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Banks are adopting different procedures while releasing pension or seeking certificates from pensioners at different periodicity, the personnel ministry has said.
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The Personnel Ministry has issued consolidated guidelines to chairman and managing directors (CMDs) of pension disbursing banks to create awareness among Central Pension Processing Centre (CPPC)/ bank branches on updated rules and instructions in this regard.
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State Bank of India chairman Rajnish Kumar is clear that economic activity needs to resume and it is the pace of recovery that will determine the damage to the economy and bank books. He points out that any loss to GDP will get distributed to government, businesses and individuals and thus impact banks. In an interview to TOI, he speaks of what is required.
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The Indian Banks’ Association wants to transfer accounts where fraudulent activities have been detected to the new entity that will hold their risky assets. It is also proposing to sell bad loans at book value to the asset reconstruction company (ARC).
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As per the proposal submitted to the government and the Reserve Bank of India, fraud-hit accounts could be considered on a case-to-case basis, with approval from the regulator, to sell to the band bank. However, lenders who sell these loans will have to deal with all inquiries relating to fraud investigation. Current rules don’t allow sale of such loans.
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"We urge upon RBI to consider, as a one-time measure, to allow NBFCs to draw-down from their Reserves and adjust towards additional Expected Credit Losses provision requirement, in excess of provision calculated as per normal Probability of Default and Loss Given Default," Finance Industry Development Council, a representative body of assets and loan financing NBFCs, said in a letter to RBI Governor Shaktikanta Das.
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A near two-month nationwide lockdown to halt the spread of COVID-19 has clobbered India's retail financial segment, seen as the last bastion for a banking industry that had already raked up more than $120 billion in bad loans and is ranked the third-worst among 13 major world economies in asset quality.
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“70% of these borrowers have paid the instalments to become a non-SMA account where there are no overdue, that is giving us a a very positive momentum for the future,” said P.N. Vasudevan, MD, Equitas Small Finance Bank.
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Marking the economic downturn, India's payments fell 46% this March to Rs 156.5 trillion, compared to Rs 292 trillion for the same period last year; as businesses in India transacted less. The lockdown began on March 25 and payments showed the most drastic fall o the last 7 days of the month, said banks.
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The global economy is expected to suffer $5.8-8.8 trillion in losses due to the coronavirus pandemic, Asian Development Bank said on Friday. Of this, the impact on south Asian gross domestic product will be to the tune of $142-218 billion.
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According to a note released a day after the government announced a Rs 5,000-crore special credit facility for street vendors, ten states accounted for 35 lakh of the 50 lakh beneficiary street vendors who will be given a loan of Rs 10,000 each to restart businesses impacted by the lockdowns.
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After healthcare, the World Bank on Friday said it had cleared a $1 billion assistance for social protection and is in talks with the government for funding initiatives to assist micro, small and medium enterprises. The multilateral agency’s support for social protection will be funded in two phases.
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The special package for micro, small and medium enterprises (MSMEs) will also include accounts that are stressed or are on the verge of being declared nonperforming (NPAs), throwing a lifeline to these companies.
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"As a majority of both credit as well as deposits are in the red zone, any delay in the resumption of economic activity could pressure the banks' balance sheets and impact credit costs," Care Ratings said in the report.
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The bank's MD and CEO Chandrashekhar Ghosh said customers in that sector are not facing problems in their businesses as they deal with basic goods and the local supply chain.
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Xiaomi and Oppo, with more than 100 million in combined smartphone users in India, cannot directly lend to consumers without a shadow banking licence and have partnered with Indian financial companies to provide the funds for services offered on their platforms.
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Fifty days of lockdown have marked a new milestone in the history of Indian banking: Rs 1,000 crore in cash has been delivered by postmen to account holders of different banks at their doorstep across the country.
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This SPV will be the main vehicle for providing support to NBFCs as part of the economic package announced Tuesday and will carry out primary and secondary market operations toward this end, he said. This means it will subscribe to debt issued by NBFCs and also buy it from the secondary market to provide liquidity, which will make such paper more attractive to other investors.
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The FM’s proposal to have a special fund of ₹30,000 crore and partial credit guarantee scheme worth ₹45,000 crore could ease fears that some of these lenders could go belly-up due to tight liquidity. The two schemes could help these firms raise money, and also lend to SMEs. The government will guarantee all securities under the ₹30,000-crore scheme while the ₹45,000-crore scheme comprises a guarantee of up to 20%.
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Exits by private equity and venture capital funds plummeted to a 70 month low by volumes at USD 117 million in five deals, EY, a consultancy firm, said in the report.
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As per RBI norms, moratorium on loan repayments has been provided to borrowers due to the lockdown, which has seriously impacted the businesses and earnings.
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“The settlement was finalized with the Principal Commissioner of Income Tax-1, Jalandhar earlier this month and due taxes have been remitted,” the company said in a statement. “The payment also clears a tax dues contingent liability that has been reported on the company’s books for the past two decades,” the company added.
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"While we have extended EMI (earnest monthly instalments) non-payment benefits to our clients, the same has not necessarily been available for us. It is therefore important in these times to be cautious, conservative and prudent wherever possible," chairman Rashesh Shah said in a letter to Edelweiss Group employees.
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According to the researcher, the problems included issues in biometric authentication, incorrect session handling, embedding of authentication credentials, API security and third-party risks like integration with WhatsApp.
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The good news is that more than half of the debt is concentrated with the top 15 borrowers with strong parentage, and a portion of that has already been redeemed. Also, many of these issuers have floated bonds last month and are liquid, given that there has been hardly any offtake of retail loans since the lockdown.
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Industry experts believe that the reduced number of claims is largely on the back of concerns among patients against visiting hospitals, and many patients are delaying non-essential surgeries to help prevent infections.
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Banks may shift up to Rs. 70,000 crores of bad loans at a value net off the regulator determined provisions and would review the stressed accounts post the lifting of moratorium and could decide to shift more assets with additional capital from the government, said the IBA proposals.
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Non-bank finance companies (NBFCs) have received Rs 1.18 lakh crore from these banks during the period between March 1 and May 8. With the lockdown coming into effect from March 25, state-owned banks opened an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore.
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As a caution and safety measure for customers, SBI has also advised the account holders to change the ATM PIN at regular intervals, cover ATM/POS keypad while entering the PIN, memorize the security transaction number rather than writing it down on the card or anywhere else.
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“Cloud computing is faster, better and less expensive"
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The government on March 24 raised the threshold for invoking IBC proceedings to Rs 1 crore from Rs 1 lakh, to prevent triggering of insolvency cases against small and medium enterprises facing the brunt of the pandemic. On March 29, the IBBI decided to not include the lockdown period in any ongoing corporate insolvency resolution process.
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At present, almost every day, the senior managements of PSU banks spend time in discussing NPAs that are under the insolvency process.
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Ontario Teachers’ Pension Plan (OTPP), Canada Pension Plan Investment Board (CPPIB), Australian Super and Caisse de Dépôt et Placement du Québec (CDPQ), among others, had slated billions of dollars in India directly, via private equity (PE) or other funds, but have either put plans on hold or are reconsidering, two people with direct knowledge of the matter said.
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The Reserve Bank of India (RBI), in March, had allowed a three-month moratorium on payment of all term loans due between March 1, 2020 and May 31, 2020.
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New Business Premium for the sector contracts by 32.6% while Annualised Premium Equivalent (APE) down by 40% mainly due to covid related disruptions in operations and tepid demand for equity linked products. Experts, however, find some positive in growth of group and protection products.
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Assuming that the lockdown is removed in some places on May 17, the businesses will come back to normal to say about in 2-3 months, he added. As people will stay more at home, they will vie for better products, may be a bigger televison set, a bigger fridge as they are not eating out and cooking at home, said SBI Card official.
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While in the early days of the lockdown, banks allowed branches to operate with a skeletal staff, they are now writing to all employees asking them to report to duty. One private bank has informed staff that those who do not attend will be treated as on ‘leave without pay’.
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HDFC Bank in a statement said, "What we are seeing is an attempt by a handful of disgruntled employees to take advantage of the current situation. This involves a minuscule number of employees out of the total 1 lakh+ and has nothing to do with the ongoing lockdown or the resulting economic situation."
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Union minister Nitin Gadkari on Monday said he expects the Centre to unveil a financial package in two-three days, observing that the situation "was very bad" despite the three-month moratorium on loan repayments announced by the RBI (Reserve Bank of India).
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This platform is used in a big way by migrant labour and small businesses. In the case of Unified Payment Interface(UPI) — an app-based payment platform — there has been a significant drop as well from 132 crore in February to less than 100 crore in April.
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"Tired of staying home and having nothing to do? HDFC Bank Fingage presents The Art Project, to give you a #BreakFromBoredom! Unlock your creativity during the lockdown & stand a chance to win exciting prizes!," tweeted the bank, trying to engage its customers during the lockdown.
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Media reports have stated that the public sector lender is offering emergency loans of up to Rs 5 lakh within '45 minutes'. The loans will be given at an interest rate of 10.5 per cent and EMIs will start after a period of six months, the reports said. SBI said that it is in the process of introducing a pre-approved personal loan offering through YONO.
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Now as the lockdown has been further extended up to May 17, 2020, the regulator has allowed extended grace period up to May 31 for all life insurance policies whose premium was due in March keeping in view the difficulty faced by some policyholders to renew the policies in time.
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The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, sources said. The deployment of excessive funds by banks under the reverse repo route may also come up for discussion on Monday.
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