2 Banking And Financial Services Stocks To Buy For Good Gains

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Buy SBI Life Insurance

The firm has set a price target of Rs 1,500 on the stock of SBI Life Insurance as against the current market price of Rs 1,155.

SBI Life Insurance reported a strong 2QFY22, with APE growth of 46% YoY (5% beat) and VNB growth at a stellar 91% YoY (10% beat). VNB margin improved to 25.9% (up 560bp YoY). However, shareholders’ PAT declined by 18% YoY on account of higher claims settled in 2QFY22.

“Persistency has improved across cohorts on a YoY basis, with 13th/49th month persistency improving by 180bp/300bp YoY to 87.7%/69.3% and steady trends in the 61st month to 60.7%,” the brokerage has said.

“SBI Life Insurance continues to maintain its cost leadership, while persistency trends have improved on a YoY basis. We estimate APE growth at 23% CAGR over FY21-24E. VNB margin is estimated to reach 26.2% by FY24E, thus enabling 28% VNB CAGR and 18% EV CAGR over FY21-24E. We maintain our Buy rating with a revised target price of Rs 1,500 per share (2.7x Sep’23E EV),” the brokerage has said.

Buy IndusInd Bank

Buy IndusInd Bank

Motilal Oswal has set a price target of Rs 1,400 on the stock of IndusInd Bank. Loan growth picked up sharply, led by Corporate and MFI/Credit Cards, while the Vehicle book remains muted. Retail disbursements have crossed pre-COVID levels across most segments. Deposit trends continue to remain strong, led by Retail term deposits.

“IndusInd Bank reported an in line operating performance, with loan growth witnessing traction, while its liability franchise continues to improve, driving a consistent reduction in funding cost.

“We expect IndusInd Bank to deliver a FY23E RoA/RoE of 1.8%/15.1%. We roll forward our estimates to Sep’23E and maintain our Buy rating with a target price of Rs 1,400 per share (1.9x 1HFY24E ABV),” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Motilal Oswal. 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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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 0.00 – –
     I. Call Money 0.00 – –
     II. Triparty Repo 0.00 – –
     III. Market Repo 0.00 – –
     IV. Repo in Corporate Bond 0.00 – –
B. Term Segment      
     I. Notice Money** 0.00 – –
     II. Term Money@@ 0.00 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Sun, 31/10/2021 1 Mon, 01/11/2021 8,289.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Sun, 31/10/2021 1 Mon, 01/11/2021 14.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -8,275.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo Sat, 30/10/2021 2 Mon, 01/11/2021 61,323.00 3.35
  Fri, 29/10/2021 3 Mon, 01/11/2021 184,740.00 3.35
    (iii) Special Reverse Repo~ Fri, 22/10/2021 12 Wed, 03/11/2021 5,465.00 3.75
    (iv) Special Reverse Repoψ Fri, 22/10/2021 12 Wed, 03/11/2021 2,900.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 22/10/2021 12 Wed, 03/11/2021 418,395.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 26/10/2021 7 Tue, 02/11/2021 200,019.00 3.99
3. MSF Sat, 30/10/2021 2 Mon, 01/11/2021 0.00 4.25
  Fri, 29/10/2021 3 Mon, 01/11/2021 455.00 4.25
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -765,049.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -773,324.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 31/10/2021 612,823.24  
     (ii) Average daily cash reserve requirement for the fortnight ending 05/11/2021 636,507.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 29/10/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 08/10/2021 1,192,495.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/1127

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HDFC Q2 net profit up 32%

Banking & Finance

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Housing Development Finance Corporation (HDFC) Ltd reported a 31.7 per cent jump in its standalone net profit for the second quarter of the fiscal at ₹3,780.5. Its net profit was ₹2,870.12 crore in the corresponding quarter last fiscal.

The net interest income for the half year ended September 30, 2021 stood at ₹8,255 crore compared to ₹7,039 crore in the previous year, representing a growth of 17 per cent.

The reported Net Interest Margin was 3.6 per cent.

“The demand for home loans continues to remain strong. Growth in home loans was seen in both the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector,” HDFC said in a statement on Monday.

During the half-year ended September 30, 2021, individual approvals and disbursements grew by 67 per cent and 80 per cent respectively compared to the corresponding period in the previous yea

Individual disbursements in the month of October 21 were the highest ever in a non-quarter end month, it further said.

The collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30, 2021.

The provisions as at September 30, 2021 stood at ₹13,340 crore

As per regulatory norms, the gross non-performing loans as at September 30, 2021 stood at ₹10,341 crore. This is equivalent to 2 per cent of the loan portfolio compared to 2.24 per cent as on June 30, 2021.

As at September 30, 2021, loans restructured under the RBI’s Resolution Framework for Covid-19 Related Stress (OTR 1 & 2.0) was equivalent to 1.4 per cent of the loan book (as at June 30, 2021: 0.9 per cent of the loan book). Of the loans restructured, 63 per cent are individual loans and 37 per cent are non-individual loans. Of the total restructured loans, 35% is in respect of just one account.

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Capital Small Finance Bank files DRHP papers with SEBI, BFSI News, ET BFSI

Banking & Finance

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Capital Small Finance Bankhas filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India. Edelweiss Financial Services Limited, Axis Capital Limited and SBI Capital Markets Limited will be the book running lead managers of the issue.

The company plans to raise its initial public offering via a fresh issue of equity shares aggregating up to Rs. 450 crores and an offer for sale of up to 3,840,087 equity shares.

The offer for sale comprises up to 337,396 equity shares by PI Ventures LLP, 604,614 equity shares by Amicus Capital Private Equity I LLP, 70,178 equity shares by Amicus Capital Partners India Fund I and 836,728 equity shares by Oman India Joint Investment Fund II and up to 1,991,171 equity shares by certain person listed in DRHP.

The company has a good asset quality, with a GNPA of 2.08% and NNPA of 1.13%, lowest among its peers. They propose to utilise net proceeds from the fresh issue towards augmentation of the bank’s tier-I capital base to meet future capital requirements.



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 17,395.50 3.44 2.70-3.60
     I. Call Money 2,369.50 3.28 2.70-3.45
     II. Triparty Repo 14,985.00 3.47 3.25-3.60
     III. Market Repo 41.00 3.25 3.25-3.25
     IV. Repo in Corporate Bond 0.00   –
B. Term Segment      
     I. Notice Money** 72.80 2.79 2.75-2.85
     II. Term Money@@ 0.00 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Sat, 30/10/2021 2 Mon, 01/11/2021 61,323.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Sat, 30/10/2021 2 Mon, 01/11/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -61,323.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo Fri, 29/10/2021 3 Mon, 01/11/2021 184,740.00 3.35
    (iii) Special Reverse Repo~ Fri, 22/10/2021 12 Wed, 03/11/2021 5,465.00 3.75
    (iv) Special Reverse Repoψ Fri, 22/10/2021 12 Wed, 03/11/2021 2,900.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 22/10/2021 12 Wed, 03/11/2021 418,395.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 26/10/2021 7 Tue, 02/11/2021 200,019.00 3.99
3. MSF Fri, 29/10/2021 3 Mon, 01/11/2021 455.00 4.25
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -703,726.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -765,049.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 30/10/2021 620,770.82  
     (ii) Average daily cash reserve requirement for the fortnight ending 05/11/2021 636,507.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 29/10/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 08/10/2021 1,192,495.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/1126

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UPI hits new record with ₹7.71-lakh crore worth of transactions in October

Banking & Finance

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Amidst festival season sales and opening up of the economy, UPI transactions touched a record high at ₹7.71 lakh crore in value terms in October.

This was a new record for UPI, which is fast becoming the most popular choice for digital payments. It was a 56 per cent jump from ₹6.54 lakh crore in transaction value recorded in September.

According to data released by National Payments Corporation of India on Monday, the number of transactions on the Unified Payments Interface platform amounted to 421 crore in October, compared to 365 crore in September.

Daily payments through UPI were averaging between ₹25,000 crore to ₹30,000 crore in October.

Also read: Mobile payments growing faster than card payments

The Immediate Payment Service (IMPS) also scaled a new high in October and processed 43.06 crore transactions worth ₹3.7 lakh crore. It had processed 38.48 crore transactions amounting to ₹3.24 lakh crore in September.

Meanwhile, there were 21.42 crore transactions via the NETC FASTags totalling ₹3,356.74 crore in October compared to 19.36 crore transactions worth ₹3,009.3 crore in September.

Mobile payments are now growing faster than card payments and are clocking over $1 trillion in annualised value in 2021, the 2021 India Mobile Payments Market Report by S&P Global Market Intelligence’s Financial Institutions Research team had said.

Also read: Strong growth in digital payments indicates a lasting shift in consumer payment behaviour

According to the report, payments made via apps that bypass credit card rails rose 67 per cent to $478 billion in 2020.

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Bank of Baroda to raise up to Rs 3,000cr via Basel III bonds, BFSI News, ET BFSI

Banking & Finance

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State-owned Bank of Baroda on Monday said it will raise up to Rs 3,000 crore by issuing Basel III compliant bonds in one or more tranches. The capital raising committee of the bank in a meeting on November 1, 2021 approved the issuance of Basel III compliant additional tier I/II bonds.

The bonds are to be issued for aggregate total issue size of Rs 3,000 crore in single or multiple tranches, the bank said in a regulatory filing.

To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Shares of Bank of Baroda were trading at Rs 99.30 apiece on BSE, up 1.85 per cent from previous close. PTI KPM DRR DRR

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Why analysts see no upside in PNB stock despite 78% jump in Q2 net, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Punjab National Bank (PNB) reported a 78 per cent surge in September quarter profit, in addition to a three-fold jump in June quarter profits. Analysts, however, see no further upside for the stock that has underperformed the market this year with a 21 per cent return.

Analysts said the surge in earnings was mainly led by a reversal in tax and noted that operating performance for the quarter was fairly weak, with pre-provision operating profit falling 27 per cent YoY due to a 25 per cent decline in net interest income (NII).

Slippages were elevated at about Rs 9,080 crore, which were 5.4 per cent of loans, even as higher recoveries and upgrades helped the bank report a 70 basis points fall in gross NPA at 13.6 per cent.

Motilal Oswal Securities noted that the bank’s domestic margins also fell 36 basis points sequentially to 2.45 per cent due to an interest reversal of Rs 620 crore and few corporate loans being repriced at lower rates. Fee income fell 21 per cent sequentially. “PNB’s asset quality remained largely stable despite elevated slippages, supported by higher recoveries and upgrades. However, the bank’s restructured portfolio increased to 3.1 per cent of loans, for which it is carrying mere 10 per cent provisions. Also, SMA overdue stood at 3.7 per cent of loans, making us watchful of PNB over the near term,” Motilal Oswal said.

Emkay Global has retained its sell call on the stock due to slower growth, ongoing concerns around asset quality and subpar return ratios when compared with other public sector banks. It has valued the stock at Rs 35. “Credit growth was weak at 3 per cent YoY but PNB expects the growth run rate to improve to 6-8 per cent YoY by the end of FY22, aided by healthy growth in retail and some back-end support from corporates as well. That said, we believe overall NIMs are likely to remain under pressure due to slower growth and interest reversals on NPAs,” Emkay said.

Edelweiss shared similar concerns. It said asset quality shows persistent challenges, with slippages in excess of 5 per cent (annualised) and SMA-2 + restructuring at 2 per cent level. Soft business momentum reflected in a 30 per cent YoY dip in core profitability. “Still evolving stress and low provision stock forebodes elevated credit costs going forward, keeping us on guard. High stress, lower buffer, challenges on business and risk of subsequent Covid waves indicate that transition will be arduous and normalisation is still awaited,” said the brokerage. It has a hold rating on the stock with a target of Rs 42.

PNB closed at Rs 42.10 a piece on Friday, suggesting no upside.



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Capri Global Capital Q2 standalone net dips 21% to ₹41 crore

Banking & Finance

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Capri Global Capital Ltd (CGCL) reported a 21 per cent year-on-year (yoy) drop in second quarter standalone net profit at ₹41 crore against ₹52 crore in the year ago period as growth in total expenses outstripped growth in total income.

While total income was up 16 per cent yoy at ₹171 crore (₹147 crore in the year ago quarter), total expenses rose 48 per cent yoy at ₹114 crore (₹77 crore).

The non-banking finance company’s loan portfolio (standalone) increased 21 per cent to ₹3,797 crore and investment portfolio was up 33 per cent to ₹553 crore.

During the reporting quarter, the company implemented resolution plans in the case of 571 accounts aggregating ₹180 crore under the RBI’s August 6, 2020, circular on “Resolution Framework for Covid-19-related Stress”.

CGCL’s consolidated net profit ( including results of Capri Global Housing Finance and Capri Global Resource) declined 14 per cent to ₹52.5 crore (₹61 crore).

Disbursals (consolidated: MSME, construction finance and housing finance) jumped over three times to ₹585 crore during the quarter against ₹190 crore in the year ago quarter.

Assets under management (consolidated) was up 27 per cent at ₹5,271 crore (₹4,147 crore).

Also read: Capri Global launches ‘Prime’ affordable housing loans

Net interest margin (NIM) declined to 9.6 per cent from 10.6 per cent in the year ago quarter. However, NIM in the reporting quarter was up vis-a-vis preceding quarter’s 9.3 per cent.

Gross stage 3 (credit impaired) assets rose to 3.26 per cent of gross advances against 2.18 per cent in the year ago quarter. However, the proportion of such assets in the reporting quarter was down vis-a-vis preceding quarter’s 3.45 per cent.

Net stage 3 assets rose to 0.61 per cent of net advances against 0.12 per cent in the year ago quarter. However, the proportion of such assets in the reporting quarter was down vis-a-vis preceding quarter’s 0.81 per cent.

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Bandhan Bank gets empanelled as agency bank of RBI, BFSI News, ET BFSI

Banking & Finance

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Bandhan Bank said on Monday that it has been empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses. The RBI’s decision will help Bandhan Bank in contributing to nation-building, its MD and CEO Chandra Sekhar Ghosh said.

The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.

With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI, the bank said in a statement.

As an agency bank, Bandhan Bank will be able to handle transactions related to collection of state taxes, and revenue receipts such as GST and VAT, collection of stamp duty, and pension payments on behalf of central and state governments, it added.

The bank’s extensive branch network will help it discharge its duties effectively by bringing governments and citizens closer to each other, it said.

“Since its launch six years ago, Bandhan Bank has been dedicated towards bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods,” Ghosh said. PTI dc SOM SOM



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