RBI extends restrictions on Indian Mercantile Cooperative Bank till Oct 2023

Posted By: Aditya Gogoi Posted On: Jul 27, 2023
The validity of the RBI directions has been extended from time-to-time, the last being up to July 27, 2023 (Photo: Mint)

The Reserve Bank of India (RBI) Wednesday extended the validity of restrictions imposed on Indian Mercantile Cooperative Bank Lucknow (Uttar Pradesh) from the close of business on January 28, 2022 under Section 35A of the Banking Regulation till October 27, 2023. The validity of the directions has been extended from time-to-time, the last being up to July 27, 2023.

''The Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till October 27, 2023 as per the Directive DOR.MON.No.D45/12.28.007/2023-24 dated July 24, 2023, subject to review,'' said the central bank in its statement on July 26, 2023.

The banking regulator had in January 2022 imposed several restrictions on Indian Mercantile Cooperative Bank, Lucknow including a cap of ₹1 lakh on withdrawals.

The RBI had in January 2022 directions restricted the Indian Mercantile Cooperative Bank to grant or renew any loans and advances, make any investment without prior approval of RBI in writing. The banking regulator also directed the cooperative Bank not to incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction, without prior approval of RBI in writing.

In particular, a sum not exceeding ₹100,000 (Rupees one lakh only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above Reserve Bank directions.

Source: Live Mint
Related Posts: RBI,INDIAN MERCANTILE COOPERATIVE BANK,RBI RESTRICTIONS,WITHDRAWAL CAPS,BANKING REGULATION ACT 1949,SAVINGS BANK ACCOUNTG

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White Paper of Congress Govt Blames Previous BJP Regime's 'Fiscal Mismanagement' for Himachal's Debt Distress Published 44 minutes ago

Posted By: Anita Mamgai Posted On: Sep 22, 2023

With the Congress government in Himachal Pradesh presenting a white paper on the state's finances, an acrimonious exchange was witnessed between opposition and treasury benches in the assembly after the report indicated a grim fiscal health with the state's financial liabilities mounting to Rs 92,774 crore. The white paper was presented by deputy chief minister Mukesh Agnihotri.

Agnihotri read the report amid a charged atmosphere, while blaming the previous BJP regime for fiscal mismanagement and Himachal being ranked fifth in the country in raising loans. He said Rs 92,774 crore liabilities were left behind by the Jai Ram Thakur government, resulting in every child being born with a debt of Rs 1.02 lakh as compared to Rs 66,000 crore in 2017, till the Congress was in power.

He said Himachal Pradesh's debt when the BJP assumed power in 2017-18 was Rs 47,906 crore and with an increase of 12 per cent (Rs 2,874 crore) it has reached Rs 76,631 crore in 2023-24. “The financial health of the state is so grim that a sum of Rs 9,048 crore would be required to repay the loan (Rs 3,486 crore) and interest component (Rs 5,262 crore) in 2023-24,” he stated.

Agnihotri was confronted with repeated interruptions by leader of opposition Jai Ram Thakur and BJP MLAs who trouped to the well of the house twice, while accusing the government of presenting false and misleading data of only the BJP tenure to get political mileage.

Agnihotri said the BJP regime has made a record of indulging in wasteful expenditure, with no focus on resource generation or fiscal prudence, making a mockery of government spending. “The BJP is harming HP's interest as they have told the Centre to not give us funds as we implemented the old pension scheme,” he alleged. “It is after exhaustive examination of the reports of Reserve Bank of India (RBI), Comptroller and Auditor General (CAG), and the past budgets that we have come to the conclusion that it was because of the fiscal mismanagement by the previous BJP regime that today the total loan liabilities of the state have reached Rs 92,774 crore.”

The loan liability left behind by the BJP regime for 2022-23 was Rs 76,631 crores, he added.

Agnihotri alleged that the previous BJP government had misused a loan amount of Rs 16,261 crore raised in the last election year for holding party functions. “This loan amount was mis-utilised for organising functions like Amrit Mahotsav, Pragatisheel Himachal and Jan Manch for party campaigns with an eye on the assembly polls,” he remarked.

He said even now Rs 8.50 crore bills of the State Transport Corporation were pending as buses were used to ferry people for these functions used for party campaigns.

Source: News18
Related Posts: BJP,CONGRESS,HIMACHAL PRADESH,JAI RAM THAKUR,MUKESH AGNIHOTRI,RBI

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HDFC AMC gets RBI nod to acquire up to 9

Posted By: Preeti Dabar Posted On: Sep 21, 2023
The approval has been granted with reference to the application made by HDFC AMC to RBI.

The Reserve Bank of India (RBI) has approved HDFC AMC to acquire up to 9.5% of Karur Vysya Bank's share capital or voting rights, subject to conditions.

“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we advised that the Reserve Bank of India vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd. (HDFC AMC) for acquiring aggregate holding of up to 9.5% of the paid-up share capital or voting rights of The Karur Vysya Bank Ltd," Karur Vysya Bank said in a regulatory filing.

The approval has been granted with reference to the application made by HDFC AMC to RBI.

The aforesaid approval granted by RBI is subject to compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other guidelines, regulations, and statutes as applicable, it added.

HDFC AMC must ensure that the aggregate holding in the Bank does not exceed 9.5% of the paid-up share capital or voting rights of the Bank at all times. Further if the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the Bank, the bank said in the regulatory filing.

HDFC AMC gets RBI nod to acquire up to 9.5% stake in DCB Bank

In a separate filing, DCB Bank informed the exchanges that RBI has accorded its approval to HDFC AMC to acquire up to 9.5% of the paid-up share capital or voting rights of the Bank.

“We would like to inform you that the Bank has received an intimation from RBI on September 20, 2023, that it has accorded its approval to HDFC Asset Management Company Limited (“AMC") to acquire aggregate holding of up to 9.5% of the paid-up share capital or voting rights of the Bank," DCB Bank informed the exchanges.

The central bank has advised HDFC AMC to acquire a stake in the Bank within 1 year from the approval date.

AMC has been advised by the RBI to acquire the aforesaid major shareholding in the Bank within a period of one year from the date of approval. If AMC fails to acquire major shareholding within the stipulated period, the approval granted by the RBI shall stand cancelled. Further, AMC must ensure that the aggregate holding in the Bank does not exceed 9.5% of the paid-up share capital or voting rights of the Bank at all times, it added.

HDFC Asset Management Company reported a 52% jump in profit for the first quarter of FY24 with average assets under management growing to ₹4.86 lakh crore. The company serves a mutual fund customer base of 71 lakh individuals, with a total of 122 lakh live accounts.

Source: Live Mint
Related Posts: HDFC AMC,KARUR VYSYA BANK,RBI

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HDFC Bank’s Jagdishan gets 3-year extension

Posted By: Jogendra Kumar Posted On: Sep 20, 2023
Sashidhar Jagdishan, MD & CEO, HDFC Bank.

MUMBAI : The Reserve Bank of India has approved the reappointment of Sashidhar Jagdishan as HDFC Bank managing director and chief executive officer for three more years till 26 October 2026, the bank said in a regulatory filing.

Jagdishan joined the bank in 1996 as a manager in the finance function and became business head of finance in 1999. He was later appointed chief financial officer in 2008. Prior to his appointment as CEO in October 2020, he was the group head of the bank in addition to overseeing the functions of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.

Jagdishan has an overall experience of over 31 years and has completed his graduation in science with a specialization in physics. He is a chartered accountant by profession and holds a Master's degree in economics of money, banking and finance from the University of Sheffield, UK.

In his message to shareholders earlier this year, Jagdishan flagged funding as a risk. He had also raised concerns that the merger with HDFC Ltd may impact the bank's net interest margins due to the higher proportion of the low-interest-yielding housing loans added.

Jagdishan had said that the same will be visible from the results for the September quarter itself.

Following the merger with HDFC in July, Jagdishan, however, said the country's largest lender aims to double every four years. In a letter to the over 4,000 employees from HDFC who joined the bank's rolls on 1 July, Jagdishan said the future is bright.

“The runway for financial services and mortgage, which are so underserved and underpenetrated, is going to be very large. HDFC Bank - the combined entity - with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality and profitability, will be best positioned to capture growth. The pace at which we aim to grow - we could be creating a new HDFC Bank every four years," he had said.

Source: Live Mint
Related Posts: SASHIDHAR JAGDISHAN,HDFC BANK,RBI,SASHIDHAR JAGDISHAN EXTENSION

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RBI imposes monetary penalty on four co-operative banks

Posted By: Jogendra Kumar Posted On: Sep 19, 2023
RBI imposes monetary penalty on four co-operative banks (Photo: Mint)

The Reserve Bank has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: Lalbaug Co-operative Bank Ltd, The Co-operative Bank of Mehsana Ltd, The Harij Nagrik Sahakari Bank Ltd and The National Co-operative Bank Ltd.

The Reserve Bank imposed a monetary penalty of ₹5.00 lakh on Lalbaug Co-operative Bank Ltd., Vadodara, Gujarat for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016'.

The RBI said the bank had not only breached prudential inter-bank (gross) exposure limit, but also breached prudential inter-bank counter-party exposure limit, and failed to pay interest on overdue recurring and term deposits from the date of maturity till the date of repayment at the applicable rate.

A monetary penalty of ₹3.50 lakh was imposed on The Co-operative Bank of Mehsana Ltd., Mehsana, Gujarat for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors, relatives and firms or concerns in which they are Interested' read with ‘Loans and Advances to Directors etc. - Directors as surety or guarantors – Clarification' and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)'.

The bank had sanctioned loans where relative of one of the directors of the bank stood as guarantor, and had also breached inter-bank counterparty exposure limit, the banking regulator said.

The apex bank imposed a monetary penalty of ₹3.00 Lakh on The Harij Nagrik Sahakari Bank Ltd., Harij, Gujarat for non-compliance with the directions issued by RBI on ‘Maintenance of Cash Reserve Ratio (CRR)', ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)', and ‘Interest Rate on Deposits - Directions, 2016'.

The RBI said the bank had failed to maintain minimum Cash Reserve Ratio (CRR) for few days, and breached inter-bank counter-party exposure limit. RBI further said the bank failed to make payment of applicable interest on deposits lying in the current accounts of deceased individual depositors or sole proprietorship concerns.

The RBI imposed a monetary penalty of ₹1.00 lakh on The National Co-operative Bank Ltd., Mumbai, Maharashtra for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts-Primary (Urban) Co-operative Banks'. The bank had not conducted annual review of inoperative accounts, the RBI added.

The actions of Reserve Bank was based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with its customers.

Source: Live Mint
Related Posts: RBI,CO-OPERATIVE BANKS,MONETARY PENALTY,LALBAUG CO-OPERATIVE BANK LTD,THE CO-OPERATIVE BANK OF MEHSANA LTD,THE HARIJ NAGRIK SAHAKARI BANK LTD,THE NATIONAL CO-OPERATIVE BANK LTD

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NBFCs relying more on bank loans

Posted By: Tarun Kumar Posted On: Sep 19, 2023
Reserve Bank of India headquarters, in Mumbai. (PTI)

Mumbai: Domestic non-banking financial companies (NBFCs), especially those in the upper-layer category, are increasingly relying on bank borrowings as their primary source of funding, according to an analysis in Reserve Bank of India (RBI)’s September bulletin.

RBI regulations classify the NBFCs into four layers based on the size, activity and perceived risks. The upper layer comprises prominent names like Tata Sons, LIC Housing Finance and Shriram Finance, according to a recent RBI notification.

NBFCs primarily finance their operations through a mix of market borrowing and bank loans, constituting around 75% of total borrowings. According to the analysis, the substantial reliance on banks makes them the largest net borrowers, thus intricately linking them to the broader financial system.

The article pertains to the sector's performance during the 2022-23 period, up to Q3.

Although there were 9,443 RBI-registered NBFCs as of 31 March, the analysis is based on a sample of 205 firms that regularly submitted returns for all quarters from December 2020 to December 2022. “During the assessment period, NBFCs' reliance on banks increased steadily due to (the) low interest environment and lag monetary policy transmission," the article said.

The banks' share in aggregate NBFC borrowings rose to 35.1% last December, against 29.7% in December 2020, the data cited showed.

While the article was written by RBI officials, it had the usual disclaimer that the views expressed are those of authors and do not reflect the views of the organization. “A deeper analysis highlights the banks' preference in lending to NBFCs in the upper layer."

Direct bank borrowings by the upper-layer NBFCs grew steadily in recent quarters, accounting for nearly half of the total borrowings at the end of December 2022. Those in the middle layer relied more on debentures, although their bank borrowings also grew in recent times. Besides, upper-layer NBFCs seem to be more successful in raising short-term debt through commercial papers (CP), it said.

According to the analysis, banks are also key subscribers of the debenture and commercial paper issuances by NBFCs. Therefore, the exposure to the NBFC sector is higher than the quantum indicated by direct lending, it said. “Banks' exposure to NBFC-UL (upper layer) in particular has been steadily rising, primarily due to a steep growth in their direct lending to these NBFCs in 2022-23 (up to December 2022). Bank subscription to debenture and CP issuances of NBFC-UL are also growing at a robust pace, and reflect banks' preference for instruments of bigger NBFCs, which in general have strong parentage and are under enhanced regulation."

The debenture issuances of NBFCs are also subscribed by other market participants such as mutual funds, insurers, retail investors and pension funds. “Going forward, NBFCs need to diversify their funding sources, to reduce excessive reliance on bank borrowings," the article said.

“They need to develop strong governance and risk management standards and be more vigilant about cybercrimes, as the growing digital lending space offers huge opportunities, but also presents novel challenges," it added.

A scale-based analysis of the credit allocation by the authors of the article found NBFCs in the upper layer provide a major chunk of their loans to retail borrowers, while those in the middle layer provided a large chunk to the industry. Government NBFCs that fall in the middle layer are large providers of credit to the infrastructure segment of industries, it said.

Source: Live Mint
Related Posts: RBI,NBFCS,SHRIRAM FINANCE,TATA SONS,LIC HOUSING FINANCE,SEPTEMBER BULLETIN

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RBI Issues Revised Norms For Classification

Posted By: Jaydatt Chaudhary Posted On: Sep 13, 2023

The RBI on Tuesday issued revised norms for classification, valuation, and operation of investment portfolios of commercial banks, aligning them with global standards and best practices.

The revised ‘Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023′ will be applicable from April 1, 2024, to all Commercial Banks excluding Regional Rural Banks.

The revised directions include principle-based classification of investment portfolio, tightening of regulations around transfers to/from held to maturity (HTM) category and sales out of HTM, inclusion of non-SLR (statutory liquidity ratio) securities in HTM subject to fulfilment of certain conditions and symmetric recognition of gains and losses.

As per the revised norms, banks will have to classify their entire investment portfolio under three categories — Held to Maturity (HTM), Available for Sale (AFS) and Fair Value through Profit and Loss (FVTPL).

“Held for Trading (HFT) shall be a separate investment subcategory within FVTPL. The category of the investment shall be decided by the bank before or at the time of acquisition and this decision shall be properly documented," the Reserve Bank said.

Banks are currently required to follow regulatory guidelines on classification and valuation of investment portfolio, which are based on framework issued in October 2000 drawing upon the then prevailing global standards and best practices.

In view of the significant development in global financial reporting standards, the linkages with the capital adequacy framework as well as progress in the domestic financial markets, revised regulatory framework for the investment portfolio has been issued, the RBI said.

The directions, it said are expected to enhance the quality of banks' financial reporting, improve disclosures, provide a fillip to the corporate bond market, facilitate the use of derivatives for hedging, and strengthen the overall risk management framework of banks.

Source: News18
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Margot Robbie

Posted By: Vishal Maurya Posted On: Sep 12, 2023
The movie follows Barbie as she lives her everyday life with Ken in the fictional world of Barbieland.

Good news for all the OTT viewers who were keenly waiting to watch Barbie at home with their friends and family. Greta Gerwig's box office blockbuster is available on OTT. The movie can be watched on rent on Prime Video for ₹500. The biggest film of the year stars Margot Robbie and Ryan Gosling as the Mattel dolls, Barbie and Ken.

Despite facing a tough competition from Nolan's Oppenheimer, Barbie earned a massive success at box office. The two movies also created a phenomenon named Barbenheimer.

The news of Barbie's relese on OTT was shared by Pime Video on its social media accounts.

"Did we hear you say hi barbie? Barbie now available on #PrimeVideoStore, rent now," said the caption of Prime VIdeo's post on instagram.

Barbie 

The movie was directed by Greta Gerwig and earned her the title of first solo female director to earn $1 billion from film at global box office. The movie also features actors like America Ferrera, Simu Liu, Dua Lipa, Emerald Fennell, Issa Rae, Kate McKinnon, Michael Cera and Will Ferrell. The movie's story revolves around the lead roles, Barbie and Ken, who were expelled from their world, ‘Barbie Land'. Later, the story focuses on their journey to the real world.

Source: Live Mint
Related Posts: BARBIE,BARBIE ON OT,MARGOT ROBBIE,RYAN GOSLING,WHERE TO WATCH BARBIE,PRIME VIDEO,AMAZON PRIME VIDEO

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RBI Approves Reappointment of Sandeep Bakhshi as ICICI Bank MD for 3 Years Published 24 minutes ago

Posted By: Jogendra Kumar Posted On: Sep 12, 2023

Private sector ICICI Bank on Monday said the RBI has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO of the private lender for three years.

The reappointment of Bakhshi will be effective from October 4, 2023, till October 3, 2026, ICICI Bank said in a regulatory filing.

The bank's shareholders have already approved the appointment of Bakhshi for three more years, it added.

.

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Source: News18
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