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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: 2021-2022/1087 |
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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:
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 Wednesday, October 27, 2021, during the below given timings:
Results will be announced on the day of the auction. Payment by successful bidders to be made on Thursday, October 28, 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 Press Release: 2021-2022/1085 |
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Private sector lender Yes Bank’s standalone net profit surged by 74.3 per cent to ₹225.5 crore in the second quarter of the fiscal led by a sharp jump in non-interest income and lower provisions.
The bank’s standalone net profit stood at ₹129.37 crore in the second quarter of last fiscal.
For the quarter-ended September 30, 2021, Yes Bank reported a 23.4 per cent drop in its net interest income to ₹1,512 crore as against ₹1,973 crore a year ago.
Net interest margin stood at 2.2 per cent in the second quarter of the fiscal as against 3.1 per cent in the corresponding period last fiscal. Non-interest income jumped by 30.2 per cent on a year-on-year basis to ₹778 crore during the quarter.
Provisions were 65 per cent lower at ₹377 crore in the second quarter as against ₹1,078 crore a year ago. Asset quality saw some improvement but non-performing assets remained high.
Gross NPAs stood at ₹28,740.59 crore or 14.97 per cent of gross advances as on September 30, 2021 versus 16.9 per cent a year ago. Net NPAs stood at 5.55 per cent of net advances at the end of the second quarter as against 4.71 per cent a year ago.
Prashant Kumar, Managing Director and CEO, Yes Bank said the resolution momentum of the bank continues with ₹987 crore of cash recoveries and ₹969 crore of upgrades in the second quarter of the fiscal.
“We are on track to meet the target of ₹5,000 crore through recoveries and upgrades this fiscal,” he told reporters.
On the issue of Dish TV, Kumar said the bank is doing everything to secure the asset and will explore legal recourse to maximise the recovery.
The bank would inform if and when it approaches the courts on the issue.
The bank is also moving toward setting up its asset reconstruction company (ARC) and expects to announce the name of the foreign partner in the next 60 days. “We have got a fantastic response from international investors. We hope to conclude the deal before the end of the financial year,” he said, adding that the lender will transfer all NPAs to the ARC.
“We will make our bank 0 per cent NPA as of March 31, 2022,” he said.
The bank said that ₹421.01 crore of the ₹4,621.74 crore restructured under the Reserve Bank of India’s Resolution Framework 1.0 had slipped into NPA during the half-year. Of this, it has written-off ₹8.06 crore.
Under the Resolution Framework 2.0, it has received requests for resolution of 17,778 personal loans, 2,634 business loans and 1,588 small businesses involving a total exposure of ₹857.64 crore. It has increased provisions by ₹125.86 crore on account of the resolution.
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* Basel III directive also tackles climate change, branches
FRANKFURT, – Only 10 major European banks may need to raise capital as a result of the rollout of new global rules and their shortfall could be smaller than 27 billion euros ($31.43 billion), according to draft European Union regulation seen by Reuters.
The impact would be much smaller than the 52.2 billion euros estimated by the European Banking Authority (EBA) last year, a sigh of relief for a sector that has been plagued by low profits for a decade and is still recovering from a pandemic-induced recession.
The draft of European Commission‘s Basel III directive, which transposes the final batch of global rules aimed at avoiding a repeat of the 2008 financial crisis, put the increase to EU banks’ minimum capital requirements at between 0.7% and 2.7% by 2015 and 6.4%-8.4% by 2030.
“According to estimates provided by the EBA, this impact could lead a limited number of large EU banks (10 out of 99 banks in the test sample) to have to raise collectively… less than 27 billion euros,” the Commission said in the document.
The EBA said the banks in the test sample were from 17 EU countries and represented around 75% of total EU banks’ assets.
Banks had lobbied for a more flexible interpretation of the “output floor”, which limits their discretion in setting their own capital requirement, but their wishes were not fulfilled.
The European Parliament will have the final say on approving the rules, but regulators have warned the bloc not to stray from the standards already agreed at a global level.
The directive, which is due to be published next week, also gives supervisors the power to impose requirements relating to climate risk and contains stricter rules for branches of foreign banks in the EU.
This gives extra legal backing to the European Central Bank, which has been putting pressure on banks to disclose and tackle risks relating to climate change, such as weather hazards and changes in regulation.
As regards foreign branches, which had assets worth 510 billion euros at the end of last year and are concentrated in Belgium, France, Germany and Luxembourg, they will now be subject to a common authorisation procedure.
They will also have to comply with requirements relating to their capital, liquidity, governance and risk management, the draft shows. ($1 = 0.8591 euros) (Reporting by Huw Jones, Writing By Francesco Canepa in Frankfurt, Editing by Alex Richardson)
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Total income slipped to Rs 5,430.30 crore during the July-September period from Rs 5,842.81 crore in the same quarter last year, the bank said in regulatory filing.
Gross bad loans declined to 14.9 per cent of gross advances as on September 30. The same stood at 16.9 per cent in the year-ago period.
However, net Non-Performing Assets (NPAs) or bad loans rose to 5.55 per cent in the quarter under review from 4.71 per cent a year ago.
The bank has made prudent provisioning of Rs 336 crore on a single telecom exposure in the latest quarter. PTI DP RAM
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The Dharwad region of Karnataka Vikas Grameena Bank (KVGB) disbursed loans to the tune of ₹44.28 crore to nearly 725 beneficiaries under various heads at the customer outreach initiative organised under the aegis of state-level bankers’ committee (SLBC), according to P Gopi Krishna, Chairman of KVGB.
He said the customers outreach initiative was organised on Thursday to boost credit in retail, agriculture and MSME sectors.
Speaking on the occasion, B Chandrasekhar Rao, convenor of the SLBC, advised bankers to focus on agriculture lending and to ensure financial inclusion of all sections of society. He asked the small and medium scale entrepreneurs and citizens to utilise loan facilities offered by various banks, including regional rural banks. He handed over loan sanction letters to the borrowers of KVGB.
KVGB highlighted solar-powered livelihood solutions at the customer outreach initiative.
Ullas Gunaga, Chief Manager of KVGB, said the bank is financing the livelihood solutions backed by solar power. The intention is that these livelihood solutions will help micro and small entrepreneurs, economically weaker sections, and help in sustainable agriculture and women empowerment. He said the solar technology company SELCO provides technological interventions, market linkages, banking and financial inclusion support and training for capacity building.
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This was the 5,086th branch opened by a bank in the country and abroad, and is fully computerised and digitised with a facility of E-Gallery to provide 24×7 banking to the residents of Leh, a spokesperson of the Bank of India (BOI) said.
He said BOI Managing Director and Chief Executive Officer A K Das opened the branch in the presence of Field General Manager A K Jain, Zonal Manager Vasudev, Branch Manager Sangeeta and various local dignitaries and customers.
“The bank is fully committed to extending its banking services to the people living in the far-flung areas of the country. The opening of a branch here is an important step towards this goal,” Das said.
He said it would not only boost economic activities in the region but will also help the local people to use various banking products like housing, vehicle, education and agriculture loans, and also reap the benefits of other government schemes.
Das added that the bank has a unique salary account scheme for defence and paramilitary personnel providing free insurance cover.
“The bank also provides home, vehicle and consumer loans at low rates. Recently, the bank has reduced the interest rate for housing loans to 6.50 per cent and that for vehicle loans to 6.85 per cent,” he said.
Das added that the bank will continue to endeavour to provide the best-quality banking facilities to its customers and connect more and more people to mainstream banking with fully digitised facilities.
Meanwhile, in continuation to the bank’s mission to reach maximum customers across India, it also conducted a ‘customer outreach programme’ at Leh branch, wherein Das distributed loan sanction letters to various beneficiaries, the spokesperson said.
Under the bank’s corporate social responsibility, he said Das is presenting ‘paper cutting machine’ to a non-governmental organisation of Ladakh, People’s Action Group for Inclusion and Right, who is assisting differently-abled persons by empowering them with various skills to earn their livelihood and live a respectable life. PTI TAS AB HRS hrs
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BNPL is a credit option that gives customers at storefronts and on ecommerce pages the option to defer payments free of cost or to convert the transaction value into equated monthly installments (EMI). The facility is provided by financiers even to those without credit cards.
Visa and Mastercard are reportedly scouting for partners to set up platforms that would facilitate retail brands and online merchants to directly tie up with banks and offer their customers various payment options, the sources cited above said.
“BNPL platforms by both Visa and Mastercard are in the works, and it makes complete sense as they have a goldmine of customer data to create platforms for banks looking to enter this space,” said the chief executive at a large private bank. The executive didn’t want to be named.
Both Visa and Mastercard have approached major card-issuing local banks on their respective networks with product propositions. Visa is also said to be in talks with one or more payment gateways for a strategic tieup, sources added.
Visa and Mastercard didn’t respond to ET’s queries on the subject.
At present, this service is offered by startups such as ZestMoney, Capital Float, PayU’s Lazypay as well as Pine Labs and Paytm. The market has seen significant traction over the last two years with millions of Indians taking to online shopping through the pandemic.
Global Templates
The move is in line with Visa and Mastercard’s BNPL forays in various international markets. Last month, Mastercard announced the launch of a new BNPL platform in the US, the UK, and Australia across its acceptance networks. This comes at a time when global fintech companies, such as Square, PayPal and Klarna, are betting aggressively on this segment.
Mastercard believes that BNPL could lead to a 45% increase in average sales from existing relationships and a 35% reduction in cart abandonment, a source briefed on the matter told ET.
Visa, too, has launched BNPL initiatives in markets such as Canada and Malaysia and is reportedly setting up a global BNPL vertical to oversee the development. According to a source, a top executive in Visa’s South Asia team could head this vertical, although ET couldn’t independently verify the proposed appointment.
As per industry insiders, the typical model would involve a financier tying up with a merchant and a platform for a fixed transaction fee. As there is no interest rate, the facility is offered to customers with a Merchant Discount Rate – or a transaction service rate – of around 1.5%.
The moves are seen by industry insiders as an attempt by the US card companies to gain first-mover’s advantage in India’s nascent online instalment payments market.
Another source involved with the talks said that the plans were finalised after the Reserve Bank of India (RBI) announced stringent card data storage norms. The new rules set to kick in from 2022 will prohibit merchants from storing card data of customers, which could significantly hamper their ability to offer customised discounts and EMI options.
“From January, the credit card market is expected to shrink due to the new rules that restrict merchants from storing card details,” said an executive cited above. “For the large payment operators, BNPL allows an opportunity to use scale.”
Over the past four years, the National Payments Corporation of India (NPCI)-owned solutions such as Unified Payments Interface and Bharat Bill Pay have helped increase the adoption of digital payments in the country.
Banks Willing to Underwrite Risk
Through the festive season, top consumer Internet companies, including Flipkart, Amazon, Paytm and Byju’s, are offering BNPL services to customers. The premise is simple: Millions of Indians who took to online shopping amid the Covid-19 pandemic are opting for interest-free credit at checkout points on online platforms. Banks, too, are willing to underwrite the risk.
Industry insiders say the size of India’s annualised BNPL market in gross transaction value terms has grown to around $1.5-2 billion in less than 18 months, from just a few million dollars in 2019.
At the backend, these transactions are enabled through network integrations involving retail marketplaces, merchants, and financiers. The model is also applicable to offline outlets, where Bajaj Finance is among the leading players.
Typically, they are “form-agnostic” and can be enabled after the customer’s credentials are authenticated at checkout points. Hypothetically, such transactions can be done without any payment instrument, using just an ID card. Moreover, the repayment contracts are flexible, depending on the credit scores of customers.
Fintech companies typically rely on SMS data and credit scores to gauge income and repayment rates for underwriting. A loss is typically taken on the books of the NBFC or the banks. While default rates for BNPL in India are not in public domain, as per sources, the industry bounce rate hovers between 15% and 20%.
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Total income (consolidated) during the July-September period of 2021-22, however, was down at Rs 4,013.46 crore, as against Rs 4,071.35 crore in the same period of 2020-21, Federal Bank said in a regulatory filing.
The bank’s asset quality showed an impairment with the gross non-performing assets (NPAs or bad loans) rising to 3.22 per cent of the gross advances as of September 30, 2021 from 2.80 per cent in the year-ago period.
Likewise, the net NPAs were also higher at 1.15 per cent as against 0.99 per cent.
In absolute value, the gross NPAs stood at Rs 4,558.19 crore by the end of September 2021 quarter, up from Rs 3,591.72 crore in the corresponding period a year ago.
Value of net NPAs were at Rs 1,595.78 crore, up from Rs 1,249.85 crore.
Provisions for bad loans and contingencies for the reported quarter came down to Rs 264.53 crore, from Rs 565.46 crore in the year-ago quarter.
Shares of Federal Bank were trading at Rs 100.80 apiece on BSE, up 4.40 per cent from the previous close.
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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹20,625 Cr. (Face Value).
| Sr. No. | State/UT | Amount to be raised (₹ Cr) |
Additional Borrowing (Greenshoe) Option (₹ Cr) | Tenure (Yrs) | Type of Auction |
| 1 | Andhra Pradesh | 500 | – | 15 | Yield |
| 500 | – | 16 | Yield | ||
| 2 | Assam | 500 | – | 5 | Yield |
| 500 | – | 10 | Yield | ||
| 3 | Bihar | 2000 | – | 9 | Yield |
| 4 | Chhattisgarh | 1000 | 7 | Yield | |
| 5 | Gujarat | 1500 | 500 | 10 | Yield |
| 6 | Haryana | 1500 | 7 | Yield | |
| 7 | Madhya Pradesh | 2000 | – | Re-issue of 6.85% Madhya Pradesh SDL 2031 Issued on September 15, 2021 | Price |
| 8 | Maharashtra | 2500 | – | Re-issue of 6.91% Maharashtra SDL 2033 Issued on September 15, 2021 | Price |
| 9 | Puducherry | 125 | – | 6 | Yield |
| 10 | Rajasthan | 1000 | – | 6 | Yield |
| 1000 | – | 10 | Yield | ||
| 11 | Tamil Nadu | 1000 | – | Re-issue of 6.96% Tamil Nadu SDL 2051 Issued on May 19, 2021 | Price |
| 12 | Uttar Pradesh | 2500 | – | 10 | Yield |
| 13 | West Bengal | 2500 | – | 20 | Yield |
| TOTAL | 20625 |
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 26, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 26, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.
In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.
For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
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.
The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.
The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.
The results of the auction will be announced on October 26, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on October 27, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.
The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on April 27 and October 27 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.
The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.
Ajit Prasad
Director
Press Release: 2021-2022/1083
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