Anecdotal, though-provoking memoir on India’s banking system, BFSI News, ET BFSI

Banking & Finance

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New Delhi, This is a highly anticipated account of some of the critical periods in the history of Indias financial sector by one of the countrys most talented and established banking professionals in the country, Rajnish Kumar, former Chairman of State Bank of India (SBI), Indias largest commercial bank.

“The Custodian of Trust” (Penguin) is the story of Rajnish Kumar’s incredible journey as a banker. Debuting as a writer with his memoir, Kumar shares his stories – from being a probationary officer in SBI to becoming its chairman in 2017 – capturing the many changes he witnessed in India’s banking sector during his career. Recounting his experiences about the aftermath of demonetization; challenges in YES Bank; the crisis in Jet Airways and NPAs, this book is anecdotal, engaging and thought- provoking, and will attract a wide spectrum of readers.

“I am pretty excited to share my journey of 40 years with State Bank of India and offer glimpses of my personal life,” Rajnish Kumar said.

“SBI is considered a proxy to the Indian Economy. In that sense, the book is also an account of the tremendous progress made by the country as well as the banking and financial system in the last four decades. The removal of poverty has been the biggest challenge and banks have played a critical role in the fight against poverty. There are many untold and unknown stories in the book, which I am sure readers will find interesting and inspirational,” he added.

Even before its official launch, “The Custodian of Trust” has received generous praise and endorsements from the stalwarts of India Inc. and the banking industry. Ratan Tata, Chairman Emeritus, Tata Sons, remarked that “this book is not just about the banking system of our country, but a chronicle of contemporary economic history”. Uday Kotak, CEO, Kotak Mahindra Bank, said about the book: “It has the potential to be a Bollywood blockbuster.”

Premanka Goswami, Executive Editor at Penguin Random House India, said: “Rajnish Kumar assumed the responsibility to lead the country’s biggest commercial bank at a critical time when India’s financial sector was going through a turmoil. ‘The Custodian of Trust’ opens a window to these times. We, at Penguin House Random House India, are excited to publish Kumar’s memoir.”

Rajnish Kumar joined SBI as a probationary officer in 1980. He served the bank in various capacities across the country and overseas. Prior to his appointment as Chairman, he was Managing Director (National Banking Group) at the bank overseeing the Retail business and Digital Banking. He was Chairman of the Indian Banks Association and served on the boards of many other companies while serving SBI.

Currently, he is a director on the boards of HSBC Asia Pacific, L&T Infotech Ltd and Lighthouse Communities Foundation. He is also an exclusive advisor to Kotak Investment Advisors Ltd and senior advisor to Baring Private Equity Asia Pvt Ltd.

–IANS

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Anecdotal, though-provoking memoir on India’s banking system, BFSI News, ET BFSI

Banking & Finance

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New Delhi, This is a highly anticipated account of some of the critical periods in the history of Indias financial sector by one of the countrys most talented and established banking professionals in the country, Rajnish Kumar, former Chairman of State Bank of India (SBI), Indias largest commercial bank.

“The Custodian of Trust” (Penguin) is the story of Rajnish Kumar’s incredible journey as a banker. Debuting as a writer with his memoir, Kumar shares his stories – from being a probationary officer in SBI to becoming its chairman in 2017 – capturing the many changes he witnessed in India’s banking sector during his career. Recounting his experiences about the aftermath of demonetization; challenges in YES Bank; the crisis in Jet Airways and NPAs, this book is anecdotal, engaging and thought- provoking, and will attract a wide spectrum of readers.

“I am pretty excited to share my journey of 40 years with State Bank of India and offer glimpses of my personal life,” Rajnish Kumar said.

“SBI is considered a proxy to the Indian Economy. In that sense, the book is also an account of the tremendous progress made by the country as well as the banking and financial system in the last four decades. The removal of poverty has been the biggest challenge and banks have played a critical role in the fight against poverty. There are many untold and unknown stories in the book, which I am sure readers will find interesting and inspirational,” he added.

Even before its official launch, “The Custodian of Trust” has received generous praise and endorsements from the stalwarts of India Inc. and the banking industry. Ratan Tata, Chairman Emeritus, Tata Sons, remarked that “this book is not just about the banking system of our country, but a chronicle of contemporary economic history”. Uday Kotak, CEO, Kotak Mahindra Bank, said about the book: “It has the potential to be a Bollywood blockbuster.”

Premanka Goswami, Executive Editor at Penguin Random House India, said: “Rajnish Kumar assumed the responsibility to lead the country’s biggest commercial bank at a critical time when India’s financial sector was going through a turmoil. ‘The Custodian of Trust’ opens a window to these times. We, at Penguin House Random House India, are excited to publish Kumar’s memoir.”

Rajnish Kumar joined SBI as a probationary officer in 1980. He served the bank in various capacities across the country and overseas. Prior to his appointment as Chairman, he was Managing Director (National Banking Group) at the bank overseeing the Retail business and Digital Banking. He was Chairman of the Indian Banks Association and served on the boards of many other companies while serving SBI.

Currently, he is a director on the boards of HSBC Asia Pacific, L&T Infotech Ltd and Lighthouse Communities Foundation. He is also an exclusive advisor to Kotak Investment Advisors Ltd and senior advisor to Baring Private Equity Asia Pvt Ltd.

–IANS

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Anecdotal, though-provoking memoir on India’s banking system, BFSI News, ET BFSI

Banking & Finance

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Read More/Less


New Delhi, This is a highly anticipated account of some of the critical periods in the history of Indias financial sector by one of the countrys most talented and established banking professionals in the country, Rajnish Kumar, former Chairman of State Bank of India (SBI), Indias largest commercial bank.

“The Custodian of Trust” (Penguin) is the story of Rajnish Kumar’s incredible journey as a banker. Debuting as a writer with his memoir, Kumar shares his stories – from being a probationary officer in SBI to becoming its chairman in 2017 – capturing the many changes he witnessed in India’s banking sector during his career. Recounting his experiences about the aftermath of demonetization; challenges in YES Bank; the crisis in Jet Airways and NPAs, this book is anecdotal, engaging and thought- provoking, and will attract a wide spectrum of readers.

“I am pretty excited to share my journey of 40 years with State Bank of India and offer glimpses of my personal life,” Rajnish Kumar said.

“SBI is considered a proxy to the Indian Economy. In that sense, the book is also an account of the tremendous progress made by the country as well as the banking and financial system in the last four decades. The removal of poverty has been the biggest challenge and banks have played a critical role in the fight against poverty. There are many untold and unknown stories in the book, which I am sure readers will find interesting and inspirational,” he added.

Even before its official launch, “The Custodian of Trust” has received generous praise and endorsements from the stalwarts of India Inc. and the banking industry. Ratan Tata, Chairman Emeritus, Tata Sons, remarked that “this book is not just about the banking system of our country, but a chronicle of contemporary economic history”. Uday Kotak, CEO, Kotak Mahindra Bank, said about the book: “It has the potential to be a Bollywood blockbuster.”

Premanka Goswami, Executive Editor at Penguin Random House India, said: “Rajnish Kumar assumed the responsibility to lead the country’s biggest commercial bank at a critical time when India’s financial sector was going through a turmoil. ‘The Custodian of Trust’ opens a window to these times. We, at Penguin House Random House India, are excited to publish Kumar’s memoir.”

Rajnish Kumar joined SBI as a probationary officer in 1980. He served the bank in various capacities across the country and overseas. Prior to his appointment as Chairman, he was Managing Director (National Banking Group) at the bank overseeing the Retail business and Digital Banking. He was Chairman of the Indian Banks Association and served on the boards of many other companies while serving SBI.

Currently, he is a director on the boards of HSBC Asia Pacific, L&T Infotech Ltd and Lighthouse Communities Foundation. He is also an exclusive advisor to Kotak Investment Advisors Ltd and senior advisor to Baring Private Equity Asia Pvt Ltd.

–IANS

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Bank of Maharashtra launches digital lending platform for retail loans

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Bank of Maharashtra (BoM) has launched a Digital Lending Platform which will enable its current and prospective customers to avail home and car loans through a paperless process at the convenience of their place and time of choice.

The platform provides ‘in-principle approval’ for home loans and car loans instantly on filling in the required information digitally without human intervention, the Pune-headquartered public sector bank said in a statement.

Digitisation of services

Customers can avail the digital lending facility by visiting the bank’s website. The bank underscored that the platform is capable of validating KYC, CIBIL and financial information of the loan applicant and provide ‘in-principle approval’ in a hassle-free manner.

Also see: Empowering agri cooperative credit societies through digitalisation

A S Rajeev, MD & CEO, BoM, said the platform will help upscale retail lending through digitisation.

The Bank has taken several measures to strengthen its digitisation process internally, thereby facilitating delivery of hassle-free services, he added.

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Top Senior Citizens Investments With Tax Saving

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1. Tax-saving Fixed Deposits

Tax savings FDs are different from other types of FDs in terms of their lock-in period; these FD will have to be fixed for 5 years in a bank. You can avail of a tax deduction on investments in this FD under Section 80C of the Income Tax Act, 1961. For senior citizens, it can be a good option as you can claim a maximum deduction of Rs. 1.5 lakh yearly by investing in a tax-saving FD scheme. FD is a lucrative option for citizens as you can get the interest monthly, quarterly or yearly basis. Senior citizens, who have retired can earn their monthly needs from this tax savings FD scheme with a lock-in period of 5 years. Senior citizens will receive higher interest rates than other citizens. SBI offers a 6.20% interest on a tax-saving FD scheme for senior citizens, Ujjivan Small Finance Bank offers a better interest on the same scheme.

2. Senior Citizen Savings Scheme (SCSS)

2. Senior Citizen Savings Scheme (SCSS)

Senior Citizen Savings Scheme (SCSS) is another popular choice among senior citizens, and one can open this account in any bank or Post Office, with accurate age proof. The benefits earned under the scheme will be the same irrespective of the fact that you are opening the account in a bank or a post office. You will get 7.4% PA interest yearly. You can make only one deposit in the account in multiple of Rs. 1000, and the maximum limit of this FD is Rs. 15 lakh. In this investment, you can get a tax benefit under Section 80C of the Income Tax Act, 1961.

3. National pension scheme (NPS)

3. National pension scheme (NPS)

The national pension scheme (NPS), offered by the Pension Fund Regulatory and Development Authority (PFRDA) is open for all Indian employees; you will have to make a minimum contribution of Rs. 6000 in an FY. You can either pay the amount as a lump sum or in a monthly installment of Rs. 500. The age limit has recently been changed, the maximum age of joining NPS is increased to 70 years now, from the previous 65 years. This kind of investment is linked with the equity market, thus it offers a higher return than other assured investment options. The interest rate of this plan is 9%-12%. you can withdraw up to 25% of the total contribution 3 times in 5 years.

4. Tax-free bonds

4. Tax-free bonds

Tax-free bonds are preferred by citizens in the highest tax bracket. Public sector undertakings like IRFC, PFC, NHAI, HUDCO, REC, NTPC, NHPC, and Indian Renewable Energy Development Agency (IREDA) can offer these bonds. The tenure of these bonds are, 10 years, 15 years, and 20 years, and you will have to buy these bonds through a Demat account. However, you can sell the bonds in the secondary market before this time. The government will notify the issue time of these bonds. But you can also buy these bonds from the secondary market at any time, as these are listed on the BSE and NSE. These bonds are good investments options for senior citizens with good lump sum money, and the interest will be tax-free according to government regulations.

5. Public Provident Fund (PPF)

5. Public Provident Fund (PPF)

Public Provident Fund (PPF) is one of the top rates investment opportunities in India considering its interest rate, assurance, and tax-saving factors in mind. The union government of India issues the PPF scheme through banks or post offices. The benefits are the same in a bank or a post office, as the scheme remains the same. The interest of PPF is 7.1 % PA (compounded yearly), which is quite good than other assured options. You can invest a minimum of Rs. 500 and maximum Rs. 1,50,000 in an FY and the deposits can be made in lump-sum or installments. The deposits qualify for deduction under section 80C of the Income Tax Act. However, the tenure of this scheme is 15 years.



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CBI charge sheet against ex-Yes Bank managing director Rana Kapoor, wife in Rs 1,700-cr loan scam, BFSI News, ET BFSI

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The CBI has filed a charge sheet against former Yes Bank managing director and CEO Rana Kapoor, his wife Bindu and promoter of Avantha Group Company Gautam Thapar in connection with an alleged loan scam of over Rs 1,700 crore, officials said on Friday.

In the charge sheet filed before a special CBI court in Mumbai, the central probe agency has alleged that Kapoor abused his official position and acquired a 1.2-acre uber-luxe bungalow at 40 Amrita Shergill Marg at a very less price than the actual market value.

In its FIR, the CBI had alleged that the property was mortgaged to Yes Bank against a loan of Rs 400 crore by Avantha Group.

“It was also alleged that the actual value of the property was approximately Rs 550 crore which was acquired by then MD and CEO of Yes Bank at a value of around Rs 378 crore and the proceeds of the sale was not used fully to liquidate the existing loan, later declared NPA by the bank,” CBI spokesperson R C Joshi said.

The property was purchased allegedly in the name of a company Bliss Abode Pvt Ltd where Kapoor’s wife Bindu was one of the directors and authorised signatory.

“It was further alleged that against this favour, then MD and CEO (Kapoor) of Yes Bank Ltd. extended additional loan of approximately Rs 1360 crore to other companies of said promoter/director (Thapar) during and after the acquisition of the said property,” Joshi said.

The CBI said these loans were never utilised for the purpose for which they were given and the borrowers were allowed to divert the funds for evergreening of the existing loans of the group companies. PTI ABS NSD NSD



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RBI, BFSI News, ET BFSI

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Mumbai, The Reserve Bank of India is reviewing its scheme of penalising banks for non-replenishment of ATMs after getting feedback from lenders, its Deputy Governor T Rabi Sankar said on Friday. In August this year, RBI had announced that it will penalise banks for failure to timely replenish currency notes in ATMs. The scheme, which is aimed at ensuring availability of sufficient cash for the public through ATMs, has come into effect from October 1, 2021.

“We have received various feedback– some positive and some raising concerns. There are issues specific to locations. We are trying to take all the feedback and have a review and see how best it can be implemented,” Sankar told reporters in a post policy call with reporters on Friday.

He said the idea behind the penalty on outages in ATMs is to ensure that cash is available in all ATMs, specially in rural and semi urban areas, all the time.

As per the scheme, cash-out of more than ten hours at any ATM in a month will attract a flat penalty of Rs 10,000 per ATM.

In case of White Label ATMs (WLAs), the penalty would be charged on the bank which is meeting the cash requirement of that particular WLA.

Replying to a query on lower interest rates affecting senior citizens due to fall in fixed deposit rates amid higher inflation, RBI Governor Shaktikanta Das said the cut in repo rate was considered absolutely necessary during the pandemic to support the economy.

“If you are not able to support the overall economy which is collapsing or is moving into a contraction zone, then there would be other major issues for all, including for senior citizens,” he told reporters.

He, however, said one should invest in small savings schemes that are currently offering much higher rates than their actual formula-based rates.

Citing an example, he said the one-year term deposit rate in small savings schemes is at least 170-180 basis points higher than the actual rate which is arrived at by the guidelines.

“In this crisis situation, we should see this (small savings scheme rates) as a fiscal support to senior citizens and middle class and small savers,” Das said. PTI HV

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Bank of England targets ‘failures’ in banks’ trading books, BFSI News, ET BFSI

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By Huw Jones

Banks must show from 2025 how their trading operations could be shut down in a crisis without spreading contagion across markets, the Bank of England proposed on Friday.

Since the global financial crisis in 2008-09, banks must have plans vetted by regulators showing how collapsing operations could be shut down or transferred without destabilising markets or the need for taxpayer bail-outs.

The proposals set out on Friday go further with more granular demands regarding trading books loaded with stocks, bonds and derivatives worth billions of pounds.

Following a public consultation, the BoE will publish final policy changes in the first half of 2022 which banks will have to implement by January 2025.

The BoE said its Prudential Regulation Authority carried out exercises between 2014 and 2021 which demonstrated that firms lack the full capabilities required to carry out an orderly wind-down of their trading activities.

“The PRA considers this lack of capabilities to be a market failure, posing risks to the PRA’s safety and soundness objective, and has therefore decided to clarify its expectations in this area,” the BoE said.

“For the largest firms, the destruction of trading book asset value in a disorderly wind-down risks impacting UK financial stability, due to the scale and interconnectivity of their trading activities.”

Applying the proposed new rules would mean a one-off cost of 12 million pounds ($16.35 million) as banks may have to restructure operations to make the plans workable. Annual maintenance costs would be 2.5 million pounds, the BoE said.

Regulators are under pressure from industry and some lawmakers to ease rules on banks to maintain the City of London as a global financial centre after being cut off from the European Union by Brexit.

The BoE said its proposals were in line with a requirement to have regard to competitiveness as they reinforce market resilience.

“This would help to ensure that the UK remains an attractive domicile for internationally active financial institutions, and that London retains its position as a leading international financial centre,” the BoE said.

($1 = 0.7339 pounds) (Editing by Mark Heinrich)



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Consumer Durables: Realization Drives Revenues Growth, Says Emkay Global

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Investment

oi-Sunil Fernandes

|

After getting hit in Q1FY22, the consumer durables and electrical industry saw demand recovery in Q2, Emkay Global has said in a report.

“However, in our view, the high base from last year should restrict volume growth on a yoy basis. The companies should witness double-digit value growth, backed by price hikes initiated in the last three quarters to offset commodity inflation. C&W segment will be an outlier, with strong growth led by ~35% price increase,” the brokerage has said.

According to Emkay Global following are the Channel feedback indications:
1) a moderation in demand recovery in Aug and Sept after seeing strong comeback in July; 2) Channel inventory across the product categories is at normalized levels, 3) relatively better performance of Electricals compared with white goods; 4) a rebound in private capex/small-ticket projects but only gradual pick-up in large government orders benefitting C&W; 5) use of alternative materials, price hikes and product mix change (in a few companies), which should support stability/improvement in GM qoq; and 6) competitive intensity remains high durables along with premiumization story.
“The prices of some constituents in the commodity basket have cooled off (except for aluminum) vs. Q1, along with a stable USD/INR. Within our coverage universe, Havells and Whirlpool should see a healthy improvement in GM sequentially, while others should post stable numbers. Contract manufacturers and C&W companies should see a sharp contraction in GM yoy, while the trend should be stable to better qoq. Despite elevated revenue growth, high margin base in Q2FY21 shall restrict EBITDA growth for few companies, with costs expected to normalize. Our coverage universe should see a 246bps qoq EBITDA margin expansion,” the brokerage has noted.

Consumer Durables: Realization Drives Revenues Growth, Says Emkay Global

Story first published: Saturday, October 9, 2021, 14:15 [IST]



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3 Top Rated Multi-Cap Funds To Start SIP In For Across The M-Cap Exposure

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What are Multi-cap funds?

Last year, SEBI came up with a new ruling on multi-cap funds which mandates it to invest a minimum of 25 percent each in large cap, mid cap and small cap stocks of the total assets under management of the scheme. Say in case the scheme’s AUM is Rs. 10000 crore then a minimum of Rs. 2500 crore will be deployed towards each of the large cap, mid cap and small cap categories. Rest the fund house can invest as per its discretion.

Why the new mandate for multi-cap schemes?

Why the new mandate for multi-cap schemes?

Until the new directive, most of the multi-cap schemes had their major allocation into large cap companies but the ruling has henceforth provided clear distinction between large cap and multi-cap funds.

Features of Multi-cap funds:

1. Enable exposure across market capitalizations i.e. large cap, mid cap and small cap, so the investor not willing to invest specifically in each of these fund categories can in fact benefit from this single mutual fund category.

2. Can generate substantial returns during bull market phase and can even outperform plain large or mid-cap fund.

3. Suitable for moderate risk-appetite investors who aim at getting stable returns by investing in large caps but also can deploy some amount into mid and small caps for realizing better returns.

4. Gains on equity funds are subject to taxation @ 15% for holding period less than 1 year and @ 10% for more than a year if gains are more than 1 lakh.

Multi-cap funds: When will investing in multi-cap funds be a good choice?

Multi-cap funds: When will investing in multi-cap funds be a good choice?

If an investor wants to spread his or her investment across market capitalization then certainly multi-cap funds would serve the purpose. Herein, large cap stocks in the portfolio will function as a safety buffer, while the mid and small cap exposure will work to boost return. In the current economic environment, when the markets have been steadily rising and there is immense uncertainty surrounding economic recovery and hence there can be a case of heightened volatility going ahead, investors will be better off investing across market-capitalisations.

Top rated multi cap funds by CRISIL and Morningstar

Top rated funds are typically promising mutual funds that over the period of time have given good returns. Rating agencies employ a host of factors in arriving at a particular rating for the fund and it could be a good criterion to choose a fund. Typically, it bodes well to choose a fund that has a good historical performance.

Multi-cap fund CRISIL Rating Morningstar rating 1-year SIP returns 3-year SIP returns 5-year SIP returns 10-year SIP returns
Quant Active Fund Growth 5-star rated 5-star rated 75.45% 50.65% 32.76% 24.00%
Mahindra Manulife Multicap Badhat Yojana-G 4-star rated NA 72.83% 40.64%
Invesco India Multicap fund-G 4-star rated NA 57.29% 33.76% 20.77% 19.09%

Disclaimer:

Disclaimer:

Mutual Fund investing is subject to market risks. One should exercise caution and invest only if he or she is able to bear losses. The above article is for information purposes only. Neither the author nor Greynium Information Technologies would be responsible for losses incurred on decisions based on this article. Please be careful and consult an advisor before investing.

GoodReturns.in



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