Tag: banks

Why Vetri Subramaniam remains positive on BFSI amid tightening regulations

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

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Vetri Subramaniam, Chief Investment Officer at UTI AMC, maintains a positive outlook on the banking and financial services sector, despite the Reserve Bank of India’s tighter regulations casting a shadow over the industry’s sentiment.

“My larger call on banks and the financial sector would remain that these are some of the best balance sheets that we have seen in the banking sector in many years (pretty much 20 years),” he said.

While there can be stock-specific setbacks, but those can be handled with diversification, he said. “I would still be quite positive about the banking sector in terms of potential – not just outperformance but absolute returns over a two-year perspective.”

Also Read | RBI plans curbs on suspect bank accounts to fight cyber fraud: Report

Discussing about his expectations on corporate earnings, Subramaniam said the focus for the current financial year (FY25) will be on volume growth. FY24 earnings were more margin led and the best of the margin is now behind us.

Also Read | Microsoft sales, profit beat expectations on AI demand; Stock jumps 5% afterhours

The global picture, he says, could be more tricky as there has been a very big shift in the kind of expectations for interest rate policy by the US Federal Reserve.

“At the start of the year, people were thinking about 5-6 rate cuts by the US Fed and now people are talking about the possibility that the next move by the Fed might be up rather than down,” he said.

According to Subramaniam, Indian IT companies are some of the most globally competitive companies.

The kind of capex that has been seen in the US tech signals better times ahead for the Indian IT sector.

“Into any kind of weakness or bad news – that is when you get valuations which are more attractive, I would be pretty happy to look at the IT sector,” he added.

For more, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

Long weekend cancelled for tax dept, market closed, banks open on March 30: How to plan your tax work?

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

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As the financial year 2023-24 draws to a close, individuals must be preparing for several tax-related work. However, this year poses a unique situation with March 31 falling on a Sunday, and the preceding days comprising a long weekend due to Good Friday falling on March 29.

Despite this, the Income-Tax department has announced that it will not be observing this long weekend and will remain operational from March 29 to March 31 to facilitate the completion of pending tax-related tasks.

This decision comes as a relief for many taxpayers who might have been concerned about the limited timeframe to address any pending tax matters.

With March 31 being the deadline for various tax-related activities, including filing updated income tax returns (ITR-U) for the assessment year 2021-22 and making tax-saving investments, the extended working days will provide individuals with the opportunity to meet these obligations without undue stress.

However, with the stock market set to be closed during this long weekend, investors should adjust their trading strategies accordingly.

Additionally, banks will be open on Saturday, March 30, marking the fifth Saturday of the month, allowing individuals to carry out any necessary banking transactions.

March deadline also holds significance for those required to deduct tax at source (TDS) as they must file challan statements for tax deducted under specified sections for February by March 30.

Individuals filing updated income tax returns for FY20-21 must use the ITR forms notified for the respective assessment year along with the newly introduced form ITR-U.

Electronic filing is mandatory for them, with options for using Digital Signature Certificates (DSC) or Electronic Verification Codes (EVC), depending on the taxpayer’s category.

Before delving into tax-saving investments, it’s paramount for taxpayers to estimate their tax liability.

This involves factoring in unavoidable investments or payments eligible for tax deductions, such as EPF contributions, repayment of home loan principal and interest, NPS contributions within the salary package, term insurance plans, and HRA deductions.

Salaried individuals should carefully assess which tax regime — old or new — best suits their financial profile and invest accordingly.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

RBI is lifting curbs on forex non-deliverable forward arbitrage by banks: Sources

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

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India’s central bank is easing restrictions on banks’ arbitrage trades between the outright foreign exchange over-the-counter (OTC) and the non-deliverable forward (NDF) markets, four people familiar with the matter said.

The Reserve Bank of India (RBI) has allowed banks, that have made requests, to resume such trades, a person directly familiar with the central bank’s thinking said. “There have been banks who have called and asked whether they can start doing it,” and the central bank has approved, this person said.

At least two public-sector banks and a private-sector lender have been allowed to recommence arbitrage trades, according to three bankers.

Arbitrage trades allow investors to benefit from the price differences of securities in different markets but can exaggerate price trends.

Also Read: GST Council may soon clarify tax exemption to Real Estate Regulatory Authority

The RBI had imposed an informal ban on dollar/rupee arbitrage trades in August 2023, when it was intervening to prevent the rupee from slipping to a record low, while banks were taking advantage of price differences between the OTC and NDF markets.

Banks’ arbitrage positions “had ballooned” and were “running into double-digit billions of dollars”, which the RBI “was not happy with”, the person directly familiar with the central bank’s thinking said.

Now, the RBI wants to avoid a repeat and is asking banks to do arbitrage in a way that “shouldn’t adversely impact the currency”, he said.

“We had sought permission from RBI last week and they said you can go ahead,” the chief manager at a mid-sized public sector bank said on Monday. The bank had not yet started building its FX arbitrage book.

All the persons declined to be named since they are not authorised to speak to the media.

The RBI did not immediately respond to an email seeking comment.

Also Read: RBI asks NPCI to check if Paytm app can use UPI to continue operations

The lifting of the NDF arbitrage restrictions comes at a time when the Indian rupee is enjoying a period of tranquillity.

The currency’s 30-day realised volatility has been below 2% since October and volatility expectations are lower than Asian peers. The low volatility has meant that the rupee’s OTC and NDF rates diverge rarely and not by much, leading to fewer arbitrage opportunities.

The RBI has permitted arbitrage trades, “but in a limited way and slowly,” a trader at the second public sector bank said.

“Currently, there is little to no arbitrage, so activity on our end has been slow.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

Banks in India are not spending fully on procurement of IT security systems: RBI DG

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

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Cyber threats pose a tangible risk in today’s interconnected world, with banks and financial institutions particularly vulnerable. The digitisation of financial services has exponentially increased the attack surface, making these institutions attractive targets for cybercriminals.

Despite this banks in India are have not been spending fully, the budget earmarked for procurement of IT systems and IT security systems, said Reserve Bank of India (RBI) Deputy Governor J Swaminathan while speaking at the 10th SBI Banking & Economics Conclave.

“Banks have to proactively commit adequate resources for augmenting their IT infrastructure, commensurate with their business plans
and also monitor them for their continued availability and stability,” he added.

According to data provided by Union Minister of State for Finance Bhagwat Karad in the Parliament last year India’s banks reported 248 successful data breaches by hackers and miscreants between June 2018 and March 2022. The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9% of the previous year’s amount, according to a RBI report, as reported by PTI.

Additionally, in FY2023, the total number of fraud cases in the banking system were 13,530. Of this almost 49% or 6,659 cases were in the digital payment – card/internet – category.

So the questions comes how can banks and financial institutions stay safe from the threat that cyber attacks pose.

Swaminathan added that the only way for banks to stay secure is to invest in IT and IT security tools.

“Cyberthreat is real, banks need to build superior skill sets, domain expertise and put them in top of priority in order to insure the institutions is kept out of the harms way,” said Swaminathan.

Further talking about the need to having robust disaster recovery and integrated Business Continuity Plan testing.

“Banks and other ecosystem participants must have robust Disaster Recovery (DR) and Business Continuity Plans (BCP) in place and test them periodically.
Further, IT infrastructure and channels have to be protected from the emerging cyber threats to ensure operational resilience,” said Swaminathan.

Cybercrimes in digital banking not only harm customers but also inflict significant losses on banks during data recovery. The impact spans infrastructure, data, reputation, and finances, with banks often facing substantial costs to restore compromised information and systems. Robust cybersecurity is imperative to mitigate these widespread consequences. This is where a robust DR and BCP system comes in importance.

Business continuity planning is the process for any bank to ensure the maintenance and recovery of operations and customer services when confronted with adverse events. Meanwhile a DR is designed to outline what needs to be done immediately after a disaster to begin to recover from the event.

Notably, the importance to guard to guard against cyber risks was highlighted by State Bank of India (SBI) Chairman Dinesh Kumar Khara on Wednesday (December 27) at the conclave.

Speaking to CNBC-TV18’s Shereen Bhan, Khara emphasised the need for entities, whether banking or non-banking, to guard against cyber risks.

Additionally, the RBI in November, introduced a comprehensive master direction on information technology (IT) governance, risk, controls, and assurance practices for banks and NBFCs.

Emphasizing strategic alignment, risk management, resource management, performance management, and business continuity/disaster recovery management, these directives, known as the Reserve Bank of India (Information Technology Governance, Risk, Controls, and Assurance Practices) Directions, 2023, are slated to be enforced from April 1, 2024.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

RBI tightens norms for lenders investing in alternative investment funds

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

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The Reserve Bank of India (RBI) on Tuesday, December 19, introduced regulations to prevent banks and non-banking financial companies (NBFCs) from utilising the alternative investment fund (AIF) route to ‘evergreen’ their loans. This move aims to tackle concerns regarding the substitution of direct loan exposures with indirect exposures through investments in AIFs.

“Regulated entities (REs) make investments in units of AIFs as part of their regular investment operations. However, certain transactions of REs involving AIFs that raise regulatory concerns have come to our notice,” the central bank said.

What this means?

The RBI’s move is aimed at stopping banks and NBFCs from using the AIF channel as a way to artificially sustain or extend the life of their loans.

‘Evergreening’ refers to a practice where financial institutions extend new credit to cover old debts, essentially masking the true status of those loans.

Decoding RBI’s regulation

The central bank has advised REs against investing in any AIF scheme that has downstream investments (investments made by the AIF) in companies to which the REs have had financial dealings, such as providing loans or making investments, within the past 12 months.

Additionally, if an AIF scheme, in which an RE is already an investor, goes on to make downstream investments in any of the debtor companies associated with the RE (companies that have borrowed from or received investments from the RE), the RE is required to sell off its investments in that AIF scheme within a timeline of 30 days from the date of the downstream investment.

Failure to comply within this timeframe will result in the RE being obligated to make a full 100% provision on those investments, RBI said.

Watch | A discussion on the new rules and their implications as S Sriniwasan, Managing Director of Kotak Alternate Asset Management, explains them in detail during a conversation with CNBC-TV18’s Latha Venkatesh.

Further, the circular issued by the RBI specifies that investments made by REs in the subordinated units of any AIF scheme operating on a ‘priority distribution model’ will be subject to complete deduction from the RE’s capital funds.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

Arvind Sanger says banks could lead the next leg of market rally

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

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Heavyweight sectors like banks, that have been trailing behind for some time, have room for incremental money coming in and could lead the next leg of the market rally, according to Arvind Sanger, Managing Partner at Geosphere Capital Management.

This optimism towards banks comes at a time when the US Federal Reserve has decided to keep its key interest rate unchanged for a third consecutive time. This move indicates a potential shift in the Fed’s approach after a series of rapid rate increases to combat high inflation.

Sanger highlighted the Fed’s more dovish outlook, stating, “Fed clearly did signal, much more dovish outlook, and their view is that inflation is coming down so fast, that they need to start cutting in advance.”

After lagging for a long period, the Nifty Bank Index has played catch-up with the benchmark Nifty 50, gaining close to 24% year-to-date (YTD) versus Nifty gains of around 26%.

For full interview, watch accompanying video

Also Read | 3 of 4 households in India have ITC products, analysts expect FMCG focus to drive growth

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

DFS Secretary Vivek Joshi chairs meeting to enhance coordination in banking fraud investigations

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

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Vivek Joshi, secretary of the Department of Financial Services (DFS), chaired a meeting on Thursday (December 7) to review progress in fraud cases in the banking sector.

The meeting was attended by senior officers of the department along with officers from the probe agency Central Bureau of Investigation (CBI), Chief Vigilance Officers (CVOs) of Public Sector Banks (PSBs) and Financial Institutions (FIs).

The meeting aimed to review the progress made in the investigation and resolution of large-value fraud cases from the perspective of recovery and enforcement action.

“During the review meeting, it was emphasised that all measures should be taken to further improve coordination between CBI and banks for expeditious investigation. And towards this objective, suggestions were also invited for making systematic improvements.”

Also Read: HDFC Bank faces flak over new advertisement on financial fraud, calls it ‘anti-Hindu’

A statement released said that the meeting discussed the possibility of the Chairman, MD or CEO of banks monitoring such cases more closely for enforcement and recovery purposes. Also, a possible coordination meeting between CBI and banks be organised on a periodical basis by CVOs.

Among the measures discussed included CVOs organising training sessions to avoid common lapses that lead to investigation along with the preparation of a manual or guidance note to avoid lapses. 

“It was suggested that use of digital technology may be made in sharing of documents needed for investigation with CBI. Statutory changes as needed to be examined in facilitation of this,” the release added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

RBI adjusts unsecured lending rules, significant impact on Credit Card segment 

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

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The Reserve Bank of India (RBI) has decided to increase the risk weight on assets for unsecured lending, encompassing personal loans and credit card loans.

Let’s understand in detail: 

In September 2019, the RBI had reduced the risk weight assets (RWA) requirement for unsecured retail lending, aiming to stimulate consumer spending during the festive season. The move resulted in a reduced RWA of 100% for consumer loans, including personal loans, while credit cards continued with a 125% RWA.

The move was to boost consumer spending in the coming festive season. Credit card had attracted 125% RWA back then, and it was left unchanged.

What has RBI done today?

For banks

Consumer credit, excluding housing, education, vehicle, and jewelry loans, will now attract 125% RWA.

Credit cards for banks will see an increase in RWA from 125% to 150%.

Loans to Non-Banking Financial Company NBFCs will attract 125% RWA vs 100% earlier.

Notable impact on lenders in the unsecured space, with RBL Bank’s credit cards leading at 24.33%, followed by Axis Bank, IDFC First Bank, ICICI Bank, and others.

For NBFCs 

Unsecured loans, ex-MFI loans & the same loans for banks mentioned above, risk weight assets will increase to 125%.

Credit cards for NBFCs will see RWA rise from 100% to 125%.

SBI Cards, with a credit card RWA of 100%, will experience the impact along with other NBFCs.

View 

Loans will get a bit expensive, i.e. risk based increase will make loans be priced higher.

Demand may soften a bit, but then, it will get played out over a period of time.

Ex-credit card, unsecured loans risk weight assets is back to where it was in 2019.

SBI card gets most impacted from RBI ruling. Its already witnessing declining margins & lower revolver rate with high credit cost hurting them. This move of RBI, will only burden them more.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

Why Elara Securities bets on these stocks and sectors

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

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Bino Pathiparampil, Head of Research at Elara Securities shared his views with CNBC-TV18 on a host of sectors such as pharmaceutical, banking and finance, power, and real estate.

Talking about the pharma space, he started with his outlook on Sun Pharmaceutical Industries. He said the company’s specialty business has been doing extremely well over the last few years primarily driven by the largest drug ILUMYA.

“Other drugs like Cequa have added to the momentum. It is a major booster for the market potential of the drug because it has shown efficacy which is superior to the standard of treatment that was in the market,” he said.

The drug is used to treat dry eye disease. Phase 4 shows sustained improvement in dry eye disease in patients who switched from Restasis.

Pathiparampil was not much worried about the nine USFDA observations on Dr Reddy’s Laboratories (DRL) biological facility.

“DRL is still in the early phases of putting in place their biologics manufacturing for related markets. So a few observations from USFDA is to be expected in the early stages and as long as these are not major, serious issues, I would think that these can be sorted out as we go along over the next few months,” he said.

He believes the generic Xywav oral solution for which Lupin received a tentative USFDA nod could prove to be a very good product for Lupin. However, he doesn’t expect this product to hit the market in the next couple of years. “It is a slightly medium-term opportunity,” he said

Xywav is calcium, magnesium, potassium, and sodium oxybates oral solution.

Pathiparampil also shared his views on the financial space. He believes most of the large banks will start seeing some increasing cost of funds going ahead and they will be a little weak in the near term.

“We are expecting some new compression in the banking space and this will be more pronounced in the larger banks which is why we are expecting the larger banks to be a little weak in the near term,” he explained.

He remains positive on the non-banking financial companies (NBFCs) space where he has seen continued growth momentum, which helps the companies absorb some of the increased cost of funds. Bajaj Finance is a preferred pick.

From the power sector, he likes PFC and REC.

From the real estate development sector, he is positive on Mahindra Lifespace, Macrotech Developers, and Brigade Enterprises.

For more details, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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

RBI issues revised norms on bank investment portfolio effective April 2024

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

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In a recent move, the Reserve Bank of India (RBI) has issued updated directions for banks regarding the classification, valuation, and operation of their investment portfolios. The revised directions are based on the feedback received on the discussion paper on the subject, which was issued in January 2022.

The guidelines, aimed at ensuring transparency and stability in the banking sector, introduce a framework for banks to categorise their investments and specify how they should be valued and managed. 

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 securities in HTM subject to fulfilment of certain conditions and symmetric recognition of gains and losses.

RBI said that these directions are expected to enhance the quality of banks’ financial reporting, improve disclosures (disclosures of fair value of investments in HTM category, fair value hierarchy, sales out of HTM, etc.), provide a fillip to the corporate bond market, facilitate the use of derivatives for hedging, and strengthen the overall risk management framework of banks. 

While the revised directions align the accounting norms for banks’ investment portfolios with global financial reporting standards, important prudential safeguards such as investment fluctuation reserve (IFR), due diligence/limits with respect to non-SLR investments, internal control systems, reviews and reporting others have been retained and prudential concerns on reliability of valuation have been addressed.

The revised directions shall apply to all commercial banks (excluding Regional Rural Banks) from the financial year commencing on April 1, 2024.

Categorisation of Investments

The RBI’s new directives require banks to classify their investment portfolios into three main categories:

1. Held to Maturity (HTM): Under this existing category, banks should hold securities with the intention of keeping them until maturity. These securities should provide regular principal and interest payments.

2. Available for Sale (AFS): Securities categorised as AFS are those acquired with the objective of collecting contractual cash flows while also having the option to sell them.

3. Fair Value through Profit and Loss (FVTPL): This is a new category introduced by RBI and includes securities that do not qualify for HTM or AFS. Securities in this category are valued at fair market value, and any gains or losses are directly reflected in the bank’s profit and loss account.

It’s important to note that the HTM category does not include certain securities, such as those with convertible features or loss absorbency features. Preference shares and equity shares are also excluded from HTM classification.

Initial Recognition 

Under the new RBI guidelines, all investments must be measured at fair value upon initial recognition. The presumption is that the acquisition cost is the fair value unless specific circumstances suggest otherwise. For example, if transactions involve related parties, occur under duress, or take place outside the principal market for that class of securities, the presumption may be tested.

Government securities acquired through auctions, switch operations, and open market operations conducted by the RBI will be recognised at the price at which they are allotted.

Subsequent Measurement

The treatment of securities varies depending on their categorisation:

1. Held to Maturity (HTM): Securities in the HTM category will be carried at cost and will not be marked to market after initial recognition. Any discounts or premiums on these securities will be amortised over the remaining life of the instrument.

2. Available for Sale (AFS): AFS securities will be fair-valued at least quarterly. Amortisation of discounts or premiums on debt securities in this category will be applied over the remaining life of the instrument.

3. Fair Value through Profit and Loss (FVTPL): Securities in the FVTPL category will be fair-valued, and any gains or losses from this valuation will be directly credited or debited to the profit and loss account.

Investments in Subsidiaries, Associates, and Joint Ventures

Investments in subsidiaries, associates, and joint ventures will be held separately from other investment categories. These investments will be initially recognised at their acquisition cost. If the investee entity later becomes a subsidiary, associate, or joint venture, the carrying value will be adjusted accordingly.

Impairment Evaluation

 Banks are required to regularly assess the impairment of investments in subsidiaries, associates, and joint ventures. Various indicators, such as defaults in debt repayments, credit rating downgrades, and significant declines in fair value, will trigger the need for impairment evaluation. In such cases, banks must obtain an independent valuation and make provisions for impairment accordingly.

.Also Read:RBI to discontinue Incremental Cash Reserve Ratio in a phased manner

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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