (PSBs) in FY22 could accentuate the already declining market share of PSBs in loans, with the share of private sector banks (PvSBs) expected to go up further.

A realignment of market share in loans has been happening in the banking space over the last four years.

PSBs’ (or state-owned Banks) market share in loans declined to around 59 per cent (of all scheduled commercial banks’ outstanding credit) in December 2020 against around 65 per cent in December 2017.

However, during this period, PvSBs market share rose to around 36 per cent from around 30 per cent, going by Reserve Bank of India data.

The aforementioned development comes in the backdrop of PSBs turning cautious on loan growth in the face of stress in their balance sheets and IDBI Bank getting classified as a PvSB following the Life Insurance Corporation of India becoming its promoter with management control in January 2019.

Consolidation exercise

PSBs loan growth also slackened as some of them focussed their energies on streamlining operations following mega-mergers within the grouping.

Dena Bank and Vijaya Bank got amalgamated with Bank of Baroda with effect from April 1, 2019.

The aforementioned consolidation exercise was followed by mega-mergers in PSB space in FY20-21.

With effect from April 1, 2020, Oriental Bank of Commerce and United Bank of India merged with Punjab National Bank; Syndicate Bank merged with Canara Bank; Andhra Bank and Corporation Bank merged with Union Bank of India; and Allahabad Bank merged with Indian Bank.

During the last four years, PvSBs pressed ahead with loan growth. Many larger and mid-sized PvSBs were neither constrained by capital nor weighed down too much by bad loans.

Realignment & privatisation

Now, if the Government makes good on its Budget announcement of privatising two PSBs in FY22, the market share of State-owned banks could shrink further by about 3-4 percentage points, with the share of PvSBs correspondingly going up.

In 2018, Uday Kotak, Managing Director & CEO, Kotak Mahindra Bank, observed that private sector banks’ market share will go up significantly and be on a par with that of public sector banks in the next five years.

“…This major mega trend in the redefinition of the industry structure is something which is playing out as we talk,” Kotak then said.

Banking expert V Viswanathan assessed that PvSBs are focussing on credit to small and medium enterprises (which offer collateral), wholesale trade, home loans and related top-up loans, loan against property, auto loans and personal loans, among others, in a big way.

Meanwhile, small finance banks have grown their market share in loans to about 1 per cent in December 2020 from about 0.22 per cent in December 2017. Foreign banks’ share came down to 3.98 per cent from 4.44 per cent.

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RBI’s CEO tenure cap: Here’s how it will impact Uday Kotak; HDFC Bank, ICICI Bank, Axis Bank safe

Personal Finance

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Analysts believe that this development is marginally negative for Kotak Mahindra Bank, as Uday Kotak, the promoter MD and CEO, will not be eligible for reappointment once his term gets over.

The Reserve Bank of India’s (RBI) final guidelines on the tenure of bank MD, CEOs, or Whole Time Director (WTD) will apply to private lenders, small finance banks (SFBs), and wholly-owned subsidiaries of foreign banks. Under the new guidelines, the post of MD and CEO of a private bank cannot be held by the same individual for more than 15 years in one go. While, in the case of a promoter MD/CEO, the tenure will be capped at 12 years. RBI has noted that under special circumstances and at the discretion of the apex bank, the term for promoter CEO may be extended up to 15 years. “Banks such as HDFC Bank, ICICI Bank, and IndusInd Bank had a change at the helm in the recent past. However, banks like Kotak Mahindra Bank, DCB Bank, City Union Bank, Federal Bank, and RBL Bank have long-running tenures (+10 yrs) of the current MDs,” said Siji Philip and Dnyanada Vaidya, research analysts, Axis Securities.

RBI guidelines negative for Kotak Mahindra Bank

For Kotak Mahindra Bank and City Union Bank, the term extension has already been done till 2024 and 2026, respectively. Analysts believe that this development is marginally negative for Kotak Mahindra Bank, as Uday Kotak, the promoter MD and CEO, will not be eligible for reappointment once his term gets over. However, he will continue to remain a stakeholder in the bank. Uday Kotak got reappointed on January 1, 2021, for a period of three years. “Hence, his tenure will now end on 1 Jan 2024 and he is not eligible for reappointment as he has already completed 15 years as the MD and CEO,” said Suresh Ganapathy, analyst at Macquarie Research in a note.

Banks to comply with RBI guidelines by Oct 1, 2021

Ganapathy also said that the second in line Dipak Gupta (current Joint MD) may not be eligible to succeed Kotak as the CEO as the 15 year cap applies for all whole-time directors (WTD) on the board. RBI circular also stated that the upper age limit for MD and CEO and WTDs in the private sector banks would continue and no person can continue as MD and CEO or WTD beyond the age of 70 years. Banks are permitted to comply with these instructions latest by October 01, 2021. It should be noted that banks with MD and CEOs or WTDs who have already completed 12 or 15 years as MD and CEO or WTD, on the mentioned date these instructions coming to effect, shall be allowed to complete their current term as already approved by the Reserve Bank.

Kotak Mahindra Bank shares were trading nearly 3 per cent higher at Rs 1,799 apiece on BSE in intraday deals on Wednesday. So far, a total of 46,000 shares have traded on BSE, while a total of 19.40 lakh shares have exchanged hands on NSE. RBI also clarified that the individual will be eligible for re-appointment as MD and CEO or WTD in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years, subject to meeting other conditions. “During this three-year cooling period, the individual shall not be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly,” RBI said.

HDFC Bank, ICICI Bank, Axis Bank seem fine

According to Ganapathy, the CEOs of HDFC Bank, ICICI Bank and Axis Bank have plenty of time and can be the CEO for more than a decade as they were appointed as the CEO recently. HDFC Bank CEO took charge last year whereas ICICI Bank CEO took charge a couple of years ago. Similarly, Axis CEO also can be the CEO for more than a decade.

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