The Reserve Bank’s new norms on individual housing loans is expected to give a strong fillip to the housing loan market in India, says a Bank of America Merrill Lynch report. The RBI yesterday released fresh norms on Loan-to-Value (LTV) ratios and risk weights for individual housing loans. “We expect the new guidelines to give a strong fillip to the housing loan market in India,” BofA-ML said, adding that banks having a large share of housing loans in their portfolios are likely to benefit from the move. As the RBI has raised the minimum home loan size to Rs 3 million from Rs 2 million, this will attract a lower risk weight of 35 per cent as against 50 per cent earlier, according to the global financial services major. “This is likely to help the banks to price housing loans better and generate higher returns,” it said, adding “this is likely to provide upside to our expected home loan growth of 18-20 per cent.” The Reserve Bank said that in the case of ‘individual housing loans’ falling under the loan category of up to Rs 30 lakh, the LTV (Loan-to-Value) ratio is now up to 90 per cent. For properties above Rs 30 lakh and up to Rs 75 lakh, the LTV is up to 80 per cent and those above Rs 75 lakh, the ratio comes in at 75 per cent.This means banks can now provide home loans up to 90 per cent for properties that cost Rs 30 lakh or below, RBI said.Earlier, the facility was available only in cases where the cost was up to Rs 20 lakh.The move will benefit those home seekers who plan to buy properties in the range of Rs 20-30 lakh.The RBI’s decision comes in the wake of all major banks reducing interest rates post the central bank’s policy rate cut.(PTI)
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The maximum number of co-operative banks (Co-op banks) whose claims (deposit) were settled by the Deposit Insurance and Credit Guarantee Corporation (DICGC) in 2014-15 were based in Maharashtra and Gujarat. Of the Rs 321 crore in settled claims by DICGC, 18 were co-op banks were from Maharashtra for a sum of Rs 48 crore; the same for Gujarat was nine and Rs 27 crore. While the reasons for the dismal performance of these banks are not clear (nor does DICGC spell it out), what we can glean is that their health is not good. We have to only look into the Reserve Bank of India's Report on the Trend and Progress of Banking in India 2013-14 (the latest in public domain). It says that at the systemic level, the capital adequacy ratio of these scheduled urban co-operative banks (SUCBs) improved to 12.7 per cent at end-September 2014 from 12.4 per cent at end- March 2014. But at a disaggregated level, seven banks failed to maintain the minimum required capital adequacy ratio of nine per cent. Mint Road carried out a stress test to assess credit risk using the provisional data at end-September 2014. The impact of credit risk shocks on capital adequacy of these banks was observed under four different scenarios. The results showed that except under the extreme scenario, the system level capital adequacy remained above the minimum regulatory level, though individually a large number of banks (28 of the 50 banks under the extreme scenario) would not be able to meet the required level. What we can deduce is that several of these banks are not liquid. A stress test on liquidity risk was carried out using two different scenarios assuming 50 per cent and 100 per cent increase in cash outflows in the one to 28-day time-bucket. It was further assumed that there was no change in cash inflows under both the scenarios. The stress test results indicated these banks will be significantly impacted under stress scenarios.
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Close on the heels of his biggest ever rate cut in India, Reserve Bank of India (RBI) Governor Raghuram Rajan warned central bankers across the world against competitive monetary easing and pitched for a collective action.Rajan also pitched for free trade, open markets and well-capitalised multilateral institutions to overcome the global economic slowdown which could lead to high political tensions.Speaking at a function to mark the 65th anniversary of Sri Lanka's Central Bank in Colombo on Monday (5 October) , the RBI governor said, "The current 'non-system' in international monetary policy is, in my view, a source of substantial risk, both to sustainable growth as well as to the financial sector. It is not an industrial country problem, nor an emerging market problem, it is a problem of collective action. We are being pushed towards competitive monetary easing and musical crises."Last week, Rajan sprang a surprise by effecting a more-than-expected interest rate cut of half a per cent to boost the economy. The reduction came on the back on RBI cutting interest rates thrice earlier this year by 25 basis points each.Rajan said that the current economic woes of the world were affecting all nations and urgent action was needed.He warned that weak aggregate demand across the world may be leading nations to engage in a "risky competition for a greater share of it"."We are thereby also creating financial sector risks for when unconventional policies end. We need stronger well-capitalized multilateral institutions with widespread legitimacy, some of which can provide patient capital and others that can monitor new rules of the game."And each one of us has to work hard in our own countries to develop a consensus for free trade, open markets, and responsible global citizenry. If we can achieve all this even as recent economic events make us more parochial and inward-looking, we will truly have set the stage for the strong sustainable growth we all desperately need."He said there are few areas of robust growth around the world, but the present period of slow growth is particularly dangerous as both industrial countries and emerging markets need high growth to manage domestic political tensions."In an environment of such tensions, there is a tremendous pressure for growth in different countries and such countries are more likely to focus on the policies attempting to divert growth from others rather than creating new growth."(PTI)
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Raghu Mohan says IDBI Bank should have opted to play it safe, but chased growthYet another bank strike is on the cards – this time over the proposed privatisation of IDBI Bank. At the heart of the issue is that IDBI Bank was made “all things to all comers” over the course of its life and the attendant mess is now sought to be cleared up through privatisation.But let it also be said here is that it should come as no surprise -- whatever the unions may say now -- that IDBI Bank has landed where it has. For no less than K C Chakrabarty as deputy governor of the Reserve Bank of India (RBI) had warned the bank that it should get its act together. And the occasion: a seminar on `IDBI’s role as Development Financial Institution’ organised by the United Forum of IDBI Officers & Employees (Kolkata, 27 September 2013)!The Trigger For The HeartburnSays S Nagarajan, general secretary of the All India Bank Officers’ Association (AIBOA): “If we state that IDBI Bank has been utilised to experiment all sorts of expressions at different points of time by the owners at the centre, it is not on excessive expressions. The result is burgeoning bad loans in the books of the bank at this point of time”.The bank’s net non-performing assets (NPA) stood at 2.88 per cent at end-March 2015 (2.48 per cent). But look at the movement in NPAs. In absolute terms, the opening balance of NPAs stood at Rs 9,960.16 crore (6,449.98 crore) at the start of the fiscal, additions during the year were Rs 6,100.81 crore (Rs 5,706.01 crore), reductions during the year were Rs 3,376 crore (Rs 2,195.83 crore) and the closing balance was Rs 12,684.97 crore (Rs 9,960.16 crore). The Timeline· IDBI was set up by the Govt of India as a “developmental financial institution”. Later, it become a RBI subsidiary· In April 2005, IDBI’s private bank arm, IDBI Bank was reverse-merged with the parent; the Centre holding 51 per cent in the merged entity· In October 2006, IDBI Bank took over United Western Bank LtdIn its Annual Report for 2014-15, IDBI Bank claims “focused and account-specific resolution strategies were implemented and progress was monitored regularly in all NPA cases. Thrust was also given to upgradation of NPAs to performing assets”.What the unions now say is that there are three entities in the belly of IDBI Bank – IDBI (a subsidiary of RBI), IDBI Bank (a new private bank); and United Western Bank (an old private bank). That all these avatars were the result of the initiatives of the authorities and there is now talk of privatising it as it is the fashion of the day. Or simply put, IDBI never got a chance to chart its own course.“In the event of non-responsiveness of the Government, AIBOA shall roll out a plan of actions to halt the moves along with the operating trade unions in IDBI Bank”, says Nagarajan.The Writing Was On The WallNow flashback to what Chakrabarty had said in Kolkata on 27th September 2013). He quoted former RBI governor Bimal Jalan: “The move towards universal banking would not provide a panacea for the endemic weaknesses of a DFI or its liquidity and solvency problems and, or operational difficulties arising from under-capitalisation, NPAs, and asset liabilities mismatches etc. The overriding consideration should be the objectives and strategic interests of the financial institution concerned in the context of meeting the varied needs of customers, subject to normal prudential norms applicable to banks”.The above flies in the face of what the unions now contend; and the point is whatever be the merits or otherwise of what the bank was put through in the past, it is the present that matters.On his part. Chakrabarty had this to say on the responsibility of unions. “You must appreciate the new operating environment that exists today and must realise that in this highly competitive market, no longer would the corporate chase you. For most of your members who have cut their teeth in an era when IDBI was a DFI with limited competition and a small universe of customers to deal with, the transition to commercial banking might be difficult, but remember, if you wish to survive as an institution in this new avatar, you must be willing to change. What is, in fact, needed is a change in mindset and you, as responsible union, have to oversee a smooth transition among the employees”.Did anybody listen then? Is anybody listening now?
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Delhi Duty Free (DDF), India's largest duty free retail space at T3, has partnered with the State Bank of India to reap savings of at least 42 per cent (Rs 750 cash back on shopping of $100 or more & at least saving of 30 per cent as compared to downtown prices) for the duty free shoppers. This is the first banking partnership for DDF that makes it an even more attractive shopping destination for connoisseurs of fine living.Abhijit Das, Marketing Head, DDFS, "Delhi Duty Free offers the widest choice to the global traveler, most exclusive range of international brands & at best prices in the region as compared to downtown prices. Top it up with the excitement of saving more with SBI card, shopping at Delhi Duty Free will truly be a delight and rewarding experience." Airport shopping is a popular trend worldwide and Delhi's Duty Free is no different. Every year nearly 9 million passengers travel through Delhi's T-3 (international terminal), which is perhaps the same number of some of the largest shopping malls in the city put together. Shoppers spend an average of 45-60 minutes milling through premium brands of alcohol, tobacco, fragrances, cosmetics & chocolates, fashion & accessories. Price advantage to a captive traveler audience presents a significant opportunity in airport retail."Some of the most high profile brands are exclusively available for the travel retail channel. Airport shoppers have an advantage of accessing these brands over high street shoppers and take them as memorabilia from Delhi Duty Free", added Das.Now it's the best time for the travelers to spend money on shopping at Delhi Duty Free Shop while travelling / holidaying. Most interestingly the passengers will not only get the cash back of up-to Rs 750 moreover they will have a chance to win the bumper prizes at DDF, which is organize every after 30-60 days at the DDF at Terminal 3.(BW Online Bureau)
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BW Online Bureau “India’s future as a socio economic powerhouse lies in realizing the untapped potential of youth”, this is the driving thought behind YES BANK Transformation Series. Launched in 2010 Transformation Series provides a platform for aspiring young leaders across the world to acquire innovative thinking, creative skills and apply their acumen and creativity to real world challenges. Disruptive innovations have transformed the global economy at large and the financial services industry in particular. This paradigm shift has made DIGICAL (digital and physical) presence essential for players in this industry. Against this backdrop YES BANK wants to focus on Disruptive Innovations as the theme for the 4th edition Transformation Series in 2015. The aim is to engage the brightest young minds from the best universities across the world to come-up with breakthrough disruptive innovations which could transform the financial services industry – a rapidly evolving and critical sector of the Indian economy. ParticipationIn the current edition the competition has already received participation of more than 13000 students in 5000 teams. The last edition had seen participation of 3000 teams from 500 colleges across the world. The CompetitionThe first phase of this exciting innovation completion is underway, where a case study has been given to all the teams and the best solutions will move to the next round. The first round will filter the 5000 teams down to 120 teams. These teams in the second round will work on the implantation strategy for the solution provided in the first round. Only 12 teams will qualify for the finals, slated to take place in November. The jury for this competition includes policy makers like Bibek Debroy, Member, NITI Ayog; CEOs and top industry leaders like Chaitanya Kamat of Oracle Financial Services, Vikas Agnihotri, Director, Google India; budding entrepreneurs like Vipul Parekh, Founder, Bigbasket.com and Venture Capitalists like Deepak Gaur, MD & CEO, SAIF Venture Partners. For more on the innovation completion, log onto:www.transformationseries.in
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Raghu Mohan points out that despite a 75 bps cut in the repo rate between January and June 2015, we only saw a 30 bps pass-on by banks A day after the Reserve Bank of India’s (RBI cut the repo rate by 50 basis points (bps) to 6.75 per cent, a clutch of banks went for a trim in their Base Rates (BR) – it ranges between 25 bps and 40 basis. The sharpest were by the State Bank of India and Punjab National Bank (both by 40 bps) to 9.3 per cent and 9.60 per cent. A reduction in bank BRs after Mint Road’s repo rate cut at first glance seems to suggest that the “transmission effect” is now in full play; that the clogs have been removed. After all, between the last policy and the just announced one, bank BRs (as presented in RBI’s Weekly Statistical Supplement) hardly moved: 9.7-10 per cent from 9.75-10 per cent. At end-March 2015, they were at 10-10.25 per cent levels (the same as in January before the first rate cut). Despite a 75 bps cut in the repo rate between January and June 2015, we only saw a 30 bps pass-on to you and I by banks. Mint Road noted the financial markets have transmitted its past policy actions (lower yields on commercial paper and corporate bonds), but banks had done so only to a limited extent (as in lending rates have been stubborn). So what’s changed now? Let’s flashback to September 1 this year when HDFC Bank cut its BR by 35 bps to 9.35 per cent; peers SBI and ICICI Bank held it at 9.7 per cent then. It was a pre-emptive strike by the bank ahead of the festive season, and it had in any case, been reducing its deposit rates over time – it was logical or it would have hit the bank’s net interest margin (NIM) in a big way. HDFC Bank’s rivals held their BR – perhaps in anticipation of a repo rate cut by RBI. What should not be lost sight here is that they did not feel it worthwhile to let go on the NIM front for market share; or in other words did not feel that HDFC Bank will gain much anyway – given the tepid appetite for credit. M B Mahesh, analyst at Kotak Institutional Equities had said at that point in time that it is not very clear on what the likely response from other banks will be as they need to strike a balance between growth and NIM outcomes. “Given the lack of growth, we ideally would want banks to cut deposit rates a bit more aggressively as lending rate cuts are unlikely to boost credit demand. The broad outcome of a negative NIM outlook for the sector is slowly playing out but we do not see this as an end. We see it getting worse as we see a weak investment cycle ahead. However, aggressive cut in NIM at a time of slow growth does not achieve the desired objective and only results in more capital consumption, which is counter-productive”, he had explained. But as Madan Sabnavis, chief economist at Care Ratings says: “The strange part is that banks are letting go on NIMs by not cutting deposit rates aggressively, but are cutting the BR”. What’s unsaid here is that North Block must have nudged banks cut their BRs. In the hope, it will fire the economy going ahead. What we now have is a situation wherein some bank have decided to take a hit on NIMs (to the extent they have not cut deposit rates). Another way to interpret is that a cut in the BR does not imply they will lend at the publicly declared “rack rate” (there is a mark-up of four per cent over the BR anyway). And there will not be a big hit on NIMs either; that BR cuts (for now) make for great theatre! Now let’s look at at credit offtake numbers. The increase in bank non-food credit during the financial year so far until September 4, 2015 was Rs 1,57,500 crore compared to Rs 1,12,400 crore during the same period last fiscal. As Sabnavis says: “While this does indicate an increase, the number is skewed on account of the sharp increase in the credit in the first fortnight of the new financial year, which is between March 20 (the reporting fortnight for considering bank credit for the year) and April 3rd. During this fortnight, the increase in credit was Rs 2,91,500 crore (Rs 79,400 crore), with a large part attributable to the loans taken in the context of the spectrum sale. “Since then, incremental credit has been in the negative zone”, he adds. It also need to borne in mind that this abysmal credit numbers above had nothing to do with high interest rates. It had more to do with the general downturn in the economy and the overhand of bad-loans on bank books. RBI’s Report on the Trend and Progress of Banking (2013-14; the latest) explained that the consolidated balance sheet of banks in 2013-14 registered a decline in growth in total assets and credit for the fourth consecutive year. “This decline could be attributed to a variety of factors ranging from slower economic growth, de-leveraging, and persistent pressure on asset quality leading to increased risk aversion among banks and also increasing recourse by corporates to non-bank financing including commercial papers and external commercial borrowings. With both credit and deposit growth more or less same, the outstanding credit to deposit (CD) ratio at the aggregate level remained unchanged at around 79 per cent”. The Report did cite high interest rates for this sorry state of affairs! It is also unlikely that a mere reduction in interest rates will lead to a spurt in economic activity. Just a few days ahead of Mint Road’s policy meet, India Ratings and Research told us that the capex cycle of the top 500 asset owning corporates (excluding banks and financial services) may be close to bottoming out, but qualified it. “While further downside to capex spending is limited, an immediate meaningful revival of private capex spending is unlikely. Factors such as subdued commodity prices and capacity utilisation levels close to decade lows provide limited motivation to private corporates to take up capex. The high leverage of a large number of corporates may limit their ability to take up even normal maintenance capex”, said Ashoo Mishra, Associate Director at India Ratings.
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Reserve Bank Governor Raghuram Rajan on Tuesday (29 September) sprang a surprise by effecting a more-than-expected interest rate cut of half a percent to boost the economy and bring down cost of home, consumer and industry loans, a decision that was matched by market leader SBI slashing lending rate by 0.4 per cent. Leading private bank ICICI and Axis Bank also indicated that they would bring down the lending rates while public sector Andhra Bank was first off the block, cutting interest rate by 0.25 per cent. While the RBI action will benefit borrowers, it will also lead to reduction in deposit and savings rate. The government also disclosed that it will review the interest rate on small savings, PPF and Post Office deposits, to bring them in line with market. Heeding to clamour from government as well as industry, Rajan effected the fourth cut in repo rate in 2015, the biggest in three years, on back of moderating inflation and favourable global commodity and oil prices. In its fourth bi-monthly monetary policy for the current fiscal, RBI cut benchmark repurchase (repo) rate from 7.25 per cent to 6.75 per cent, lowest in four-and-half-years. Rajan justified the reduction saying consumer inflation was likely to be at 5.8 per cent, below the 6 per cent target for January. The focus should now shift to bringing inflation to around 5 per cent by March 2017, he said, adding that RBI will be vigilant for signs of monetary policy adjustments that are needed to stick to the "deflationary path". RBI lowered its economic growth forecast for the current fiscal to 7.4 per cent from its previous projection of 7.6 per cent. Government and industry welcomed the RBI decision and nudged banks to transmit the benefit to borrowers to boost investments and economy. "This decision of the RBI will significantly provide policy support to the real economy and help in the recovery process. "We are looking forward now to the transmission of these cuts which will effectively help to boost confidence and investment. They will also help to realise the economy's medium term potential growth rate," Finance Minister Arun Jaitley told reporters here. Quick to act on RBI cue, State Bank of India (SBI) reduced lending rate by 0.4 per cent to 9.3 per cent per annum, setting a trend for a benign rate regime. .(Agencies)
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Banks will find it tough to pass on RBI rate cuts, argues Raghu Mohan At long last, the Reserve Bank of India (RBI) has obliged with a repo rate cut of 50 basis points (bps) to 6.75 per cent -- a four-and-half-year low. It left the cash reserve ratio or CRR (the proportion of deposits banks’ park with Mint Road) and the statutory liquidity ratio or SLR (the proportion of deposits to be invested in government securities) unchanged at four per cent and 21.5 per cent, respectively. Will you and I get to borrow cheap from here on? Will India Inc., go the whole hog and invest big time? Unlikely. Just read this line from RBI governor’s Raghuram Rajan’s policy text: “While the Reserve Bank’s stance will continue to be accommodative, the focus of monetary action for the near term will shift to working with the Government to ensure that impediments to banks passing on the bulk of the cumulative 125 bps points cut in the policy rate are removed”. The reference to a 125 bps cut is to those in the calendar plus today’s 50 bps. And what exactly are the impediments? What’s The Context Here…That Mint Road has gone in for a deep 50 bps cut in the repo rate – the price at which banks borrow funds from RBI – is a clear indication of the quagmire we are in. Let’s also get this clear: a repo rate cut does not lead to an infusion of funds into the banking system unlike a cut in the CRR or SLR (to the extent that banks have to invest less in government paper). On the latter, you also need to remember that given the times we are in, banks have taken the option to invest more under SLR. The RBI’s Annual Report for 2014-15 says banks continue to hold around 28 per cent by way of SLR despite a slash in it over time to 21.5 per cent (from 23 per cent). Mint Road’s reasons: “… the buffer providing access to collateralised borrowings from the wholesale funding market and the Reserve Bank. Maintaining excess SLR securities also helped banks to weather the impact of the current slow phase of the economic cycle on their balance sheets and earnings”. That’s why a 75 bps cut in the repo rate between January and June 2015 saw only 30 bps pass-on to you and I by banks. Lower bond yields mislead. Mint Road captures this reality when it notes that the financial markets have transmitted it’s past policy actions (lower yields on commercial paper and corporate bonds), but banks have done so only to a limited extent (as in lending rates have been stubborn). On Tuesday, the point was repeated: “The median base lending rates of banks have fallen by only about 30 bps despite extremely easy liquidity conditions. This is a fraction of the 75 bps of the policy rate reduction… even after a passage of eight months since the first rate action by the Reserve Bank. Banks’ deposit rates have, however, been reduced significantly, suggesting that further transmission is possible”, observes RBI. Will Banks’ Oblige From Here On?A month from now, Mint Road will come out with a new base rate (BR) calculation – marginal cost of funds from weighted average cost of funds; RBI intends to implement it from 1 April, 2016. Dhananjay Sinha, Head-Institutional Research at Emkay Global, is of the view that if implemented in its current form, these norms are likely to be negative for banks' NIMs (net interest margins) until the average cost of funds catches up with the marginal cost of funds. Why so? Bank deposits were contracted at a higher rate (only a relatively small portion of it were contracted at a lower rate after and during the cumulative repo rate cuts of 125 bps in the calendar so far; of which 50 bps happened only today). Therefore, a cut in the BR will only mean banks will have less to pocket for themselves. A way out, as Sinha says, is for banks to either increase the spread over the BR or let NIMs get impacted. Of course, in a rising rate environment, the proposed BR regime will work in favour of lenders as banks would pass on higher rates immediately. “Hence, we expect movements in BRs, and hence NIMs, could likely be volatile and frequent, which is likely to make banks' balance sheets more vulnerable to sharp interest rate movements””, adds Sinha. The essence of the above is banks have two options: either let NIMs dip and crib. As Pawan Agrawal, Chief Analytical Officer-CRISIL Ratings noted when RBI came out with its BR draft norms: “Our base-case is that profitability of banks will have a one-time impact of around Rs 20,000 crore in fiscal 2017, which would be equal to 15 per cent of the total estimated profit of the banking system for that year. The actual impact will depend on whether the banks will be given a leeway to make this shift over a longer timeframe in the final guidelines.” Agrawal says returns of banks that lend mostly on a floating rate basis will be significantly impacted in an environment of falling interest rates – as floating rate is pitched over the BR. As the BR falls (and along with it the floating rate), so will the interest income of banks. And that banks with low levels of current and saving accounts, or relatively longer tenure-term deposits, will also be majorly affected. That’s because their cost of funds will not come down soon enough -- as they will continue to pay interest to depositors at the old rate (before a policy rate cut). Or banks up the spread over the BR itself (which they are legally allowed to have anyway). If this happens, you will see a peculiar situation. Banks will publicly state they have dropped their BRs – not in proportion to the current repo rate cut, but a cut by a small margin – but when you actually go to borrow, the rate will more or less be at what they were before the current repo rate cut. Lower lending rates will be an illusion – that’s what most likely to happen anyway. What’s not to be lost sight here is that liquidity has not been issue at all; it sloshes about, but there have no takers for it at the banks’ credit window. Mint Road’s inter-bank money market numbers are reflective of the deeper rot in the economy. Liquidity conditions eased considerably during August to mid-September. Sure, in addition to structural factors such as deposit mobilisation in excess of credit flow, there was lower currency demand and pick-up in spending by the government which contributed to the surplus liquidity. The point is that the average net daily liquidity absorption by RBI (or what banks gave to the RBI) went up from Rs 12,000 crore in July to Rs 26,000 crore in August and to Rs 54,400 in September (up to September 15). Money market rates generally remained below the repo rate. It changed subsequently (as in RBI injected money), but that’s due to technical reasons -- quarterly tax collections went out of the system from mid-September, deficit conditions returned and the Reserve Bank engaged in average net injections of the order of Rs 54,400 crore (September 16th to 27th) which kept call rates close to the repo rate. Governor Rajan has pleased all and sundry with a repo rate cut – the shrill cries for it will taper off for a while now. The “focus of monetary action for the near term will shift to working with the Government to ensure that impediments to banks passing on the bulk of the cumulative 125 bps points cut in the policy rate are removed”. Let’s see how that part pans out!
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Saru Kaushal, Country Business Head of Global Corporate Payments, joined American Express Banking Corp in September 2014. According to Kaushal, the business climate in India has improved over the years and in the next few years, India will lead the world in economic confidence and investment. In an interview with Arshad Khan of BW|Businessworld, Kaushal talks about how India is one of the biggest markets for corporate cards in the world.
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