Reserve Bank of India – Press Releases
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JM Financial’s NBFC arm launches digital investment platform
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JM Financial Products Ltd (JMFPL), the non-banking financial company (NBFC) arm of the JM Financial Group, has launched Bondskart.com, a digital investment platform for debt securities.
Bondskart.com features fixed income investment options across rating categories, yields and instrument types such as plain vanilla bonds, sub-debt or Tier II and perpetual bonds, alongside in-house analytics and a data-driven technology platform, JM Financial said in a statement.
ICICI Bank launches new online platform for exporters and importers
Available on the web as well as on a mobile app, it offers investors the flexibility to sell their debt securities with secure settlements, the company said.
Inside Freecharge’s neo banking gameplan
Vishal Kampani, Managing Director, JMFPL, said that Bondskart.com complements JMFPL’s investment distribution framework to serve all categories of investors.
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IDFC First Bank Revises Interest Rates On FD & RD: Now Get Up To 6% Returns
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IDFC First Bank FD Rates
On fixed deposits of less than Rs 2 Cr maturing in 7 days to 29 days, regular customers will now get an interest rate of 2.50%. On deposits maturing in 30 days to 90 days and 91 – 180 days, the general public will now receive an interest rate of 2.75% and 3.25% respectively. Whereas fixed deposits maturing in 181 days – less than 1 year and 1 year – 2 years will now fetch an interest rate of 4.75% and 5.25% respectively. Regular customers will now get an interest rate of 5.75% and 6.00% on their deposits maturing in 2 years 1 day – 3 years and 3 years 1 day to less than 10 years.
| Period | Rate of Interest (%p.a.) w.e.f. November 23, 2021 Less than INR 2 Crores |
|---|---|
| 7 – 14 days | 2.50% |
| 15 – 29 days | 2.50% |
| 30 – 45 days | 2.75% |
| 46 – 90 days | 2.75% |
| 91 – 180 days | 3.25% |
| 181 days – less than 1 year | 4.75% |
| 1 year – 2 years | 5.25% |
| 2 years 1 day – 3 years | 5.75% |
| 3 years 1 day – 5 years | 6.00% |
| 5 years Tax Saver Deposit | 6.00% |
| 5 years 1 day – 10 years | 6.00% |
| Source: Bank Website |
IDFC First Bank FD Rates For Senior Citizens
On their domestic term deposits, senior citizens will continue to get an additional rate of 0.50% over the rate applicable to the general public. Following the most recent revision made on fixed deposit interest rates by the bank, senior citizens will now have interest rates of 3.00% to 6.50% on their deposits maturing in 7 days to less than 10 years.
| Period | Rate of Interest (%p.a.) |
|---|---|
| 7 – 14 days | 3.00% |
| 15 – 29 days | 3.00% |
| 30 – 45 days | 3.25% |
| 46 – 90 days | 3.25% |
| 91 – 180 days | 3.75% |
| 181 days – less than 1 year | 5.25% |
| 1 year – 2 years | 5.75% |
| 2 years 1 day – 3 years | 6.25% |
| 3 years 1 day – 5 years | 6.50% |
| 5 years Tax Saver Deposit | 6.50% |
| 5 years 1 day – 10 years | 6.50% |
| Source: Bank Website |
IDFC First Bank Recurring Deposit (RD) Rates
On November 23, 2021, the bank also adjusted its interest rates on domestic, NRE, and NRO recurring deposits (RD) which are as follows.
| Period (in Months) | Rate of Interest (%p.a.) w.e.f. November 23, 2021 |
|---|---|
| 6 months | 3.25% |
| 9 months | 4.75% |
| 12 months | 5.25% |
| 15 months | 5.25% |
| 18 months | 5.25% |
| 21 months | 5.25% |
| 24 months | 5.25% |
| 27 months | 5.75% |
| 36 months | 6.00% |
| 39 months | 6.00% |
| 48 months | 6.00% |
| 60 months | 6.00% |
| 90 months | 6.00% |
| 120 months | 6.00% |
| Source: Bank Website |
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Indifi raises ₹140 crore in series D equity, ₹200 crore debt funding
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Indifi Technologies, a digital financial services company, has raised ₹140 crore in a Series D equity financing led by CX Partners and OP Finnfund Global Impact Fund I (the first Finnish global emerging markets impact fund).
The existing investors — CDC Group (the UK’s development finance institution), Omidyar Network, Flourish Ventures, Elevar Equity and Accel — also invested in this round of equity capital raise.
The fintech has also raised debt financing of ₹200 crore — ₹165 crore from Vivriti, Northern Arc, SIDBI and other lenders, besides the United States International Development Finance Corporation guaranteeing ₹35 crore of funding.
Indifi operates an online lending platform for micro, small and medium enterprises (MSMEs), which typically have limited access to credit from financial institutions. Indifi offers tailored loans for businesses in the travel, hotel, e-commerce, restaurant, trading, and retail segments.
Zenwork raises ₹1,200 crore from Spectrum Equity
The funds will be used to acquire more customers, identify additional segments of MSMEs, and for technology and product development.
The latest round brings Indifi’s total equity fund raise to ₹350-plus crore. Indifi is also in talks with a few global funds for participation in the Series D raise.
Tech and digital will be major enablers for our business: Poonawalla Fincorp
Alok Mittal, CEO and Co-founder, Indifi, said in a statement, “We work closely with more than 100 data partners and a few top financial institutions, providing easily accessible loans digitally, and helping businesses grow. For example, our recent collaboration with Facebook digitally enables MSME players to access small-ticket loans.”
Haitong India acted as an exclusive advisor to Indifi Technologies on this transaction. Shardul Amarchand Mangaldas & Co, Quillon Partners and Cyril Amarchand Mangaldas were the legal advisors to Indifi, CX Partners and Finnfund, respectively.
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Exchanges on tenterhooks as they await details of proposed cryptocurrencies Bill
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Cryptocurtency exchanges in India are on a wait and watch mode before they plan their next steps as a consequence of the Government’s move to introduce legislation to regulate the crypto industry. While the draft Bill proposes to ban all private cryptocurrencies, the exchanges wait for the details of the proposed law.
Cryptocurrencies prices drop in India after Centre moves bill
Nischal Shetty, Founder, WazirX, said, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. First, the Parliamentary Standing Committee invited a public consultation, and then our Prime Minister himself came forward to call for crypto regulations in India. That being said, let’s respectfully wait to find out more about the draft Bill to be tabled in Parliament.”
Crypto boom in India: Despite regulatory concerns, over 400 start-ups jump onto crypto ecosystem
Wednesday morning, Bitcoin’s price dropped 16.75 per cent on WazirX, Ethereum plunged 12.1 per cent, Shiba Inu dropped over 20 per cent, Dogecoin was down by over 16 per cent, Sandbox by 4 per cent and USDT or Tether by over 14 per cent.
This happened after the Lok Sabha’s summary of Bills to be tabled in the winter parliamentary session released the evening before mentioned that the government is seeking to prohibit private cryptocurrencies in the description of The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Will inputs be included?
Avinash Shekhar, Co-CEO, ZebPay, said, “We’re awaiting further details on the Bill that is going to be presented in the winter session of Parliament. There have been many positive steps taken by the government to learn and understand crypto and its impact on all stakeholders — investors, exchanges, policymakers. So, we’re looking forward to a crypto Bill that takes into consideration all the inputs from those discussions.”
“We welcome the move from the government. A well-assessed and thought-through regulation will pave the way for greater adoption of the technology and will help millions of Indians embrace this new-age asset class. We are looking forward to the next steps on this,” a CoinDCX spokesperson said.
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Buy This Glass & Glass Products Company Stock For 14% Upside For 2 Qtrs: HDFC Securities
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HDFC Securities’ take on Asahi India Glass
The company has presence across the entire value chain of architectural and automotive glass. For the company with the pick-up in real estate business, there has been logged an increase in revenue share of the float glass business that commands a higher margin.
Asahi with a market share of 74% dominates the Indian passenger car glass market and in the architectural glass segment is the 2nd leading manufacturer in the country.
Triggers for future price performance
– Investments in the affordable infra space by the government and increasing volumes in the real estate will drive the company’s growth going ahead.
– Asahi is gearing up to lower down its debt. In the first half of Fy22 it has reduced its borrowing by Rs. 157 crore to Rs 1099 crore.
– The company is considering further expansion opportunities including a greenfield solar plant in partnership with Vishakha group for setting up India’s largest solar glass manufacturing plant at the most competitive costs. The project is progressing well on schedule and it should commission the first green-field plant at Mundra, Gujarat within the next 15-18 months.
– Asahi India will be a key beneficiary of growth in passenger vehicles production in India, coupled with rise in content led by premiumisation and rising share of SUVs.
– Asahi’s content per vehicle will rise with the improving segment mix and rise in penetration of value added glasses like IR and UV shield glasses
Valuation & Recommendation:
“The brokerage expects PAT CAGR of 51% over FY21-24E, led by EBITDA margin improvement on cost savings, import restrictions on float glass and reduction in net debt. Revenue is expected to grow at 19% CAGR driven by higher share of float glass business. We expect RoE to improve from ~10% in FY21 to ~21% in FY24. AIS faces no threat from the advent of Electric Vehicles. Its presence in high value architectural segment will help grow revenues and maintain high margin”, says the report. “We feel investors can buy the stock in the band of Rs 490-495 and add on dips to Rs 437-442 (32x Sep-23E EPS) for a base case fair value of Rs 538 (32.5x Sept23E EPS) and bull case fair value of Rs 581 (35x Sep-23E EPS)”, adds the brokerage.
Q2fy22 result update:
Revenues of the company climbed 25% during the quarter to Rs. 797 crore owing to robust gains in the float glass business. Both automotive glass as well as float glass recorded revenue growth of 13.7 percent and 37.5% yoy, respectively.
Consolidated EBITDA increased 52.9% yoy to Rs 187cr while margin expanded to 23.5% led by improved margin in the Float Glass business, offset partially by higher power & fuel expenses. Reported PAT increased by 117.7% yoy to Rs 81cr. The company has generated a positive free cash flow of around Rs 210cr in H1FY22 which it has utilized for lowering its debt.
Disclaimer:
The stock mentioned above is taken from the report of HDFC Securities. Readers should not construe it to be an investment advice in the listed scrip. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.
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Axis Bank EVP, BFSI News, ET BFSI
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Axis Bank‘s digital penetration has risen to over 70-73%, but it does not see a future without bank branches soon.
“It will probably take another one generation shift, for us to you know sort of planning a strategy in which there is sort of absolutely no branches. But yes, goes without saying that the intensity of branch expansion has sort of come down dramatically now from what it used to be,” Avinash Raghavendra, EVP and Head of Information Technology of Axis Bank, said at the fireside chat, with Amol Dethe, editor of ETBFSI, during the three-day event – ETBFSI Converge.
A bank branch is more like an engagement hub, where customers can come and if they have some essential queries.
“We have 4,500 plus branches and this presence and the reach actually gives visibility in the customers’ mind which any other medium or advertisement will probably not be able to do perform. Somebody taking a home loan would preferably like to deal with an entity whom they have seen. There is a new age of customers millennial customers who are thinking very differently about it, that is where all the digital property is coming into the picture,” he said.
Digital shift
5,000 sq ft to 5 inch is definitely happening, he said, adding, “If you are talking about an inflexion point in 5-6 years people will rarely visit branches. The new next generation will not like to walk into any of the branches.”
Most of the bank’s fixed deposit openings, over 70% of savings bank account openings are coming from digital channels.
“This shift has happened some years back. I mean as far as doing your fund transfer and doing your transaction kind of a thing that shift has also happened,” he said. Right now, the bank is focusing on some of the servicing issues for a lot of customers who used to come to the branch for as basic as updating Aadhar or change of address.”Avinash Raghavendra, EVP and Head of Information Technology of Axis Bank
The only customers these days who are mostly visiting the branches is someone with a locker service because that is a physical kind of a property.
On apps
Axis Bank app has a ‘Do It Yourself’ kind of a feature that allows for 250 plus transactions. “So that’s a very large number, and given the fact that our digital customer base is 73% plus, these customers are seeing traction when it comes to whatever we enable for them on the mobility side,” he said.
Credit card and debit card usage rules, which now RBI has also sort of mandated, have been incorporated inside the app, he said.
The bank engages with UIUH experts and internally has a UX team that does a lot of work.
“We do take a lot of feedback from customers in terms of what features they want. What we have seen there is 20% of features that is used by 80% of customers, so these services should be easily made available to the customers. We are also trying to come with as much of personalisation. Like reminder for FD maturity, basically, providing some sort of intelligent nudges, instead of getting them searching got those particular options,” he said.
On the super app, he said, there is very little that we are not offering in the app at the moment. “Super app is mainly for conglomerates who are doing different kinds of thing. As we are going more and more digital it is actually shaping a personal advisory kind of a function,” Raghavendra said.
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Singapore’s DBS suffers second day of online banking disruption, BFSI News, ET BFSI
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SINGAPORE -DBS Group Holdings Ltd, Southeast Asia’s largest bank, is facing disruptions in its online banking services for the second consecutive day on Wednesday after service outages began on Tuesday morning, leading to complaints from customers.
“Services were restored early this morning. Unfortunately yesterday’s digital banking issue has recurred and this has affected our services,” Singapore-based DBS said on its Facebook page on Wednesday.
The disruption in its online services, including a payments app, is the biggest faced by DBS in about a decade.
Singapore is the biggest retail and wealth management market for DBS, which also has operations in places including Hong Kong, Indonesia and India.
DBS did not elaborate on the cause of the disruption.
DBS’ Facebook post attracted more than 2,000 comments, with users saying they were unable to log in onto their digital bank accounts, while some asked for compensation.
“How long is this going to take to get it fully restored and running? This is incredibly frustrating when I need to have access to my funds,” said user Nicole Lou.
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IndusInd Bank clarifies on appointment of BFIL executives by SSFL, BFSI News, ET BFSI
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IndusInd Bank has clarified that Shalabh Saxena and Ashish Damani are currently employed with its wholly owned subsidiary Bharat Financial Inclusion (BFIL) as managing director & CEO, and Chief Financial Officer, respectively, countering that they have been appointed by Spandana Sphoorty Financial Ltd (SFFL). SFFL on Monday had announced the appointment of Saxena as its MD & CEO, and Damani as the President and CFO of the company.
In a clarification, IndusInd Bank said that “Shalabh Saxena and Ashish Damani are currently employed with bank’s wholly owned subsidiary, Bharat Financial Inclusion (BFFL), in the capacity of the Managing Director & Chief Executive Officer and Executive Director & Chief Financial Officer, respectively”.
“Neither, Shalabh Saxena nor Ashish Damani have tendered their resignation from the services of BFIL,” the bank said.
As per the terms of their employment, once the resignation is tendered, it is subject to acceptance by the board of directors of BFIL (board). Upon acceptance by the board, a specified notice period is also required to be served, IndusInd Bank said in a regulatory filing.
“However, as neither of them have tendered their resignations to BFIL, such due process has not been initiated,” it added.
Spandana had announced that Saxena accepted the position of Managing Director & Chief Executive Officer, and Damani as the President & Chief Financial Officer of the company, respectively.
The private sector lender also said that Saxena and Damani are prohibited from accepting employment at a competitor of BFIL (such as SSFL), unless approved in writing by the board of BFIL.
“As resignation from BFIL has not been tendered to the board by Shalabh Saxena and/or Ashish Damani, any purported acceptance by them of employment at SSFL would be in contravention of the terms of their employment with BFIL,” IndusInd Bank said.
Further, it said that they cannot be relieved from the services of BFIL until completion of the review related to certain transactions relating to the micro finance lending arm.
An ongoing review and the continued employment of Saxena and Damani is critical to the closure of such process, the bank said.
Earlier this month, the bank had refuted a whistleblower allegations on loan evergreening at BFIL as inaccurate and baseless, however, it admitted to disbursing 84,000 loans without customers consent in May due to a “technical glitch”.
“The bank strongly denies the allegations of ‘evergreening’. All the loans originated and managed by BFIL, including during the Covid period which saw the first and second waves ravaging the countryside, are fully compliant with the regulatory guidelines,” an official statement from the bank said on November 6.
“BFIL and the bank are in the process of evaluating and undertaking appropriate steps and actions, including strengthening the management of BFIL to continue its usual business operations under the able guidance of its management and the bank,” as per the filing.
Meanwhile, Spandana has sought time from Sebi to publish its financial results for quarter ended September 30, 2021, citing the recent management level changes at the company.
It was supposed to publish its financial results before November 14, 2021 — as the listed companies are required to publish the same to the stock exchanges within 45 days from the close of a quarter.
On November 2, Spandana informed that its Founder & Managing Director Padmaja Gangireddy had resigned from the company from immediate effect.
Hyderabad based Spandana Sphoorty is a rural-focussed non-banking financial company and a microfinance lender.
Stock of IndusInd Bank traded at Rs 990.95 apiece on BSE, up by 1.06 per cent from the previous close. Spandana Sphoorty scrip was down by 3.82 per cent at Rs 439.45.
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Buy This Navratna Stock For A Gain of +33% Suggested By Motilal Oswal
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2QFY22 performance of Engineers India Ltd.
According to Motilal Oswal, “ENGR’s 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit came in line with our estimate, with a favorable revenue mix (54% share of Consultancy segment revenue) leading to a higher than estimated EBITDA margin at 9.3% (est. 8.2%). Lower than expected other income led to adjusted PAT 15% below our estimates. Order inflows in 2Q/1HFY22 stood at INR11.7b/INR14.5b (+96%/+115% YoY), and ~30% higher v/s 1HFY20 levels, thereby indicating a revival in ordering activity in its key end-market of Oil and Gas. While Oil and Gas continue to remain a key end-market for ENGR, the management is exploring other end-markets where its expertise can be implemented (Biofuels).”
The brokerage has said in its research report that the company’s “Order book declined by 11% YoY to INR80.3b, with an order book-to revenue ratio at 2.8x – the lowest in the last four years. Owing to superior execution and lower than expected order inflows, a depleting order book remains a concern, though it is not alarming at this stage.”
The company’s “Other income stood at INR284m (below our estimate of INR400m). PBT stood at INR832m, down 33% YoY and 11% below our estimate. The effective tax rate stood at 28.5% (v/s 25.3% YoY). Adjusted PAT stood at INR595m, down 36% YoY and 15% below our estimate. Consultancy revenue stood flat YoY at INR3.5b in 2QFY22. PBIT declined by 150bp YoY to 25.5%. Order inflow stood at INR11.7b. Turnkey: Revenue fell 12% YoY to INR3b in 2QFY22. PBIT increased by 60bp YoY to 2.5%” said Motilal Oswal in its research report.
Buy Engineers India Ltd with a target price of Rs. 95
According to the highlights from the management commentary, the brokerage has said that “In the non-Oil and Gas space within the Consultancy segment, its decision to undertake new projects won’t solely be dependent on margin, but will be strategically evaluated on a case-to-case basis. ENGR aims to win ~INR18b worth of orders in 2HFY22.”
According to the brokerage’s call “We maintain our earnings estimate and forecast a revenue/EBITDA/PAT CAGR of – 6%/14%/11% over FY21-24E. We expect a reversal in revenue mix in favor of the Consultancy segment to aid profitability over FY22-24E. We maintain our Buy rating with a TP of INR95 per share, assigning INR71 to its core business (11x FY24E core EPS) and INR24 for cash on its books.”
Disclaimer
The stock has been picked from the brokerage report of Motilal Oswal Financial Services Limited. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.
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