12:02 AM
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This comes amid a falling rupee, which has triggered a slew of regulatory actions aimed at bringing back overseas inflows and cutting import-related dollar payments.
4:11 AM
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The major players of the mutual fund industry have yielded ground in the equity segment, with the share of the top seven-eight AMCs (asset management companies) witnessing a decline, analysts at Nomura wrote. The market share of these AMCs in the pure equity category has declined to 46%, the lowest in the previous four-five years, they said.
Top AMCs (except SBI MF) lost market share of 310 basis points year-on-year in May 2022 in the pure equity segment. “We note that month-on-month trends are pointing to a market-share loss,” Nomura analysts wrote.
HDFC AMC lost market share of around 100 bps YoY in May despite robust performances of all schemes, while Axis AMC has lost 70 bps, down 20 bps YoY. ICICI Prudential AMC continues to hold up well, maintaining its market share in most of the segments. Nippon witnessed a 90 bps Y-o-Y decline, giving up the recoveries in April when it had rebounded to the December 2021 levels.
SBI MF has bucked the trend, sustaining market share gains, which increased 40 bps in FY22. “That said, M-o-M market share trends, even for SBI MF, point to a market-share loss, and we believe they warrant monitoring,” analysts wrote.
The gross inflows into equities at Rs 28,300 crore have fallen around 40% since March 2022. Net equity flows (including ELSS) have been reasonably good at Rs 15,600 crore, with flows from systematic investment plans (SIPs) holding up well at Rs 12,300 crore (flat month-on-month) and continued positive lump-sum flows despite uncertainties in the stock markets. Smaller redemptions, down 34% from the March levels, and a stable SIP book have supported net inflows into equities.
3:11 AM
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Bank of Baroda on Monday increased the marginal cost of funds-based lending rates (MCLR) on some tenures by 10-15 basis points (bps), effective July 12. BoB has increased its one-year MCLR by 15 bps to 7.65%, the lender said in an exchange filing.
The increase in the MCLR by BoB for July was steeper compared with June, when the bank had raised the one-year MCLR by 10 bps. The bank has kept overnight and one-month MCLR unchanged at 6.80% and 7.20% respectively. The 3-month and 6-month MCLR have been raised by 10 bps each to 7.35% and 7.45%, respectively.
Meanwhile, Bank of Maharashtra reduced its MCLR by 20-35 bps across tenures. The bank cut its one-year MCLR by 20 bps to 7.50% in July from 7.70% in the previous month. The bank’s one-year MCLR for June was one of the highest among public sector banks, according to RBI data. The bank’s shorter duration MCLRs for July are in the range of 6.90% to 7.40%.
In FY22, the bank’s deposits stood at Rs 2.02 trillion while current account, savings account (CASA) ratio as of March 31 improved to 58% compared to 54% a year ago. Cost of deposits declined to 3.61% in Q4FY22 from 3.97% in the same quarter last year.
The move comes at the time when most banks have been increasing their MCLR after the Reserve Bank of India initiated a rising policy interest rate cycle.
Earlier, HDFC Bank and ICICI Bank hiked MCLR by 20 bps each.
10:11 AM
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The IBA has invited bids from advisory firms and institutes to design and deliver a leadership development programme for public sector banks (PSBs) to prepare a pipeline of leaders in tune with the increasing competitive landscape.The selected entity will design and deliver the training programme for senior officers of PSBs, including chief general managers (CGMs), general managers (GMs) and deputy general managers (DGMs).
The training programme can be delivered through three modes — online as e-learning modules, online through live webinars/meetings and through in-person mode, a public notice said.The objective is to develop future generation of leaders who are digitally savvy, strategic thinkers with capability to build highly collaborative teams and create customer-centric organisations that thrive in a very dynamic competitive environment, it said.
“The Indian Banks’ Association (IBA) has been requested by the Financial Services Institutions Bureau (FSIB) to appoint an Agency/ Firm/ Institution to design and deliver a leadership development programme for Public Sector Banks in India,” it said.The FSIB is an autonomous body of the Government of India. The mandated objectives of the Bureau include training and development of managerial personnel in nationalised banks and financial institutions in the public sector.The FSIB aims to provide best-in-class training and development opportunities to the senior management
of PSBs.
The programme aims to groom business leaders of the PSBs who shall be ready to assume top management and board-level positions and to drive long-term sustainable business in a competitive market place, it said.The bidder is expected to have proven abilities to design, develop and deliver such a programme, including online e-learning modules on a standard Learning Management Solution (EDX, Coursera etc), it added.
The bidder will be selected under the Quality cum Cost Based System (QCBS) with weightages of 80:20 (80% for technical proposal and 20% for financial bid). The last date for submission of bids is July 30. The pre-bid meeting will be held on July 16.
With inputs from PTI
10:10 AM
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India's retail inflation likely held steady in June, but well above the Reserve Bank of India's tolerance limit for a sixth month as lower fuel and cooking oil prices offset higher services and food costs, a Reuters poll found.
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