Strict NPA rules for NBFCs: Experts analyse impact on industry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) has tightened asset classification norms for non-banking financial companies (NBCFs), which brings them on par with banks. 

Two rules will change for NBFCs. One, the nonperforming asset (NPA) classification should be as of end-of-day and not the month. And second, if an account has to be upgraded from NPA to standard, all the arrears should be paid and not just a part of it.

The aim of the RBI circular is harmonisation, that is, the same set of rules should apply to both banks and NBFCs. 

To understand how the new rules will impact NBFCs, CNBC-TV18 caught up with YS Chakravarti, MD and CEO, Shriram City Union Finance, Deepak Shenoy, founder, Capitalmind and Vikas Khemani, founder, Carnelian Capital Advisors.

When asked if this would mean a one-time rise in GNPAs for some NBFCs, Chakravarti said, as far as Shriram City Union Finance is concerned, the firm has always followed the ‘once an NPA always an NPA rule’, so up-gradation is not an issue because it actually follows the same rule that RBI has specified.

“Probably on the daily admission of the NPA problem, we may have an impact, but it will be marginal. We are still working on it but it would be about Rs 60 to 70 crores of impact. On the provisioning and on P&L, there would be no impact,” he said.

When asked if his company would follow the exact due date or the month that is taken into consideration, Chakravarti said it is as per month and the impact would be between Rs 60 to 70 crore as on the GNPAs. They have more than adequate provisioning, he added.

Also Read: Explained: RBI rule limiting IPO funding by NBFCs to Rs 1 crore per borrower and the implications

Meanwhile, Shenoy said the industry has complained, in general. “If you are on the other side of the equation, for instance, securitized loans, when banks buy them from NBFCs, they uncover a few practices that are not followed by banks but are followed by NBFCs. Like for instance, the quarter-end rule, which sometimes gives 180 days because the loan comes due in the first week of say April, they get 90 days from the end of June technically but now it has been clarified, it is going to be 90 days from the due date of the loan. So this will change,” he explained.

He also pointed to several other practices like cheque bouncing when it is presented when the person does not have a balance towards the end of the quarter. It bounces but the bounce impact only happens at the beginning of the next quarter. So technically, it is not an NPA. This is a bad practice, but it has been found and identified in certain audit cases as well, Shenoy said.

According to Shenoy, the new rules are a good step to reduce misreporting of NPAs but it will have an impact, which the companies will exactly find out next year because it is only applicable from March 2022.

Khemani termed it a good measure by RBI but not something game-changing. It can have only a one-time impact, he said, adding that it has been done at a time of economic recovery and NBFCs have been given a time frame to come around until March 22. “I don’t think it will really have a major impact on the industry,” he said. 

For the full discussion, watch the accompanying video

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Modi govt will reopen Kartarpur Sahib Corridor from November 17, says Amit Shah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Narendra Modi government has decided to re-open Kartarpur Sahib Corridor from November 17, said Union Home Minister Amit Shah.

“In a major decision that will benefit large numbers of Sikh pilgrims, the government has decided to re-open Kartarpur Sahib Corridor from tomorrow, November 17. This decision reflects the immense reverence of the Modi government towards Shri Guru Nanak Dev Ji and our Sikh community,” tweeted Shah.

The Kartarpur corridor links Gurdwara Darbar Sahib in Pakistan, the final resting place of Sikhism founder Guru Nanak Dev, to Dera Baba Nanak shrine in Punjab’s Gurdaspur district.

Shah said the nation is all set to celebrate the Prakash Utsav of Shri Guru Nanak Dev ji on November 19 and he was confident that this move will further “boost the joy and happiness across the country”.

The copy will be updated soon.

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Semiconductor chip shortage issue now in the rearview mirror, says Morgan Stanley; auto stocks surge 3%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It seems like the worst of the semiconductor shortage issue is behind auto companies globally. Morgan Stanley released a note on Monday stating that the auto chip shortage issue is now in the rearview mirror.

The report finds that the Malaysian fabrication plants are back to 100 percent and that in Asia, there is a pent up demand for server shipments. These are being released and this should give a boost to the automobile industry which is already seeing car production starting to recover.

Passenger vehicle wholesales in India declined by 27 percent year-on-year in October with semiconductor shortage hitting production of automobile manufacturers, according to the auto industry body SIAM.

The report comes as a light at the end of the tunnel for the auto industry which has till now been voicing concerns of the prolonging shortage.

The auto stocks, at the time of publishing, are outperforming the benchmark indices, which are trading flat. The Nifty Auto is up 3 percent compared to the Nifty50 which is down 0.01 percent.

Large global automakers like Toyota have said that they are progressively narrowing the production cuts. The Volkswagen CEO has also echoed a similar view a few days back saying that the chip supply problem is easing now.

Also Read: M&M to invest Rs 3,000 cr in EV market over next 2-3 years; expects chip shortage issue to resolve soon

Even in the local carmakers, the OEMs have indicated that the worst of the chip shortage is behind them and it could take at best 3-4 months for the issue to be over.

Watch the accompanying video of CNBC-TV18’s Sonia Shenoy for more details.

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Asian Paints confirms 4-6% price hike from Dec; stock up over 1%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian Paints on Tuesday confirmed it is taking a price hike of about 4 to 6 percent starting December 5. The paintmaker had earlier hiked the prices by 8-9 percent with effect from November 12. So far, it has taken a cumulative price hike of about 15-16 percent this year.

Following a weak second quarter, Asian Paints said high raw material inflation will push the pace of price hikes.

Asian Paints’ managing director and chief executive officer Amit Syngle had told CNBC-TV18 an inflation trend was seen across the set of raw materials that are critical to the entire paint industry.

“Overall, we have taken almost a 7.5 percent increase over quarter one and quarter two, which itself is fairly high. Given the gap between what the inflation is now, the pace of the price increases will have to go up to that extent. And even some of the quantum because this is something that we need to get into control fast, as an industry leader,” he had said after the second-quarter result.

Asian Paint’s stock rallied over 1 percent on the day the price hike was confirmed. At 12:55 pm, the shares of the paintmaker were trading 0.22 percent higher at Rs 3,175 on the BSE.

The stock has dipped nearly 2 percent over a period of one month.

Earlier in October, most analysts, positive on the price hikes, said the passing on of higher costs to the end consumer should help the paint companies counter recent inflation at least for now. But not many were bullish on the sector as a whole amid alarming valuations.

When Asian Paints had taken the last price hike, financial services firm Nomura had said the hike was larger than the cumulative increases in the past six months.

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US updates travel advisory to citizens; urges not to travel to India-Pakistan border due to crime, terrorism

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US has issued a level two and three travel advisories for India and Pakistan, saying while American citizens are urged to reconsider travel to Pakistan due to terrorism and sectarian violence, those going to India must exercise increased caution due to crime and terrorism. In its advisory issued on Monday for India, the US State Department urged US citizens not to travel to Jammu and Kashmir due to terrorism and civil unrest, and also within 10 kilometres of the India-Pakistan border due to the potential for armed conflict.

“Indian authorities report rape is one of the fastest-growing crimes in India. Violent crimes, such as sexual assault, has occurred at tourist sites and in other locations,” it said. Terrorists may attack with little or no warning, targeting tourist locations, transportation hubs, markets/shopping malls, and government facilities, it said.

The US government has limited ability to provide emergency services to US citizens in rural areas from eastern Maharashtra and northern Telangana through western West Bengal as US government employees must obtain special authorisation to travel to these areas, the notice said. The department in its advisory for Pakistan urged US citizens not to travel to Balochistan province and Khyber Pakhtunkhwa (KPK) province, including the former Federally Administered Tribal Areas (FATA), due to terrorism and kidnapping, and also in the immediate vicinity of the Line of Control due to terrorism and the potential for armed conflict.

“Terrorist groups continue plotting attacks in Pakistan. A local history of terrorism and ongoing ideological aspirations of violence by extremist elements have led to indiscriminate attacks on civilians as well as local military and police targets,” it said. “Terrorists may attack with little or no warning, targeting transportation hubs, markets, shopping malls, military installations, airports, universities, tourist locations, schools, hospitals, places of worship, and government facilities,” it said.

Terrorists have targeted US diplomats and diplomatic facilities in the past, the advisory on Pakistan said. Pakistan’s security environment has improved since 2014 when Pakistani security forces undertook concerted counter-terrorist and counter militant operations. There are greater security resources and infrastructure in the major cities, particularly Islamabad, and security forces in these areas may be more readily able to respond to an emergency compared to other areas of the country. While threats still exist, terrorist attacks are rare in Islamabad, the advisory said.

The US government has limited ability to provide emergency services to US citizens in Pakistan due to the security environment, it said. Indo-Pak relations deteriorated after India announced withdrawing special powers of Jammu and Kashmir and bifurcation of the state into two union territories in August 2019. The move angered Pakistan, which downgraded diplomatic ties with India and expelled the Indian High Commissioner in Islamabad.

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View: Paintmakers and the problem of rising input costs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Crude oil prices affect the decorative paints business more than any other. That is because it is a raw material-intensive industry. The manufacturing of paints requires more than 300 items, most of being petroleum-based. Rising crude oil rates also raise the cost of production of items such as titanium dioxide, a key ingredient for white paints.

Over the last few quarters, the paints industry has been feeling the pinch in terms of operating margins. High crude oil prices have resulted in a sharp increase in the prices of raw material, which accounts for 55-60 percent of the costs. Several price hikes earlier this year have also not entirely offset impact of high inflation in raw material.

Although the problem of higher crude prices may seem temporary, it does not end there. There is also trouble sourcing items like tinplate, a material used to make metal cans that store the paint. Due to delayed shipments and non-availability of containers and vessels, there has been a shortage of tinplate, leading to a sharp uptick in paint packaging prices.

India’s paint sector is neither new nor unpenetrated. Yet it enjoys the kind of favour among investors like few other sectors do. Why? The answer is the top paint makers’ consistency, profitability and sustained wealth creation.

Top five players in the organised paint market corner 90 percent of the paint revenue in India. Of this, 77 percent of the revenue comes from the decorative paints segment.

ALSO READ Right time to buy paint stocks?

For the country’s Rs 53,000-crore paint industry, new opportunities have also opened up with products such as building chemicals, adhesives, wall putties and wood polish finishes now being distributed through the same network. These segments contribute less than 5-10 percent to revenue but help players in the decorative segment offer more solutions in the home decor space.

Asian Paints said in its latest post-earnings conference call that it had not seen the kind of current input inflation in the past 40 years. To counter this problem and avert the impact of price hikes on volume, the company has added 40,000 retail touch points in 18 months. Asian Paints may be able to tide over the inflation problem with its supply chain expertise. But the question is: can other paint companies also do it?

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The prospect of big profits in the Indian paint sector is alluring. While JSW is already in the business for the past two years, Grasim will be setting up its first paint unit, in Haryana. Also, existing players like Indigo Paints, which recently listed its shares on Dalal Street, are using their innovative strategy to gain market share.

So, the true colour of India’s best paint companies lies in their ability to tide over volume and margin concerns with supply chain efficiencies. Buying other players in the sector could be fraught with risk if the cost concerns linger.

–Tanushree Banerjee is Co-Head of Research at Equitymaster. The views expressed in the article are her own.

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PB Fintech shares extend rally a day after market debut, rise nearly 18%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of PB Fintech, the parent company of PolicyBazaar and PaisaBazaar, continued their upward move for the second day, surging as much as 18 percent, a day after listing.

On the Bombay Stock Exchange (BSE), the company’s shares rose as much as 17.93 percent to an intraday high of Rs 1,418.60 apiece. On the National Stock Exchange (NSE), PB Fintech’s shares advanced to Rs 1,418.40 apiece intraday, up 17.97 percent.

At 12:13 pm, PB Fintech’s shares were trading 13.60 percent higher at Rs 1,366.55 apiece on the BSE. The benchmark Sensex index was 0.15 percent down at that time.

On Monday, the stock was listed with a premium of nearly 17 percent on its issue price of Rs 980. It made its debut at Rs 1,150 on both the BSE and NSE.

It gained as much as 27.44 percent to touch Rs 1,249 during the day on the BSE but pared some gains to close at Rs 1,202.90. On the NSE, it gained 22.61 percent to close at Rs 1,201.60.

In volume terms, 12.93 lakh shares were traded on the BSE and over 3.63 crore shares were traded on the NSE on Monday. The initial public offer of PB Fintech Limited was subscribed 16.59 times earlier this month.

Price range for the Rs 5,710-crore offer was Rs 940-980 per share. PB Fintech commanded a market valuation of Rs 54,070.33 crore on the BSE.

-With PTI inputs

Also, catch all the latest market actions and updates with CNBC-TV18.com blog

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Storyboard18 | Booze, Binge, Hoarding, James Bond, Durex, Mercedes, The Last Supper, Meta

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The author Graham Greene liked to play practical jokes. One favourite was to look up a Greene in the telephone directory, call them up, and then proceed to verbally abuse the other party for their moral turpitude. They couldn’t deny they were Mr Greene but only weakly responded they weren’t ‘that Mr Greene’.

There are five traditional kinds of English surnames, patronymics such as Harrison and matronymics such as Maude, trade names such as Fletcher, place names like Crosby and nicknames like Hillman. The uncommonest name was the one and only Leone Sextus Denys Oswolf Fraduati Tollemache-Tollemache-de-Orellana Plantagenet-Tollemache-Tollemache.

Names influence perceptions of who and what you are. Hollywood realised that glamour could be enhanced by a change of name. Judge Learned Hand (yes!) granted permission for Shmuel Gelbfisz (who called himself Samuel Goldfish) to legally change to Samuel Goldwyn. Goldwyn was created by combining the names of Goldfish and Selwyn, a fellow director. Maurice Micklewhite called himself Michael Scott, a suitable name, he felt, for a young man aspiring to be a young actor. In a phone box in Leicester Square talking to his agent, he heard that there was an audition, but couldn’t apply as his stage name was apparently shared with another actor. He had, his agent said, to think of another name-immediately. Looking out of the phone box he saw the cinema opposite was showing Caine Mutiny. That was that – Michael Caine was born. The painter Diego María Concepción Juan Nepomuceno Estanislao de la Rivera y Barrientos Acosta y Rodríguez recognised the problem and settled for Diego Rivera.

Hokusai opted for mood rather than simplicity and chose a name according to how he felt. During his life he changed it at least thirty times! Keats, on his deathbed in Rome, aged only 25, asked that his gravestone should merely carry the epitaph: ‘Here lies one whose name was writ in water.’

The nomenclator was the Roman slave who announced the names of arriving guests. Nowadays new products are introduced by advertising. Perhaps X cues mystery or sophistication and hence we have Timex, Rolex, Amex and Exxon! A lady, sitting next to Raymond Loewy at a dinner, inquired why he had put two Xs in Exxon. She said she couldn’t help noticing that, Loewy responded – “Well, that’s the answer!”

Ian Fleming, writing at Goldeneye, his house in Jamaica, borrowed the name for his hero from a publication on his bookshelf. James Bond was the author of the book ‘West Indian Birds.’

It was simple where commerce was concerned. If you were Ford,your company was called Ford, Mr Boot was a chemist and Mr Cessna sold planes. If you didn’t use your own name you usually decided on something like General Electric, or invented or borrowed a name. Odeon cinemas, the company says, was coined from the slogan ‘Oscar Deutsch Entertains Our Nation’, and Esso was derived from S.O. – the initials of Standard Oil.

Names could have varied origins. Polystyrene, Polyvinyl and Polyethylene were the result of modern chemistry. Betty Crocker was the boss’ secretary. Maxwell House is a hotel in Nashville with a reputation for good coffee. Ayn Rand, author of The Fountainhead, was born Alisa Rosenbaum. She took her Christian name from a favourite Finnish author and her surname from her Remington Rand typewriter. The Mercedes automobile owes its name to the eponymous daughter.

Giacomo Balla, the Italian futurist painter, was so fascinated by speed that he even called one of his daughters propellor (Elica). Art director Art Black named his son Matt. Maverick graphic designer Tibor Kalman named his son Alex Onomatopoeia and named his daughter Lulu Bodoni after the 18th century typeface designed by Giambattista Bodoni.

Eliza Marchpane, born in Stepney in 1760, was a famous courtesan who travelled the courts of Europe. When in Vienna, she developed a passion for a sweetmeat made of sugar and crushed almonds. Returning to London she adopted the title of Marquise de Marzipan, and made the confection universally known. The Minnesota Mining and Manufacturing Company called itself 3M and its lead product Scotch.

The chairman of the London Rubber Company, pondering over a name for his new product while on a train from London to Southend in 1929, is reputed to have startled fellow passengers by suddenly leaping to his feet exclaiming: ‘Durex! That’s the name!’ The official line is that the name is a combination of Durability and Excellence.

L. Frank Baum, author of The Land of Oz, took the title from the letters 0-Z on a filing cabinet, and similarly George Lucas, at a loss as to what to call his astromech droid in Star Wars, noticed the code R2-D2 on a box containing soundtrack from the film American Graffiti.

Naming is powerful as it can give a status independent of function. Veronese got into trouble with the Inquisition over his painting of The Last Supper and was ordered to repaint elements they thought blasphemous, within a month and at his own expense. It was a large canvas. He thought of a simpler remedy and merely changed the title. Apparently, that satisfied them.

The Earl of Sandwich couldn’t bear to leave the card table and had his meal between slices of bread. Ludwig Doberman, a tax collector in Germany in the 1880s, developed a fierce breed of dogs to protect him while collecting taxes.
Domenico Comma invented the punctuation mark. Matthias Easel was an indifferent painter with a talent for carpentry. Sir Samuel Hoarding erected screens for public advertising alongside the new railway lines whilst E.C. Booze was an illicit distiller. Sir Oswald Binge was infamous for the scale and duration of his drinking bouts.

Subaltern Snooker played billiards so badly that his name became synonymous with a new game. Why Badminton House in Gloucestershire belonging to the Duke of Beaufort lent its name to the sport isn’t known. A German cartographer, for reasons best known to himself, translated the first name of transatlantic voyager Amerigo Vespucci into Latin and called the new land America.

Recently, for reasons widely speculated, Facebook decided to change its name to Meta. End of story. Enough said!

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FAQ: What is Jeevan Pramaan? Are you eligible to avail life certificate? All your queries answered here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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All government pensioners need to submit Jeevan Pramaan Patra to receive a pension without any breaks. It is a biometric-enabled Aadhaar-based Digital Life Certificate for pensioners.

The digital life certificate acts as proof that the pensioner is still alive. The certificate has to be shown before an authorised pension distributor or agency, after which the pension is credited to their account.

As the last date for submitting the Jeevan Pramaan Patra is November 30 this year, here are some important questions answered.

What are the necessary documents to generate Jeevan Pramaan?

The Pensioner has to provide Aadhaar Number, Name, Mobile Number and self declared Pension Related Information like PPO Number, Pension Account number, Bank details, Name of Pension Sanctioning Authority, Pension Disbursing Authority, etc. The pensioner has to also provide his/her biometrics either Iris or Fingerprint.

Who is eligible for Jeevan Pramaan?

A pensioner whose Pension Sanctioning Authority (PSA) is onboarded on to Jeevan Pramaan is eligible for Jeevan Pramaan.

Also read | Jeevan Pramaan Patra: Here’s a step-by-step guide on obtaining life certificate

Who is not eligible for Jeevan Pramaan?

A pensioner who is re-employed or re-married is not eligible to make Jeevan Pramaan. They are required to submit the Life Certificate the conventional way to their Pension Disbursing Authority.

Is the Pramaan ID/Jeevan Pramaan valid for life?

The Pramaan ID/Jeevan Pramaan is not valid for life. The validity period is as per rules specified by the Pension Sanctioning Authority. Once the validity period is over, a new Jeevan Pramaan Certificate needs to be obtained.

Also read | Last date to submit Jeevan Pramaan Patra nears; here’s how you can do it without visiting banks

How can one know whether the Digital Life Certificate has been accepted or rejected?

One needs to download the DLC from the https://jeevanpramaan.gov.in portal to know the status.

What should one do if Jeevan Pramaan is rejected?

One needs to contact Pension Disbursing Agency. Jeevan Pramaan is rejected in case wrong particulars are provided by pensioner while generating the digital life certificate. A new Jeevan Pramaan is to be generated by providing all correct information and biometrics.

Also read | How to submit life certificate using SBI’s video call facility

Is Aadhaar number mandatory to generate Jeevan Pramaan?

Yes, Aadhaar number or VID is a must for generating/obtaining the Jeevan Pramaan.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow