Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
Ajit Prasad Press Release: 2021-2022/922 |
[ad_2]
Reserve Bank of India – Tenders
[ad_1]
Read More/Less
|
Reserve Bank of India, Jammu invites tender for ‘Supply of 5 No. IPCCTV Cameras including Lifetime Camera License for existing IPCCTV System at Main Office Building Reserve Bank of India, Jammu.’ All eligible and interested companies / agencies / firms must submit their bids in two sealed envelopes, Part-I consisting of Technical Bid and Part- II consisting of Price Bid. The Schedule of tender is as follows:
Regional Director Date: 24.09.2021 |
[ad_2]
CLICK HERE TO APPLY
DICGC to announce revised date for submission of claims by PMC Bank depositors
[ad_1]
Read More/Less
The Deposit Insurance and Credit Guarantee Corporation (DICGC) has clarified that it will separately communicate the revised date for submission of claims and the procedure to be followed in respect of payment of deposits in the case of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.
This clarification comes even as big depositors of PMC Bank were on tenterhooks about submitting a form that requires them to declare the “willingness of depositors to receive insurance claim amount (up to ₹5 lakh) from DICGC.”
The “willingness” clause was interpreted by some of the depositors to mean that they may not receive deposits above ₹5 lakh. Hence, PMC Bank depositors, with deposits above Rs 5 lakh, were reluctant to submit the form.
Now, the Corporation has stated that in the case of PMC Bank, there may be a need to invoke the provisions of Section 18 A (7) (a) of the DICGC (Amendment) Act, 2021.
Also read: Banking venture of Centrum Financial Services christened Unity SFB
As per the aforementioned section, “the Reserve Bank finds it expedient in the interest of finalising a scheme of amalgamation of the insured bank with other banking institution or a scheme of compromise or arrangement or of reconstruction in respect of such insured bank, and communicates to the Corporation accordingly, the date on which the Corporation shall become liable to pay every depositor of such insured bank may further be extended by a period not exceeding ninety days.”
Chander Purswani, President, PMC Depositors Forum, said: ”Our fight was never for ₹5 lakh but for the entire money. We stand by that. We are confident that the RBI and the Centrum-BharatPe combine will not let us down.”
Need for a roadmap
Purswani emphasised that RBI should give a roadmap as to how and when PMC Bank depositors with deposits above ₹5 lakh will get their money back along with accrued interest.
He said PMC Bank has about one lakh depositors with deposits up to ₹5 lakh and about 43,000 depositors with deposits above ₹5 lakh.
RBI had accorded “in-principle” approval to Centrum Financial Services Ltd (CFSL), which is a wholly owned subsidiary of Centrum Capital Ltd, on June 18, 2021, to set up a small finance bank (SFB). This approval was in specific pursuance to CFSL’s February 2021 offer in response to PMC Bank’s November 2020 Expression of Interest (EoI) notification.
Unity Small Finance Bank
CFSL has christened its proposed banking venture as Unity Small Finance Bank.
Under the “in-principle” approval, CFSL will first operationalise Unity SFB in 120 days. Thereafter, RBI will place in public domain a draft scheme of amalgamation of PMC Bank with the SFB. The last step will be government’s sanction for the scheme.
DICGC had, on September 21, 2021, asked the depositors of 21 urban co-operative banks (UCBs), including PMC Bank, Sri Gururaghavendra Sahakara Bank, Rupee Co-operative Bank and Kapol Co-Operative Bank, which are currently under the Reserve Bank of India’s All-Inclusive Directions (AID), to contact their banks and submit the declaration of willingness to enable DICGC to make payments.
[ad_2]
CLICK HERE TO APPLY
Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
Ajit Prasad Press Release: 2021-2022/921 |
[ad_2]
CLICK HERE TO APPLY
This Media Stock Doubled Investor Wealth In 15-Days, Buy The Stock Say Brokerages
[ad_1]
Read More/Less
Buy Zee for a 30% upside, says Emkay
Emkay Global sees an upside of nearly 30% on the stock of Zee Entertainment to a target price of Rs 430 in 12-months time.
Zee and Sony Pictures Networks India (SPNI) have entered into a non-binding term sheet (with a 90-day exclusivity period) for the merger of the two companies. The deal should address investor concerns, and fill the content gaps each of them are currently having.
Emkay Global views the transaction as a big positive as it might resolve a slew of issues relating to corporate governance and investor activism, with the board of directors to be decided by
Sony.
“The merged entity will become the market leader with a comprehensive bouquet of offerings, along with the necessary balance sheet strength to invest in digital businesses and
sports rights. Sony Pictures Networks India emphasis has been on building sports and HSM portfolios, while Zee has been focused on regional, HSM and movie channels,” the brokerage has said.
According to Emkay Global, the merged entity will benefit from increased bargaining power with content producers and distributors; optimization of costs by shutting down tail-end channels, thus, freeing up management bandwidth and costs attached to them; and 3) competitive edge. All these factors should augur well for better valuation, the brokerage says.
“Zee’s underlying broadcasting business has been facing challenges due to the Covid-induced shift toward digital. However, in our view, the merged entity’s comprehensive
offerings will place it ahead of competitors on the growth front,” the brokerage has said.
Buy Zee Entertainment stock says Sharekhan for a target price of Rs 400
Brokerage firm Sharekhan too has recommended buying the stock of Zee Entertainment with a price target of Rs 400 on the stock. The brokerage feels that the proposed merger would be a strategic fit from a revenue perspective as it would strengthen Zee Entertainment’s portfolio with sport, kids and English movie properties.
“The infusion of growth capital of $1.6 billion by Sony Pictures, the combined entity’s cash balance would increase to $1.8 billion, which would be used to accelerate its digital platform growth and invest in premier content including sports. We believe that corporate governance concerns will get addressed with the controlling stake of Sony Pictures and this will trigger multiple re-ratings for Zee Entertainment. The stock is currently trading at a reasonable valuation at 20x/18x of FY2023E/FY2024E earnings estimates. Hence, we maintain a Buy rating on Zee Entertainment with a revised rice target of Rs. 400,” the brokerage has said.
Disclaimer
The recommendation of the Zee Entertainment is taken from the brokerage reports of Sharekhan and Emkay Global. The stock has run-up significantly and hence investors may also want to exercise caution. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article.
[ad_2]
CLICK HERE TO APPLY
Indian Bank reports fraudulent NPA accounts worth ₹305 cr to RBI, BFSI News, ET BFSI
[ad_1]
Read More/Less
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.
[ad_2]
CLICK HERE TO APPLY
Reserve Bank of India – Tenders
[ad_1]
Read More/Less
|
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.
All other terms and conditions mentioned in the tender remain unchanged. Sanjiv Dayal |
[ad_2]
CLICK HERE TO APPLY
Crypto adoption goes up in tier-2 and tier-3 cities in India, BFSI News, ET BFSI
[ad_1]
Read More/Less
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.
[ad_2]
CLICK HERE TO APPLY
PSB business correspondent outlets in villages shrink as private banks grow biz, BFSI News, ET BFSI
[ad_1]
Read More/Less
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.
[ad_2]
CLICK HERE TO APPLY
Induslnd Bank acquires 4.7% in McLeod to recovery dues, BFSI News, ET BFSI
[ad_1]
Read More/Less
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%.
[ad_2]