RBI governor, BFSI News, ET BFSI

Banking & Finance

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Amid rising concerns over mispricing of credit risk by banks due to abundant liquidity, the Reserve Bank of India today said it was for the banks to do their own risk assessment and price their loans accordingly.

‘Banks should do own risk assessment and based on it should price their loans, action lines in the domain on banks,” said RBI governor Shaktikanta Das.

“I don’t think SBI has flagged this issue as a complaint, SBI has flagged it as a concern, which is for the banks to take note of, whatever be the liquidity situation,” he said.

Mispricing of loans

A few weeks ago, SBI, the country’s largest lender, has said that mispricing of risks is a cause of concern given the fact that there is ample liquidity in the system.

Since deposits are flowing into the system and credit offtake is yet to take place, bankers may be tempted to make investments in alternative avenues like T-Bills, SBI chairman Dinesh Kr Khara said.

“The depth of this alternative investment market is shallow. There is a chance of mispricing of risks. But I feel there will be no compromise on underwriting standards as the banking system has learned the hard way due to huge NPAs,” he said.

Striking a balance

The SBI chairman said there is a need to strike a balance and unless there is improvement in growth, it will be big challenge.

Regarding offtake of credit, the banker said some industrial sectors are showing improvement but it is not universal across sectors.

“I hope the Production Linked Incentive scheme will help a lot in offtake of liquidity, particularly in the MSME sector. Now some private sector investments are likely to take place besides PSUs. The road sector is looking promising,” he stated.

Khara said given the present macroeconomic conditions it is unlikely that the central bank will alter interest rates in the coming Monetary Policy Committee meeting.



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RBI extends three-year SLTRO facility to SFBs

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The Reserve Bank of India has extended the three-year special long-term repo operations facility for Small Finance Banks by two months till December-end 2021.

This facility, which is available at the repo rate of 4 per cent, aggregating ₹10,000 crore was announced by the central bank in May 2021 to help SFBs provide last mile credit to individuals and small businesses.

Liquidity drawn from this facility has to be deployed by SFBs for fresh lending of up to ₹10 lakh per borrower.

“Recognising the persisting uneven impact of the pandemic on small business units, micro and small industries, and other unorganised sector entities, it has been decided to extend this facility till December 31, 2021.

“Further, this will now be available on tap to ensure extended support to these entities,” RBI Governor Shaktikanta Das said.

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Multibagger Stocks: 5 Specialty Chemical Stocks That Delivered Upto 468% In 1-Year

Personal Finance

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Reasons for optimism in the specialty chemicals space:

1. Brokerages are of the belief that India’s share in the global specialty chemicals space will likely double over the next 5-years.

2. Over the past one year, companies’ in the space have logged substantial improvement in earnings and profitability.

3. Companies in the space are seeing increased demand from clientele who were earlier procuring products from China. In fact India’s specialty chemicals industry has emerged as the biggest beneficiary of the shift in global supply chain from China

4. On a more recent basis, the power crisis in China is also auguring well for India’s chemical manufacturers.

Privi Specialty Chemicals:

Privi Specialty Chemicals:

Formerly called Fairchem Speciality Limited, the company is one of India’s leading bulk manufacturer, supplier and exporter of aroma chemicals. The company’s state of the art

manufacturing facilities are based out of Mahad in Maharashtra and at Jhagadia in Gujarat.

The company on a recent basis entered into a JV with Fortune 500, Swiss multinational- Givaudan SA to set up a Greenfield production unit that will be established at Mahad.

The stock is mainly trending higher on account of growing demand from the fragrance industry.

The stock is categorized within the small cap scrips and has a market cap of Rs. 7304 crore. Over the last 1-year the stock has gained by 233 percent. The next earnings for the scrip will be announced on November 10, 2021.

Deepak Nitrite:

Deepak Nitrite:

The Gujarat-based company manufactures chemical intermediates to cater to the domestic and international markets. As per the company’s website, it draws 35 percent of its revenue through exports and has as many as 50 Fortune 500 companies’ as its partners.

On a more recent basis, specialty chemical companies’ including Deepak Nitrite has been witnessing a surge in stock price as there is expected that the chemical industry stocks will outperform in the short to middle term and reflect in the companies’ earnings in the coming quarter. Also, as the company is not dependent on China for the raw materials augurs well for the company in the current situation.

The stock is a mid-cap scrip with a market capitalization of Rs. 39,249 crore.

Balaji Amines:

Balaji Amines:

The company is an ISO 9001: 2015 certified company that specialises in manufacturing Methylamines, Ethylamines, Derivatives of Specialty Chemicals and Pharma Excipients. The company also is into manufacturing of derivatives, which are downstream products for various Pharma /Pesticide industries apart from user specific requirements.

Established in 1988, the company is the leading manufacturer of Aliphatic Amines, catering to the demand of value based Specialty Chemicals.

This is again a small cap scrip with market cap of Rs. 14,645 crore.

Alkyl Amines Chemicals:

Alkyl Amines Chemicals:

Set up in the year 1979, this company manufactures amines, amine derivatives, speciality chemicals that cater to the pharmaceutical, agrochemical, rubber chemicals, paints and dye and water treatment industries, among others.

In late September this year, the scrip saw one on the promoter trimming stake in the entity through open market sale. In the quarter ended June of Fy 22, the company’s net profit jumped 49 percent to Rs. 78.5 crore.

The company is also an almost debt free entity with debt to equity at 0.03 in 2021.

Gujarat Fluorochemicals:

Gujarat Fluorochemicals:

Gujarat Fluorochemicals Limited (GFL) is an Indian Chemicals Company with over 3 decades of expertise in Fluorine Chemistry. GFL holds expertise in Fluoropolymers, Fluorospecialities, Refrigerants and Chemicals. The various industries’ to which the company caters include automotive, aerospace, semiconductors, electronics, common household appliances, telecommunications, healthcare and architecture.

The company on a recent basis has filed for Lithium Hexafluoro Phosphate (LiPH6) as one of its products. With the rising impetus on EVs, there is expected a surge in demand for LiPH6.

5 Multibagger Specialty Chemicals Stocks in the last 1-year

5 Multibagger Specialty Chemicals Stocks in the last 1-year

Specialty chemical stock LTP % gain in the last one year
Privi Speciality Chemicals Rs. 1867.9 233%
Deepak Nitrite Rs. 2878 260%
Balaji Amines Rs. 4519 468%
Alkyl Amines Chemicals Rs. 4074 220%
Gujarat Fluorochemicals Rs. 2007.4 314%

Disclaimer:

Disclaimer:

The list of these chemicals stocks is collated to provide a general outlook on the industry and is not a recommendation to buy in these listed stocks.

GoodReturns.in



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Reserve Bank of India – Press Releases

Press Releases

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In the underwriting auctions conducted on October 08, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(₹ crore)
Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
(paise per ₹100)
4.26% GS 2023 2,000 1,008 992 2,000 0.75
5.63% GS 2026 6,000 3,003 2,997 6,000 0.88
6.67% GS 2035 9,000 4,515 4,485 9,000 2.44
6.67% GS 2050 7,000 3,507 3,493 7,000 3.27
Auction for the sale of securities will be held on October 08, 2021.

Ajit Prasad
Director   

Press Release: 2021-2022/1004

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Monetary Policy Committee revises FY22 retail inflation projection to 5.3%

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The Monetary Policy Committee (MPC) revised its retail inflation projection for FY22 downwards to 5.3 per cent against the earlier 5.7 per cent even as it retained its projection for real GDP growth at 9.5 per cent.

If the downward revision in retail inflation projection materialises “and growth gathers further momentum”, it could set the stage for a hike in the policy repo rate, say economists.

RBI Governor Shaktikanta Das observed that consumer price inflation softened during July-August, moving back into the tolerance band with an easing of food inflation, corroborating the MPC’s assessment of the spike in inflation in May as transitory.

“Improvement in monsoon in September, the expected higher Kharif production, an adequate buffer stock of foodgrains and lower seasonal pickup in vegetable prices are likely to keep food price pressures muted,” he said.

Also read: RBI Gov hints on ‘gradual’ unwinding of exceptional liquidity measures

The Governor noted, “Core inflation, however, remains sticky. Elevated global crude oil and other commodity prices, combined with an acute shortage of key industrial components and high logistics costs, are adding to input cost pressures. Pass-through to output prices has, however, been restrained by weak demand conditions. The evolving situation requires close vigilance.”

Das opined that overall, the aggregate demand is improving but slack still remains; output is still below the pre-pandemic level and the recovery remains uneven and dependent upon continued policy support. Contact intensive services, which contribute about 40 per cent of economic activity in India, are still lagging.

Supply-side and cost-push pressures are impinging upon inflation and these are expected to ameliorate with the ongoing normalisation of supply chains. Das felt that efforts to contain cost-push pressures through a calibrated reversal of the indirect taxes on fuel could contribute to a more sustained lowering of inflation and anchoring of inflation expectations.

GDP growth

The MPC retained its projection for real GDP growth at 9.5 per cent in 2021- 22. In this regard, the Governor said, “Recovery in aggregate demand gathered pace in August-September… The ebbing of infections, together with improving consumer confidence, has been supporting private consumption. The pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.”

Also read: RBI proposes framework for offline digital retail payments

Das observed that rural demand is expected to get impetus from continued resilience of the agricultural sector and record production of kharif foodgrains in 2021-22 as per the first advance estimates. Further, the improved level in reservoirs and early announcement of the minimum support prices for rabi crops boost the prospects for rabi production.

The support to aggregate demand from government consumption is also gathering pace. “Improvement in government capex, together with congenial financial conditions, could bring about an upturn in the much-awaited virtuous investment cycle… Recovery in the services sector is also gaining traction,” the Governor said.

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What’s behind the demand for Indian high-yield dollar bonds?, BFSI News, ET BFSI

Personal Finance

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There are no takers in India for corporate notes with even a whiff of credit risk. But such is the fear among global investors around China’s overleveraged property developers that money can’t stop pouring into Indian high-yield dollar bonds.

Domestic debt issuances by all except the top-rated borrowers have shrunk since the collapse of the IL&FS Group, a major infrastructure financier, in September 2018. Firms rated below AA have managed to garner just 382 billion rupees ($5.2 billion) this year, a far cry from their 2017 haul of 2.1 trillion rupees.

The situation in the international market is the exact opposite. Junk-rated nonfinancial firms from India have scooped up a record $9 billion this year, almost three times the year-earlier period. JSW Steel Ltd. alone raised $1 billon last month. Tycoon Gautam Adani has pipped even historically trusted public-sector issuers, such as Power Finance Corp. and Export-Import Bank of India. Firms linked to Asia’s second-richest man have raised $9 billion in the past five years, more than any other Indian borrower.

For investors wary of China, looking at India makes sense. At more than $300 billion, China Evergrande Group’s liabilities alone are more than twice the size of India’s entire corporate bond market. While nobody knows which sector or private business in the People’s Republic will get punished next by Xi Jinping’s “common prosperity” campaign, overseas investors have a fair idea which Indian corporate groups have a good relationship with Prime Minister Narendra Modi’s government.

Still, policy makers in New Delhi and Mumbai would prefer fund-raising to take place locally, in their home currency. After all, they’re running a fully stocked liquidity bar, with the surplus in the banking system ranging between $90 billion and $130 billion since end-June. It’s a risky ploy. With the Federal Reserve close to reining in generous monetary support for the pandemic-hit U.S. economy, India’s happy hours can’t go on indefinitely. To boost anemic investment and jobs, the authorities want credit to perk up. But how long can they wait when easy money is only going into overpriced equities? Leaving aside the local bond market, even bank lending to the corporate sector is refusing to budge.

The central bank can point to 5.3% inflation, within its target range, to postpone the inevitable tightening in its monetary-policy meeting today. Granted, soaring global oil prices will bring discomfort to a country that imports most of its energy. An acute coal shortage at power plants may push inflation higher as steelmakers pay more for the commodity. It may also add to the record September trade deficit of nearly $23 billion. The reassuring news is that India isn’t living hand to mouth, having nearly $650 billion in foreign-exchange reserves, and an overall balance-of-payments that HSBC Holdings Plc expects to remain in surplus for years. Knowing they’re unlikely to lose money from a sudden rupee depreciation, foreigners may keep coming for India’s stocks and bonds.

But the extra dollars arrive with a cost. A rupee that’s too strong compared with trading partners’ inflation-adjusted currencies leads to a loss of competitiveness. That’s probably what’s going on in India. “In a version of the Dutch disease, an overvalued rupee could impede growth in domestic manufacturing and jobs,” says Observatory Group analyst Ananth Narayan.

Surging gold imports often signal nervousness. Some of the heightened demand can be attributed to jewelers. With the virus in retreat, they’re stocking up for the Hindu festive season, which has just begun. But could it also be that having made their money in stocks, rich Indians are buying the yellow metal and Bitcoin because they know that the ultimate source of demand in the economy is weak, and that the currency is artificially high?

As long as the rupee doesn’t roll over, India will get some of the capital fleeing China. But love in the time of Evergrande isn’t forever. The local credit market needs to turn a little less grumpy. Once the Fed starts tapering its balance sheet, the moment may be lost.



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PNB launches ‘6S Campaign’ under customer outreach programme, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Punjab National Bank (PNB) on Thursday launched ‘6S Campaign’ under customer outreach programme to extend financial services at concessional rate during the festival season.

The ‘6S Campaign’ encapsulates different schemes such as – Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat, PNB said in a statement.

The objective is to drive a special awareness campaign for the development of financial services in the country and to accelerate credit growth, improve penetration of social security schemes and drive digital banking push, it said.

Through Swabhimaan, the bank aims to aggressively push the financial inclusion agenda by deepening penetration of the three Jan Suraksha or social security schemes pertaining to the insurance and pension sector, namely Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Yojana, and Atal Pension Yojana, it said.

The bank aims to drive credit outreach for the agricultural sector that is the cornerstone of the Indian economy through the Samruddhi scheme.

The scheme will cover all agricultural credit products like KCC, gold loans and investment credit, and the bank aims to leverage multiple strategic partnerships made in this sector to drive impetus, it said.

Under Shikhar, Sankalp and Swagat schemes, the bank has devised special rates of interest to drive credit offtake in retail and MSME sectors, it said.

In addition, focussed products and customer segments have also been identified for targeted outreach in line with the bank’s broader strategic agenda.

Further, it said, the bank has deepened concessions for select products in line with the ‘One District-One Product‘ policy to ensure access to affordable credit for MSMEs in the country.



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Reserve Bank of India – Press Releases

Press Releases

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This Statement sets out various developmental and regulatory policy measures relating to (i) liquidity measures; (ii) payment and settlement systems; (iii) debt management; and (iv) financial Inclusion and customer protection.

I. Liquidity Measures

1. On Tap Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)

Small Finance Banks (SFBs) have been playing a prominent role in providing last mile credit to individuals and small businesses. A three-year special long-term repo operations (SLTRO) facility of ₹10,000 crore at the repo rate was made available to them in May 2021 to be deployed for fresh lending of up to ₹10 lakh per borrower. This facility was made available till October 31, 2021. Recognising the persisting uneven impact of the pandemic on small business units, micro and small industries, and other unorganised sector entities, it has been decided to extend this facility till December 31, 2021. Further, this will now be available on tap to ensure extended support to these entities.

II. Payment and Settlement Systems

2. Introduction of Digital Payment Solutions in Offline Mode

The Statement on Developmental and Regulatory Policies dated August 06, 2020 had announced a scheme to conduct pilot tests of innovative technology that enables retail digital payments even in situations where internet connectivity is low / not available (offline mode). Three pilots were successfully conducted under the Scheme in different parts of the country during the period from September 2020 to June 2021 involving small-value transactions covering a volume of 2.41 lakh for value ₹1.16 crore. The learnings indicate that there is a scope to introduce such solutions, especially in remote areas. Given the experience gained from the pilots and the encouraging feedback, it is proposed to introduce a framework for carrying out retail digital payments in offline mode across the country. Detailed guidelines will be issued in due course.

3. Enhancing Transaction Limit in IMPS to ₹5 lakh

Immediate Payment Service (IMPS) of National Payments Corporation of India (NPCI) is an important payment system providing 24×7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS. The per-transaction limit in IMPS, effective from January 2014, is currently capped at ₹2 lakh for channels other than SMS and IVRS. The per-transaction limit for SMS and IVRS channels is ₹5000. With RTGS now operational round the clock, there has been a corresponding increase in settlement cycles of IMPS, thereby reducing the credit and settlement risks. In view of the importance of the IMPS system in processing of domestic payment transactions, it is proposed to increase the per-transaction limit from ₹2 lakh to ₹5 lakh for channels other than SMS and IVRS. This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond ₹2 lakh. Necessary instructions in this regard would be issued separately.

4. Geo-tagging of Payment System Touch Points

Deepening digital payments penetration across the country is a priority area for financial inclusion. The setting up of Payments Infrastructure Development Fund (PIDF) to encourage deployment of acceptance infrastructure and create additional touch points is a step in this direction. To ensure a balanced spread of acceptance infrastructure across the length and breadth of the country, it is essential to ascertain location information of existing payment acceptance infrastructure. In this regard, geo-tagging technology, by providing location information on an ongoing basis, can be useful in targeting areas with deficient infrastructure for focussed policy action. Accordingly, it is proposed to lay down a framework for geo-tagging (capturing geographical coordinates -, viz., latitude and longitude) of physical payment acceptance infrastructure, viz., Point of Sale (PoS) terminals, Quick Response (QR) codes, etc., used by merchants. This would complement the PIDF framework by better deployment of acceptance infrastructure and wider access to digital payments. Necessary instructions will be issued separately.

5. Regulatory Sandbox – Announcement of the Theme for a New Cohort and On Tap Application for Earlier Themes

The Reserve Bank’s Regulatory Sandbox (RS) has so far introduced three cohorts. Six entities have successfully exited the First Cohort on ‘Retail Payments’ while under the Second Cohort on ‘Cross Border Payments’ eight entities are undertaking Tests. The application window for the Third Cohort of ‘MSME Lending’ is currently open.

With a view to preparing the fintech eco-system, it is proposed that the topic for the Fourth Cohort would be ‘Prevention and Mitigation of Financial Frauds’. The focus would be on using technology to reduce the lag between the occurrence and detection of frauds, strengthening the fraud governance structure and minimising response time to frauds. The application window for this cohort would be opened in due course.

In addition, based on the experience gained and the feedback received from stakeholders, it is proposed to facilitate ‘On Tap’ application for themes of cohorts earlier closed. This measure is expected to ensure continuous innovation and engagement with industry to enable a proactive response to the rapidly evolving FinTech scenario. The modified framework will be released today.

III. Debt Management

6. Review of Ways and Means Advances (WMA) Limits and Relaxation in Overdraft (OD) Facility for the State Governments/UTs

As recommended by the Advisory Committee (Chairman: Shri Sudhir Shrivastava) to review the Ways and Means Advances (WMA) limits for State Governments/UTs, the enhanced interim WMA limits totalling ₹51,560 crore were extended by the Reserve Bank up to September 30, 2021 to help States/UTs to tide over the difficulties faced by them during the pandemic. Considering the uncertainties related to the ongoing pandemic, it has been decided to continue with the enhanced WMA limits up to March 31, 2022.

It has also been decided to continue with the liberalized measures introduced to deal with the pandemic, viz., enhancement of maximum number of days of OD in a quarter from 36 to 50 days and the number of consecutive days of OD from 14 to 21 days, up to March 31, 2022. The above measures are expected to help States/UTs to manage their cash flows better. The details in this regard will be issued separately.

IV. Financial Inclusion and Customer Protection

7. Priority Sector Lending – Permitting Banks to On-lend through NBFCs – Continuation of Facility

With a view to increase the credit flow to certain priority sectors of the economy which contribute significantly to growth and employment, and recognizing the role played by NBFCs in providing credit to these sectors, bank lending to registered NBFCs (other than MFIs) for on lending to Agriculture (investment credit), Micro and Small enterprises and housing (with an increased limit) was permitted to be classified as priority sector lending up to certain limits in August 2019, which was last extended on April 07, 2021 and was valid up to September 30, 2021.

Considering the increased traction observed in delivering credit to the underserved/unserved segments of the economy, it has been decided to extend this facility till March 31, 2022. A circular in this regard will be issued shortly.

8. Internal Ombudsman for NBFCs

Non-Banking Financial Companies (NBFCs) have played an important role in extending finance to niche sectors such as MSME, microfinance, housing, vehicle finance and have effectively complemented the efforts of banks through last mile financial intermediation. Several NBFCs have also successfully adopted digital modes to support the delivery of their financial products and services to a wide spectrum of customers.

The increased significance, strength and reach of NBFCs across the country has necessitated having in place better customer experience including grievance redress practices. Over the last few years, RBI has initiated various measures for consumer protection and grievance redress for customers of NBFCs, which include requiring NBFCs to appoint Nodal Officers for grievance redress (2013) and the launch of the Ombudsman Scheme for NBFCs (2018).

With a view to further strengthen the internal grievance redress mechanism of NBFCs, it has been decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs which have higher customer interface. The IOS for NBFCs, which will be on the lines of IOS for banks and non-bank payment system participants, will require select NBFCs to appoint an Internal Ombudsman (IO) at the top of their internal grievance redress mechanism to examine customer complaints which are in the nature of deficiency in service and are partly or wholly rejected by the NBFCs. Detailed instructions in this regard will be issued separately.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1003

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Select NBFCs to now have internal ombudsman on lines of banks: Das

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With the objective of upping customer experience, the Reserve Bank on Friday announced an internal ombudsman scheme (IOS) to redress grievances at select non-banking finance companies (NBFCs).

The IOS will be on the lines of a similar system adopted at banks and will redress grievances related to deficiencies in service, Governor Shaktikanta Das said, announcing the new measure in the statement on regulatory policies along with the bi-monthly review of the monetary policy. “The increased significance, strength and reach of NBFCs across the country have necessitated having in place better customer experience including grievance redress practices,” he said.

Slew of measures

Das said over the last few years, the RBI has taken a slew of measures to improve consumer protection at NBFCs which include asking such lenders to appoint nodal officers to address grievances in 2013 and launch of the ombudsman scheme for NBFCs in 2018. “With a view to further strengthen the internal grievance redress mechanism of NBFCs, it has been decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs which have higher customer interface,” he said.

There will be an internal ombudsman at the top of the NBFCs’ internal grievance redress mechanism to examine customer complaints which are in the nature of deficiency in service and are partly or wholly rejected by the NBFCs, he said, adding detailed instructions on the same will be issued separately.

Also read: FIDC seeks refinance mechanism for NBFCs

Meanwhile, Das also announced a six month extension in the facility which allows banks to on-lend through NBFCs and get the priority sector lending tag, till March 2022. He reminded that bank lending to registered NBFCs (other than micro-lenders) for on-lending to agriculture (investment credit), micro and small enterprises and housing (with an increased limit) was permitted to be classified as priority sector lending up to certain limits in August 2019.

Increased traction has been observed in delivering credit to the underserved/unserved segments of the economy through the scheme, which was last extended till September 30 in April, Das said.

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