Reserve Bank of India – Press Releases
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World Bank to extend $150 million to Chennai’s Sustainable Urban Services Programme
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Chennai, October 1
The World Bank will give $150 million loan to support the Government of Tamil Nadu’s Chennai City Partnership: Sustainable Urban Services Programme, which seeks to help strengthen institutions, improve the financial health of service agencies, and drive significant improvements in the quality of four key urban services — water supply and sewerage, mobility, health, and solid waste management.
This programme will support the Tamil Nadu Government in its efforts to transform the city and its services, while accelerating Chennai’s shift to a lower carbon and a more resilient growth trajectory. It will help Tamil Nadu Government , Greater Chennai Corporation (GCC), and key service agencies adopt new approaches to service delivery and bring a renewed focus on results for citizens, according to a statement from The World Bank.
The Chennai Metropolitan Area, home to about 10.9 million people, is India’s fourth-most populous metropolitan area. Despite being an economic powerhouse, Chennai has not kept pace with growing demand for key services. The coastal city also remains highly vulnerable to natural disasters, climate change and, as the Covid-19 emergency revealed, to pandemics. “This programme heralds the start of our partnership with the city of Chennai where we will work with Tamil Nadu Government to jointly create a more climate-friendly, resilient and inclusive model for managing urban growth. The experience emerging from this partnership can inform other Indian cities and, more broadly, India’s massive urban transition,” said Junaid Ahmad, World Bank Country Director in India.
Major components
The programme’s major components are water resource management including water supply and sewerage services, urban mobility, health services and solid waste management. The scheme will increase household connections and improve the quality of water and sewerage services. It will expand green modes of urban mobility—buses, walking, and cycling—along with improvements in their quality and inter-connectivity. It will also enhance disease surveillance and improve coverage and quality of primary health care services.
Integrated planning and management of these services through empowered coordinating agencies such as a Water Regulatory Authority and a Chennai Unified Metropolitan Transport Authority will also be part of this programme. The scheme will improve the financial performance of GCC and Chennai Metro Water Supply and Sewerage Board through increased revenue collection and/or reduction in operating costs.
The $150 million loan from the International Bank for Reconstruction and Development (IBRD) is a variable spread loan that has a final maturity of 16-and-a-half years, including a grace period of five-and-a-half years.
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OYO IPO: Files Papers To Raise Rs 8,430 Crore In IPO
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Planning
oi-Sneha Kulkarni
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Oyo Hotels & Homes, a hospitality startup, has filed a draught prospectus with capital market regulator Sebi in order to raise $1.2 billion through a public offering, joining a rising number of businesses that are tapping into the public markets.
Oyo intends to issue up to 70 billion rupees worth of new shares, while existing shareholders may sell up to 14.3 billion rupees worth of shares.
SoftBank Vision Fund, Lightspeed Venture Partners, and Sequoia Capital India are among the company’s major backers.
OYO is valued at $9.6 billion as of August 20, 2021, after raising $5 million from Microsoft. According to the prospectus, the promoters include founder Ritesh Agarwal, his holding firm RA Hospital Holdings, and SoftBank Vision Fund, the three largest owners. According to reports, the business named Kotak Mahindra Capital, Citigroup, ICICI Securities, Nomura, and Bank of America as primary book managers for the public offering last month.
By early next year, the company is likely to be listed on Indian stock exchanges.
OYO background
Ritesh Agarwal founded Oravel Stays in 2012 to facilitate the listing and booking of low-cost hotels. In May of 2013, he flipped Oravel to OYO after months of research and experience in numerous bed and breakfast homes, guest houses, and small hotels around India.
OYO collaborates with hotels to provide world-class guest experiences in locations across the world. Ritesh Agarwal earned a $100,000 Thiel Fellowship grant from Peter Thiel shortly after starting Oravel Stays, which tremendously aided in the development of his company.
Over the years, the company grew to include thousands of hotels, vacation homes, and millions of rooms in hundreds of cities across India, Malaysia, the United Arab Emirates, Nepal, Brazil, Mexico, the United Kingdom, the Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, and the United States, among others. It is even more valuable than the renowned Taj hotel company and the Oberoi hotel chain.
Funding Details
| Date | Stage | Amount | Lead Investors |
|---|---|---|---|
| August 20, 2021 | Corporate Round | $5M | Microsoft |
| July 29, 2021 | Corporate Round | – | Microsoft |
| July 16, 2021 | Debt Financing | $660M | – |
| March 11, 2021 | Debt Financing | $200M | Softbank Vision Fund |
| Jan 6, 2021 | Series F | $7M | Hindustan Media Venture |
Story first published: Friday, October 1, 2021, 12:51 [IST]
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Timely recoveries crucial for profitability of sale-bound IDBI Bank, says Icra, BFSI News, ET BFSI
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Timely recoveries will be a key driver of net profitability for IDBI Bank, in the absence of which it may remain at sub-optimal levels in the near to medium term, rating agency Icra has said.
“IDBI Bank’s profitability includes one-time income driven by recoveries from fully-provided legacy stressed assets, and it has utilised the same for accelerated provisioning on other stressed assets and potential asset quality stress in future. Incremental slippages could remain high, given the reasonably large overdue book amid the weak operating environment and certain other vulnerable exposures, the rating agency said in a note while upgrading the rating for the Mumbai-based private lender’s bonds, debentures and tier-II capital instruments from “A” to “A+”
While the bank maintains one of the highest provision coverage ratios on its stressed assets, the timing of recoveries from these could remain uncertain, it said.
The rating upgrade
The rating upgrade factors in the sustained improvement in the credit profile of IDBI Bank Limited with expectations that the internal capital generation is likely to be sufficient for growth as well as for maintaining sufficient cushion over the regulatory capital requirements.
Due to the weak asset quality and capitalisation levels in the past, IDBI Bank was placed under the Prompt Corrective Action (PCA) framework, thereby placing curbs on fresh wholesale lending. This, coupled with increased provision levels on NPAs, resulted in a sustained decline in the net advances to Rs. 1.23 lakh crore as on June 30, 2021 from the peak level of Rs. 2.19 lakh crore as on September 30, 2016. In contrast, the bank’s deposit base moderated less sharply to Rs. 2.23 lakh crore as on June 30, 2021, from Rs. 2.66 lakh crore as on September 30, 2016, that too driven by bulk deposits.
NPA generation
The bank has guided towards the normalisation of NPA generation at 2.0-2.5% in FY2022. However, this will remain contingent on its ability to contain incremental slippages, even as the overdue book, as indicated by the special mention account (SMA)-1 and SMA-2 book (corporate book and retail book combined), remained high at 3.6% of standard advances as on June 30, 2021 (3.3% as on March 31, 2021 and 3.4% as on March 31, 2020).
On a forward-looking basis, normalised operating profitability is expected to remain better compared to past levels although elevated operational costs on a reduced scale along with the continued impact of the high share of low/non-yielding assets on profitability will continue to weigh down the operating profitability, the rating agency said.
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Bank credit gathers pace in Aug 2020, led by retail, industrial sectors, BFSI News, ET BFSI
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As India‘s economic activity revives, bank credit has expanded to various sectors, led by retail and industrial sectors, in August 2021.
According to the Reserve Bank of India data, retail segment showed an accelerated growth of 12.1% in August 2021, compared with 8.5 % a year ago, on higher volume in housing and vehicle credit.
However, credit growth in services sector fell to 3.5% in August 2021 compared with 10.9% a year ago, mainly due to contraction in credit growth to NBFCs and commercial real estate.
Credit to industry rose to 2.3% in August 2021, from 0.4% in August 2020. Loans to medium size units rose to 63.4% in August 2021 against 4.4% last year, RBI said.
Credit to micro and small industries stood at 10.1% in August 2021, from a contraction of 1.1% a year ago, and credit to large industries shrunk by 1.7% in August 2021 compared with a growth of 0.5% a year ago.
Credit to engineering, chemical and chemical products, gems and jewellery, infrastructure, mining and quarrying accelerated in August 2021 as against a year ago, and credit to basic metal, cement & cement products, construction, vehicles, vehicles parts and transport equipment’ either decelerated or contracted, RBI said.
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2 Stocks To Buy From Infrastructure And Real Estate For Short Term By HDFC Securities
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Engineers India: Buy for a target of Rs. 93 for 3 months
HDFC Securities is bullish on the counter of Engineers India and recommends it as a ‘Buy’ for a target price of Rs. 93 in 3 months. This is a potential upside of over 18 percent from the stock’s last traded price of Rs. 78.5 per share. Stop loss suggested for the stock pick is Rs. 72.
Technical observations:
The scrip is in a short term uptrend as it has been making higher tops and higher bottoms for the last several sessions and has taken out its previous swing high of 76.3. In the previous session due to above average volumes the stock broke out of the 71-76 trading range.
As the stock trades above the 20 day and 50-day SMA, technical indicators suggest positive signals. Daily momentum indicators such as the 14-day RSI have recovered from oversold levels and are in rising mode currently. This augurs well for the uptrend to continue.
“With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy”, adds the brokerage firm
Notably, the brokerage recommends the buy on the counter in the price range of Rs. 74.5 to 77.3.
Engineers India is a top engineering consultancy and EPC company that delivers world-class projects for its clients globally. The company’s services are into supply chain management, project management, construction and other specialized services.
| Stock | Target price | Potential upside | Last traded price |
|---|---|---|---|
| Engineers India | Rs. 93 | >18% | Rs. 78.5 |
DLF Ltd: Buy DLF for a target price of Rs. 469
The leading brokerage firm recommends buying the stock of realty major DLF in the price range of Rs. 417.25-393 for a target price of Rs. 469 to be realized in 3 months. This shall amount to potential gains of 13 percent from the last traded price of Rs. 414.8. Stop loss for the investment idea is suggested at Rs. 385.
Technical observations:
– Stock has formed new lifetime high on weekly chart which is positive sign.
– Higher top and higher bottom formation has been witnessed on all degrees.
– Price has given breakout and moved up sharply.
– Short term trend of the stock remains positive as it is trading above all key moving averages.
– Oscillators like MACD and DMI are showing strength in the stock.
– Plus DI is trading above Minus DI indicating momentum in the current uptrend.
” Considering the Technical evidences discussed above, we recommend buying the DLF at 417.25 and average at 393, for the upside targets of 452 – 469, keeping a stop-loss at 385″, adds the brokerage report.
DLF or Delhi Land & Finance founded in the year 1946, started its real estate journey by developing 22 urban colonies in Delhi. Currently, it is the largest publicly listed real estate entity that has residential, commercial as well as retail properties across 15 states and 24 cities.
| Stock | Target price | Potential upside | Last traded price |
|---|---|---|---|
| DLF | Rs. 469 | 13% | Rs. 414.8 |
Disclaimer:
The investment ideas are picked from the brokerage report of HDFC Securities. Investors should note that investing in stocks is risky and neither the author, nor Greynium nor the brokerage would be responsible for losses based on a decision from the above article.
GoodReturns.in
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Reserve Bank of India – Tenders
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Human Resource Management Department (HRMD), Reserve Bank of India (RBI), Central Office, 20th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001 invites on-line proposals through e-Tendering process from eligible companies registered in India for empanelment of Agency/ Service Providers/ Vendors for providing full range of Support function solutions for its Lateral Recruitment processes.The agencies intending to participate in the empanelment process shall submit their bids online as per the Tender document which may be may downloaded from RBI website and MSTC website from the following URL: https://www.rbi.org.in & https://www.mstcecommerce.com/eprochome/RBI The tender document shall not be issued by any other means under any circumstances whatsoever. Corrigenda or clarifications, if any, shall be hosted on the above-mentioned websites only. RBI reserves the right to accept or reject any tender. Last date for submission of tender: 1500 hrs of October 28, 2021 CGM |
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BC Patnaik takes charge as MD of LIC
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BC Patnaik has taken charge as Managing Director of Life Insurance Corporation of India on Friday. “He was appointed as Managing Director by Government of India notification dated July 5, 2021,” LIC said in a statement.
Also read: DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO
Prior to taking charge as Managing Director of LIC, Patnaik was Secretary General, Council for Insurance Ombudsmen, (CIO) Mumbai. He joined LIC of India in March 1986 as a Direct Recruit Officer.
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BC Patnaik takes charge as MD of LIC
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BC Patnaik has taken charge as Managing Director of Life Insurance Corporation of India on Friday. “He was appointed as Managing Director by Government of India notification dated July 5, 2021,” LIC said in a statement.
Also read: DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO
Prior to taking charge as Managing Director of LIC, Patnaik was Secretary General, Council for Insurance Ombudsmen, (CIO) Mumbai. He joined LIC of India in March 1986 as a Direct Recruit Officer.
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A guide to navigating the new auto debit rules
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New regulations that require a second factor authentication for certain auto debit transactions are becoming operational from October 1, 2021. How will this impact all your automated transactions such as EMIs, phone, gas and electricity bill payments and SIPs? How can you work around the new rules if your bank or merchant is not yet compliant? Read on to know.
Affected transactions
To begin with, not all your automated payments will be affected. RBI’s new guidelines will impact only all recurring contactless payments made through debit/credit cards, UPI and prepaid instruments and this, when done from third party websites and apps.
Transactions initiated on the bank’s website or app will continue hassle-free. For example, if you have automated a payment on your HDFC Bank debit/credit card through their BillPay Service, this can go on.
Also read: Auto debit norms: Payments Council of India seeks extension for smooth transition
Payments initiated through third party apps, that do not comply with RBI’s guidelines may not go through henceforth. This is because the new RBI guidelines mandate such transactions to undergo additional factor authentication. This means that every recurring transaction automated from outside a bank’s portal will now require a second factor authentication by way of an OTP.
For all your automated debits exceeding ₹5,000 per transaction, you will henceforth be required to authorise the banks to carry out the transaction every time the transaction falls due. An OTP will be sent to you 24 hours prior to the transaction, for every payment to go through.
The OTP will be sent on your registered email address and phone number, along with details of the merchant, transaction amount. A link that enables you to modify or cancel the transaction or the recurring mandate itself will also be sent alongside.
Additional factor authentication will only be one-time in nature for payments below ₹5,000 (required at the time of registering the mandate). If you have already registered such mandates with third party apps/websites that are compliant with the new guidelines, your payments will continue hassle free. In case the merchant is not compliant, banks will intimate you to give the one-time additional authentication for such transactions.
It is noteworthy that large private banks, such as HDFC Bank, ICICI Bank, and Axis Bank have been enabling automated payments with additional factor authentication, for e-mandates across various merchants.
In many other banks, this was only available for transactions or standing instructions placed through bank’s net banking, phone banking or UPI portal. Examples for these include your loan EMIs and monthly investments such as SIPs, where in you either signed the NACH/ECS mandate or providing a standing instruction through the bank’s net banking portal.
Following the October 1 deadline, more banks have tied up with select merchants to enable such two-factor authentication as mandated by the RBI. But some are yet to comply.
Tackling non-compliant transactions
Transactions initiated with non-compliant merchants may not go through, starting October 1, 2021. You can make direct payments on the app/ website of the merchant or choose the merchant under your UPI, net banking or card account and pay them when the dues come up.
However, if you want to continue automating transactions with such non-compliant merchants, banks may require you to register the recurring payments on the bank’s portal.
For instance, if you opted for an auto-renewal of your OTT platform subscription, the same may not go through starting October 1, if the same is not compliant with the new guidelines issued by RBI. Do note that while Amazon Prime, Netflix and Hotstar are currently integrated into the common platform, other OTTs haven’t.
How will you know whether your merchant is compliant or not? Fret not. Banks will intimate customers regarding the same through text and email. Customers can then issue the standing instructions afresh to banks, to continue automating the transactions, hassle free.
Leave alone non-compliant merchants, many banks themselves have not yet upgraded their software to comply with the new guidelines. Customers of such banks who have authorised automated payments to merchants need to check with their banks on the status recurring payments.
In the interim, you can make direct payments on the app/ website or choose the merchant under your UPI /net banking/card account and make the payment each time the payment it is due.
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