🍒 Bank of Baroda ties up with Toyota Kirloskar Motor : Bank of Baroda (BoB) has entered into a tie-up with Toyota Kirloskar Motor (TKM), whereby the bank will be one of the preferred financiers for the entire range of vehicles sold by the latter. India’s third-largest public sector bank, in a statement, said that under the tie-up, customers can avail customised solutions such as high on-road funding of 90 per cent, long repayment period of 84 months, no prepayment or foreclosure charges. On the other hand, TKM dealers will benefit from ‘digitised supply chain finance’ with competitive interest rates.Murali Ramaswami, Executive Director, BoB, said: “This alliance gives us an opportunity to penetrate deep into the relationship with automobile dealers and augment our dealer finance portfolio through our branches spread across the country. “Given the huge potential to cross-sell our other products to these dealers, we are hopeful that this agreement would give us mutual synergies by way of strengthening our presence in supply chain financing segments on one hand and increased market penetration for TKM on the other hand.” - Business Line
🍒 Indian Bank launches credit scheme for start-ups in pact with IITMIC : Public sector lender Indian Bank has introduced an initiative for funding start-ups, ‘IND Spring Board’, in collaboration with the IIT-Madras Incubation Cell (IITMIC). The Chennai-headquartered bank seeks to bridge the gap in funding for start-ups through this collaboration with IITMIC. Under the deal, IITMIC will refer start-ups with proven technology and established cash flows to the bank and also extend advisory to the bank on the business model. The bank will extend loans of up to ₹50 crore to these start-ups for their working capital requirements or purchase of machinery, equipment. “It is a known fact that banks find it difficult to fund start-ups, as they do not meet the requirements under traditional models of financing. The business models involving high technology, the lack of visibility of cash flows, credit history, the high burn rate, the high failure rate among start-ups make the process of due diligence for assessing viability by banks difficult. Resultantly, this segment has been almost completely funded by seed capital, or private equity from India/ abroad,” said Padmaja Chunduru, MD and CEO of Indian Bank.- Business Line
🍒 Bank of Baroda completes IT integration of former Vijaya Bank branches : Within one-and-a-half years of bringing Vijaya Bank under its fold, state-run Bank of Baroda (BoB) on Monday said it has completed the technical integration of over 1,900 branches of erstwhile Bengaluru-headquartered lender. With the completion of this migration, around 21 million customers from all Vijaya Bank branches have been seamlessly migrated to BoB, a release said. In a first three-way amalgamation, Vijaya Bank and Dena Bank were merged with Bank of Baroda from April 1, 2019. The bank's technology partner for IT integration is Accenture. The migration of erstwhile Vijaya Bank was executed remotely during the ongoing pandemic with no impact on business continuity, the bank said. The integrated technology architecture gives former Vijaya Bank customers the ability to opt for Bank of Baroda's entire suite of offerings, while continuing to use their existing payment instruments until further notice, the bank's chief technology officer Sharad Saxena said in the release. Accenture is now helping align former Dena Bank's IT systems with BoB, the release said. - Businessstandard
🍒 Festival offerings: Axis Bank offers discount on debit, credit card purchases : Kick-starting its festival season offerings, Axis Bank on Tuesday announced a host of discounts on various consumer platforms, as well as loans at special rates. Under the 'Dil se Open Celebrations' that will offer deals and discounts on more than 1 lakh branded products on purchase through Axis Bank credit and debit cards, the lender said it has partnered with some top brands for the festival season offer. The bank is also offering some key benefits to customers who are in need of loan, offering home loans starting at 6.90 per cent as well as car loans at 7.99 per cent and up to 100 per cent road funding. In the offer, retail and corporate customers can avail benefits from Axis Bank as well as its subsidiary companies Axis Finance and Axis Direct, it said in a release. - economic times
🍒 Banks introduce convenience fee for cash deposits in machines : Private banks have started charging a convenience fee for cash deposits by customers in cash recyclers during non-business hours and bank holidays. While Axis Bank had already started levying the charge earlier this year, ICICI Bank, too, plans to levy it from November. “Effective November 1, 2020, a convenience fee of ₹50 per transaction, will be levied on cash deposited in the cash acceptor or recycler machines on bank holidays and between 6:00 pm and 8:00 am on working days,” ICICI Bank said in a recent communication. - Business Line
🍒 HDB Financial Services plans launch of new products, eyes higher growth : HDFC Bank’s non-banking finance subsidiary, HDB Financial Services, saw loan growth of just 2.3 per cent in the second quarter of the fiscal, but is now looking at rolling out new products and is confident of higher growth. “They have a lot of new products...the prospects are bright. They have gone into gold loans micro finance, two-wheeler loans, second-hand car loans, and they are looking at a few new products. Growth will come back there as well,” said HDFC Bank’s Managing Director and CEO Aditya Puri in an analyst call after the second quarter results on October 17. - Business Line
🍒 CBI books former PNB official in bribery case : The CBI has booked retired deputy manager Gokulnath Shetty, the main accused in the ₹13,000-crore Punjab National Bank fraud allegedly perpetrated by Mehul Choksi and Nirav Modi, in a fresh case of receiving a bribe of ₹1.08 crore from Rishika Financials that arranged bank guarantees for Gitanjali Gems, officials said. It is alleged that the owner of Rishika Financials, Debajyoti Dutta, was in the business of arranging quotes of Letters of Undertaking (LoUs) from foreign funding banks, they said on Monday.- Business Line
🍒 Jana Small Finance Bank plans 600 branches by March next year : Small finance lender Jana Small Finance Bank on Tuesday opened its 500th branch in Amruthahalli, Bangalore and said it will convert its remaining asset centres into bank branches to have over 600 branches by March next year. The lender caters to 40 lakh customers through its 500 bank branches and over 100 asset centres/ outlets. "Even during COVID times, the passion of our bankers has allowed us to open new bank branches. All the new branches have a digitised environment and products, which help serve the underserved," the bank's managing director and CEO Ajay Kanwal said at the launch of the 500th branch. The bank serves underbanked customers through various products, including zero balance savings accounts, fixed deposits with attractive interest rates, collateral-free loans and affordable housing loan schemes. It offers loans to MSMEs, agriculture, individuals, affordable housing and two-wheeler buyers. The bank also provides gold loans to customers. - economic times
🍒 KVG Bank opens Aadhaar enrolment centre : Karnataka Vikas Grameen Bank (KVGB), a regional rural bank sponsored by Canara Bank, has opened its 63rd Aadhaar enrolment centre in the premises of its head office branch in Dharwad on Tuesday. Inaugurating the centre, P Gopi Krishna, Chairman of the bank, said Aadhaar is an integral part of people’s lives and is the cornerstone of all facilities. The bank will provide Aadhaar enrolment and updation facilities to the public, including all its customers, at this centre. Customers have to bring any of the approved documents as proofs of residence and identity with them. The process can be completed in about 10-15 minutes, he said. - Business Line
🍒 Equitas Small Finance Bank finalises allocation of 4-crore equity shares to anchor investors : The Listing Committee of the Board of Directors of Equitas Small Finance Bank (ESFB) has finalised the allocation of about 4.23 crore equity shares to 35 anchor investors at the price of ₹33 per equity share (including a premium of ₹23 per equity share), aggregating ₹139.68 crore. The large anchor investors include ICICI Prudential Life Insurance Company; ITPL-Invesco India Contra Fund Reg-RCF; SBI Life Insurance Company; Franklin India Smaller Companies Fund; Mirae Asset Large Cap Fund; IIFL Special Opportunities Fund-Series 4. These investors invested 8.95 per cent each in the anchor investor portion. - Business Line
🍒 Personal Guarantors’ insolvency: IBBI seeks to transfer pending petitions to Supreme Court : Insolvency regulator IBBI has moved the Supreme Court, seeking transfer of batch of pending petitions before various High Courts on the challenge of IBC provisions related to insolvency of ‘personal guarantors’. The apex court bench of Justices L Nageswara Rao, Hemant Gupta and Ajay Rastogi will hear the IBBI plea on October 28, official sources said. It may be recalled that various writ petitions werefiled in more than one High Court, which raise substantial questions of law of general importance. All these pending writ petitions challenge the constitutional validity of Part III ( deals with insolvency resolution for individuals and partnership firms) of the Insolvency and Bankruptcy Code. - Business Line
🍒 PMC Bank to close down 15 branches in Mumbai : Scam-hit Punjab and Maharashtra Co-operative (PMC) Bank has decided to close down 15 branches in the Mumbai Metropolitan Region (MMR) and shift their business to nine other branches in a bid to save on rental outgo and other operating expenses. This consolidation of branches comes in the wake of PMC Bank deciding to shift its main branch located at Bhandup Station Road (West) to another branch in the same suburb late last month. PMC Bank also plansto sell its owned assets in Palghar and Nanded branches (both in Maharashtra). - Business Line
🍒 Gehlot urges PM to annul cooperative-related amendments of banking law : Terming some amendments in the Banking Regulation Act contrary to the basic spirit of states' cooperative banks, Rajasthan Chief Minister Ashok Gehlot has urged Prime Minister Narendra Modi to restore the original cooperative-related provisions of the banking law. Gehlot has written to the chief minister making his request, an official statement said on Tuesday. Through Bill No 56 recently passed in Parliament, sections 10 and 10A of the Banking Regulation Act have been made effective for cooperative banks, the chief minister wrote to the PM n his letter. - Business Standard
🍒 S&P Global Ratings: HDFC Bank will continue to outperform : In a thumbs up to the country’s largest private sector lender, S&P Global Ratings on Tuesday said that HDFC Bank has sufficient financial headroom to withstand downside risks from tough operating conditions in India. The bank’s results for the first half of fiscal 2021 (ending March 31, 2021) were resilient and in line with expectations, it further said. HDFC Bank posted an 18.4 per cent growth in its net profit in the second quarter of the fiscal year. “We expect HDFC Bank’s growth and earnings to significantly outperform peers’,” S& P Global Ratings said, adding that the bank’s loan book grew a robust 16 per cent year-on-year in the first half of fiscal 2021 driven by wholesale loans. - Business Line
🍒 EPFO records 10.05 lakh new enrolments in August : Net new enrolments with retirement fund body EPFO rose to 10.05 lakh in August from 7.48 lakh in July 2020, according to its latest payroll data, providing a perspective on employment in the formal sector amid the coronavirus pandemic. Provisional payroll data released by the EPFO last month had shown that net new enrolments stood at 8.45 lakh in July this year. The figure has now been revised down to 7.48 lakh. The net enrolments with the Employees' Provident Fund Organisation ( EPFO) had dropped to 5.72 lakh in March 2020 from 10.21 lakh in February, according to the payroll data released in May. - Business Line
🍒 HC restrains Canara Bank from taking coercive action against a MSME : The Delhi High Court has passed an interim order restraining Canara Bank from taking any coercive action against an MSME whose accounts were declared as Non- Performing Assets (NPA) last year. The case of the petitioner MSME is that RBI issued guidelines dated 1 January 2019 relating to restructuring of MSME Accounts that had become stressed, thereby allowing one-time restructuring of existing loans. Vide communication dated 31 December 2019, a Sanction Memorandum was executed by Canara Bank whereby it restructured the credit facilities extended to the petitioner. On 13 July 2020, Canara Bank informed the petitioners that it was not eligible for OTR scheme for advances and that the restructuring scheme given on 31 December 2019 stands recalled. - Live Mint
🍒 FDI up 16% to $27.1 billion in April-August: Govt data : Foreign direct investment (FDI) in India has increased by 16 percent year-on-year to $27.1 billion during April-August this year, the Commerce and Industry Ministry said on October 20. During April-August last year, India had received FDI worth $23.35 billion. The ministry said that the total FDI, which includes reinvested earnings, grew by 13 percent to $35.73 billion. "It is the highest ever for the first 5 months of a financial year and 13 percent higher as compared to the first five months of 2019-20 ($31.60 billion)," it added. - Business Line
🍒 Gold prices fall marginally to Rs 50,976 per 10 gram, silver drops Rs 362 a kg : Gold prices fell marginally by 47 to Rs 50,976 per 10 gram in the Mumbai retail market tracking weak global cues despite a weaker dollar. The precious metal continues to trade in a narrow range amidst the caution set in ahead of the deadline to reach an agreement on a new US coronavirus, diminishing the metal’s appeal. The rate of 10 gram 22-carat gold in Mumbai was Rs 46,694 plus 3 percent GST, while 24-carat 10 gram was Rs 50,976 plus GST. The 18-carat gold quoted at Rs 38,232 plus GST in the retail market. Silver prices dropped Rs 362 to Rs 62,178 per kg from its closing on October 19.
🍒 Sensex ends 113 points higher; HCL Tech spurts 4 per cent : The 30-share BSE index settled 112.77 points or 0.28 per cent higher at 40,544.37. The broader NSE Nifty rose 23.75 points or 0.20 per cent to 11,896.80. HCL Tech was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Tech Mahindra, Asian Paints, Bharti Airtel, HDFC Bank, L&T, TCS, M&M, Nestle India and Infosys. On the other hand, ONGC, PowerGrid, NTPC, Reliance Industries, ICICI Bank, Tata Steel, HDFC and SBI were among the laggards. According to traders, the domestic stock market was broadly driven by buying sentiment in index-heavyweights HDFC Bank, HCL Tech, Infosys and TCS.
🍒 Rupee settles 12 paise lower at 73.49 against US dollar : The rupee depreciated by 12 paise and settled for the day at 73.49 (provisional) against the US dollar on Tuesday. However, capital inflows and strong domestic equities limited the local currency’s fall to some extent. The Indian currency opened at 73.36 at the interbank forex market and, after witnessing a volatile trading session, closed at 73.49 against the American currency, down 12 paise over its previous closing price.
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