Tag: RBI

HDFC Bank in talks with FinTechs to upgrade credit card biz, BFSI News, ET BFSI

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HDFC Bank Ltd, India’s biggest private sector lender, is looking to replace its legacy credit card system with a modern technology platform, according to a report.

The bank wants to make the processes more efficient and cost-effective and give customers a better experience and more security.

It is in talks with FinTech firms such as Zeta and Sprinklr for the upgrade.

Zeta, a software service provider for Sodexo’s employee benefits and rewards programme, helps banks to launch modern retail and FinTech products.

HDFC Bank, which has been hit by several digital glitches since the past year, has embarked on a scale changing technology adoption and transformation agenda to help drive its ambitious future growth plans.

RBI ban on credit card issue

The RBI had temporarily barred HDFC Bank in December 2020, from launching new digital banking initiatives and issuing new credit cards after taking a serious note of service outages at the lender over the last two years.

The bank was penalised by the RBI for two major outages, one in November 2018, and the other in December 2019.

Taking a stern view of the repeated outages, RBI Governor Shaktikanta Das had said in December that the regulator had some concerns about certain deficiencies and it was necessary that HDFC Bank strengthens its IT system before expanding further.

Technology transformation

Following this, the bank embarked on a scale changing technology adoption and transformation agenda to help drive future growth plans.

Giving details of the Technology Transformation Agenda, Jagdishan said that the bank has invested heavily in the infrastructure to handle any potential load that it might encounter in the next 3 to 5 years.

“We are also in the process of accelerating our cloud strategy to be on the cutting edge leveraging best in class cloud service providers,” he added.

As part of the agenda, he said, the bank has strengthened the process of monitoring the Data Centre (DC) and has shifted key applications to new DC.

“We have strengthened our firewalls further. We have to be scanning the horizon for potential security issues and be ever prepared to face them. We haven”t had any security issues in the past. But this is always an important area of focus and action plans are underway for further robustness,” the letter said.



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FIDC asks RBI to put off norms on auditor appointment by NBFCs to next fiscal

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Finance Industry Development Council has requested the Reserve Bank of India to push back the guidelines for appointment of statutory auditors of banks and non-banking finance companies to April 1, 2022 or fiscal year 2022-23.

To give NBFCs time to comply with the new norms, and “For smooth implementation and minimum disruption, the applicability of the circular can be with effect from April 1, 2022,” FIDC said in a representation to the RBI Governor Shaktikanta Das.

FIDC is a representative body of assets and loan financing NBFCs.

“Most of the NBFCs have already finalised the auditors for 2021-22 and the flexibility of changing auditors in the second half of 2021-22 doesn’t really help as shareholder approval would be required and the notice of the AGM would have already been finalised,” FIDC said.

Further, identifying a new auditor will take some time and it would be difficult for any new auditor to audit the accounts in a six month period, it said.

Cooling period

FIDC has also suggested that the cooling period should be reduced to five years instead of six as this will then better align with the Companies Act.

The RBI had on April 27 issued guidelines for appointment of statutory central auditors and statutory auditors for commercial banks, urban cooperative banks and NBFCs for the financial year 2021-22 and onwards.

UCBs and NBFCs will have the flexibility to adopt these guidelines from the second half of the year. While NBFCs do not have to take prior approval of the RBI for appointment of these auditors, all entities need to inform the RBI about the appointment for each year. Non-deposit taking NBFCs with asset size below ₹1,000 crore can continue with extant procedure.

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

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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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RBL, DCB and Federal Bank may hunt for new CEOs, BFSI News, ET BFSI

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It’s not just Kotak Mahindra Bank that has to do succession planning after the RBI capped the tenure of private bank CEOs at 15 years.

DCB Bank, RBL Bank and Federal Bank will have to look for new CEOs after the term of current ones ends in the next three years.

DCB Bank CEO Murali Natrajan has completed 12 years in the job and got a year’s extension this month.

Federal Bank CEO Shyam Srinivasan will complete 11 years in September when his second consecutive one-year extension ends.

RBL’s Vishwavir Ahuja also completes 11 years in June and is awaiting the RBI nod for another three-year term after the bank’s board approved such a proposal in January. Federal Bank and RBL boards have sought three-year terms for their CEOs. It remains to be seen whether the RBI will give this extension, which is within the 15-year limit.

Why the move?

The regulator’s directions on limiting CEO tenures come after the publication last summer of a discussion paper that had sought a review of the governance framework at commercial banks. A bank CEO who is also a promoter or major shareholder cannot hold these posts for more than 12 years, the revised RBI rules said.

Experts say governance lapses at Yes Bank also prompted the move by the central bank.

The new norms do not apply to bank CEOs whose tenures have already been approved by RBI.

“Banks with MDs & CEOs or whole-time directors (WTD) who have already completed 12 or 15 years as MD & CEO or WTD, on the date these instructions come into effect, shall be allowed to complete their current term as already approved by the Reserve Bank.”The banking regulator said

The impact

Bankers said the central bank’s move could hurt stability at small and medium private sector banks that require strong leadership and an understanding of the business to stand out in a competitive lending business. In a related move, the RBI has directed that half the directors in banks be independent ones. It has also put an annual Rs 20-lakh ceiling on fees to be paid to independent directors. It also said that independent directors have to chair bank boards.

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Monitor ARCs for ‘circuitous movement of funds’ with banks, says RBI paper, BFSI News, ET BFSI

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The Reserve Bank of India has flagged risks of excessive reliance on banks by the ARC industry.

An RBI paper, published in the central bank’s monthly bulletin for April, said banks supply non performing assets (NPAs) to the ARCs, hold shareholding in these entities and also lend to them, which makes it necessary to monitor if there is a “circuitous movement of funds between banks and these institutions (ARCs)”.

“Considering that banks are not just the major shareholders of and lenders to ARCs but also sellers of NPAs to ARCs, it may be necessary to monitor if there is a circuitous movement of funds between banks and these institutions. A movement of this kind can have implications for the genuine sale of NPAs and the overall growth of the ARC industry,” the article titled ‘ARCs in India: A Study of their Business Operations and Role in NPA Resolution’ said.

ARC versus IBC

It advocated for a strong a strong asset reconstruction sector, which complements the Insolvency & Bankruptcy Code mechanism, to better deal with non-performing assets and ensure higher recovery and resolution. Asset reconstruction companies recovered 29.7% of dues in 2019-20, while for IBC, this number was much higher at 45.5%, it said. Highlighting that there has been a declining trend in recovery over the years, the article said that even post IBC, their recovery amounts to 25-35% of dues, and they also account for 30% of total amount recovered through all channels.

Bad bank

The RBI article sees a greater role for asset reconstruction companies, including the bad bank announced in the budget.

“Going forward, the introduction of a new asset reconstruction company for addressing the NPAs of public sector banks may also shape the operations of the existing ARCs,” the RBI paper said. It added that there is a definite scope for the entry of a “well-capitalised and well-designed entity” in the Indian ARC industry and such a body will strengthen the asset resolution mechanism further.

It cited global experiences to lay down the necessary features of the new ARC announced by the government.

The paper advocated that the new ARC or the bad bank should have a narrow mandate such as resolving NPAs with clearly defined goals, a sunset clause defining their lifespan, supportive legal infrastructure involving bankruptcy and private property laws, backing of a strong political will to recognise problem loans, and a commercial focus including in governance, transparency, and disclosure requirements.

Capital constraints

The paper highlights the capital constraints of the ARC indsutry saying it has had an impact on the ability of their to ensure resolution and recovery. In terms of capital base of the industry, 62% was held by the top three asset recast companies and 67% for top five, which the authors argue shows how the business remains highly concentrated. As per the article, of the total assets under management, about 62% and 76% were held by the top three and top five asset reconstruction companies in March 2020, respectively.

Security receipts

About 42 per cent of the outstanding SRs (security receipts) as on March 2020 were more than five years of age and would have to be redeemed over the next four years to avoid write-offs,” the paper said, pointing out at the difficulties being faced by the current set of ARCs in resolving the stress.

While resolving a case, ARCs pay a minor portion in cash to the selling bank while the rest is SRs to be paid over a time.

Security receipts are issued as an instrument to enable offloading of stressed assets, and to encourage recovery and resolution of dues.

It said due to capital constraints, there was a high dependence on bank funding for such asset reconstruction companies, with banks selling bad loans continuing to hold security receipts, despite regulatory disincentives. In March 2020, just two asset reconstruction companies held about 62% of the total security receipts issued. The paper said that banks holding such a large volume of security receipts limits secondary trading and effectively market-based price discovery.



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RBI imposes Rs 40 lakh penalty on Himachal Pradesh State Cooperative Bank, BFSI News, ET BFSI

Banking & Finance

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Mumbai, Apr 27 () The RBI has imposed a penalty of Rs 40 lakh on Himachal Pradesh State Cooperative Bank, Shimla, for non-compliance with certain regulatory directions issued by NABARD. The penalty has been imposed for non-compliance with regulatory directions issued by NABARD contained in ‘Review of Frauds – Guidelines on Monitoring and Reporting System’, the Reserve Bank of India said on Tuesday.

Giving details, it said the statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence regarding reporting of frauds, revealed, inter alia, non-compliance of the directions.

A notice was issued to the Himachal Pradesh State Co-operative Bank. After considering the bank’s reply to the notice and oral submissions made in the personal hearing, the RBI said it came to the conclusion that the charge was substantiated and warranted imposition of monetary penalty.

The RBI, however, added penalty has been imposed on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. NKD MR MR



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FIDC seeks relief measures in wake of second Covid wave

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Concerned about the impact of the second wave of Covid-19 infections, Finance Industry Development Council has sought relief measures including restructuring for retail and individual borrowers of non banking financial companies (NBFCs).

In a representation to Reserve Bank of India Governor Shaktikanta Das, FIDC has asked that borrower accounts, irrespective of whether or not they had been restructured earlier and if they are standard accounts as on March 31, 2021, may be allowed restructuring without any downgrade in asset classification, subject however to the lending NBFCs undertaking fresh credit assessment of the borrowing entity.

“We wish to bring to your kind notice that the second wave of Covid- 19 has already started impacting the industry, more so the above self- employed segment of customers having little or nothing to fall back upon,” FIDC said in the letter.

NBFCs under pressure

It also pointed out that with many states like Maharashtra, Chhattisgarh, Madhya Pradesh, Karnataka, Rajasthan, Tamil Nadu and NCR already under lockdown or lockdown-like strict conditions, which has resulted in closure of NBFC branches. It is becoming increasingly difficult to reach customers for collections as their business has come to standstill and their livelihoods are under threat, it further said.

“It will not be long before the NBFC industry starts reeling under pressure of increased NPAs and at the same time, handling demand of moratorium and/or restructuring from its existing and deserving customers,” FIDC said.

Loan restructuring

It has also asked the RBI to allow standstill on buckets for restructured accounts for the first quarter of the current fiscal.

FIDC has also sought restructuring of loans taken by small NBFCs (having asset size of less than ₹500 crore) from banks and FIs and to avoid ALM mismatch arising out of restructuring of their customers’ accounts.

It has also asked the RBI for liquidity support to small NBFCs for on lending to micro, small and medium enterprises.

“We urge the RBI to increase the overall support outlay to AIFIs from ₹50,000 crore to at least ₹75,000 crore,” FIDC said, adding that benefit of PSL classification for lending by banks to

NBFCs for on-lending may please be regularised as part of the overall PSL policy.

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SBI Cards Q4 spends point to a worsening Covid impact, BFSI News, ET BFSI

Banking & Finance

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SBI Cards and Payment Services Ltd’s showing a slowdown in business in the fourth quarter, when the new Covid wave was not prominent in India.

The company reported a weak fourth quarter, with a sequential decline in receivables/spending.

The spends

While overall spends rose 11% year on year (YoY) they logged a 5% decline sequentially, within which retail spends were up 13% YoY (-4% QoQ), while corporate spends declined 10% QoQ (flat YoY).

Retail spends remained higher than pre-Covid levels, while corporate spends reached pre-COVID levels – on the back of new use cases making up for the loss in travel spends. Online retail spends form ~52% of the total retail spends.

This development comes when a major rival HDFC Bank is hamstrung as RBI has barred it from issuing new credit cards.

According to the management, spends across categories, barring travel and entertainment, have reached pre-Covid levels. Corporate spends have also reached pre-Covid levels, while corporate travel remains impacted. New use cases across corporates have been making up for the loss in travel spends.

However, the YoY growth is far lower than the pre-pandemic growth trend, which remains a worry.

Also, the gross non-performing assets (GNPA) ratio increased to 4.96% (versus proforma 4.51% in the December quarter), while the NNPA ratio declined to 1.15% (versus 1.58% in the third quarter of FY21).

Total receivables

Total receivables grew 4% YoY (2.5% QoQ decline) to Rs 25110 crore. The receivables mix indicated a marginal increase in the number of transactors and decline in revolvers – resulting in moderation in yields and an impact on the margins. Receivables per card continued to decline, reaching Rs 21,000 crore in the fourth quarter.

With the spends towards essentials are small in size than discretionary, the second wave of the pandemic poses significant risks to growth for SBI Card.

SBI Cards results

SBI Cards reported net profit growth of 110% YoY to Rs 175 crore, which was below analyst estimates. It was affected by a 21% YoY/8% sequential decline in interest income and modest fee income. Although, lower opex supported pre-provision operating profit (PPoP). For FY21, NII (net interest income)/PPOP was up 9.7%/9.6% YoY, while PAT declined ~21% YoY. NII declined 18.3% YoY, with margins down 130bp QoQ to 13.2%. Income from fees and services was stable QoQ at INR11.1b (+16% YoY) as overall spends declined ~5% QoQ. Thus, total income grew 2% YoY to INR22.2b, while opex declined 4.6% QoQ, resulting in stable PPoP (9% miss).

Cards in force grew 12% YoY to 11.8 million. New account sourcing for the fourth quarter stood at 93% of 4QFY20 levels. SBI contributed ~54% to new cards sourced, which accounts for ~44% of the overall card base.

For the financial year ended March 31, total income was at Rs 9,714 crore for FY21 vs Rs 9,752 crore for FY20. The profit after tax came at Rs 985 crore for FY21 versus Rs 1,245 crore in the previous fiscal.

The total balance sheet size as of March 31, 2021, was Rs 27,013 crore as against Rs 25,307 crore as on the same date of last year.



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RBI guidelines require banks, UCBs and NBFCs to appoint auditors for 3 years

Banking & Finance

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The Reserve Bank of India (RBI) on Tuesday issued guidelines for appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) in commercial banks, urban co-operative banks and non-banking finance companies from FY22 onwards, whereby they will have to appoint SCAs/SAs for a continuous period of three years.

RBI guidelines regarding appointment of SCAs/SAs will be implemented for the first time for urban co-operative banks (UCBs) and non-banking finance companies/NBFCs (including housing finance companies) from FY 2021-22.

However, UCBs and NBFCs will have the flexibility to adopt these guidelines from H2 (second half) of FY 2021-22 in order to ensure that there is no disruption.

Auditor’s job is not to become a bloodhound, says new ICAI head

Non-deposit taking NBFCs with asset size (total assets) below ₹1,000 crore have the option to continue with their extant procedure.

Commercial banks (excluding Regional Rural Banks/RRBs) and UCBs will be required to take prior approval of RBI (Department of Supervision) for appointment/reappointment of SCAs/SAs on an annual basis.

RBI tightens internal audit framework for NBFCs, UCBs

While NBFCs do not have to take prior approval of RBI for appointment of SCAs/SAs, all NBFCs need to inform RBI about the appointment for each year.

For entities (commercial banks. UCBs, and NBFCs) with asset size of ₹15,000 crore and above as at the end of previous year, the statutory audit has to be conducted under joint audit of a minimum of two audit firms [Partnership firms/Limited Liability Partnerships/LLPs].

All other entities have to appoint a minimum of one audit firm (Partnership firm/LLPs) for conducting statutory audit.

Entities need to ensure that joint auditors do not have any common partners and they are not under the same network of audit firms.

Asset size and numbers

The RBI said the entities should decide on the number of SCAs/SAs based on a board/local management committee (LMC) approved policy by taking into account factors such as the size and spread of assets, accounting and administrative units, complexity of transactions, level of computerisation, availability of other independent audit inputs, identified risks in financial reporting, etc.

The central bank prescribed that an entity with an asset size up to of ₹5 lakh crore can have a maximum of 4 SCAs/SAs; above ₹5 lakh crore and up to ₹10 lakh crore: maximum of 6 SCAs/SAs; above ₹10 lakh crore and up to ₹20 lakh crore: 8 SCAs/SAs and above ₹20 lakh crore: 12 SCAs/SAs.

In case of any concern with the management of the entities, such as non-availability of information/non-cooperation by the management, which may hamper the audit process, the SCAs/SAs are required to approach the Board/Audit Committee of the Board/Local Management Committee of the entity, under intimation to the concerned Senior Supervisory Manager (SSM)/Regional Office (RO) of RBI.

Concurrent auditors of the entity should not be considered for appointment as SCAs/SAs of the same entity.

The central bank emphasised that the audit of the entity and any entity with large exposure to the entity for the same reference year should also be explicitly factored in while assessing independence of the auditor.

Tenure and rotation

In order to protect the independence of the auditors/audit firms, the RBI said that entities will have to appoint the SCAs/SAs for a continuous period of three years, subject to the firms satisfying the eligibility norms each year.

Further, commercial banks (excluding RRBs) and UCBs can remove the audit firms during the three-year period only with the prior approval of the concerned office of RBI (Department of Supervision), as applicable for prior approval for appointment.

NBFCs removing the SCAs/SAs before completion of three years’ tenure have to inform the concerned SSM/RO at RBI about it, along with reasons/justification for the same, within a month of such a decision being taken.

An audit firm would not be eligible for reappointment in the same entity for six years (two tenures) after completion of full or part of one term of the audit tenure. However, audit firms can continue to undertake statutory audit of other entities.

The RBI said one audit firm can concurrently take up statutory audit of a maximum of four commercial banks [including not more than one PSB or one All India Financial Institution (Nabard, SIDBI, NHB, Exim Bank) or RBI], eight UCBs and eight NBFCs during a particular year.

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Banks to remain closed for up to 12 days in various states in May 2021; check full list here

Banking & Finance

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According to the Reserve Bank of India (RBI), banks in most of the states will remain closed on May 14, 2021, on account of Eid-UI-Fitra. Image: Reuters

Banks in India will remain shut for up to 12 days in May 2021, including weekends and festivals. Only the gazetted holidays are observed by banks all over the country. According to the Reserve Bank of India (RBI), banks in most of the states will remain closed on May 14, 2021, on account of Eid-UI-Fitra. In May, banks including the public sector, private sector, foreign banks, cooperative banks and regional banks, will observe holidays on May 1, May 7, May 13, May 14 and May 26 on account of Labour Day, Jumat-ul-Vida, Id-Ul-Fitr, Akshaya Tritiya and Buddha Pournima, respectively. Banks will not be closed for all 5 days for all states as holidays vary from state to state. The list of holidays given below has been notified by RBI under the Negotiable Instruments Act.

Festivals in May 2021

1 May 2021- Maharashtra Din/May Day (Labour Day)
7 May 2021- Jumat-ul-Vida
13 May 2021- Ramzan-Id (Id-Ul-Fitr) (Shawal-1)
14 May 2021- Bhagvan Shree Parshuram Jayanti/Ramjan-Eid (Eid-UI-Fitra)/Basava Jayanti/Akshaya Tritiya
26 May 2021- Buddha Pournima

Weekend holidays in May 2021

2 May 2021- Weekly off (Sunday)
8 May 2021- Second Saturday
9 May 2021- Weekly off (Sunday)
16 May 2021- Weekly off (Sunday)
22 May 2021- Fourth Saturday
23 May 2021- Weekly off (Sunday)
30 May 2021- Weekly off (Sunday)

Banks to remain open on May 1,7,13,14 and 26 in these states

Banks across Agartala, Ahmedabad, Aizwal, Bhopal, Bhubaneshwar, Chandigarh, Dehradun, Gangtok, Jaipur, Jammu, Kanpur, Lucknow, New Delhi, Raipur, Ranchi, Shillong, Shimla, and Srinagar will remain functional on May 1. Except for banks in Jammu and Shimla, banks in all the states will remain open. On May 13, only banks in Belapur, Jammu, Kochi, Mumbai, Nagpur, Srinagar and Thiruvananthapuram will observe a holiday. While on May 14, banks in most of the states will remain closed, barring states such as Belapur, Jammu, Kochi, Mumbai, Nagpur, Srinagar and Thiruvananthapuram. Similarly, on Buddha Pournima (May 26), banks in Ahmedabad, Aizwal, Bengaluru, Bhubaneshwar, Chennai, Gangtok, Guwahati, Hyderabad, Imphal, Jaipur, Kochi, Panaji, Patna, Shillong and Thiruvananthapuram will remain functional.

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