SBI, Adani Capital sign pact for co-lending to farmers

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The Reserve Bank of India (RBI) had issued guidelines on co-lending scheme for banks and NBFCs for priority-sector lending, to improve credit flow towards underserved sectors of economy, the bank said in a release, adding that the model aims to give the borrower the best interest rate and better reach.

State Bank of India (SBI) on Thursday signed an agreement with Adani Capital, the non-banking finance company (NBFC) arm of the Adani Group, for co-lending to farmers for purchase of tractors and farm implement.

“This partnership shall help SBI to expand customer base as well as connect with the underserved farming segment of the country and further contribute towards the growth of India’s farm economy. We will continue to work with more NBFCs in order to reach out to maximum customers in far flung areas and provide last mile banking services,” said SBI chairman Dinesh Khara.

The Reserve Bank of India (RBI) had issued guidelines on co-lending scheme for banks and NBFCs for priority-sector lending, to improve credit flow towards underserved sectors of economy, the bank said in a release, adding that the model aims to give the borrower the best interest rate and better reach.

Registered in 2017, Adani Capital is a non-deposit taking systemically important NBFC with total assets under management (AUM) of Rs 1,292 crore as on March 31. The NBFC had 28,000 customers spread across 63 branches in 6 states including Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu and Uttar Pradesh.

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Shriram City records highest-ever 2-wheeler loans of Rs 1,022 cr in November

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This was the second consecutive November when the NBFC has crossed the Rs 1,000-crore disbursement mark.

Shriram City Union Finance, the Chennai-based leading two-wheeler NBFC and part of Shriram Group, has disbursed the highest ever loans amounting to Rs 1,022 crore to 1.6 lakh two-wheelers in November 2021.

This was the second consecutive November when the NBFC has crossed the Rs 1,000-crore disbursement mark. The attractive financing offers during the festive season have stood out as one of the key drivers, with an additional push by the increase in people movement and recovery in rural demand leading to elevated disbursements. With the increasing demand for electric vehicles (EVs), the NBFC foresees a rise in the average loan ticket size which will help in touching new milestones, according to a company release.

Shriram City primarily caters to salaried and non-salaried buyers inclined towards the entry-segment two-wheelers having the highest demand across categories. The growing demand and intuitive use of AI-powered lending interfaces have triggered mass adoption by consumers and channels, thereby creating a network effect in further adding volumes. Followed by their milestone of financing over 1 crore two-wheelers, Shriram City Union is now the largest two-wheeler financer in India, offering app-based lending, paperless receipting, and contactless loans, it added.

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Dhanlaxmi Bank’s part-time chairman resigns from board

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Sources in the bank said that Iyer resigned due to health reasons.

Dhanlaxmi Bank said in a regulatory filing on Thursday that part-time chairman and independent director of the bank G Subramonia Iyer has submitted his resignation from the board of directors of the bank, owing to certain urgent and emergent personal reasons.

The Kerala-based bank has been in the news recently for all the wrong reasons, including an RBI advisory to ensure transparency in the nomination process of directors and follow best corporate governance practices. Sources in the bank said that Iyer resigned due to health reasons.

The lender currently has just five directors against the maximum strength of 11. It also has two RBI nominees on board as additional directors. It does not have a chartered accountant on board as director after the tenure of the former chartered accountant-director ended on September 30,2020. Some shareholders,including former directors, have also approached the court after the bank board rejected their candidature, moved under Section 160 of the Companies Act. The bank reported a 74% year-on-year decline in its second quarter net profits to `3.66 crore, with bad loans increasing.

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Reserve Bank of India – Press Releases

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The Reserve Bank has today (December 02, 2021) filed an application for initiation of CIRP against Reliance Capital Ltd., under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 (“FSP Insolvency Rules”) at the Mumbai Bench of the Hon’ble National Company Law Tribunal.

As per Rule 5 (b) (i) of the FSP Insolvency Rules, an interim moratorium shall commence on and from the date of filing of the application till its admission or rejection. The explanation to Rule 5 (b) provides that “interim moratorium” shall have the effect of the provisions of sub-sections (1), (2) and (3) of Section 14. Sub-sections (1), (2) and (3) of Section 14 of the IBC have been reproduced below:

“(1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:

(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority;

(b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein;

(c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(54 of 2002);

(d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.

(2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period.

(3) The provisions of sub-section (1) shall not apply to –

(a) such transaction as may be notified by the Central Government in consultation with any financial regulator;

(b) a surety in a contract of guarantee to a corporate debtor.”

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1298

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Reserve Bank of India – Press Releases

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(Amount in Crore of ₹)
  SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)		 ALL SCHEDULED BANKS
20-NOV-2020 05-NOV-2021 * 19-NOV-2021 * 20-NOV-2020 05-NOV-2021 * 19-NOV-2021 *
I LIABILITIES TO THE BKG.SYSTEM (A)            
  a) Demand & Time deposits from bks. 201373.99 205959.09 183142.15 206260.16 210181.03 187335.20 **
  b) Borrowings from banks 40318.07 53796.57 38185.4 40331.35 53801.57 38188.72
  c) Other demand & time liabilities 16484.33 20995.72 21222.31 16703.22 21317.45 21567.42
II LIABILITIES TO OTHERS (A)            
  a) Deposits (other than from banks) 14370434.56 16046752.32 15779059.46 14784077.19 16474336.33 16206713.37
  i) Demand 1511515.97 1973120.55 1820881.25 1547335.41 2014888.32 1861754.47
  ii) Time 12858918.58 14073631.87 13958178.24 13236741.78 14459448.1 14344958.95
  b) Borrowings @ 264021.31 257577.06 260318.65 268261.22 262103.55 264684.48
  c) Other demand & time liabilities 636575.92 635520.71 615238.46 647938.9 646787.83 625918.77
III BORROWINGS FROM R.B.I. (B) 114711 96985.79 101927.79 114711 96985.79 101927.79
  Against usance bills and / or prom. Notes            
IV CASH 86616.11 98099.29 98432.07 88950.69 100399.34 100928.11
V BALANCES WITH R.B.I. (B) 471487.88 670135.27 683603.8 484054.08 687427.36 700942.61
VI ASSETS WITH BANKING SYSTEM            
  a) Balances with other banks            
  i) In current accounts 11425.48 40214.11 18593.87 13662.03 42766.03 20874.99
  ii) In other accounts 134448.38 143374.44 140314.79 165339.52 176623.9 173337.33
  b) Money at call & short notice 9244.66 15679.24 9571.89 29750.64 31515.16 27226.31
  c) Advances to banks (i.e. due from bks.) 20825.1 24166.87 23186.64 21266.43 24546.16 23573.45 £
  d) Other assets 30611.18 26798.95 28163.32 35170.59 29647.88 31048.94
VII INVESTMENTS (At book value) 4425325.04 4686515.14 4584495.17 4556773.78 4829999.06 4728592.62
  a) Central & State Govt. securities+ 4423853.43 4685223.99 4582872.94 4548898.99 4822718.13 4720625.82
  b) Other approved securities 1471.6 1291.16 1622.24 7874.79 7280.94 7966.82
VIII BANK CREDIT (Excluding Inter Bank Advance) 10434880.34 11161089.43 11162246.68 10769722.2 11513622.12 11508587.94
  a) Loans, cash credits & Overdrafts $ 10269074.72 10944303.23 10950760.37 10601991.68 11294835.06 11295116.49
  b) Inland Bills purchased 23917.08 32801.09 32289.66 24203.5 32838.51 32304.02
  c) Inland Bills discounted 97069.17 131827 127341.62 97997.91 133115.27 128598.07
  d) Foreign Bills purchased 16331.43 19349.01 18623.8 16556.25 19559.11 18861.52
  e) Foreign Bills discounted 28487.93 32809.06 33231.27 28972.86 33274.14 33707.88
NOTE
* Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
(A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
@ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
(B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo/ Term Repo/MSF are reflected under “Borrowings from RBI”.
£ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
+ Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
$ Includes advances granted by Scheduled Commercial Banks and State Co-operative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).

Food Credit Outstanding as on
(₹ in Crore)
Date 20-Nov-20 05-Nov-21 19-Nov-21
Scheduled Commercial Banks 88956.29 76866.29 82415.32
State Co-operative Banks 30402.08 35817.22 35817.22

The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight:135

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1297

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November post-Diwali was sluggish for banks, says Kotak Institutional Equities

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The share price of lenders (banks) saw a decline in November, while non-lenders (insurance and capital markets) saw only a minor decline, Kotak Institutional Equities said in its report. Kotak further said that payment activity saw marginal month-on-month (m-o-m) decline after the festive (Diwali) season and the loan growth too continued to be sluggish with no sharp recovery in any specific segment barring SME despite a low interest rate environment.

Kotak believes that with the asset quality issues gradually receding, they see spreads decline but loan demand issues remain.

“November was a sluggish month for the BFSI sector as the Bank Nifty registered a decline of 9 per cent. Non-frontline private banks saw the sharpest decline of 14 per cent, while non-lenders (capital market players and insurance companies) resisted the downward momentum. Frontline private banks also saw a drawdown, with HDFC Bank performing relatively better. NBFCs outperformed the bank index. On a 12-month horizon, PSU banks have outperformed the Bank Nifty quite meaningfully. The emergence of a new Covid strain has put pressure on the market, but we wait to see if the spread could result in another set of mobility restrictions in India,” Kotak Institutional Equities said in its report.

Highlights from the report

Payments data continues to be strong, albeit with marginal m-o-m decline

Daily payments data for November from RBI indicates that strong trends in payments continued across payment systems, with marginal mom decline on the back of the festive season in October. In particular, a representative subset of card spends data indicates that spends in November were robust, although marginally lower mom. UPI transactions also saw a similar trend. Bank credit growth stood at ~7% levels with negligible growth from the corporate segment and a marginally better performance on the retail side. Loan growth has been sluggish, but seems to have bottomed out and we expect to see some strengthening in the trend.

NIM expansion unlikely

As per the latest data from RBI, deposit rates were flat m-o-m at around 5.1%. Both private and PSU banks have reduced their TD rates by around50 bps over the past 12 months. Wholesale deposit cost (as measured by CD rates) has seen a much sharper decline. It has been broadly stable in FY2022. The gap between repo and 1-year TD rate for SBI stands at 100 bps after declining from peak levels of around 130 bps. The premium of SBI TD rates over G-Sec yields has narrowed from its peak level.

Lending rates on fresh loans were flat m-o-m for banks overall, but declined nearly 30 bps m-o-m for private banks and increased 30 bps m-o-m for PSU banks. These rates have been volatile in recent months. The gap between fresh lending rates of private and PSU banks has declined to around 120 bps, which is in line with the average over the past 12 months. The gap between outstanding and fresh lending rates has been in the range of 110-140 bps since the onset of Covid. Steep decline in bond market rates till July 2020 had led to a narrowing of the spread between bank funding and bond rates, but bond yields seem to be trending upwards now. The lenders have been slow in passing the lower cost of funds. In recent months, the spreads are beginning to peak out and decline marginally suggesting that expansion of NIM on corporate books is a low probability event.

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How Nabard fast-tracked approval time to just 5 days during the pandemic

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As the Covid-19 pandemic starved State governments, cooperative banks and other agencies that depend on it for funds, the National Bank for Agriculture and Rural Development (Nabard) has re-engineered its functioning to hasten the process of sanctioning project proposals. This has helped the State governments and other agencies to roll out the projects faster during the pandemic.

“From the time a full-fledged project proposal reaches us, it should not take not more than five days at the head office to get the approval. This has helped the States to fast track the project rollouts,” GR Chintala, Chairman of Nabard, told BusinessLine.

Also read: RBI panel’s suggestions will boost private banking

The bank has brought in IT applications to increase the pace of approvals. “Earlier, there used to be no fixed timelines (to approve the project proposals). Now, it should be under five days,” he said. The bank, which reported a growth rate of 24 per cent in the pandemic hit 2020-21 to reach a business of ₹6.50-lakh crore, has set a target of ₹7.5-lakh crore.

Push for better health infra

“What we noticed is a huge uptick in the demand from the State governments for developing and creating medical education and health infrastructure,” he said.

The pandemic, he said, has highlighted the need for better healthcare infrastructure to tackle the challenge much better. Besides the regular demand for RIDF funds in the areas of connectivity, irrigation and agriculture, the Nabard has seen a new demand for funds from the States for setting up hospitals and medical colleges.

“For the first time, all of the ₹30,000 crore earmarked for the fund had been exhausted during the pandemic year. Seeing the huge appetite for funds under this head, we have requested the Union government to increase the size of the fund. We got the nod to increase it to ₹40,000 crore for this year,” he said.

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As against a target of ₹40,000 crore, the Nabard has already completed sanctions worth ₹25,000 crore so far. “We are confident that we will achieve the target and seek for more funds for disbursal in the next financial year,” he said.

The bank also witnessed a spike in demand for funds under the NIDA (Nabard Infrastructure Development Assistance). “Last year, we sanctioned about ₹22,000 crore under NIDA. Many State governments tapped this fund to set up medical colleges and infrastructure,” he said.

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PMC Bank depositors to weigh legal options if scheme of amalgamation not modified

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Depositors of the scam-tainted Punjab and Maharashtra Co-operative (PMC) Bank will weigh legal options if the scheme of amalgamation of their bank with Unity Small Finance Bank (Unity SFB) does not incorporate a favourable deposit withdrawal schedule and interest payment on their deposits.

The ‘draft scheme of amalgamation’, prepared by the Reserve Bank of India (RBI), has proposed a long-drawn out deposit withdrawal schedule extending over a 10-year period for PMC Bank depositors (with over ₹5 lakh balance).

No further interest will be payable on the interest-bearing deposits of transferor (PMC) bank for a period of five years from the appointed date (the date when PMC Bank will stand transferred to, and vest in Unity SFB/ transferee bank).

Interest at the rate of 2.75 per cent per annum will be paid on the retail deposits of PMC Bank which remain outstanding after the aforementioned five year period.

Depositors with balances up to ₹5 lakh will be paid by Unity SFB from the support it will receive from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as part of the amalgamation process.

Chander Purswani, President, PMC Depositors Forum, observed that depositors may be left with no option but to move the Court if the final scheme of amalgamation does not incorporate clauses relating to reduction in time period (to, say, five years) for withdrawal of money and payment of interest (at least savings bank deposit rate) on their deposits with Unity SFB.

Highlighting the plight of some of the senior citizens among PMC Bank depositors, he said they have been reduced to hand-to-mouth existence during the last two years or so despite having money in the bank to lead a comfortable life.

RBI capped deposit-withdrawal from PMC Bank to ₹1 lakh per depositor for the entire period that it is under Directions. What this means is that depositors had to make do with just about ₹3,846 a month for the last 26 months. The bank was placed under Directions in September 2019.

Purswani opined that RBI should allow individual depositors to withdraw 20-25 per cent of the balance in their deposits each year.

Scheme not in depositors interest: Association

Meanwhile, the PMC Bank Depositors Association, in a letter to the RBI, said the scheme of amalgamation, in the current form, is not in the interest of the depositors and is akin to shooting them not in the foot but point blank through the head.

The Association emphasised that depositors should get immediate access to their money at least to the extent of liquid assets with PMC Bank.

The balance money could be released within a reasonable period of 6 to 9 months extending to a maximum of 24 months in a regular phase-wise payout as all the money is currently available with PMC Bank.

Referring to PMC Bank’s current balance sheet, the assets available and the support from DICGC for the amalgamation process, the Association underscored that this makes it possible to pay all the retail depositors in full without even touching a rupee brought in by the new Unity SFB dispensation.

PMC Bank depositors insist they be treated on par with the new depositors of Unity SFB – receive prevailing rate of interest from day 1 – and get access to all their money immediately.

If the aforementioned conditions are satisfied, the Association said PMC depositors will ensure that Unity SFB flourishes.

As at March-end 2021, PMC Bank had deposits aggregating ₹10,535 crore. Of this, about 70 per cent are retail deposits and the rest are institutional deposits, including other urban co-operative banks (216) and co-operative societies (1,750). Reserves and surplus position was negative at ₹3,542 crore.

The bank had investments and advances aggregating ₹2,350 crore and ₹4,123 crore, respectively. The overdue interest recoverable (non-performing assets) stood at ₹5,502 crore.

PMC Bank got into trouble in 2019 as its high exposure to real estate company HDIL turned non-performing. The central bank has red-flagged the fraud/ financial irregularities in the bank and manipulation of its books of accounts.

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Explainer: Neo-banks Vs traditional banking

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What are Neo-banks?

Neo-banks are online-only financial technology (fintech) companies that operate solely digitally or via mobile apps. Simply put, neo-banks are digital banks without any physical branches.

How are they different from the traditional banks?

Neo-banks are disrupting the traditional banking system by leveraging technology and artificial intelligence (AI) to offer a range of personalised services to customers. On the other hand, traditional banks follow an omni-channel approach i.e. having both physical (through branches and ATMs) and digital banking presence to offer a multitude of products and services.

Right from customer acquisition to traditional banking services such as remittances, money transfers, utility payments and personal finance, neo-banks offer a wide range of offerings to customers across retail and small-to-medium enterprise (SME) categories. Typically, neo-banks apply a design thinking approach to a particular banking area and tailor their products and services in a manner that makes banking simpler and convenient to the end consumers.

How are they evolving?

The term ‘Neo-bank’ started gaining prominence globally in 2017 as they emerged as a new challenger to the traditional banks in terms of customer engagement, connectivity and reach, and most importantly, the user experience. That is why neobanks are also called ‘challenger banks’. The market potential for neo-banks is driven by the rising penetration of the internet and smartphones across the globe.

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According to a report by KBV Research, the global neo-banking market size is expected to reach $333.4 billion by 2026, rising at a compounded annual growth rate (CAGR) of 47.1 per cent. Although neo-banks are relatively new concept in India, the concept has been gaining traction over the last few years. There are around a dozen neo-banks in India including Razorpay X, EpiFi, Open, NiYo, Jupiter among others. In recent times, some of these firms raised funding from marquee global investors, who are betting on India’s hugely underbanked market potential.

Can they replace traditional banks?

Not entirely. Neo-banks offer only a small range of products and services as compared to a whole gamut of services that traditional banks offer. Besides, since neo-banks are highly digital focused, they may not be able to cater to the banking needs of non-tech savvy consumers or people from the rural parts of the country, who believe in face-to-face interaction with their financial custodians. As of 2020, India had a smartphone penetration rate of just about 54 per cent.

What are the challenges that they face?

Numerous. First and foremost is building trust. Unlike traditional banks, neo-banks don’t have a physical presence, so customers cannot literally ‘bank upon’ them in case of any issues/challenges. Secondly, neo-banks are yet to be recognised by the Reserve Bank of India (RBI).

Also watch: Five ways digital lending apps can become safer for you

So, they have to engage with regulated banks and financial institutions to offer financial products and services. Due to the absence of enabling regulations, neo-banks cannot accept deposits or offer lending products on their own books. That is why some fintechs have a non-banking financial company (NBFC) as their parent to engage in lending activities while most others partner with banks and financial institutions.

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SBI signs master agreement with Adani Capital for co-lending to farmers

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State Bank of India (SBI) has signed a master agreement with Adani Capital for co-lending to farmers for purchase of tractor and farm implements, to increase efficiency in farm operations and productivity of crops.

Adani Capital is the non-banking finance company (NBFC) arm of Adani Group.

SBI, in a statement, said with this partnership, it would be able to target farmer customers in the interior hinterland of the country looking for adoption of farm mechanisation to enhance productivity of crops.

Co-lending opportunities

India’s largest bank underscofed that it is actively looking at co-lending opportunities with multiple NBFCs for financing farm mechanisation, warehouse receipt finance, Farmer Producer Organisations (FPOs) etc., for enhancing credit flow to double the farmers’ income.

Dinesh Khara, Chairman, SBI said “This partnership shall help SBI to expand customer base as well as connect with the underserved farming segment of the country and further contribute towards the growth of India’s farm economy.

“We will continue to work with more NBFCs in order to reach out to maximum customers in far flung areas and provide last mile banking services.”

Gaurav Gupta, MD & CEO, Adani Capital said, “Through this partnership our aim is to contribute to farm mechanisation and play a role in improving productivity and income of the farm segment.”

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