IFSCCodeof.in – Page 177 – Get Bank IFSC & MICR codes here.

Jul-Sep clocks record 597 deals worth $30 billion, shows Grant Thornton data, BFSI News, ET BFSI

October 23, 2021 root Personal Finance

[ad_1]

Read More/Less

A total of 597 deals, amounting to $30 billion, were reported in Jul-Sep, reflecting the upbeat market sentiments, according to Grant Thornton Bharat Dealtracker.

The quarter also witnessed the highest number of IPO issues in over a decade, with 18 issues amounting to $5 billion. There has been an 86% increase in deals, compared with a year ago amid the subsiding COVID-19 and rise in daily inoculations.

The sustained economic growth is due to the rapid expansion in the services sector and accelerated manufacturing activities.

Mergers and acquisitions

M&A deals were valued at $12.8 billion for Jul-Sep, a 10% fall compared with a year ago. The dip in deal values was due to the absence of high-value deals.

The IT sector dominated the M&A deal values, followed by banking and financial services, of which two major deals accounted for over 52% of the total M&A values in Jul-Sep.

These were PayU‘s acquisition of Billdesk for $4.7 billion and Sumitomo Mitsui Financial Group‘s acquisition of Fullerton India Credit Company for an estimated $2 billion.

Private equity

PE deals witnessed a robust growth in Jul-Sep, with an all-time high deal activity in volumes and values at $17.1 billion, across 486 investment rounds. Startups claimed a major share in deal volumes at 64%, according to the report.

Both volumes and values saw twice the increase compared with Jul-Sep last year. Compared with the previous quarter, volumes were up by 44% and values saw a strong 24% growth.

Startups claimed a major share in deal volumes at 64%, while e-commerce led in deal values with 30% share, followed by IT, banking, telecom, and others.

IPOs and QIPs

Despite the impact of the COVID-19 pandemic, the country witnessed a record number of IPOs this year , with 42 issues amounting to $10.3 billion.

Jul-Sep recorded the highest number of issues in any given quarter, since 2011, with 18 issues amounting to $5 billion. The quarter saw only seven QIP fundraises, reflecting a trend reversal in 2021, compared with 2020 when QIPs dominated the market, the report said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment BillDesk, Covid-19, finance news, fullerton india credit company, Grant Thornton, ipos, PayU, startups, sumitomo mitsui financial group

Here Is How To Protect Your Mutual Funds Portfolio When Markets Fall?

October 23, 2021 root Personal Finance

[ad_1]

Read More/Less

AUM crosses Rs 36 lakh crores

Indian Mutual Funds market AUM has recently crossed over Rs 36 lakh crores. Average Assets Under Management (AAUM) of the Indian Mutual Fund Industry for the month of August 2021 stood at Rs 36,09,471 crore. Assets Under Management (AUM) of the Indian Mutual Fund Industry as on August 31, 2021 stood at Rs 36,59,445 crore.

The Mutual Fund segment as an investment arena has seen a great rally in the past 1.5 years. Noteworthy, there are mutual funds that have given more than 100% returns in this rally.

Now, when Nifty is approaching 18k level and Sensex has already breached the 60k mark for the first time ever, there is a fear of losing previous returns. Mutual Funds/SIPs investors have a valid concern in the mind – To stay invested in the market or not. Here are some techniques you can follow in such high volatile market:-

Strategies to adopt

1. Rebalance portfolio with Dynamic Asset Allocation (Balanced Advantage) Funds:

Dynamic Asset helps reduce downside risk by diversifying your investments. It tracks the performance of all asset classes and reduces allocation from overvalued assets, and allocates at the time of reasonable pricing.

2. Invest through SIP mode:

The SIP method helps you to buy more units when the market is down, which helps in averaging the price.

3. Invest through STP instead of Lump sum:

If you want to invest in the market with a lump sum mode, it’s always preferred to invest through the Systematic Transfer Plan (STP) model. Through STP, your funds are parked in the debt market and invest in the equity market in some installments, which helps to beat volatility.

4. Stay invested in Goal-Oriented Investment:

If you have invested your money for the long term, which is linked to any goal and its investment period is more than 10 years, you can stay invested in it, because irrespective of market level, the equity market has never given negative returns in 10 years.

The MF Industry’s AUM had crossed the milestone of Rs 10 Lakh Crore for the first time in May 2014 and in a short span of about three years, the AUM size had increased more than two folds and crossed Rs 20 Lakh Crore for the first time in August 2017. The AUM size crossed Rs 30 Lakh Crore for the first time in November 2020.

Mutual fund industry crosses 10 crore folios

The mutual fund industry had crossed a milestone of 10 crore folios during the month of May 2021.

The total number of accounts (or folios as per mutual fund parlance) as of August 31, 2021 stood at 10.86 crore (108.6 million), while the number of folios under Equity, Hybrid and Solution Oriented Schemes, wherein the maximum investment is from retail segment stood at about 8.95 crore (89.5 million).

Authored by – Mr. Ravi Singhal, Vice- Chairman, GCL Securities Limited

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Federal Bank net profit surges 50%, asset quality improves

October 22, 2021 root Banking & Finance

[ad_1]

Read More/Less

Gross non-performing assets (NPAs) as a percentage of gross advances are seen at 3.24%, compared to 2.84% in the year-ago period and 3.50% in the preceding quarter. The net NPA ratio stood at 1.12%, against 0.99% in Q2 of FY21 and 1.23% in Q1FY22.

Federal Bank on Friday reported a 49.62% year-on-year increase in its standalone net profit for the second quarter ended September to Rs 460.26 crore, mostly due to lower provisioning and higher income. The lender had reported a net profit of Rs 307.62 crore in the year-ago period and Rs 367.29 crore in Q1FY22.

Fresh slippages in the quarter under review was contained to Rs 320 crore along with recoveries and upgrade of Rs 421 crore, leading to an improvement in the asset quality, bank officials said.

Provisions and contingencies were lower at Rs 245.33 crore, compared with Rs 532.09 crore in the year-ago period. The provision coverage ratio (including technical write-offs) is reported at 79.33%.

Shyam Srinivasan, MD & CEO, said the bank has delivered a very encouraging performance braving a lot of odds. “We witnessed strong traction in NIM and pick-up in NII on the back of a good credit growth in certain segments. Strong recovery and upgrades helped in virtually no credit cost for the quarter. CASA growth of 18% YoY led the CASA ratio to reach to an all-time high of 36%. This further strengthens the granularity of our deposit portfolio. Inward remittances continue to be a strong forte for the bank with a market share of 20.54%,” he said.

Srinivasan said the digital story of the bank continues to prosper with fintech partnerships progressing well and contributing to more than 50% of the new accounts booked.

The bank earned net interest income of Rs 1,479.42 crore for the quarter ended September 30, 2021.

The capital adequacy ratio computed as per Basel III guidelines stood at 14.97% at the end of the quarter.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

[ad_2]

CLICK HERE TO APPLY

Leave a comment federal bank, federal bank growth, federal bank net profit

Must address systemic risk arising out of growing NBFCs: RBI deputy governor M Rajeshwar Rao

October 22, 2021 root Personal Finance

[ad_1]

Read More/Less

It is in this background that the RBI has conceptualised the scale-based regulatory framework.

As the non-banking financial company (NBFC) sector increases in size and complexity, there is regulation needs to address the systemic risks arising out of it, Reserve Bank of India’s (RBI) deputy governor M Rajeshwar Rao said on Friday. Referring to the central bank’s proposal to apply scale-based regulation to NBFCs, Rao said that NBFCs must keep the customer at the centre of all innovation and address concerns around governance.

“While we are aware that differential regulation in the NBFC sector is required to allow it to bridge the gap in last mile connectivity and exhibit dynamism, this premise remains valid till the time their scale of operations is low. As and when they attain the size and complexity which poses risk for the financial system, the case becomes stronger for greater regulatory oversight,” Rao said during a virtual event organised by the Confederation of Indian Industry (CII).

It is in this background that the RBI has conceptualised the scale-based regulatory framework. Such a framework, proportionate to the systemic significance of NBFCs, may be the optimal approach where the level of regulation and supervision will be a function of the size, activity, and riskiness of NBFCs, Rao said. As regulations would be proportional to the scale of NBFCs, they would not impose undue costs on the regulated entities (REs). “While certain arbitrages that could potentially have adverse impact would be minimised, the fundamental premise of allowing operational flexibility to NBFCs in conducting their business would not be diluted,” Rao said.

The deputy governor observed that there has been a consistent and conscious understanding that a one-size-fits-all approach is not suitable for the NBFC sector, which includes a diverse set of financial intermediaries with different business models serving a heterogenous group of customers and exposed to different risks.

Rao cautioned that no innovation should come at the cost of prudence and it should not be designed to cut corners around regulatory, prudential and disclosure requirements. “Responsible financial innovation should always have customer at its centre and should be aimed at creating positive impact on the financial ecosystem and the society. One should therefore consider the impact of new ideas on the financial fabric at the conceptualisation stage itself,” he said.

The deputy governor referred to the surge in digital credit delivery during the pandemic and said that while the benefits accruing from digital financial services is not a point of debate, the business conduct issues, and governance standards adopted by such digital lenders have shaken the trust reposed in digital means of finance in India. “We were and are inundated with the complaints of harsh recovery practices, breach of data privacy, increasing fraudulent transactions, cybercrime, excessive interest rates and harassment,” Rao said.

He added that governance is more of a cultural issue than a regulatory issue. Therefore, NBFCs must create a culture of responsible governance where every employee feels responsible towards the customer, organisation and society. “Good governance is key to long-term resilience, efficiency and might I add, survival of the entities,” he said.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

[ad_2]

CLICK HERE TO APPLY

Leave a comment nbfc sector, nbfc sector operations, nbfcs, rbi on nbfcs

We expect gold loans to grow 25-30% for full year: Shyam Srinivasan, MD & CEO, Federal Bank

October 22, 2021 root Banking & Finance

[ad_1]

Read More/Less

Everything in the P&L works. Our interest income is Rs 1,479 crore, other income is Rs 444 crore, slippages is Rs 320 crore and provision is Rs 250 crore. We don’t have any lumpy one-off that makes things happen. It is a granular franchise.

Kerala-based Federal Bank reported a net profit of Rs 460.26 crore for the second quarter of the fiscal. The lender also reported higher net interest income and lower slippages. Excerpts from the post-result virtual press meet held by MD & CEO Shyam Srinivasan.

Fresh slippages are contained to Rs 320 crore for the quarter. Does that mean that the worst is over regarding the pandemic?

We have continuously fortified our capabilities and for years we have been fairly conservative as far as credit quality is concerned. In an improving environment, we will lead and in a falling environment we will fall the least. Given India’s level of vaccination and way of dealing with the crisis, I hope the worst is over.

Last quarter, we had much higher-than-normal run rate in slippages of Rs 640 crore because of one-and-a-half month of Q1 were non-functional. As the economy opened up, our efforts doubled. We had much recovery and upgrades than incremental slippage in Q2. Our quality of portfolio is getting as pristine as it should be.

What contributed to your profit this quarter?

What is your sense on the restructured book?

For our bank, a majority of the restructured book, nearly 90% or so, is secured. If you have secured book, then I think slippages is low. Mostly, these are housing loans and the probability of default is lower. Our slippage is lower than our recovery and despite that we have provided more on our standard assets, which includes our restructured book. We have created extra provision.

Opportunities are quite strong and we believe that the market is quite ready for growth. In the second half, we will see higher run rate than the first half.

Outlook on gold loan portfolio?

We remain very optimistic. In the first quarter, gold loans and gold prices saw a dip, but now have started stablising. We have grown 26% year to date (YTD) and we expect gold loans to grow 25-30% for the full year.

What is the share of gold loan to total advances and how much gold does the bank hold?

Gold loan is 11% of the total portfolio and the bank holds 49-50 tonne of gold in custody.

What is the update on the credit card issuance?

We had to stop issuance due to the Mastercard issue, but then within a month we were able to get Visa and then Rupay on board. We also have a partnership with FPL and now we are doing about 400-500 cards a day. We have a base of about 32,000 cards and an outstanding of about Rs 35 crore.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

[ad_2]

CLICK HERE TO APPLY

Leave a comment federal bank, federal bank gold loans, federal bank net profit

Reserve Bank of India – Notifications

October 22, 2021 root Notifications

[ad_1]

Read More/Less

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

[ad_2]

CLICK HERE TO APPLY

Leave a comment

NPA ratio falls: Yes Bank Q2 profit jumps 74% on lower provisions

October 22, 2021 root Personal Finance

[ad_1]

Read More/Less

Prashant Kumar, MD & CEO, said, “This quarter, we have also seen a growth in the corporate and SME segments, post several quarters of de-growth.”

Yes Bank on Friday reported a 74% year-on-year increase in its net profit to Rs 225 crore for the September quarter, helped by a lower provisioning burden and higher non-interest income.

The bank’s net interest income fell 23% YoY to Rs 1,512 crore while other income rose 30% to Rs 778 crore. The net interest margin, a key measure of profitability, rose 10 basis points (bps) sequentially to 2.2%.

Provisions were down 65% at Rs 377 crore. Yes Bank made provisions worth Rs 336 crore against a single telecom exposure, understood to be Vodafone Idea, with the aggregate coverage working out to 10%. The provision coverage ratio fell to 78.9% from 79.3% at the end of June. The cumulative provisions stood at Rs 25,248 crore in September 2021, down from Rs 26,198 crore at the end of June.

The advances book rose 3.5% YoY to Rs 1.73 lakh crore as on September 30. Retail and micro, small and medium enterprises advances accounted for 54% of the loan book, against 53% a quarter ago. The management held on to its guidance for advances growth of over 15% in FY22, led by a 20% growth in the retail and SME book.

Prashant Kumar, MD & CEO, said, “This quarter, we have also seen a growth in the corporate and SME segments, post several quarters of de-growth.”

Deposits stood at Rs 1.77 lakh crore at the end of September, up 30% YoY. The current account savings account (CASA) ratio stood at 29.4% in Q2FY22, up from 24.8% a year ago.

The bank saw fresh slippages worth Rs 1,783 crore during Q2, with Rs 750 crore coming from the corporate book. The management said retail slippages were as a result of stress related to Covid, and collection efficiency trends are now showing an improvement.

Cash recoveries stood at Rs 987 crore and upgrades were to the tune of Rs 969 crore. The gross NPA ratio fell 63 bps sequentially to 14.97% and the net NPA ratio fell 23 bps to 5.55%. The bank has guided for cash recoveries and upgrades worth over Rs 5,000 crore in FY22.

The capital adequacy ratio as per Basel III stood at 17.6% as on September 30. The common equity tier-I (CET-I) ratio was at 11.5%.

Shares of Yes Bank’ ended lower 4.12% at Rs 13.73 on the BSE.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

[ad_2]

CLICK HERE TO APPLY

Leave a comment Yes Bank, yes bank npa, yes bank q2 profit

Reserve Bank of India – Press Releases

October 22, 2021 root Press Releases

[ad_1]

Read More/Less

In terms of GoI notification F.No.4(5)-B(W&M)/2021 and RBI press release dated October 21, 2021, the Sovereign Gold Bond Scheme 2021-22 – Series VII will be open for subscription for the period from October 25 – 29, 2021. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. October 20, October 21 and October 22, 2021 works out to ₹4,761/- (Rupees Four thousand seven hundred and sixty-one only) per gram of gold.

Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of ₹50/- per gram on the nominal value to those investors applying online and the payment against the application is made through digital mode. For such investors, the issue price of Gold Bond will be ₹4,711/- (Rupees Four thousand seven hundred and eleven only) per gram of gold.

Ajit Prasad
Director

Press Release: 2021-2022/1088

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Notifications

October 22, 2021 root Notifications

[ad_1]

Read More/Less

RBI/2021-2022/113
IDMD.CDD. No.1087/14.04.050/2021-22

October 22, 2021

The Chairman & Managing Director
All Scheduled Commercial Banks,
(Excluding RRBs)
Designated Post Offices
Stock Holding Corporation of India Ltd.(SHCIL)
National Stock Exchange of India Ltd, Bombay Stock Exchange Ltd
Clearing Corporation of India Limited.

Madam/Dear Sir,

Sovereign Gold Bond Scheme (SGB) 2021-22- Series VII/VIII/IX/X

Government of India has vide its Notification No F.No4.(5)-B (W&M)/2021 dated October 21, 2021 has announced the Sovereign Gold Bond Scheme 2021-22, Series VII, VIII, IX and X. Under the scheme there will be a distinct series (starting from Series VII) for every tranche. The terms and conditions of the issuance of the Bonds shall be as per the above notification.

2. Date of Issue

The date of issuances shall be as per the details given in the calendar below

S.No.	Tranche	Date of Subscription	Date of Issuance
1.	2021-22 Series VII	October 25–29, 2021	November 02, 2021
2.	2021-22 Series VIII	November 29- December 03, 2021	December 07, 2021
3.	2021-22 Series IX	January 10-14, 2022	January 18, 2022
4.	2021-22 Series X	February 28- March 04, 2022	March 08, 2022

3. Period of subscription

The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified above.

4. Application

Subscription for the Bonds may be made in the prescribed application form Form A or in any other form as near as thereto, stating clearly the grams (in units) of gold and the full name and address of the applicant. Every application must be accompanied by valid ‘PAN details’ issued by the Income Tax Department to the investor(s). Scheduled Commercial Banks (excluding RRBs, Small Finance Banks and Payment Banks), designated Post Offices (as may be notified), Stock Holding Corporation of India Ltd (SHCIL), Clearing Corporation of India Limited and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Ltd. are authorized to receive applications for the Bonds either directly or through agents and render all services to the customers The Receiving Office shall issue an acknowledgment receipt in Form B to the applicant.

5. All online applications should be accompanied by email Id of the investor/s which should be uploaded on the Ekuber portal along with the subscription details.

6. In addition to receipt of application, the Receiving Offices are also entrusted with the responsibility of providing service to the investors of the SGB and are required to be guided by rules and regulations issued by RBI in this regard from time to time. With a view to facilitate availability of all current operative instructions regarding servicing of these bonds at one place, RBI has issued consolidated procedural/operational guidelines vide circular IDMD.CDD.2730/14.04.050/2019-20, dated April 13, 2020. and the same is available on RBI website. The Receiving Offices shall be guided by these instructions while dealing with all the procedural aspects and providing service to the investors.

7. All other terms and conditions specified in the notification of Government of India in the Ministry of Finance (Department of Economic Affairs) vide Notification F.No.4(2)-W&M/2018 dated March 27, 2018 shall apply to the Bonds.

Yours faithfully,

(Rajendra Kumar)
Chief General Manager

[ad_2]

CLICK HERE TO APPLY

Leave a comment

« 1 … 175 176 177 178 179 … 16,279 »