Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/1121 |
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Reserve Bank of India – Press Releases
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April 14, 2015
Dear All
Welcome to the refurbished site of the Reserve Bank of India.
The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.
With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.
The site can be accessed through most browsers and devices; it also meets accessibility standards.
Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.
Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.
Thank you for your continued support.
Department of Communication
Reserve Bank of India
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Reserve Bank of India – Press Releases
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Data on sectoral deployment of bank credit collected from select 33 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of September 2021, are set out in Statements I and II. On a year-on-year (y-o-y) basis, non-food bank credit1 growth accelerated to 6.8 per cent in September 2021 as compared to 5.1 per cent in September 2020. Highlights of the sectoral deployment of bank credit are given below:
Ajit Prasad Press Release: 2021-2022/1118 |
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Yes Bank launches co-branded card with BankBazaar.com
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Yes Bank on Friday announced the launch of co-branded credit card FinBooster in partnership with BankBazaar.com.
“Built around a unique proposition of credit fitness tracker, it aims to empower customers to not only keep a track of their credit worthiness but also improve their score basis review of factors impacting their credit score through an intuitive CreditStrong app subscription (credit fitness report), complimentary for the Cardholder for the first year,” it said in a statement.
Adhil Shetty, CEO – BankBazaar.com, said, “The most recent edition of the BankBazaar Aspiration Index revealed that while close to 90 per cent people knew what credit score was, less than 70 per cent could accurately point out the impact of their financial habits on their credit scores. This was the gap we saw among 22-45-year-old salaried professionals.”
Rajanish Prabhu, Head – Credit Cards and Merchant Acquisition, Yes Bank said, “Finbooster in partnership with BankBazaar is another step in our endeavour to enhance customer experience while strengthening our Credit Cards portfolio. Designed to promote credit health, the card empowers customers to boost their credit worthiness while continuing to earn rewards points through everyday spends across brands and merchants.”
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PB Fintech plans to set up offline physical centres to complement online channel
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IPO-bound PB Fintech, an online financial services marketplace focussed on insurance, plans to open small management offices as part of its efforts to improve its market share and make its online model even more successful, Yashish Dahiya, Chairman and CEO, has said.
“The objective will be to raise conversion rates on online customers. Our business model is not that of setting up a branch. We are not setting up branches in high footfall areas. We are not setting up retail stores. They are going to be small service offices and management offices that will handhold customers at their drawing rooms or their office canteens,” Dahiya told BusinessLine.
Strategic move
He also made it clear that this should not be seen as a strategic shift for the digital company. “We will continue to acquire customers through website and app. But these are customers that need some hand holding. So far we provided that from call centre. Now, we will have our people on the ground do it from the physical centres. If we do not do this, in five years time our premium will be lot lower than if we were to do this. From overall profitability perspective, it will be margin accretive,” he said.
Alok Bansal
Alok Bansal, Wholetime Director & CFO, said that having a local person would give online customer added comfort that one is talking to a local agent in their own lingo. “They would feel that I have gone to the website and I also get local support enhancing what I got online,” he noted.
In financial year 2020-21, Policybazaar, which is India’s largest digital insurance marketplace, clocked insurance premium of ₹4,700 crore (new and renewals) out of its platform.
₹5,710-cr IPO on November 1
PB Fintech, which owns Policybazaar and digital consumer credit marketplace Paisabazaar, is launching its ₹5,710-crore initial public offering (IPO) on November 1.
Meanwhile, asked as to which of the two— Policybazaar or Paisabazaar— will be the main growth driver for PB Fintech in the coming years, Dahiya said that he would not like to compare the two and added that both will have their spaces.
Scaling up
Dahiya said that company’s efforts in focussing on corporates (including SMEs), points of sales Presence and physical presence is expected to help it scale up business in the coming days.
On international expansion, he said that the company has now got a presence in Dubai and sees lot of potential to grow in UAE. Going forward, one may even look at entering other geographies including Europe and South East Asia, he added.
Dahiya also said that PB Fintech may in the coming days even look at setting up investment platform for mutual funds, but quickly noted that no specific decision has been taken by its Board on this front.
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Reserve Bank of India – Press Releases
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The above information can be accessed on Internet at https://wss.rbi.org.in/ The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762). Time series data are available at https://dbie.rbi.org.in Ajit Prasad Press Release: 2021-2022/1117 |
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Reserve Bank of India – Press Releases
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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:
| Sr. No | Treasury Bill | Notified Amount (in ₹ crore) |
Auction Date | Settlement Date |
| 1 | 91 Days | 10,000 | November 02, 2021 (Tuesday) |
November 03, 2021 (Wednesday) |
| 2 | 182 Days | 3,000 | ||
| 3 | 364 Days | 7,000 | ||
| Total | 20,000 |
The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.
The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Tuesday, November 02, 2021, during the below given timings:
| Category | Timing |
| Competitive bids | 10:30 am – 11:30 am |
| Non-Competitive bids | 10:30 am – 11:00 am |
Results will be announced on the day of the auction.
Payment by successful bidders to be made on Wednesday, November 03, 2021.
Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.
In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Ajit Prasad
Director
Press Release: 2021-2022/1116
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STFC reports 13% y-o-y increase in Q2 standalone net
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Shriram Transport Finance Company (STFC) reported a 13 per cent year-on-year increase in second quarter standalone net profit at ₹771.24 crores against ₹684.56 crores in the year-ago period.
The Board declared an interim dividend of ₹8 (80 per cent) per share of face value of ₹10 each fully paid up for FY22.
Net interest income was up about 8 per cent y-o-y at ₹2,193 crore (against ₹2,025 crore).
Also see: Govt approves rules for automated testing stations for vehicles
Assets under management of STFC, a leading player in the pre-owned commercial vehicle financing segment, increased by about 7 per cent to ₹1,21,647 crore by September-end, mainly on the back of growth in used vehicles financing portfolio.
However, there was a de-growth in the new vehicles, business loans and working capital loans portfolio.
Also see: Is the economic recovery V, K or W shaped?
Gross stage 3 (credit impaired) assets position improved to 7.82 per cent of gross advances by September-end against 8.18 per cent at June-end 2021. However, gross stage 3 assets in the reporting quarter were higher vis-a-vis 6.50 per cent a year ago.
Net stage 3 assets position too improved to 4.18 per cent of net advances by the end of Q2FY22 against 4.74 per cent in the previous quarter but up from 3.69 per cent a year ago.
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Embassy REIT Q2 net operating income sees 30% rise
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Embassy Office Parks Real Estate Investment Trust (REIT), India’s first listed REIT which claims to be the largest office REIT in Asia by area, reported results today for the quarter and said that its net operating income rose by 30 per cent to ₹624 crore.
In regulatory filings to the exchanges, Embassy REIT said, of its net income it would distribute ₹537 crores or ₹5.66 per unit for Q2FY22t. The company also said that it had raised ₹4,600 crore debt at 6.5 per cent.
Investor base triples
Michael Holland, Chief Executive Officer of Embassy REIT, said in a release, “We are delighted to announce yet another strong quarter of continued robust business performance. We delivered our strongest leasing activity since the start of the pandemic; we successfully completed a significant ₹4,600 crore debt raise at 6.5 per cent interest rate. We have reconfirmed our full-year guidance as we see multiple tailwinds for our business — India’s stabilizing Covid situation; a reviving office leasing market, especially in our core Bangalore market; and occupiers’ business expansion driven by global tech mega-trends. These positive trends are clear to our expanding investor base which has tripled in the last twelve months.”
Embassy REIT said that it had achieved stable portfolio occupancy of 89 per cent with 15 per cent rent increases on 1.4 million square feet (msf) across 22 leases. It said that construction was on in full swing on 5.7 msf projects.
Also see: Embassy REIT raises ₹4,600 crore fresh debt to repay existing borrowings
The ₹4,600 crore debt raised at 6.5 per cent was to refinance the existing zero-coupon bond, delivering significant interest savings. The company also said that it had collected over 99 per cent of office rents on the 32.3 msf operating portfolio
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RBI tweaks circular on current account opening by banks
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The Reserve Bank of India (RBI) has tweaked its circular on “Opening of Current Accounts by Banks – Need for Discipline”, allowing borrowers, where exposure of the banking system is ₹5 crore or more, to maintain current accounts with any one of the banks with which they have Cash Credit (CC)/Overdraft (OD) facility.
However, this is subject to the condition that the bank has at least 10 per cent of the exposure of the banking system to them.
The central bank has also permitted banks to open/maintain the following accounts, without any restrictions in the case of inter-bank accounts, acounts of All India Financial Institutions, accounts opened under specific instructions of Central Government and State Governments, etc.
The latest circular, which banks have to implement within one month, does away with the separate norms for borrowers where exposure of the banking system is ₹5 crore or more but less than ₹50 crore and where exposure of the banking system is ₹50 crore or more for opening current accounts prescribed in the August 6, 2020 cricular.
The earlier circular resulted in blocking of borrowers’ (with exposure of ₹5 crore or more but less than ₹50 crore to the banking system) current accounts by banks as norms allowed maintenance of only collection accounts with non-lending banks.
Further, borrowers’ with exposure of ₹50 crore and above to the banking system could not open any current account with non-lending banks.
The central bank has now tweaked its circular taking into account feedback received from the Indian Banks’ Association (IBA) and other stakeholders.
As per the latest circular, in respect of borrowers where exposure of the banking system is ₹5 crore or more, other lending banks may open only collection accounts subject to the condition that funds deposited in such collection accounts will be remitted within two working days of receiving such funds, to the CC/OD account maintained with the bank maintaining current accounts for the borrower.
Borrowers with less than ₹5 crore exposure
For borrowers, where the exposure of the banking system is less than ₹5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks.
This is subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches ₹5 crore or more.
RBI asked banks to monitor all accounts regularly, at least on a half-yearly basis, specifically with respect to the exposure of the banking system to the borrower, and the bank’s share in that exposure, to ensure compliance with its instructions.
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