This Small Finance Bank Revises Interest Rates On FD, RD & Savings Account

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oi-Vipul Das

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Shivalik Small Finance Bank offers competitive interest rates on fixed deposits, recurring deposits, and savings accounts. The bank, which has 4.5 lakh unique customers across Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand through 31 branches, 250 banking agents, and 15,000 self-help groups, recently revised its interest rates on fixed deposits, recurring deposits, and savings accounts, which investors should be aware of. The new rates are in effect from November 9th, 2021, and are discussed below in brief.

Shivalik Small Finance Bank Savings Account Interest Rates

Shivalik Small Finance Bank Savings Account Interest Rates

Customers will now receive the maximum interest rate of 7% on a deposit balance of Rs 7 Crore and above, as the bank has modified its interest rates on savings accounts with effect from November 9th, 2021. The interest rates on savings accounts are determined by incremental balance slabs and are as follows.

SAVING BANK ACCOUNT RATE OF INTEREST (%p.a.)
Balance upto 1 Lac 3.50%
Above 1 Lac to 5 Lacs 3.50%
Above 5 Lacs to 10 Lacs 3.50%
Above 10 Lacs to 25 Lacs 4.00%
Above 25 Lacs to 50 Lacs 4.00%
Above 50 Lacs to 1 Crore 4.50%
Above 1 Crore to 2 Crore 5.00%
Above 2 Crore to 5 Crore 5.00%
Above 5 Crore to 7 Crore 5.00%
7 Crore and above 7.00%
Source: Bank Website. W.e.f. November 9th, 2021

Shivalik Small Finance Bank FD Rates

Shivalik Small Finance Bank FD Rates

Shivalik Small Finance Bank is currently offering interest rates of up to 6.75 percent to the general public and elderly people on deposits maturing in 548 days to 998 days for deposits of less than Rs 2 crore. The following are the bank’s new and existing fixed deposit interest rates.

Tenure NORMAL SENIOR CITIZEN
Below 25 Lacs 25 Lacs to below Rs.2 Crores 2 Crores and above RATE OF INTEREST (%p.a.)
7 days to 14 days 3.50% 3.75% 3.75% 4.00%
15 days to 29 days 3.75% 4.00% 4.00% 4.25%
30 days to 90 days 4.25% 4.50% 4.50% 4.75%
91 days to 179 days 4.75% 5.00% 5.00% 5.25%
180 days to 269 days 5.50% 5.75% 5.75% 6.00%
270 days to 364 days 5.50% 5.75% 5.75% 6.00%
365 days to 547 days 5.75% 6.00% 6.00% 6.25%
548 days to 729 days 6.25% 6.75% 6.75% 6.75%
730 days to 998 days 6.25% 6.75% 6.75% 6.75%
999 days and above 5.50% 5.75% 5.75% 6.00%
Source: Bank Website. W.e.f. November 9th, 2021

Shivalik Small Finance Bank RD Rates

Shivalik Small Finance Bank RD Rates

On November 9th, 2021, the bank also amended its interest rates on recurring/flexi recurring deposits, which are as follows.

Tenure NORMAL SENIOR CITIZEN
6 months to less than 9 months 5.50% 6.00%
9 months to less than 12 months 5.50% 6.00%
1 year to less than 18 months 5.75% 6.25%
18 months to less than 2 years 6.25% 6.75%
2 years to less than 3 years 6.25% 6.75%
3 years to 10 years 5.50% 6.00%
Source: Bank Website. W.e.f. November 9th, 2021

Story first published: Tuesday, November 16, 2021, 14:58 [IST]



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UST named ‘leader’ in blockchain services for banking

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Digital transformation solutions company UST announced that the NelsonHall NEAT report for blockchain services has named it a leader in the banking capability market segment.

Leaders are vendors that exhibit a high capability, relative to peers, to deliver immediate benefit and meet future client requirements, a spokesman for UST said here.

How blockchain can aid healthcare delivery

Building reusable components

UST has a centre of excellence in blockchain in Madrid and an R&D lab in Thiruvananthapuram. More than 100 global organisations across banking, insurance, energy and utilities, healthcare, technology-media-telecom, retail and consumer packaged goods, and transportation use its solutions, the spokesman added.

Don’t ban cryptos: Experts, stakeholders to House panel

The NEAT report cited UST’s focus on building reusable components versus customisable accelerated solutions. Working with practitioners, domain experts, and a network of innovation partners, it offers blockchain services in four categories:

Strategy and consulting services: this includes a framework that enables enterprises to seamlessly adopt blockchain-based solutions and services.

Solution design and development: UST’s lab in Madrid is dedicated to research in rapid prototyping, co-creation of use cases, and concept development on DLT (distributed ledger technology).

Architecture and integration: UST provides blockchain-based solutions that integrate with existing technology to enhance existing solutions.

Products and tools: this includes libraries and accelerators to jumpstart prototypes and manage blockchain infrastructure.

Niranjan Ramsunder, Chief Technology Officer, said the recognition proves UST’s ability to deliver innovative solutions for any bottlenecks including legacy integration challenges.

Cost and time savings

“As a global leader in leveraging blockchains, UST helps reduce cost and time-to-market for clients’ most important blockchain initiatives. We are blockchain platform-agnostic and build on a solid international ecosystem, working with the best vertical solutions on all the principal blockchain platforms,” said Ramsunder.

The NelsonHall report estimates the global market for blockchain services at $496 million in 2020, with a CAGR of 53.3 per cent through 2025. While North America and Europe have the largest blockchain markets, the Asia-Pacific region is projected to grow fastest in the next five years.

‘Exciting time for blockchain’

UST’s client-specific blockchain solutions facilitate innovative business models built on data reliability and operational agility.

Daniel Field, Head of Blockchain, UST, said the recognition acknowledges UST’s work in helping clients transform their business processes through blockchain technology.

“It is an exciting time for the field of blockchain. Long-envisaged solutions for programmable money and cheaper, faster settlement and reconciliation are rapidly becoming a commercial reality and the exploration of central bank digital currencies (CBDCs) is accelerating significantly.”

‘Top Case Study’

UST’s blockchain services were recognised by ISG with a ‘Top Case Study Award for Digital Excellence’, highlighting the company’s engagement with a leading Spanish multinational commercial bank to transform its international payments experience through blockchain-based solutions.

The bank launched its mobile-based application, which enables end-customers to complete international transactions in hours, even minutes, instead of the usual 2-3 days.

In four to five clicks, the customer can enter the amount to be transferred, select a recipient and exchange rate, and confirm the transaction. UST played a significant role in delivering this solution and integrating the platform, the spokesman said.

 

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Kotak Mahindra Bank, PVR Cinemas launch co-branded movie debit card, BFSI News, ET BFSI

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Kotak Mahindra Bank and PVR Cinemas on Tuesday launched India’s first co-branded movie debit card, adding to the existing product suite of two co-branded Kotak-PVR Credit Cards.

Cardholders will receive joining vouchers and earn points on every transaction on the debit card at PVR and outside PVR as well, with no upper limit on the points earned.

The points can be redeemed all year round at PVR Cinemas, app or website, to avail free movie tickets and on food and beverages. Upto 17 free movie tickets can be earned with a minimum monthly spend of Rs 20,000 from this debit card.

“The first signs of recovery in the entertainment industry are visible with movie theatres reporting higher footfalls. We believe that this is just the right time to introduce the first-ever co-branded movie debit card in India, enabling us to serve a much larger segment of our customers who are avid movie-goers,” said Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank.

In a release, the bank said that 10 reward points will be given at every Rs 100 spent at PVR Cinemas while 0.50 reward points will be given for every Rs 100 spent on all the other transactions. Here, one reward point is equivalent to Rs 1.

Further, Kotak PVR debit cardholders will get automatically enrolled to the PVR Privilege Plus programme.

“The launch of the card comes at the right time when the film exhibition sector is showing strong signals of revival with states relaxing restrictions and cinema enthusiasts resuming their movie going habits with the vibrant content pipeline being showcased at the cinemas,” said Gautam Dutta, CEO, PVR.



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CBDT Unveils Taxpayers’ Lounge To Facilitate Compliance With Income Tax Rules

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Taxes

oi-Vipul Das

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The Income Tax Department has installed a Taxpayers’ Lounge in India International Trade Fair, 2021 at Pragati Maidan, New Delhi from November 14th to November 27th under the supervision of the Central Board of Direct Taxes and the Ministry of Finance and Department of Revenue. This lounge has been established to raise awareness of the Income Tax Department’s multiple services offered to taxpayers and to make compliance with the different Income Tax regulations and processes easier.

CBDT Unveils Taxpayers’ Lounge To Facilitate Compliance With Income Tax Rules

CBDT has said in an official announcement that “Shri J. B. Mohapatra, Chairman, Central Board of Direct Taxes, New Delhi inaugurated the Taxpayers’ Lounge at 14.11.2021 at Hall No. 12 in the presence of Members of the Central Board of Direct Taxes, the Principal Director General of Income Tax (Administration and Tax Payer Services), the Principal Chief Commissioner of Income Tax (CCA), New Delhi and other senior officers of the Income Tax Department.”

According to the Income Tax Department “The Taxpayers’ Lounge seeks to promote an environment of trust between the Department and the taxpayers as also to educate them about the initiatives taken by the Department in recent times. Keeping this objective in mind, various activities have been organised in the Taxpayers’ Lounge such as:”

i. Assistance in application for PAN/e-PAN, Aadhaar-PAN linking and PAN related queries.

ii. Assistance in e-Filing and Form 26AS (tax-credit) related queries.

iii. Providing Taxpayer Information Series brochures on various topics, available both in e-format and paper format.

iv. Virtual Reality Game and Video Car Game conveying the importance of paying Income Tax, to younger age-group visitors, in an engaging manner.

v. NukkadNatak, Quiz shows, Magic shows, live caricature drawing and drawing/painting competitions for children etc. on the themes of taxation and nation-building for the present and future taxpayers visiting the Trade Fair.

The Income Tax Department has also clarified that “The lounge will also be utilized for obtaining feedback about the problems being faced by the taxpayers. The lounge is, therefore, not only a focused outreach program but also a platform for exhibiting the service-oriented approach of the Department.”

However, taxpayers should be aware that during interactions in the Taxpayers’ Lounge, all COVID standards will be maintained strictly.

Story first published: Tuesday, November 16, 2021, 14:22 [IST]



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This Mid Cap Forgings Company Has A Buy Call By HDFC Securities For 23% Gains

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Q2FY22 financials:

Q2 revenue, at Rs16 billion, was up a healthy 82% YoY,

17% QoQ, as shipment tonnage came in at 57k (+40% YoY, 4% QoQ). Exports contribution was higher at 59% of sales vs 52% YoY. Despite firm steel prices, the EBIDTA margin came as a positive price at 30.2 percent, increasing 170 bps QoQ.

Key highlights:

Key highlights:

(1) Chip shortage slated to impact exports in the next quarter:

There is abundant backlog of Class 8 trucks, nonetheless exports shall be weak owing to chip scarcity that would likely be met in CY22E.

(2) Revenue from oil and gas segment saw a quarterly growth:

The oil & gas segment revenue ramped up further to Rs. 2 billion (vs. Rs. 1.7bn in Q1FY22). There is a view that increased focus on natural gas would benefit Bharat Forge in the medium term.

(2) Defense segment:

In the defense sector, the company’s focus remains on artillery guns, armoured vehicles, and mounted guns. The company has received orders for the vehicles and in respect of the Garuda 155 mm gun and the mounted guns- these are in advanced stage of development. The company targets to mop up 10 percent of revenue from the sector in the next 2 years.

(4) DFC to impact domestic CV segment: Management stated that commissioning of

DFC is impacting medium-term demand for MHCVs in India. This is partially offset by higher demand for ICVs due to ecommerce-led demand.

Key triggers for future price performance of Bharat Forge:

Key triggers for future price performance of Bharat Forge:

(1) Recovery in India infra spends

(2) Passing of the USD 500bn+ trillion

infra spend bill, which will increase demand for heavy equipment such as construction equipment, trucks, etc.

(3) Rramp-up in India defense – targeted to reach 10% of turnover in the next two years.

Valuations: “We reiterate Bharat Forge as our

preferred pick in CVs due to its global OEM base. We maintain BUY with a TP of INR 1,000 on 35x Sep-23 EPS (we roll forward our TP timeframe to Sep)”, says the brokerage.

Disclaimer:

Disclaimer:

The stock is picked from the brokerage report of HDFC Securities. 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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Kotak Mahindra Bank, PVR Cinemas launch co-branded movie debit card

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Kotak Mahindra Bank and PVR Cinemas on Tuesday launched a co-branded movie debit card.

“With the Kotak PVR Movie Debit Card, cardholders will receive joining vouchers and earn points on every transaction on the debit card at PVR and outside PVR as well, with no upper limit on the points earned,” they said in a statement, adding that points can be redeemed all year round on PVR movie tickets and on food and beverages at PVR.

Further, Kotak PVR debit cardholders will get automatically enrolled to the PVR Privilege Plus programme.

Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, “The first signs of recovery in the entertainment industry are visible with movie theatres reporting higher footfalls and eager audiences keen to experience big screen once again. We believe that this is just the right time to introduce the first-ever co-branded movie debit card in India, enabling us to serve a much larger segment of our customers who are avid movie-goers.”

“The launch of the card comes at the right time when the film exhibition sector is showing strong signals of revival with States relaxing restrictions and cinema enthusiasts resuming their movie going habits with the vibrant content pipeline being showcased at the cinemas,” said Gautam Dutta, CEO, PVR.

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This Stock To ‘Buy’ For 14.7% Upside, In 12 Months: HDFC Securities

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Target Price

The Current Market Price (CMP) of Dilip Buildcon is Rs. 629. The brokerage firm has estimated a Target Price for the stock at Rs. 722. Hence the stock is expected to give a 14.7% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 629
Target Price Rs. 722
1 year return 14.70%

Company performance

Company performance

Dilip Buildcon reported a revenue of Rs. 21.5bn (+12%/0% YoY/QoQ, 28% miss); while its EBITDA margin stood at 10.6%, contracted sharply, on account of under-absorption of fixed overheads and elevated raw material prices. HDFC states, “NHAI restriction on bidding lifted; OI of Rs. 80-100bn in FY22: The order book (OB), as of Sep-21, stood at Rs. 231bn, with Rs. 80-100bn expected in FY22. 47.15% of the OB is now road projects and this is likely to increase, following the lifting of restriction from bidding NHAI projects.”

Comments by HDFC Securities

Comments by HDFC Securities

The company has shown weak financial performances, and missed estimates. The company had faced slow execution in large projects. According to HDFC, “High commodity price volatility has led to price escalation coverage reducing to 50-60% in EPC projects and 40% in EPC HAM. We maintain BUY, however, given the margin pressure and cut our EPS along with TP to Rs. 722/sh.”

About the company

About the company

As one of the fastest-growing Engineering, Procurement, and Construction (EPC) company in India, DBL is aligning with India’s infra-growth vision. According to the company, “DBL’s success is enabled by its powerful execution capability, a proprietary fleet of 12,903 machinery and vehicles and its 37,793 employees using cutting edge technology and innovation, such as Drone Monitoring, GPS Monitoring and Safety Management.”

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of HDFC Securities. 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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ADB to provide USD 61 million loan for development projects in Agartala, BFSI News, ET BFSI

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The Central government has inked a pact with multilateral funding agency Asian Development Bank for USD 61 million (around Rs 454 crore) loan to fund development projects in Agartala, Tripura. The government and Asian Development Bank (ADB) have signed a USD 61 million loan to improve livability, harness technology and promote new developments to accommodate the expanding population in Agartala city while building the capacity of state agencies for improved service delivery, an official release said on Monday.

The loan agreement for the Agartala City Urban Development Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the government and Takeo Konishi, Country Director of ADB’s India Resident Mission.

The project is aligned to the vision of the government Smart City Mission to upgrade urban infrastructure services and will improve livability in Agartala with the provision of better road connectivity, flood resilient measures and making tourist places more attractive, Mishra said.

“Through this project, ADB will catalyse synergies with the smart city components being implemented in Agartala through an underground utility corridor with the shifting of electrical lines, incorporating elderly, women, children, and differently-abled responsive features, improving road geometry along with urban design interventions,” Konishi said

The provision of asset management and sustainability strategy, capacity-building of tourism operators and livelihood improvement of street vendors and artisans will serve as a model to other assets and tourist attractions in Agartala, and other cities in Tripura, he added.

The project will build and upgrade 48 kilometres of new or existing stormwater drainage and construct 23 km of climate-resilient urban roads.

It will also fund the renovation of open spaces and create water recreation and lakeside walkways in Maharaja Bir Bikram College Lake and Ujjayanta Palace — major tourist attractions in the city.

Developing Agartala’s central and north zones as models of area-based development following the principles of the smart city mission initiative is expected to have a ripple effect on other parts of the city and nearby cities and towns by making urban areas more livable, citizen-friendly, resilient, and sustainable, the release said.

(With PTI inputs)



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Ashwin Khorana joins Ujjivan Small Finance Bank as CIO, BFSI News, ET BFSI

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Veteran CIO, Ashwin Khorana has joined Ujjivan Small Finance Bank as CIO. With over three decades of experience, most of which has been in the BFSI sector, he has been instrumental in designing and strategizing the technology roadmap of some of the leading banks in India.

Most recently Khorana was a technology advisor and consultant CIO before joining Ujjivan Small Finance Bank. Prior to that he served as the CIO of Jana Small Finance Bank.

Khorana sees himself as a generalist across the entire financial technology landscape and a master of core areas. Combining his strategy strength with deep technology as well as strong domain expertise in the BFSI sector has made him among the top technology thought leaders in the sector.

Among the leading companies where Khorana has worked in a technology leadership role include Janalakshmi Financial Services, ING Vysya Bank (now Kotak Mahindra Bank) and Standard Chartered Bank among others.

Through his career Khorana has been involved in various Core Banking implementations and has handled solution delivery for Securities Services, CRM, Basel II, Customer Analytics, Credit and Debit Cards, Credit Risk, Payments, Internet Banking, eCommerce & digital initiatives.



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HDFC Bank to hold 2,000 workshops to prevent financial frauds, BFSI News, ET BFSI

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Largest private sector lender HDFC bank on Monday said it will be organising 2,000 workshops over the next four months for preventing financial frauds.

The campaign will tell the customers about ways to safeguard themselves against financial fraud, starting with not disclosing any information on banking details.

A special focus is being given to the youth segment, where the bank will be targeting Senior Secondary Schools and Colleges, so that the awareness is ingrained, as per an official statement.

“Digitalization offers customers unparalleled convenience and access to banking services. With these conveniences comes a lot of risks of cyber frauds as well. The fraudsters are constantly on the prowl looking out for gullible customers,” it’s managing director and chief executive Sashidhar Jagdishan said.

The second edition of the campaign titled ‘Mooh Band Rakho’ was launched by K. Rajeswara Rao, Special Secretary, NITI Aayog. Lt General Dr Rajesh Pant, National Cyber Security Co-ordinator, was also present.



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