Indian Bank reports fraudulent NPA accounts worth ₹305 cr to RBI, BFSI News, ET BFSI

Banking & Finance

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Indian Bank, Public sector lender has informed the exchanges that it has declared two non performing asset (NPA) accounts worth over ₹300 crore as fraud and reported them to the Reserve Bank of India (RBI).

The nature of fraud in both the cases has been defined as “Diversion of funds” by the lender.

“In terms of Sebi regulations and having regard to the Bank’s policy on determination and disclosures of material events/ information, we have to inform you that two NPAs accounts have been declared as fraud and reported to RBI as per regulatory requirement,” Indian Bank said in a filing.

The NPA accounts, related to Kiratpur Ner Chowk Expressway Ltd and Tantia Constructions Ltd, are worth ₹172.73 crore and ₹132.41 crore respectively.

On Thursday, Indian Bank’s scrip closed flat at ₹131.95 on NSE.

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Reserve Bank of India – Tenders

Tenders

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NIT: RBI/Patna/Estate/107/21-22/ET/147

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on September 14, 2021 inviting application from eligible vendors for the said work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/).

The last date of submission of bids online through MSTC website is scheduled as 2:00 PM of September 28, 2021.

Clarifications:

It is advised that the prospective bidders may kindly take note of the below clarification and submit their bids accordingly.

  1. The approved makes under Section VII of the tender document may be read as “Ceasefire, Minimax or equivalent”

All other terms and conditions mentioned in the tender remain unchanged.

Sanjiv Dayal
Regional Director
Bihar

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Crypto adoption goes up in tier-2 and tier-3 cities in India, BFSI News, ET BFSI

Personal Finance

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NEW DELHI: According to the data from crypto exchanges including CoinDCX and Wazir X, tier-2 and tier-3 cities are adopting and acclimatizing to cryptocurrency trading faster than others, Economic Times reports.

The rise in cryptocurrency adoption is partly attributed to the work-from-home culture brought about by the pandemic as also to the positive response from the government, the report says The diverse profile of the Indian cryptocurrency users has caught as much attention.

Data from the crypto exchanges reveals the following findings:

* Majority of the new signups were reported from tier-2 and tier-3 cities. Wazir X had 55 percent users in 2021 from these small cities.

* Among small cities, Bhopal reported the highest growth at 100 percent, according to BuyUcoin exchange.

* Other leading exchanges also witnessed similar sign-up growth patterns from Ahmedabad, Lucknow, Patna, Vadodara, Kolkata and Bhopal.

* WazirX reported a 2,375 percent increase in sign-ups in 2021, from tier-2 and tier-3 cities.

* The following information came up about the profile of crypto users :

– The new crypto users are mostly under 35 years and possess some kind of degree.

– 90 per cent of these investors are IT professionals, MBA graduates, engineers and start-up owners.

– The local exchanges unanimously reported a remarkable rise in women investors at 30-40 per cent from last year’s 15 per cent.

– The young Indian investors are not only banking on Bitcoin, but are also interested in other forms of cryptocurrency assets like DeFi assets and NFTs.

The new cohort of young cryptocurrency investors who are keen towards all forms of virtual assets. This has led to diversification of the investment patterns in the Indian crypto markets.



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PSB business correspondent outlets in villages shrink as private banks grow biz, BFSI News, ET BFSI

Banking & Finance

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The business correspondent outlets of public sector banks in villages have shrunk during 2016 and 2020 while private banks have shown positive growth.

“PSBs dominated the number of BC outlets in villages, but during the review period, on account of consolidation, their BC outlets showed negative growth,” according to an RBI study said.

PSBs’ share in BC village outlets has dropped marginally to 57 per cent in 2020 from 60 per cent in 2016.

The growth in BC outlets in villages was also negative for regional rural banks.

The share of PSBs in BC outlets in rural areas has remained consistently above 60% over the years, being the highest among the bank groups.

Western region

For both rural branches and BC outlets in villages, PSBs continue to account for maximum share in the western region. However, for BC outlets in villages, share of PSBs has dropped from 68% in 2016 to 45% in 2020. At the same time, PVBs have increased their share progressively across regions, with manifold increase in BC outlets in villages in NER, eastern and southern regions.

Private banks shine

As PSBs continued to maintain their hold, PVBs too registered a higher growth in both access and usage indicators during the review period. There was a growth in BC outlets in villages for PVBs with the growth being significantly high for the north-eastern, eastern and central regions, surpassing the growth of PSBs and RRBs together.

PVBs also significantly improved their tally of urban BC outlets during the five years with their share growing from 77 per cent in 2016 to 97 per cent in 2020. On similar lines, contribution of PVBs in the total number of BC agents too grew exponentially from 37 per cent in 2016 to 80 per cent in 2020.

The BC model grows

“From being an alternate delivery model, the BC model is emerging as the predominant delivery model. While the growth in number of rural branches remained subdued during the review period, there was a significant growth in BC outlets in both villages and urban pockets providing formal financial services at the doorstep of large number of unserved/underserved population,” the study said.

The study noted that about 56 per cent of total Basic Savings Bank Deposit Accounts (BSBDAs) and 65 per cent of General Credit Cards (GCCs) were channelled through BCs. While BCs of public sector banks (PSBs) dominated the deposit space, private sector banks (PVBs) accounted for a major share in GCCs through BCs.

During the review period, the total transactions routed through BC outlets increased considerably both in terms of volume as well as value, it said.

Credit-related transactions

During 2016-20, credit-related transactions at BC outlets grew for PVBs and RRBs at a CAGR of 66.91 per cent and 31.81 per cent, respectively. This was in line with the trend of increment in the number of BC agents for PVBs over the five-year period. However, during the same period, the ICT-BC Credit/OD transactions for PSBs declined marginally by 1.86 per cent.

Similarly, share of PVBs in credit/ OD transactions at BC outlets rose progressively from 82 per cent in 2016 to 97 per cent in 2020, while the share of PSBs and RRBs reduced significantly.

The number of ICT-BC Credit/OD transactions through BCs recorded an overall CAGR of 60.27 per cent over the review period, with all regions registering a positive growth. The eastern region recorded the highest growth courtesy significantly higher numbers being reported by select PVBs.



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Induslnd Bank acquires 4.7% in McLeod to recovery dues, BFSI News, ET BFSI

Banking & Finance

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Kolkata: Private sector lender Induslnd Bank has acquired a 4.7% stake in debt-laden tea maker McLeod Russel India by invoking pledged shares for recovery of its dues.

In the stock exchange filing, the bank said pursuant to invocation of pledge of shares, it acquired 50,00,000 equity shares of McLeod Russel, forming 4.7% of paid-up equity share capital of the borrower company, a part of the financially stressed Williamson Magor group.

“The equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing the outstanding dues of McLeod Russel India (MRIL), the borrower company,” lnduslnd Bank said, adding it invoked the pledged shares for recovery of its dues from MRIL, one of the world’s largest tea producers.

In a major relief to the Khaitans-controlled Williamson Magor group, the National Company Law Tribunal (NCLT) earlier this month has given its approval to withdraw the Corporate Insolvency Resolution Process (CIRP) against McLeod after its promoters reached a settlement with Techno Electric & Engineering, one of its financial creditors.

In June, lnduslnd Bank had acquired 70,67,500 equity shares of McLeod, forming 6.7% of paid-up equity share capital of the borrower company, by invoking pledged shares also for recovery of its dues.

Apart from IndusInd Bank, other financial creditors to the company are Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank, among others.

Notably, promoter shareholding in McLeod at the end of the first quarter of this fiscal stood at 10.1%.



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Chinese banks try to calm fears about developer’s debts, BFSI News, ET BFSI

Banking & Finance

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Seeking to dispel fears of financial turmoil, some Chinese banks are disclosing what they are owed by a real estate developer that is struggling under $310 billion in debt, saying they can cope with a potential default.

The announcements came as Evergrande Group promised to talk with some individual investors who bought its debt while creditors waited to see whether Beijing will intervene to oversee a restructuring to prevent financial disruptions.

Evergrande‘s struggle to meet government-imposed debt limits has prompted fears a default might disrupt the Chinese economy or global financial markets. While ratings agencies say a default appears likely, economists say Beijing can prevent a credit crunch in China but wants to avoid bailing out Evergrande while it tries to force companies to reduce debt levels.

One of Evergrande’s biggest lenders, Zheshang Bank Co. said it is owed 3.8 billion yuan ($588 million) and has “sufficient collateral.”

“The overall risk is controllable,” the bank said in a written answer to questions on a website run by the Shanghai Stock Exchange. It said a “risk situation… will not have a significant impact” on the bank.

Others, including Shanghai Pudong Development Bank Ltd., gave no financial figures but said their lending was small, tied to individual projects and secured by claims to land. The Pudong bank said it was in “close communication” with Evergrande.

Changshu Rural Commercial Bank Co. in the eastern province of Jiangsu said it had 3.9 million yuan ($600,000) in outstanding loans to Evergrande, secured by land. The biggest state-owned commercial lenders including Industrial and Commercial Bank of China Ltd. didn’t respond to questions.

Evergrande was caught by stricter borrowing limits imposed on real estate last year by regulators who are trying to reduce surging debt levels the ruling Communist Party worries might drag on economic growth that already is in long-term decline.

Regulators have yet to say what Beijing might do, but economists say if the ruling party gets involved, it probably will focus on making sure families get apartments they already have paid for, rather than trying to bail out banks or other creditors.

Evergrande is one of China’s biggest private sector conglomerates, with more than 200,000 employees, 1,300 projects in 280 cities and assets of 2.3 trillion yuan ($350 billion). It owes creditors some 2 trillion yuan ($310 billion).

Other major developers such as Vanke Co., state-owned Poly Group and Wanda Group have not reported similar problems. But hundreds of smaller developers have shut down since regulators in 2017 started tightening control over financing.

On Friday, investors in Evergrande debt who gathered at its headquarters in the southern city of Shenzhen said the company agreed to hold a phone meeting with them. Dozens of police officers with six vehicles stood guard outside the building.

Evergrande said earlier it negotiated details of an interest payment due Thursday to banks and other bondholders in China but gave no details.

The company has yet to say whether it will make an $83.5 million payment that was due Thursday on a bond abroad. It has 30 days before it is declared in default, but economists say the company appears to be focused on repaying creditors within China.

Meanwhile, Evergrande is offering to repay some investors in its debt with apartments and other property.

The offer applies to investors who hold a total of about 40 billion yuan ($6 billion) of debt issued by its Evergrande Wealth unit. News reports say they usually are retail customers, employees of Evergrande contractors and the company’s own workforce.

Evergrande said Thursday investors can apply online for available properties.



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Reserve Bank of India – Press Releases

Press Releases

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In the underwriting auctions conducted on September 24, 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)
5.63% GS 2026 11,000 5,502 5,498 11,000 1.06
GoI FRB 2034 3,000 1,512 1,488 3,000 0.40
6.67% GS 2035 10,000 5,019 4,981 10,000 1.15
6.67% GS 2050 7,000 3,507 3,493 7,000 1.15
Auction for the sale of securities will be held on September 24, 2021.

Ajit Prasad
Director   

Press Release: 2021-2022/920

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Private bank deposits grow at cost of PSBs, now 30.5% of total deposits, BFSI News, ET BFSI

Banking & Finance

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Share of private sector banks in total bank deposits continued to rise at the cost of public sector banks and stood at 30.5 per cent (29.5 per cent a year ago), accounting for about half of the deposits of financial and non-financial corporations as well as the rest of the world sectors.

Bank deposits grew (y-o-y) by 11.9 per cent during the 2020-21 (8.8 per cent in the previous year) on the back of high growth in current account and savings account (CASA) deposits; the share of CASA deposits increased to 43.7 per cent in March 2021 (41.7 per cent a year ago), according to RBI data.

Private bank deposits grow at cost of PSBs, now 30.5% of total deposits

Households dominate

Among institutional categories, the household sector held 64.1 per cent share in total deposits; individuals, including Hindu Undivided Families (HUFs), were the major constituent of the household sector and contributed 55.8 per cent in aggregate deposits.

Bank deposits of non-financial corporations surged by 18.8 per cent during 2020-21 and their share in total deposits increased to 16.2 per cent in March-2021.

Metropolitan branches of banks, which account for over half of total deposits, accounted for 59.6 per cent of incremental deposits during 2020-21 (43.2 per cent last year).

Three major states (Maharashtra, UP and Karnataka) held one-third of total household sectors’ outstanding deposits and over 40 per cent of its incremental deposits during 2020-21, according to RBI.

Private bank deposits grow at cost of PSBs, now 30.5% of total deposits

Term deposits

With the downward shift in the interest rates on term deposits, the share of term deposits carrying less than 6 per cent interest rate surged to 69.0 per cent in March 2021 from 21.3 per cent a year ago; the interest rate bracket ‘5 to less than 6 per cent had highest concentration (36.8 per cent) of total term deposits.

The majority of term deposits were originally contracted for ‘one year to less than three years’ maturity.

The share of short-term deposits (original maturity of less than one-year) rose to 32.8 per cent (25.4 per cent a year ago); in terms of residual maturity, 75.7 per cent of the term deposits were due for maturity within one year.



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5 High Dividend Yield MNC Stocks 2021 From NSE MNC Index

Personal Finance

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Vedanta: Dividend Yield is 9.35%

Vedanta, founded in 1965, is a Large Cap business in the Diversified sector with a market capitalization of Rs 111,367.21 crore. Only 3.89 percent of trading sessions in the last 16 years had intraday gains of more than 5%. In the fiscal year ended March 31, 2021, the company generated an ROE of 18.62 percent, surpassing its five-year average. 9.66% of the total population.

The stock returned 27.97 percent over three years, compared to 56.47 percent for the Nifty 100.

Since July 23, 2001, Vedanta Ltd. has declared 32 dividends. Vedanta Ltd. has issued an equity dividend of Rs 28.00 per share in the last 12 months. This calculates to a dividend yield of 9.35 percent at the current share price of Rs 299.60.

Sanofi India: Dividend Yield is 4.46%

Sanofi India: Dividend Yield is 4.46%

Sanofi India, founded in 1956, is a Mid Cap business in the Pharmaceuticals sector with a market capitalization of Rs 18,847.22 crore. Only 1.64 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock gained 22.9 percent over three years, compared to 60.47 percent for the Nifty Midcap 100. Over a three-year period, Nifty Pharma Stock returned 22.9 percent, compared to Nifty Pharma, which returned 39.27 percent to investors.

Over the last three years, the company has maintained a respectable ROCE of 28.09 percent. The company is almost debt-free. In the last five years, the company has maintained effective average operating margins of 21.88 percent. Sanofi India’s EPS increased by 15.31%, which is a positive sign for the company.

Since May 17, 2001, Sanofi India Ltd. has declared 43 dividends. Sanofi India Ltd. has declared an equity dividend of Rs 365.00 per share in the last 12 months. This calculates to a dividend yield of 4.46 percent at the current share price of Rs 8183.55.

Castrol India: Dividend yield is 5.67%

Castrol India: Dividend yield is 5.67%

Castrol India Ltd., founded in 1979, is a Mid Cap business in the Petrochemicals industry with a market capitalization of Rs 13,961.46 crore. Only 1.49 percent of trading sessions in the last 14 years had intraday gains of more than 5%. The company has enough cash on hand to cover its contingent liabilities. The stock returned -9.55 percent over three years, compared to 60.47 percent for the Nifty Midcap 100.

The company has paid 44 dividends to shareholders since August 8, 2000. In the previous 12 months, Castrol India Ltd. distributed an equity dividend of Rs 8.00 per share. At the present share price of Rs 141.15, this works out to a 5.67 percent dividend yield.

Ambuja Cements: Dividend Yield is 4.29%

Ambuja Cements: Dividend Yield is 4.29%

Ambuja Cements, founded in 1981, is a Large Cap firm in the Cement Industry with a market capitalization of Rs 83,307.75 crore. Only 1.79 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 86.07 percent over three years, compared to 56.47 percent for the Nifty 100 index. Over a three-year period, the stock returned 86.07 percent, compared to 56.38 percent for the Nifty Infrastructure index.

Since August 30, 2000, Ambuja Cements has paid out 40 dividends. Ambuja Cements Ltd. distributed an equity dividend of Rs 18.00 per share in the previous 12 months.

The dividend yield is 4.29 percent based on the current share price of Rs 419.55.

Oracle Financial Services: Dividend yield is 4.26%

Oracle Financial Services: Dividend yield is 4.26%

Oracle Financial Services Software, founded in 1989, is a Large Cap business in the IT Software sector with a market capitalization of Rs 40,461.66 crore. Only 2.32 percent of trading sessions in the last 16 years had intraday gains of more than 5%. Since the last five years, the company has had no debt. The company’s QoQ revenue increase was 13.76 percent, the best in the prior three years. In comparison to the Nifty 100, which returned 56.47 percent over three years, the stock returned 16.48 percent. Over a three-year period, the stock returned 16.48 percent, while the Nifty IT returned 127.91 percent to investors.

Since August 27, 2002, Oracle Financial Services Software Ltd. has announced 12 dividends. Oracle Financial Services Software Ltd. distributed an equity dividend of Rs 200.00 per share in the last 12 months. With a share price of Rs 4698.05, this equates to a 4.26 percent dividend yield.

5 High Dividend Yield MNC Stocks In India 2021

5 High Dividend Yield MNC Stocks In India 2021

Name Sector Price Dividend Yield
Vedanta Mining & Mineral products 295.80 9.35%
Castrol India Chemicals 140.85 5.67%
Oracle Financial Services IT – Software 4,839.90 4.26%
Sanofi India Pharmaceuticals 8,171.20 4.45%
Ambuja Cements Cement 415.85 4.29%

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles.



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IndusInd Bank buys 4.79 per cent stake McLeod Russel

Banking & Finance

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lnduslnd Bank on Thursday said that it has acquired a 4.79 per cent stake in debt-laden bulk tea manufacturer McLeod Russel India by invoking pledged shares for recovery of its dues.

“We wish to inform that the bank had today, i.e., September 23, 2021, 23, 2021, pursuant to invocation of pledge of shares, acquired 50,00,000 equity shares of McLeod Russel India Ltd,” the bank said in a regulatory filing to stock exchanges.

The equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing the outstanding dues of Mcleod Russel India (MRIL), the borrower company, lnduslnd Bank said, adding it invoked the pledged shares for recovery of its dues from MRIL.

Liquidity constraints

The 152-year old BM Khaitan group company, McLeod Russel, touted to be one of the largest bulk tea makers in the country, recently came out of the clutches of insolvency following a settlement with its financial creditor Techno Electric & Engineering. The company started facing liquidity issues in early 2018 and the company’s board decided to dispose off some of its estates to repay the debt.

In June, lnduslnd Bank had acquired 70, 67, 500 equity shares of McLeod, forming 6.77 per cent of paid-up equity share capital of the borrower company, by invoking pledged shares also for recovery of its dues.

Some of the other financial creditors to the company include Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank .

The promoter shareholding in McLeod at the end of the first quarter this fiscal stood at 10.07 per cent.

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