UTI International launches India Sovereign Bond ETF

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UTI International has launched an Indian Government Bond ETF listed on the Amsterdam Stock Exchange.

The sovereign bond ETF will track performance of the Nifty India Select 7 Government Bond index, which comprises of top seven most-liquid, local currency sovereign bonds issued by the Centre.

The index has been specifically created by NSE Indices. The index methodology is uniquely designed for global investors considering favourable factors such as high secondary market liquidity, high unutilised limits for Foreign Portfolio Investors and also giving preference to government bonds categorised under the Fully Accessible Route by RBI. BofA Securities has provided seed capital and has been appointed as Authorized Participant.

The UTI India Sovereign Bond ETF is domiciled in Ireland and structured in compliance with the European regulatory framework of UCITS (Undertaking for Collective Investments in Transferable Securities).

The investment manager of the ETF is UTI International, the Singapore-based subsidiary of UTI Asset Management Company.

This ETF will allow global investors to access India’s vibrant government securities market without having to deal with the complex access procedures typically associated with Indian fixed income.

Vibrant bond market

As India becomes increasingly relevant on the global investment landscape, investors will seek Indian yield in addition to equity returns. While India is presently not included in global fixed income benchmarks, this ETF could mark an inflection point in recognition of India’s bond markets.

Imtaiyazur Rahman, CEO of UTI AMC said the ETF will connect the country’s fixed income markets with the world and drive global investments to India.

Vikram Limaye, Managing Director and CEO, NSE said innovation in financial products is important for the development of Indian capital markets and the product provides a play at the intersection of yield and liquidity – two key variables for global investors.

It is an important stepping stone towards attracting global money in Indian government securities market through the ETF route, he said.

Jayesh Mehta, Managing Director & Country Treasurer, Bank of America N.A., India said India is one of the last remaining large investment grade rated economies whose sovereign bonds are under-owned by institutional investors.

The ETF structure will raise market awareness of Indian sovereign bonds as an asset class and improve accessibility at a time when global investors are seeking to diversify yield opportunities, he added

The ETF will be listed on Euronext Amsterdam AEX initially and then possibly other exchanges in Europe and Asia.

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Buy These 2 Stocks For Upto 38% Returns: Emkay Global Recommends

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Gulf Oil Lubricants

The Current Market Price (CMP) of Gulf Oil Lubricants is Rs. 590, and according to Emkay Global, the Target Price for the stock should be Rs. 815. So, in the upcoming 12 months the returns can be 38.1% according to Emkay Global. Hence, the firm has maintained its ‘Buy’ tick on the company’s stock and said that the company’s earnings can beat estimates on better-than-expected volumes.

Emkay Global's take on Gulf Oil Lubricants

Emkay Global’s take on Gulf Oil Lubricants

Gulf Oil Lubricants’ Q2FY22 revenue/EBITDA/PAT of Rs. 5.34bn/Rs773mn/Rs587mn were up by 30%/down 1%/down 1% YoY (up 28%/83%/93% QoQ), beating Emkay Global’s estimates. Lube sales volume of Gulf Oil Lubricants increased 12% YoY/20% QoQ to 33mn ltr, with growth across segments primarily driven by B2C and overall recovery. Net realization rose 7% QoQ to Rs161.7/ltr, though unit COGS was also up as cost pressures continued.

Keeping a ‘Buy’ tick on the stock, Emkay Global said, “We raise FY22E EPS by 19%, considering the H1 run rate and building in 4% higher EBITDA/ltr and 10% higher volumes. We raise FY23E EPS slightly on better volumes and keep FY24E largely unchanged. We raise the Dec’22 TP by 2% to Rs815. Reiterate Buy.”

Aditya Birla Fashion & Retail

Aditya Birla Fashion & Retail

The Current Market Price (CMP) of Aditya Birla Fashion & Retail is at Rs. 289, and according to Emkay Global, the Target Price for the stock should be Rs. 340. So, in the upcoming 12 months the returns can be 17.8% according to Emkay Global. Hence, the firm has maintained its ‘Buy’ tick on the company’s stock and said that the company is expecting strong recovery and faster expansion, with an improved growth outlook.

Emkay Global's take on Aditya Birla

Emkay Global’s take on Aditya Birla

Aditya Birla Fashion & Retail’s Q2 operating performance has been ahead of the firm’s estimates, despite a weak wholesale channel. Their Lifestyle segment recovered 92%, as Retail/Online channels surpassed pre#Covid levels, and Pantaloons recovery was slower at 73% due to higher mall presence. Emkay Global said, “We raise FY23-24 earnings estimates by 9-11% on a faster recovery and ethnic-wear consolidation. Considering a stronger recovery and higher growth visibility.”

Disclaimer

Disclaimer

The above stocks have been picked from the brokerage report of Emkay Global Financial Services Ltd. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Buy This NBFC Stock For Potential Upside of 20% Says Geojit

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Q2FY22 performance of the company

According to the research report of the brokerage “For Q2FY22, Interest income declined 8.1% YoY to Rs. 1,173cr; while interest expense also declined slightly by 3.8% YoY to Rs. 254cr. Due to fixed nature of annual credit card fees, income earned from membership continued to grow to Rs. 1,244 (22.1% YoY).”

The brokerage has said “Also, due to growth in spends, receivables increased 12% YoY, over Rs. 26,700cr. The Cost to Income ratio has been high at 56.7%, as against 49.2% for Q2FY21. PAT reached Rs. 345cr, an increase of 67% YoY, as provision for loan losses declined 31.1% YoY to Rs. 594cr.”

According to Geojit new accounts of SBI Cards Ltd registered strong growth during Q2FY22, with a spike of 56% at 953,000 as compared to Q1FY22 and new account sourcing through SBI Channel vs. Open Market channels was 47.8%/52.2% in Q2FY22 (38.3%/61.7% in Q1FY22). “Cards-inforce reached 12.5 million, thus helping the company in maintaining its position as the second largest card issuer (market share for Cards in force was at 19.4% as of August 21). GNPA and NNPA as of September 2021 was 3.4% and 0.9% respectively” said Geojit.

Key highlights of the performance of SBI Cards Ltd according to Geojit

Key highlights of the performance of SBI Cards Ltd according to Geojit

  • Both retail and corporate spend trends registered a sharp increase of 41% and 80% YoY growth respectively.
  • 30-day spend active rate registered a spike to 49.9% (as against 47% in Q2FY21) indicating growth in portfolio and increase in credit consumption.
  • Regarding Asset Liability Management, Rs. 6,441cr of sanctioned bank lines remains unutilized and available for draw down as of September 21.
  • Net interest income declined 9.3% YoY in Q2FY22 to reach Rs. 919cr due to NIM contraction (-286bps YoY to 14.1%).
  • Pre-provision operating profit dropped 7.2% YoY to Rs. 1,058cr, whereas PAT jumped 67.5% YoY to Rs. 345cr, on account of lower provisioning (-31.1% YoY).
  • Company added 953,000 new accounts, registered 41% in retail spends, 80% in corporate spends and 12% growth in receivables.

Why the brokerage has set a “BUY” call?

Why the brokerage has set a “BUY” call?

According to Geojit “increased usage of digital payments, growing customer base, and launch of various customer-centric initiatives such as easy EMI repayments at low-interest rates are expected to drive growth in credit card segment. Travel and entertainment-related transactions registered impressive growth during the quarter; this is expected to further rise due to controlled spread of the pandemic and improved vaccination coverage.”

The brokerage has reported that “The ongoing festive season will also lead to high consumption trends. We are confident of the growth trajectory, and thus reiterate our BUY rating on the stock with a roll-forward target price of Rs. 1,325 based on 12x FY23E BVPS.”

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of Geojit. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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2 Stocks To Buy From Motilal Oswal Institutional Equities For Good Returns

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Buy Muthoot Finance

The brokerage has set a target price of Rs 1900 of Muthoot Finance.

According to Motilal Oswal the PAT (in line) grew by 11% YoY and 2% QoQ to INR9.94b. Despite higher-

than-estimated provisions, lower-than-estimated interest expenses (driven by lower CoB), and benefits of lower operating expenses led to an in line

performance.

Also, the brokerage believes that the NPAs in Gold financing are largely technical in nature, without any

significant write-offs. This deterioration – with gold prices remaining stable in 2QFY22 – suggests that Muthoot Finance is granting its customers (who would have perhaps borrowed at the peak of gold prices in Aug-Sep’20) leeway to repay their loans rather than rushing to auction the gold.

Target price of Rs 350 on the stock

Target price of Rs 350 on the stock

Although Muthoot Finance has reported a deterioration in asset quality over the past two

quarters, it does not pose a significant concern. MUTH has aggressively avoided auctioning of gold until now.

This is driven by Muthoot’s inherent philosophy of

granting customers time to repay their loans, rather than rushing to auction their gold. Gold prices have remained stable for the last two quarters, but the

risk of a default by customers (who would have borrowed at the peak of gold prices in Aug’20) persists.

“The RoA/RoE is likely to remain robust (6%/23%) over the medium term. We cut our FY22E/FY23E EPS estimate by 2%/1% to factor in slightly higher credit costs. We reiterate our Buy rating with a target price of INR1,900/share (3.1x Sep’23E BVPS),” the brokerage has said.

Sun TV Network

Sun TV Network

Motilal Oswal believes the stock of Sun TV Network can reach a price of Rs 670. Sun TV reported in-line nos – revenue/PAT was up 10%/14% YoY, with ad revenues reaching pre-pandemic (2QFY20) levels and delayed benefit from the IPL offering spillover. This was offset by a sluggish subscription revenue run-rate.

“Sun TV’s healthy liquidity, with net cash of over Rs 32.3 billion presently, offers room to intensify investments in the linear as well as OTT space – along with high dividend payout potential (45-85% payout policy) and low valuation offer support. Furthermore, adjusted for the recent high auction price from the newIPL teams, the stock is at below 10x on a Sep’23E basis,” the brokerage has said.

“However, an inherent risk is that while investments in movie production have delayed OTT investments by two years (now guided for FY23), the monetization

of the existing library remains a key concern as it has a risk of further delay.

We value the stock on P/E of 14x on Sept’23E to arrive at Target Price of Rs 670. We maintain a Buy rating,” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Motilal Oswal Institutional Equities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article. Please also do exercise some caution as markets are trading at record highs.



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Senior Citizens Can Save More Earn More By Choosing Their Tax-saving Plans Wisely

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Serious about retirement planning? Avoid life insurance

Senior citizens looking for ways to save tax before the end of the financial year are advised to avoid any life insurance product. Life insurance is vital only in your accumulation phase, you are in the accumulation phase when you are the main earner, and you have responsibilities towards the dependent members of your family. However, when you are retired and a senior citizen, your duties are automatically transferred to dependents.

Your priorities during this stage of life will be capital security, regular income generation, and managing expenses related to healthcare and retirement. Thus, while searching for schemes to save tax, always keep these top priorities in mind to properly meet your liquidity requirements. You can go with plans either having a short lock-in period or with one that offers decent returns with regular returns.

Equity Linked Savings Scheme (ELSS)

Equity Linked Savings Scheme (ELSS)

If we take a look at tax-saving plans that are available for senior citizens, Equity Linked Savings Scheme (ELSS) also known as tax-saving mutual funds shines brighter with its least lock-in period of 3 years. ELSS also has the potential to offer good market-linked returns over the period of 3 years, thus you can choose an ELSS fund carefully after considering several quantitative and qualitative factors.

Compared to other fixed income tax-saving plans like National Savings Certificate (NSC), tax-saver bank FD, Public Provident Fund, etc, ELSS has the potential to yield better market-linked returns in 3 years. However, a retiree should avoid the Systematic Investment Plan (SIP) way to invest in ELSS, because each of your SIP installments will be subject to a lock-in period of three years. Instead, consider making a lump sum investment in ELSS.

When the lock-in period in ELSS will be complete you can, the amount can be withdrawn via the Systematic Withdrawal Plan (SWP). This is a facility offered by mutual fund houses, which generates a cash inflow stream to meet retirement expenses.

Apart from ELSS, having investment in 5-year Tax-saver Bank FD as well as in Senior Citizen Savings Scheme (SCSS) will also be a great option for stability and diversification purposes. Tax saving FDs cannot be prematurely encashed before completion of at least 5 years from the date of receipt. But this lock-in is good in a way to keep the funds safe and stable.

In Tax Saver FD you can invest a minimum amount of ₹ 100 or its multiples, with a maximum limit of ₹ 1.50 lakh in a financial year. Noticeable thing is that the interest rate varies among banks.

A retiree can consider the Quarterly Interest Payout Plan or Monthly Interest Payout Plan as per liquidity needs and fund retirement expenses. The deposit can be made in one name or jointly, but the noticeable thing is that, if it is held in a joint holding, the section 80C deduction benefit is available only to the first holder who has a PAN (Permanent Account Number).

Senior Citizen Savings Scheme (SCSS)

Senior Citizen Savings Scheme (SCSS)

Similarly, the Senior Citizen Savings Scheme (SCSS) is also a good tax-saving option for retirees. It is government-backed, and specifically designed for the empowerment and financial security of senior citizens. Additionally, it offers an interest rate of 7.40% per annum. It can be opened in an individual capacity or jointly with your spouse. The nomination facility is available before and after opening the account.

The maximum lump sum deposit allowed under SCSS is ₹ 15 lakh and the minimum is ₹ 1,000. It is also eligible for deduction up to ₹ 1.50 lakh per annum under section 80C and interest earned under SCSS is payable on a quarterly basis and is exercisable from the date of deposition till March 31st / June 30th / September 30th / December 31st. However, make sure to claim the interest on time to earn extra.

While the interest earned is taxable, interest earned on bank deposits is exempt up to ₹ 50,000 annually, as per the provisions of section 80 TTB. For senior citizens having age between 60-80 exemption limit is ₹ 3 lakh, for over 80 years it is ₹ 5 lakh.

Union Budget 2021 & Health Insurance

Union Budget 2021 & Health Insurance

Citizens aged 75 years and above don’t have to file their income tax return after Union Budget 2021 if pension and interest income is their only source of annual income. For a better tax-saving portfolio, you can follow 80:20 or 75:25 allocation to ELSS and the non-market linked tax-saving plans.

You can also take a health insurance cover, meanwhile, there are certain diseases and disorders, you can avail a deduction of Section 80DDB of ₹ 1 lakh or the actual amount spent, whichever is less. Similarly, for those who are engaged in charity, you can avail of deduction under section 80G of the Income Tax Act, 1961. Thus, Plan your tax-saving investment wisely.

It’s a very thoughtful process to choose your retirement plans and for the senior citizens, it should be a very serious decision, as it would be very important for the life coming ahead.

Amit Gupta is the Co-Founder and MD, SAG Infotech



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Senior Citizens Can Save More Earn More By Choosing Their Tax-saving Plans Wisely

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Read More/Less


Serious about retirement planning? Avoid life insurance

Senior citizens looking for ways to save tax before the end of the financial year are advised to avoid any life insurance product. Life insurance is vital only in your accumulation phase, you are in the accumulation phase when you are the main earner, and you have responsibilities towards the dependent members of your family. However, when you are retired and a senior citizen, your duties are automatically transferred to dependents.

Your priorities during this stage of life will be capital security, regular income generation, and managing expenses related to healthcare and retirement. Thus, while searching for schemes to save tax, always keep these top priorities in mind to properly meet your liquidity requirements. You can go with plans either having a short lock-in period or with one that offers decent returns with regular returns.

Equity Linked Savings Scheme (ELSS)

Equity Linked Savings Scheme (ELSS)

If we take a look at tax-saving plans that are available for senior citizens, Equity Linked Savings Scheme (ELSS) also known as tax-saving mutual funds shines brighter with its least lock-in period of 3 years. ELSS also has the potential to offer good market-linked returns over the period of 3 years, thus you can choose an ELSS fund carefully after considering several quantitative and qualitative factors.

Compared to other fixed income tax-saving plans like National Savings Certificate (NSC), tax-saver bank FD, Public Provident Fund, etc, ELSS has the potential to yield better market-linked returns in 3 years. However, a retiree should avoid the Systematic Investment Plan (SIP) way to invest in ELSS, because each of your SIP installments will be subject to a lock-in period of three years. Instead, consider making a lump sum investment in ELSS.

When the lock-in period in ELSS will be complete you can, the amount can be withdrawn via the Systematic Withdrawal Plan (SWP). This is a facility offered by mutual fund houses, which generates a cash inflow stream to meet retirement expenses.

Apart from ELSS, having investment in 5-year Tax-saver Bank FD as well as in Senior Citizen Savings Scheme (SCSS) will also be a great option for stability and diversification purposes. Tax saving FDs cannot be prematurely encashed before completion of at least 5 years from the date of receipt. But this lock-in is good in a way to keep the funds safe and stable.

In Tax Saver FD you can invest a minimum amount of ₹ 100 or its multiples, with a maximum limit of ₹ 1.50 lakh in a financial year. Noticeable thing is that the interest rate varies among banks.

A retiree can consider the Quarterly Interest Payout Plan or Monthly Interest Payout Plan as per liquidity needs and fund retirement expenses. The deposit can be made in one name or jointly, but the noticeable thing is that, if it is held in a joint holding, the section 80C deduction benefit is available only to the first holder who has a PAN (Permanent Account Number).

Senior Citizen Savings Scheme (SCSS)

Senior Citizen Savings Scheme (SCSS)

Similarly, the Senior Citizen Savings Scheme (SCSS) is also a good tax-saving option for retirees. It is government-backed, and specifically designed for the empowerment and financial security of senior citizens. Additionally, it offers an interest rate of 7.40% per annum. It can be opened in an individual capacity or jointly with your spouse. The nomination facility is available before and after opening the account.

The maximum lump sum deposit allowed under SCSS is ₹ 15 lakh and the minimum is ₹ 1,000. It is also eligible for deduction up to ₹ 1.50 lakh per annum under section 80C and interest earned under SCSS is payable on a quarterly basis and is exercisable from the date of deposition till March 31st / June 30th / September 30th / December 31st. However, make sure to claim the interest on time to earn extra.

While the interest earned is taxable, interest earned on bank deposits is exempt up to ₹ 50,000 annually, as per the provisions of section 80 TTB. For senior citizens having age between 60-80 exemption limit is ₹ 3 lakh, for over 80 years it is ₹ 5 lakh.

Union Budget 2021 & Health Insurance

Union Budget 2021 & Health Insurance

Citizens aged 75 years and above don’t have to file their income tax return after Union Budget 2021 if pension and interest income is their only source of annual income. For a better tax-saving portfolio, you can follow 80:20 or 75:25 allocation to ELSS and the non-market linked tax-saving plans.

You can also take a health insurance cover, meanwhile, there are certain diseases and disorders, you can avail a deduction of Section 80DDB of ₹ 1 lakh or the actual amount spent, whichever is less. Similarly, for those who are engaged in charity, you can avail of deduction under section 80G of the Income Tax Act, 1961. Thus, Plan your tax-saving investment wisely.

It’s a very thoughtful process to choose your retirement plans and for the senior citizens, it should be a very serious decision, as it would be very important for the life coming ahead.

Amit Gupta is the Co-Founder and MD, SAG Infotech



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Reserve Bank of India – Tenders

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Human Resource Management Department (HRMD), Reserve Bank of India (RBI), Central Office, 20th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001 invites bids through e-Tendering process from for printing and supply of the Bank’s House Journal “Without Reserve” to be brought out by the Bank for the period, January 01, 2022 – December 31, 2022. The Printers intending to bid for the same should submit bids online as per the Tender document which may be may downloaded from RBI website (https://rbi.org.in) or MSTC website (http://www.mstcecommerce.com/eprochome/RBI).

The tender document shall not be issued by any other means under any circumstances whatsoever. Corrigenda or clarifications, if any, shall be hosted on the above-mentioned websites only. RBI reserves the right to accept or reject any tender without assigning any reasons therefor.

Last date for submission of tender: 1600 hrs of December 02, 2021

CGM-in-Charge

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All banks will soon consider offering crypto trade, says former Citi CEO Vikram Pandit, BFSI News, ET BFSI

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Vikram Pandit, the Indian-born former CEO of Citigroup Inc and co-founder of Orogen Group, has said that banks and traditional financial institutions will soon start thinking of offering cryptocurrencies.

Pandit aired his view on the future of cryptocurrencies in an interview at a Singapore Fintech Festival. Vikram Pandit noted that in a few years to come large banks and other financial institutions will start offering crypto services directly to their customers.

“In one to three years, every large bank and, or securities firm is going to actively think about ‘shouldn’t I also be trading and selling cryptocurrency assets?”, he asked.

Vikram Pandit is a popular investor and a long-time admirer of cryptocurrencies, he has previously largely invested in one of the leading cryptocurrency exchanges, Coinbase.

The investor expects the introduction of digital assets to be an upgrade to the paper-based banking system to make the exchange process more suitable.

Banks bet on crypto

Meanwhile, banks and other financial institutions are already taking steps and seeking ways to enter the crypto industry.

As per a recent report, banks are now paying a 50% premium to employ crypto talents. The banks are making this move because they risk losing their customers to other banks or financial institutions that offer these crypto services.

According to data collected by Revelio Labs, a workforce intelligence company, Wells Fargo, Goldman Sachs, Citibank, and Morgan Stanley are among the companies hiring these crypto talents.

Coinfomania reported last week that Australia’s Commonwealth Bank (CBA) is set to become the first banking institution in the country to offer crypto services to its clients.

The bank noted that it will allow its customers the ability to buy, sell and hold digital assets, directly via the CommBank app.

With the country’s financial watchdog looking into the regulatory implications of the bank’s move, CBA has said it would welcome clear regulatory guidelines for crypto assets.

However, while these traditional financial systems are offering clients exposure to crypto assets, none of them has decided to trade crypto directly to their clients, and that is about to change soon, according to Pandit.



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Credit card spends sparkle on festive rush in October, November, BFSI News, ET BFSI

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Credit card spends are seen hitting record highs in October and November as the COVID-19 wave ebbs and festive euphoria sets in. As per trends, it has grown 17 per cent in October and 11 per cent in November.

Spending traction is evident from the record absolute spends and the ratio of credit card to debit card spend, which stands at 1.28x. October is likely to be 15-18% better than September while November’s first-week run rate has been better than October, according to ICICI Securities.

September jump

Credit card spends jumped 60 per cent year-on-year (YoY) in September, helped by the onset of the festive season. However, on a sequential basis the growth slowed down to 3 per cent at Rs 80,500 crore in September.

Spends grew strongly at 60% year on year (+16% on a two-year CAGR basis). Kotak Mahindra Bank reported the highest growth (27% MoM) in September, followed by IndusInd Bank and ICICI Bank (13% each).

Other major players reported growth in the +-4% range. On a two-year CAGR basis, spends for ICICI Bank grew 58%, IndusInd 33%, Kotak Mahindra Bank 29%. HDFC Bank and SBI Cards posted growth of 10–15% and Axis Bank and SCB 2–3%. On the other hand, Citi and Amex saw declines of 8% and 26% respectively. ICICI Bank surpassed SBI Cards to become the second-largest player in spends, with market share of 19.3% over 6MFY22.

Outstanding credit cards up 10.8%

The total number of outstanding credit cards in the system grew 10.8% YoY to 65 million in September 2021 – the highest in the past 11 months. Among the major players, ICICI Bank reported strong growth of 26.1% YoY, followed by IndusInd Bank (15.6%), SBI Cards (14.3%). Foreign players such as American and Citi witnessed decline of 10% and 5% respectively. SBI Cards and ICICI Bank continued to perform strongly, resulting in a 59–218 bps YoY increase in market share to 19.3% and 18.0% respectively in September.

ICICI Bank added close to 2 million new cards in the past 10 months, taking its credit card base to 11.6 million as of September. Despite a 247 bps year on year decline, HDFC Bank remained the largest player with a market share of 23.0%.

Around 10.91 lakh new cards were added to the system in September with HDFC Bank being the largest acquirer at 2.44 lakh cards.



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