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<ul><li>India's benchmark stock indices are set for the best April since 2009.</li><li>However, over half of those gains came in the last week of trading, and a big chunk of it Thursday, April 30. </li><li>At least three out of the top ten weekly gainers, IndusInd Bank, HDFC, and ICICI Bank, were buoyed by hopes that loan defaults in India won't be as bad as previously expected.</li><li>Follow the latest news and highlights on businessinsider.in.</li></ul>India's top ten listed companies together added a whopping ₹3.1 lakh crore to market capitalisation last week. In a week, shortened by a holiday, India's benchmark indices gained over 7%. However, the sharpest rise in percentage terms, among the blue-chip stocks, came from companies outside of the heavyweights like Reliance Industries, Tata Consultancy Services (TCS), and the HDFC twins. American drug maker Gilead’s success in a clinical trial has given the world hope of finding a cure for COVID-19 coronavirus pandemic. That led to an over- 1,000 point rally in the Sensex on Thursday (April 30) morning, in sync with <a href="https://www.businessinsider.in/stock-market/news/dow-soars-530-points-as-coronavirus-treatment-optimism-overshadows-gdp-slump/articleshow/75460930.cms" data-type="tilCustomLink" target="_blank">the optimism around the globe</a>. <div type="Article" hostid="261" msid="75459632" title="Indian-American-led clinical trial of remdesivir in COVID-19 treatment shows positive results" mstype="2" mssubtype="0"></div> The Indian benchmark indices, Sensex and Nifty, have gone up 14% since April 3, but more than half of those gains came in the last week of trading ⁠— at a time when <a href="https://www.businessinsider.in/policy/economy/news/this-is-how-global-economies-are-expected-to-grow-in-the-first-year-after-coronavirus-pandemic/articleshow/75441608.cms" data-type="tilCustomLink" target="_blank">Moody’s slashed India’s growth forecast</a> for calendar year 2020 to 0.2%, from 2.5% it had projected in March, <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms" data-type="tilCustomLink" target="_blank">layoffs continue</a>, earnings from a top lender (<a href="https://www.businessinsider.in/business/corporates/news/axis-bank-q4-earnings-show-bad-loans-ease-but-ceo-amitabh-chaudhry-maintains-caution/articleshow/75429938.cms" data-type="tilCustomLink" target="_blank">Axis Bank</a>) disappointed, and some of the world’s <a href="https://www.businessinsider.in/business/news/sachin-bansal-takes-the-same-line-as-donald-trump-and-elon-musk-let-people-work-and-live-with-coronavirus/articleshow/75453465.cms" data-type="tilCustomLink" target="_blank">most influential billionaires</a> lost their patience with the economic shutdown. Though they had no impact on the market, two of India's most-talented Bollywood stars, <a href="https://www.businessinsider.in/entertainment/news/irrfan-khans-inspiring-journey-from-chandrakanta-to-macbeth-to-a-father-struggling-to-get-his-child-into-a-school/articleshow/75445225.cms" data-type="tilCustomLink" target="_blank">Irrfan Khan</a> and <a href="https://www.businessinsider.in/entertainment/news/rishi-kapoor-passes-away-at-67/articleshow/75464201.cms?upache=2" data-type="tilCustomLink" target="_blank">Rishi Kapoor</a>, passed away making the general mood a lot worse. While the bigger picture looked bleak, there were quiet celebrations happening in different pockets of the Indian share market. At least two out of the top ten weekly gainers, IndusInd Bank and HDFC, were buoyed by hopes that loan defaults in India won't be as bad as previously expected. Here’s a look at the top 10 gainers among the blue-chip stocks this week ending April 30: <table style="width: 461pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:15.0pt;width:128pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 98pt;">Gains this week</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 235pt;">Trigger</td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">Tata Motors </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.93%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Jaguar Land Rover has <a href="https://www.livemint.com/auto-news/jaguar-land-rover-recovers-up-to-75-production-in-china-as-demand-returns-11588159987336.html" data-type="tilCustomLink" target="_blank">restored three-fourths of its budgeted production</a> in China </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">ONGC</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.34%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Raised ₹1,000 crore via commercial papers at a cheap rate of 4.13% per annum. This showed debt market’s strong interest in India’s largest explorer despite an oil crash that has hammered its cash flows, <a href="https://economictimes.indiatimes.com/markets/stocks/news/ongc-issues-cps-worth-rs-1000-crore-at-4-13-interest-rate/articleshow/75416400.cms" data-type="tilCustomLink" target="_blank">the Economic Times reported</a>. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">UPL</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">19.76%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The agrochemical maker said that the business is less affected by COVID crisis because farming continues with push from governments to ensure adequate food supply during lockdown. The company also repaid 30% of its debt in the last 3 months.</td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://economictimes.indiatimes.com/hindalco-industries-ltd/stocks/companyid-13637.cms" data-type="tilCustomLink" target="_blank">Hindalco</a> </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The <a href="https://www.businessinsider.in/business/corporates/news/hindalco-novelis-completes-acquisition-of-aleris/articleshow/75151080.cms" data-type="tilCustomLink" target="_blank">Aleris acquisition turned out</a> to be better than expected. Hindalco decided to pay an additoinal $50 million due to the better than expected performance revealed in the latest results. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;"><a href="https://www.businessinsider.in/business/auto/article/hero-moto-share-price-is-at-a-six-year-but-exports-karizma-and-xtreme-sports-can-help/articleshow/74190134.cms" data-type="tilCustomLink" target="_blank">Hero Motocorp</a></td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.05%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The stock has been on an uptrend since mid April due to a host of reasons including hopes that COVID fears may push people to avoid public transport in the near future but not everyone may be able to afford a car </td> </tr> <tr> <td class="xl69" style="height: 30pt; border-top-width: initial; border-top-style: none;">GAIL India </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.74% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">At the start of the week, the stock was down 50% in the last one year and nearly 20 'Buy' recommendations. </td> </tr> <tr> <td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">Vedanta</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">15.21%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The rally in Vedanta was part of a larger change in sentiment in favour of metal stocks hoping for a reduction in competition from China.</td></tr><tr><td class="xl69" style="height: 60pt; border-top-width: initial; border-top-style: none;">HDFC </td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.96% </td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">The IndusInd Bank experience eases fear of defaults by borrowers of India's largest mortgage lender. </td> </tr> <tr> <td class="xl69" style="height: 45pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.58%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Nomura gave a 'Buy' call on the stock on April 20 with a target price 25% higher. The stock has rallied since and is just ₹25 short of the target. </td> </tr> <tr> <td class="xl71" style="height: 60.75pt; border-top-width: initial; border-top-style: none;">IndusInd Bank</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">13.82%</td> <td class="xl73" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none; width: 235pt;">Earnings surprise as borrowers continue to <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">repay loan instalments</a> </td> </tr></tbody></table>There will be no trading on May 1 on account of Maharashtra Day celebrations. The money did not come from the foreign investors. They continued to be net sellers in the cash market for the fourth straight month. It was domestic institutional investors like mutual funds that bought the most in this rally. “Markets this week rallied from the lows seen in March 2020. After almost a month of lockdown the world over, early signs of easing of the same along with some signs of the flattening of the COVID -19 curve spurred hope of economic activity resuming albeit at a slow pace. Some promise of a possible cure with positive preliminary results of a few drugs also added to hope and optimism," Shibani Sircar Kurian, Executive Vice President, Fund Manager &amp; Head- Equity Research,Kotak Mahindra Asset Management Company said. <div type="image" title="fii dii data" msid="75466705" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors in Indian share market remain net sellers for the fourth straight month. &amp;lt;/p&amp;gt;"></div> So, what does the road ahead look like? “The Fear Of Missing Out will drive many investors – including myself – off the sidelines," said Nigel Green, founder and chief executive of deVere Group, a global financial advisory firm. “Investor exuberance is contagious. As the markets move steadily higher - unfazed by the recent poor economic data from the peak of the pandemic – it can be expected that the uptick will further sharpen due to that powerful investor sentiment: FOMO," he added. If FOMO drives some of the global investors back to India, the rally may spillover into May. However, investors must also remember that the month of May is usually one where stocks underperform, leading to the widely-known adage "<a href="https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp" data-type="tilCustomLink" target="_blank">sell in may and go away</a>." Will May 2020 break the trend? SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-skyrocket-by-10-as-its-customers-choose-not-to-defer-paying-off-loans/articleshow/75425195.cms" data-type="tilCustomLink" target="_blank">IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-shares-are-rising-ahead-of-earnings-because-every-two-out-of-five-rupees-in-revenue-come-from-telecom/articleshow/75445808.cms" data-type="tilCustomLink" target="_blank">Tech Mahindra shares are rising ahead of earnings because every two out of five rupees in revenue come from telecom⁠</a> <a href="https://www.businessinsider.in/policy/economy/article/a-corporate-lawyer-explains-why-indias-power-companies-cant-get-lower-tax-rate/articleshow/75442365.cms" data-type="tilCustomLink" target="_blank">Lawyers explain why India's power producers can't avail the lower tax rate</a> <a href="https://www.businessinsider.in/stock-market/news/hero-moto-to-tech-mahindra-to-wipro-indias-top-ten-cheapest-stocks-investors-can-buy-now/articleshow/75007066.cms" data-type="tilCustomLink" target="_blank">From Hero Moto to Tech Mahindra to Wipro ⁠— ten of India’s cheapest stocks that you could buy for bargain now</a>

India's blue-chip indices see a dizzying rally this week⁠— these are the top ten gainers and what pumped them up

<ul><li>Market regulator SEBI has sought explanation from mutual funds for delaying payments due to investors.</li><li>Top mutual funds in India are citing reasons to delay repaying investors' money.</li><li>The crisis in India's shadow banks caused by massive defaults by IL&amp;FS and Essel Group is unraveling.</li><li>The Economist had warned of such a crisis earlier calling it India's 'Lehman moment'.</li></ul>When an investor buys a mutual fund, specifically invests in a fund that lends money to corporate borrowers, for a fixed period of a time, it is expected that the fund would return the money to the borrower at the end of the tenure based on the agreed terms. That trust that keeps the mutual fund market running is being tested in India. Two of the country's biggest fund houses, that invest the money pooled in from eager investors, have sought <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-troubles-have-hdfc-kotak-mutual-fund-seeking-roll-overs/articleshow/68828851.cms" data-type="tilCustomLink" target="_blank">to delay the payments due to the clients</a>. Market regulator, the Securities and Exchange Board of India, has finally swung into action and has written to Kotak Asset Management Company and HDFC Asset Management Company seeking clarification regarding delays in repayment to investors of fixed maturity plans, <a href="https://www.cnbctv18.com/finance/fmp-crisis-kotak-mutual-funds-hdfc-amc-under-sebi-lens-2942511.htm" data-type="tilCustomLink" target="_blank">according to a CNBC-TV18 report</a>. On Monday, Kotak Mutual Fund informed its investors that it would not be able to redeem the securities held by the investors because one of its loans, to the struggling Zee Group has soured. The borrower has sought additional time to repay the debt, and the investors who had trusted their savings with the fund have become collateral damage. 
 <div type="image" title="cotakBI8 (1)" msid="68843945" hostid="261"></div>



 HDFC Mutual Fund, the country’s largest, said it would roll over one of its fixed maturity plans, which is due for redemption on April 15. However, this financial services major that manages billions of people's wealth, has given the payment delay an ironic twist. “The purpose of rollover/ extension is due to current interest rate scenario and portfolio positioning, the yields prevailing in the short maturity bucket present an option for investors to lock in their investments at current prevailing yields,” HDFC MF told its investors. Break it down In simple words, the company is citing high interest rates for short-term loans as an opportunity to reinvest the money that is due. However, can they take that decision unilaterally, without the investors' consent? "Extensions are not possible unless the investors agree. Something like 75% of the investors in that particular scheme have to agree to a rollover. Otherwise a close-ended debt fund has to mature and the money has to be given," Ananth Narayan, professor of finance at SP Jain Institute of Management and Research, told a television channel. The question to ask is will a bank give you more time to pay your dues because someone else failed you? No. Similarly, the fund house is trusted to repay the investors' at maturity, the end of a previously agreed time period. At that point, the choice is with the investors if they want to roll-over the investment for a longer duration or redeem it right away. "We will have to wait for more details. It seems similar to the Kotak situation where some papers might not be liquid enough which is why this option is being provided to investors. I will be very happy if I am wrong and the company clarifies very soon.," Narayan added in his comments. If indeed HDFC Mutual is in a hurry to make the most of rising short-term interest rates in the market, it could start a new fund and investors can be invited to pool in money again based on a new agreement. What seems to be missing in the fund's offer is an explicit consent. Lehman moment The fear in the market is that an increasing number of mutual funds are trying to brush their bad investments in companies like IL&amp;FS, Essel Group etc. under the carpet. In late 2018, many bad business decisions of the past led a set of Indian behemoths to default on their loans leaving behind a financial mess that <a href="https://www.economist.com/business/2018/11/08/indias-banking-system-is-flirting-with-a-lehman-moment" data-type="tilCustomLink" target="_blank">the Economist called India's Lehman moment</a>. The reference is to the collapse of the global investment bank, Lehman Brothers, in 2008 that led to the <keyword id="83197" type="ORGANIZATION" weightage="20" keywordseo="Global-financial-crisis">global financial crisis</keyword> and a widespread panic that shut all taps for credit across the world. The fear was more Indian financial firms may face losses in the days to come that may lead to a cash crunch and panic within the country, something that seems increasingly plausible with the recent sequence of events. The shadow banks, non-banking financial companies and mutual funds, which had lent money to IL&amp;FS and Essel Group to stand have their backs broken by the massive unpaid dues. IL&amp;FS had a debt of $13 billion when it defaulted on some of it. About 10 fund houses had lent to 16 companies belonging to Essel Group with the promoters' shares as security. To their surprise, the fund managers found out later that some of those shares were already pledged to other lenders. India's problem with unpaid loans, and those at the risk of default, is much bigger than these two. In <a href="https://www.business-standard.com/article/finance/npa-woes-india-beats-italy-to-be-world-s-worst-non-performing-loan-ratio-119021900322_1.html" data-type="tilCustomLink" target="_blank">February this year</a>, the country beat Italy to bag the infamous of having the world's highest proportion of bad loans. What was earlier seen as a problem limited to the banks, it is now becoming evident that the damage may be far wider. Now, the small investors fear for their money that is stuck with the stressed mutual funds. The market regulator SEBI that is expected to protect small investors is still silent. SEE ALSO: <a href="https://www.businessinsider.in/markets/lok-sabha-elections-2019-adds-to-the-markets-fears-from-us-fed-minutes-and-imf-forecast/articleshow/68826392.cms" data-type="tilCustomLink" target="_blank">India's 2019 election is only one of the market's many worries</a>

India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

<ul><li>The <keyword id="11211146" type="General" weightage="20" keywordseo="Samsung-Galaxy-S21-FE-5G" source="Orion">Samsung Galaxy S21 FE 5G</keyword> is the latest premium offering from the smartphone maker.</li><li>The device has been launched with a price tag of ₹54,999, making it the most affordable S21 series phone.</li><li>Here’s our review of the Galaxy S21 FE 5G that will help you decide whether you should buy the device or not.</li></ul>After the success of the <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s20-fe-smartphone-review-price-in-india-features-performance/articleshow/78694873.cms">Galaxy S20 FE</a>, the most affordable device in the Galaxy S20 lineup, <keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> introduced the <a href="https://www.businessinsider.in/tech/mobile/news/samsung-launches-galaxy-s21-fe-5g-in-india-featuring-a-triple-camera-setup-starting-at-49999/articleshow/88805757.cms">Galaxy S21 FE 5G</a> as the first device from the company in 2022 in India. The Galaxy S21 FE 5G is placed in the upper mid-range segment and is aimed at offering a premium device with flagship features at a relatively affordable price. Like its predecessor, the Galaxy S21 FE is offered in several eye-catchy colours to appeal to the younger generation. I’ve been using the Samsung Galaxy S21 FE 5G for a couple of weeks now and here’s my full review of the latest premium smartphone from the company. <cmsannotation type="cmsannotation" annotationid="Samsung Galaxy S21 FE 5G price and availability" comment="subhead" text="Samsung Galaxy S21 FE 5G price and availability">Samsung <keyword id="12876090" type="General" weightage="20" keywordseo="Galaxy-S21-FE-5G-price" source="Orion">Galaxy S21 FE 5G price</keyword> and availability</cmsannotation> The Samsung Galaxy S21 FE 5G is priced at ₹54,999 for the 8GB RAM and 128GB internal storage variant and ₹58,999 for the 8GB RAM and 256GB internal storage variant. It is available in four colour options – Olive, Graphite, Lavender and White. The device is available from Amazon India, Samsung online store and Samsung authorized retailers across the country. As part of the launch offer, buyers can avail an instant cashback of ₹5,000 using HDFC Bank debit or credit card. <cmsannotation type="cmsannotation" annotationid="Samsung Galaxy S21 FE 5G – Design" comment="subhead" text="Samsung Galaxy S21 FE 5G – Design">Samsung Galaxy S21 FE 5G – Design</cmsannotation> <div type="image" title="20220110_150002" msid="89614932" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy S21 FE 5G camera bump.&amp;lt;/p&amp;gt;"></div> The Galaxy S21 FE 5G is like the other Galaxy S21 series devices and it’s easy to confuse it with the other devices, especially the S21 and the S21 Plus. While it features an identical camera bump, the S21 FE 5G uses plastic instead of metal. <div type="image" title="Samsung Galaxy S21 FE 5G back" msid="89614948" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy S21 FE 5G back&amp;lt;/p&amp;gt;"></div> The device comes with a plastic back and sports a matte finish, with an aluminium frame running around the sides. Overall, it feels good to hold and the plastic back means it doesn’t get too cold or too hot in either weather condition. <div type="image" title="20220110_150208" msid="89615093" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy S21 FE 5G volume rockers and power button&amp;lt;/p&amp;gt;"></div> While some may think the lack of glass or metal makes the S21 FE 5G a less premium phone, it looks and works just as well. <cmsannotation type="cmsannotation" annotationid="Samsung Galaxy S21 FE 5G – Display" comment="subhead" text="Samsung Galaxy S21 FE 5G – Display">Samsung Galaxy S21 FE 5G – Display</cmsannotation> The Galaxy S21 FE 5G sports a 6.4-inch Dynamic AMOLED display with a punch-hole notch in the centre, just like its other S21 siblings. It comes with a 120Hz refresh rate and Corning Gorilla Glass Victus protection. <div type="image" title="Display" msid="89614962" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy S21 FE 5G display&amp;lt;/p&amp;gt;"></div> In day-to-day usage, I found the display to be bright and vibrant enough, even under direct sunlight. The touch response is good and there’s some good news for fans of both flat and curved displays – while the display itself is flat, the edges of the glass are slightly curved. This makes it easier to use gestures and swiping from the edges is smooth, while flat sides add a break of sorts while swiping. The display also houses a fingerprint sensor, which is optical this time around. While this makes it less secure than Samsung’s ultrasonic solution, it is faster and more responsive. <cmsannotation type="cmsannotation" annotationid="Samsung Galaxy S21 FE 5G – Performance and battery life" comment="subhead" text="Samsung Galaxy S21 FE 5G – Performance and battery life">Samsung Galaxy S21 FE 5G – Performance and battery life</cmsannotation> The Galaxy S21 FE 5G is equipped with the same Exynos 2100 chipset as its more expensive S21 siblings. This is paired with 8GB RAM and up to 256GB of internal storage. From playing graphic-intensive games like Call of Duty: Mobile to multitasking throughout the day, the Galaxy S21 FE 5G handled everything I threw at it well enough. I also tried a wide range of activities such as streaming videos, playing music in the background and simply using social media apps and surfing the internet – the phone breezes through everything. Coming to the battery department, the Galaxy S21 FE 5G is powered by a 4,500mAh battery with 25W wired charging support and 15W wireless charging support. On a typical day, the phone lasted me through the evening with moderate gaming, multitasking, plenty of texting and phone calls and clicking a few photos. <cmsannotation type="cmsannotation" annotationid="Samsung Galaxy S21 FE 5G – Camera" comment="subhead" text="Samsung Galaxy S21 FE 5G – Camera">Samsung Galaxy S21 FE 5G – Camera</cmsannotation> <div type="image" title="Samsung Galaxy S21 FE 5G camera" msid="89614975" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy S21 FE 5G camera&amp;lt;/p&amp;gt;"></div> The Galaxy S21 FE 5G is equipped with a 12MP primary camera with optical image stabilisation, a 12MP ultra-wide sensor and an 8MP telephoto sensor with 3X optical zoom. On the front, the device sports a 32MP selfie camera. <div type="image" title="Day" msid="89614984" hostid="261" caption="&amp;lt;p&amp;gt;Image captured in daylight&amp;lt;/p&amp;gt;"></div> Images captured in daylight turned out to be very well balanced, both in terms of details as well as colour reproduction. The primary camera also performed very well in terms of close-ups, with a great amount of detail and clarity. <div type="image" title="Indoor" msid="89615003" hostid="261" caption="&amp;lt;p&amp;gt;Image captured indoors&amp;lt;/p&amp;gt;"></div> Even while indoors under artificial light, the S21 FE 5G’s primary camera worked well, with well-saturated colours and detailed photos. <div type="image" title="Closeup" msid="89615047" hostid="261" caption="&amp;lt;p&amp;gt;Image captured outdoors&amp;lt;/p&amp;gt;"></div> The ultrawide angle camera took decent photos, but it misses out on autofocus so you have to be careful, especially if there are moving objects. Other than that, the overall image quality remained good. <cmsannotation type="cmsannotation" annotationid="Wrapping up" comment="subhead" text="Wrapping up">Wrapping up</cmsannotation> The Galaxy S21 FE 5G is a great option if you are looking for a value flagship. It faces tough competition from the likes of the OnePlus 9R and OnePlus 9RT, among others, especially if you are a fan of fast charging speeds. However, the overall performance is well-rounded and makes a lot of sense for those who want a powerful Samsung smartphone at a good price. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-foldable-smartphone-review/articleshow/86366351.cms">Samsung Galaxy Z Fold 3 review: Creasing through the folds</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-flip-3-review-foldable-phones-are-ready-for-the-mainstream/articleshow/87204758.cms">Samsung Galaxy Z Flip 3 review – foldable phones are ready for the mainstream</a>

Samsung Galaxy S21 FE 5G review – Fan edition, round two, still affordable

<ul><li>Xiaomi unveiled its latest smartphone in the popular <keyword id="2351029" type="General" weightage="100" keywordseo="redmi-note" source="Orion">Redmi Note</keyword> series earlier this month.</li><li>The Redmi Note 11 Pro+ 5G is priced starting at ₹20,999, making it the most expensive Redmi Note device so far.</li><li>If you are in the market for an upgrade, read our review of the Redmi Note 11 Pro+ 5G to help you decide if you should buy the device or not.</li></ul>Xiaomi launched the <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-11-pro-redmi-note-11-pro-and-redmi-watch-2-lite-launched-in-india/articleshow/90096594.cms">Redmi Note 11 Pro+ 5G</a>, the company’s latest offering in the Redmi Note series earlier this month. The company also launched a more affordable Redmi Note 11 Pro and the Redmi Watch 2 Lite at the event. The feature-packed device from Xiaomi is the premium offering in the Redmi Note series and continues the company’s formula of offering certain higher end features coupled with other mid-range hardware at a price that seems competitive at first sight. The highlights of the Redmi Note 11 Pro+ 5G – as mouthful as the name is – include a 120Hz AMOLED display, 108MP rear camera and a 5,000mAh battery with 67W fast charging support. I’ve been using the Redmi Note 11 Pro+ 5G for a couple of weeks now and here’s my full review of the latest mid-range smartphone from Xiaomi. <cmsannotation type="cmsannotation" annotationid="Redmi Note 11 Pro+ 5G – Price and availability" comment="subhead" text="Redmi Note 11 Pro+ 5G – Price and availability">Redmi Note 11 Pro+ 5G – Price and availability</cmsannotation> The Redmi Note 11 Pro+ 5G is priced at ₹20,999 for the 6GB RAM and 128GB storage variant, ₹22,999 for the 8GB RAM and 128GB storage variant and ₹24,999 for the 8GB RAM and 256GB internal storage variant. It is available in Mirage Blue, Stealth Black and Phantom White colour options from Amazon India, Xiaomi online store and the company’s offline stores across the country. As part of the launch offer, buyers can avail an instant discount of ₹1,000 using HDFC Bank debit and credit cards. <cmsannotation type="cmsannotation" annotationid="Redmi Note 11 Pro+ 5G – Design" comment="subhead" text="Redmi Note 11 Pro+ 5G – Design">Redmi Note 11 Pro+ 5G – Design</cmsannotation> <div type="image" title="Back" msid="90533619" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G&amp;lt;/p&amp;gt;"></div> The Redmi Note 11 Pro+ 5G features a glass back, a flat plastic frame and squared-off edges that give it an iPhone 13-like look. The device features a frosted glass back design that gives it a premium look and protects it from fingerprint smudges. <div type="image" title="Ports" msid="90533666" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G bottom&amp;lt;/p&amp;gt;"></div> The device sports the 3.5mm headphone jack and the speaker grille on the top. It features a second speaker grille, USB Type-C port and the SIM tray on the bottom. <div type="image" title="Side" msid="90533683" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G&amp;lt;/p&amp;gt;"></div> On the right side, the device has the volume rocker and the power button, which doubles up as a fingerprint sensor. While the power button has a good, tactile feel to it, the volume buttons aren’t as clicky. However, I realised it’s possible to get used to it. Overall, the flat finish – both on the front as well as the back – makes the Redmi Note 11 Pro+ 5G seem a little boxy. The edges aren’t as sharp, though, so that helps in gripping the device. <cmsannotation type="cmsannotation" annotationid="Redmi Note 11 Pro+ 5G – Display" comment="subhead" text="Redmi Note 11 Pro+ 5G – Display">Redmi Note 11 Pro+ 5G – Display</cmsannotation> <div type="image" title="Display" msid="90533636" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G display&amp;lt;/p&amp;gt;"></div> The Redmi Note 11 Pro+ 5G features a 6.67-inch Full HD+ AMOLED display with a 120Hz refresh rate and Corning Gorilla Glass 5 protection. The display comes with a punch-hole notch that houses the selfie camera. I found the display to be vivid, with excellent colour reproduction and adequate brightness. The contents are easily visible even under direct sunlight, with the phone hitting the 700 nits level thanks to a feature called sunlight boost. The phone supports two refresh rates – 60Hz and 120Hz. I set the phone at 120Hz throughout my testing, and the overall experience was smooth across apps. <cmsannotation type="cmsannotation" annotationid="Redmi Note 11 Pro+ 5G – Performance and battery" comment="subhead" text="Redmi Note 11 Pro+ 5G – Performance and battery">Redmi Note 11 Pro+ 5G – Performance and battery</cmsannotation> The Redmi Note 11 Pro+ 5G is equipped with the Snapdragon 695 chipset coupled with up to 8GB LPDDR4X RAM and 256GB of UFS 2.2 internal storage. While the memory and storage are fast, the chipset might seem slow – however, in day-to-day usage, it is pretty fast, even with a 120Hz refresh rate display. One of the two areas where the chipset shows its weakness is in games – while titles like Battlegrounds Mobile India play well enough for the most part, there were some noticeable stutters at times. The other is the fact that the Redmi Note 11 Pro+ 5G does not support HDR10 videos, nor can it record 1080p videos at 60 frames per second (fps). Moving on to power efficiency, the Redmi Note 11 Pro+ 5G is powered by a 5,000mAh battery with 67W fast charge support. The device can be fully charged from 0 to 100% in just 42 minutes, according to the company. My real-world experience was close enough at 47 minutes. In regular usage, with over an hour of calling – voice and video, plenty of texting, multitasking, a few pictures and streaming videos, the phone lasted me an entire day comfortably. The Redmi Note 11 Pro+ 5G also supports seven 5G bands, so in terms of future-proofing, this phone is well-equipped. Even though 5G is not live in India yet, the government has revealed it intends to auction 5G spectrum some time this year. <cmsannotation type="cmsannotation" annotationid="MIUI 13 is a refreshing update" comment="subhead" text="MIUI 13 is a refreshing update">MIUI 13 is a refreshing update</cmsannotation> The Redmi Note 11 Pro+ 5G comes with MIUI 13 and Android 11 out of the box. Although Xiaomi missed the bus on launching the phone with Android 12, it might not be that big of a deal considering the fact that this update has been relatively buggy on other Android phones. That brings me to MIUI 13 – it is the latest version of Xiaomi’s custom skin, and as a fan of minimal Android skins like Google’s flavour for Pixel phones, or OnePlus’ OxygenOS, MIUI 13 looked and felt surprisingly fresh. Xiaomi has been known for offering a wide range of customisation options with its MIUI custom skin, but optimisation and refinement were two areas where the company had its task cut out. A lot of work has gone into those aspects with MIUI 13 and the result is surprisingly good. MIUI 13 addresses some of my pet peeves with Xiaomi phones in the past, which includes the recent apps screen. You can finally choose between the card layout or grid, and get rid of the memory information if you want an even cleaner experience. In my experience, Xiaomi seems to have also scaled back significantly in regards to notifications and advertisements – while I did come across a random app notification occasionally, I have not seen ads in system apps yet. Overall, MIUI 13 is refined and while there’s still some scope for improvement, Xiaomi has done a good job in enhancing the user experience. <cmsannotation type="cmsannotation" annotationid="MIUI 13 is a refreshing update" comment="subhead" text="Redmi Note 11 Pro+ 5G – Camera">Redmi Note 11 Pro+ 5G – Camera</cmsannotation> <div type="image" title="Camera" msid="90533728" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G rear camera&amp;lt;/p&amp;gt;"></div> Coming to the camera department, the Redmi Note 11 Pro+ 5G features a triple camera setup at the back consisting of a 108MP primary camera, an 8MP ultra-wide-angle camera and a 2MP macro camera. <div type="image" title="Daylight" msid="90533771" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G daylight image&amp;lt;/p&amp;gt;"></div> The Redmi Note 11 Pro+ 5G performs well in daylight conditions, even with challenging sources of light. Colours are slightly punchy, but well within balance at default settings. The portrait mode results were also very good, with good edge detection. <div type="image" title="Night mode" msid="90533784" hostid="261" caption="&amp;lt;p&amp;gt;Redmi Note 11 Pro+ 5G night images&amp;lt;/p&amp;gt;"></div> The phone struggles a bit when it comes to low light conditions, though, with noise fairly noticeable, with both the primary 108MP camera as well as the 8MP ultrawide angle snapper. <div type="image" title="0.6x 1x 2x" msid="90533810" hostid="261" caption="&amp;lt;p&amp;gt;0.6x, 1x and 2x images&amp;lt;/p&amp;gt;"></div> The 2MP macro camera is serviceable, but Xiaomi could have opted for a telephoto sensor instead. You need really steady hands to snap a usable photo when using the macro mode. On the front, the device sports a 16MP selfie camera. It does its job well, but just like the primary cameras, it tends to be a little noisy in challenging lighting conditions. <cmsannotation type="cmsannotation" annotationid="Wrapping up" comment="subhead" text="Wrapping up">Wrapping up</cmsannotation> The Redmi Note 11 Pro+ 5G finds itself in a more challenging spot when compared to the Redmi Note 10 Pro Max last year. The ₹20,000 price segment is more crowded and competitive than ever before, and features like the slightly weaker chipset make things a little difficult for the smartphone. With that said, though, there are hardly any phones that offer a premium design and a high quality 120Hz Super AMOLED display in this price range. Overall, this is a good package, with room for improvement in gaming and video recording. However, if your current phone is from last year, you might want to wait for now. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-fe-5g-review-fan-edition-round-two-still-affordable/articleshow/89614788.cms">Samsung Galaxy S21 FE 5G review – Fan edition, round two, still affordable</a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-9-pro-plus-smartphone-review/articleshow/89631293.cms">Realme 9 Pro+ 5G review — Decent all-round performance</a> <a href="https://www.businessinsider.in/tech/mobile/news/oppo-reno-7-pro-smartphone-first-impressions-attractive-and-powerful-mid-range-mobile/articleshow/89425700.cms">Oppo Reno 7 Pro first impressions – an attractive and powerful mid-range offering</a>

Redmi Note 11 Pro+ 5G review – excellent display, great battery life but slightly pricey

<ul><li>The Galaxy Z Fold 3 is Samsung’s latest foldable smartphone.</li><li>It sports two displays and is Samsung’s first smartphone with an under-display camera.</li><li>Has Samsung done enough to address the concerns with its foldable phones? We put the phone through the paces to find out.</li><li>Read our Galaxy Z Fold 3 review to find out if this should be your next phone.</li></ul>Samsung has a history of creating a market for new form factors for phones, and that remains true for foldable smartphones as well. From nowhere two years ago, foldable smartphones have now become a part of normal discourse thanks to the Korean smartphone maker. After initial hiccups with the original Galaxy Fold in 2019 to the <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-first-impressions/slidelist/85624194.cms">Galaxy Z Fold 3</a> in 2021, Samsung and foldable smartphones have come a long way. From being gimmicky and highly delicate to robust, sturdy and water resistant, Samsung has made some major leaps in bringing its foldable smartphones to the mainstream. For old followers of the smartphone industry, this might seem like déjà vu. Samsung created the phablet form factor – a mish-mash of tablets and phones, basically, phones with giant displays – out of nowhere with the original Galaxy Note in 2011. That was a time when phones with sub-5-inch displays were the norm, and anything bigger than that was basically an outlier. Samsung brought big display smartphones into the mainstream and the Galaxy Note series proved to be a major success for the company. Now, with foldable smartphones, Samsung is trying to recreate the same magic yet again. That’s enough for a backstory, and let’s come back to the topic – the <a href="https://www.businessinsider.in/tech/mobile/news/samsung-unveils-new-foldable-phones-galaxy-watch-4-series-and-galaxy-buds-2-wireless-earbuds/articleshow/85243394.cms">Galaxy Z Fold 3</a>. We have been testing Samsung’s latest foldable smartphone for a few weeks now, and here’s our detailed review. Dig in. <keyword id="699914" type="General" weightage="20" keywordseo="samsung-galaxy-z" source="Orion">Samsung Galaxy Z</keyword> Fold 3 price in India The Galaxy Z Fold 3 price in India starts at ₹1,49,999. It comes in Phantom Black and Phantom Green colour options. HDFC Bank debit and credit card users can avail of a cashback of ₹7,000. Additionally, there are other offers that you can check out on Samsung India’s <a href="https://www.samsung.com/in/smartphones/galaxy-z-fold3-5g/buy/'">official website</a>. The box includes the phone, a USB Type-C to Type-C cable for charging, a SIM ejector tool and the quick start guide. Alternatively, if you want a slightly more affordable foldable phone, the Galaxy Z Flip 3 is another option worth considering at a starting price of ₹84,999. Design The Galaxy Z Fold 3 sports a familiar design – it has a book-like form factor that Samsung has retained since the original Fold. It has a secondary display on the top and a foldable large display on the inside. This design approach helps protect the relatively delicate foldable display, while the external display is protected by Corning Gorilla Glass Victus. <div type="image" title="Hinge 1" msid="86366499" hostid="261" caption="&amp;lt;p&amp;gt;The hinge on the Samsung Galaxy Z Fold 3.&amp;lt;/p&amp;gt;"></div> The foldable magic is possible thanks to the hinge and the ultra-thin glass on the inside. However, one side-effect of a foldable phone is that it is going to be bulky – in part due to the phone folding in half, and in part due to the gap between the folded parts of the inner display. <div type="image" title="Fold" msid="86366381" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy Z Fold 3 partially open.&amp;lt;/p&amp;gt;"></div> This is immediately visible when the phone is folded and you either hold it or put it in your pocket. There’s no escaping the fact that it is chunky and bulky – at 271 grams, it is one of the heaviest smartphones out there. The phone can be a little slipper at times, especially when you hold the phone vertically. However, the narrow aspect ratio is useful in this instance, as it gives you a better grip. Samsung says it has used a stronger aluminum material, and combined with the Gorilla Glass protection, it looks and feels premium. The narrow aspect ratio makes the phone comfortable enough to hold, allowing you to use it like a normal smartphone. The fingerprint sensor is mounted on the right side, integrated with the power button. The back of the phone is bare, except for the camera module. Display The display is the primary attraction of the Galaxy Z Fold 3 for obvious reasons. Both the displays are AMOLED and offer 120Hz refresh rate. The external display is 6.2-inches and appears taller than smartphones with comparable displays – this is due to the 25:9 aspect ratio at a time when most smartphones offer around 19:9 aspect ratio displays. <div type="image" title="20210825_144919" msid="86366418" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy Z Fold 3 display.&amp;lt;/p&amp;gt;"></div> In simpler terms, the external display is not as wide as you would see in normal smartphones. This does not have a major impact on regular usage, but it is noticeable while watching videos, for which you’ll most probably use the main display. Beyond the size and form factor, the external display is responsive, bright and since it is an AMOLED panel, the blacks are true and the contrast is excellent. The primary display – the foldable 7.6-inch canvas on the inside – is the key selling point of the Galaxy Z Fold 3. It has a much wider 5:4 aspect ratio, which makes it an excellent option for things like reading ebooks, or multitasking. The addition of S Pen support is another clear indicator that Samsung is focusing on making it easier to run multiple apps at the same time. Tasks like opening spreadsheets, taking notes or just creating art – it’s easier to get things done thanks to Samsung’s excellent implementation of multi-window and the large canvas at your disposal. <div type="image" title="20210825_144157" msid="86366455" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy Z Fold 3 partially folded.&amp;lt;br /&amp;gt;&amp;lt;/p&amp;gt;"></div> This brings us to the crease – there’s no denying that it is present and noticeable, but it can be ignored while viewing content. Again, this depends on the kind of content being viewed – the crease becomes more noticeable while viewing content with light background. It’s not a big deal but it cannot be wished away. The Galaxy Z Fold 3 is also one of the first few mainstream smartphones with an under-display camera – it has a 4MP camera that is mostly invisible when you are using the phone, and appears as soon as you open the camera app to click selfies. The area that houses the camera is less pixel-dense than the rest of the display to allow the sensor to capture adequate light. It can be ignored for the most part but is slightly noticeable while viewing content. Overall, though, Samsung has done a great job to make a highly usable foldable smartphone that is true to its roots while still making a lot of sense for day-to-day usage. Performance The Galaxy Z Fold 3 is powered by the Qualcomm Snapdragon 888 chipset – the top-of-the-line chipset that is currently available from Qualcomm. It is paired with up to 12GB of RAM and up to 512GB of UFS 3.1 storage. This is as fast as a modern Android smartphone can get, right now. In regular usage, the Galaxy Z Fold 3 was a breeze to use. Samsung has done very well to balance performance and efficiency, with a seamless transition from the exterior display to the internal one. For instance, if you have an app open with the phone folded, it opens up in the same state when the phone is unfolded. The phone also comes out with flying colours while playing games – the massive screen real estate is a treat to use and gives you more room to use and viewing area when compared to normal smartphones. We tried several titles like Battlegrounds Mobile India, Call of Duty: Mobile, Pokemon Go, or simpler titles like Subway Surf, and they worked well. In terms of the battery life, we did not expect the phone to last long enough considering the fact that it powers two high refresh rate screens. The phone did struggle to last an entire day’s worth of usage, but this involved gaming for two hours, streaming videos for one hour, with voice calling and texting throughout the day. The phone is backed by a 4,400mAh battery and supports 25W fast charging and 10W wireless charging, which is on the slower side when compared to the competition. The Galaxy Z Fold 3 could have benefited from faster charging speeds, given that it has to power two high refresh rate displays. Camera The Galaxy Z Fold 3 has five cameras in total – three on the back, one above the external display and one under-display camera inside. <div type="image" title="Samsung Galaxy Z Fold 3 camera" msid="86366482" hostid="261" caption="&amp;lt;p&amp;gt;Samsung Galaxy Z Fold 3 rear camera.&amp;lt;/p&amp;gt;"></div> The rear camera setup consists of a 12MP primary camera, a 12MP ultrawide angle snapper and a 12MP telephoto shooter. There is a 10MP camera above the external display and a 4MP under-display camera. <div type="image" title="FotoJet (1)" msid="86367812" hostid="261" caption="&amp;lt;p&amp;gt;Image captured in daylight condition in 0.5X, 1X and 2X.&amp;lt;/p&amp;gt;"></div> Coming to the camera quality, the Galaxy Z Fold 3 manages to click detailed clear photos in daylight conditions. The images tend to be slightly oversaturated, but they look great on the phone and social media. However, if you prefer neutral tones, you might want to use the manual mode. Selfies are mostly good, especially those captured with the 10MP camera. It misses out on autofocus, but that is not a dealbreaker considering you can use the 12MP primary cameras as well. <div type="image" title="Selfie" msid="86367829" hostid="261" caption="&amp;lt;p&amp;gt;Selfie captured using the 4MP camera, 10MP camera and 12MP camera.&amp;lt;/p&amp;gt;"></div> Coming to the 4MP under-display camera, the results are just acceptable. This is Samsung’s first attempt at under-display camera technology, so you can expect improvements going forward. At this point, though, you are likely better off using the other four cameras at your disposal. Lastly, you can use the 12MP primary cameras for selfies as well by unfolding the phone and using the external display as the viewfinder. You get the full power of the 12MP camera trio, complete with optical image stabilisation and much better lenses. Should you buy the Galaxy Z Fold 3? The Galaxy Z Fold 3 is a fancy smartphone that offers the best foldable phone experience to date. Period. From sturdiness to multitasking and performance, Samsung has nailed almost everything that needs to be. The cameras are not the best from Samsung’s stable, the charging speeds aren’t the best by today’s flagship standard especially for the price it comes for, but as far as foldable smartphones are concerned, it doesn’t get better than this. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-first-impressions/slidelist/85624194.cms">Samsung Galaxy Z Fold 3 first impressions</a> <a href="https://www.businessinsider.in/tech/mobile/news/google-could-be-working-on-a-galaxy-fold-style-foldable-smartphone/articleshow/86359564.cms">Google could be working on a Galaxy Fold-style foldable smartphone</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-download-android-12-beta-update-on-samsung-galaxy-s21-series-smartphones/articleshow/86254446.cms">Here’s how to download Android 12 beta update on Samsung Galaxy S21-series smartphones</a>

Samsung Galaxy Z Fold 3 review: Creasing through the folds

<ul><li>IndusInd Bank’s provision for losses from IL&amp;FS may be too little too late, according to an analyst. </li><li>The provision for bad loans in the latest quarter should have come at least eight months ago, says Hemindra Hazari. </li></ul> To start with, Mumbai-based IndusInd’s profits fell by 62% in the fourth quarter compared to ₹9.5 billion to ₹3.6 billion. Yet, investors and analysts are happy. Their rationale -- bad loan burden due to its defaulter IL&amp;FS -- was not as bad as expected. Between January and March 2019, the bank made a provision of ₹12.7 billion against its loan to the troubled infrastructure lender, which had failed to pay back what it owes to banks, precipitating a liquidity crisis. A provision is where a bank sets aside some of its money to cover a loan that it believes is unrecoverable. For this, banks have to typically dip into their coffers, a step that can hurt its profits. Half truths But there are some who believe that the amount that IndusInd provisioned for the bad loan to IL&amp;FS, might not cover the extent of the exposure it has to IL&amp;FS. And, that there is an element of truth that may be missing from their statement. For one, it became obvious in September 2018 that IL&amp;FS had turned insolvent, but the full impact of it was not conveyed to analysts in a transparent manner. Added to that, the loan that IndusInd gave IL&amp;Fs is also unsecured, which means there is no collateral that the borrower has offered, which could have helped recover it. IndusInd chose to soften the blow to its investors by making only 13.8% (of the loan) provisioning in the second quarter ending September. It also assured the analysts that it may eventually go up by a further 20-25%. But this quarter ending March 2019, irrespective of the ‘maximum’ guidance it gave, the provision has risen to 70%. “They should have told us (analysts) from day one about the provision, and not have guided lower numbers to us,” says Hemindra Hazari, an independent capital markets. He wrote a report on the bank titled ‘<a href="http://hemindrahazari.com/2019/05/27/sell-side-analysts-blind-faith-in-indusind-bank-need-not-blind-investors/">Sell-Side Analysts’</a> Blind Faith in IndusInd Bank Need Not Blind Investors’. Staggering bad news This higher provision, as per an analyst report by Hazari, should have been made at least eight months back, when it had become obvious that IL&amp;FS had turned a toxic loan for every bank involved. “As per RBI norms, an unsecured non-performing loan requires 20-25% provisioning in the first year and requires 100% provisioning by the 366th day of remaining an NPA (non-performing asset),” said Hazari. The bank has not responded to Business Insider’s queries on the issue. In the second quarter analyst call, the managing director of the bank Ramesh Sobti had assured them saying, “So the best case scenario of course is that we don’t even provide this and we write it back and that scenario is equally possible. The scenario is possible that you make have to make another maybe 20 to 25% of this provisioning higher than this, is possible, so both scenarios are possible is the judgment call at this point of time that this is prudential in terms of our exposure.” Credibility of banks Changing stance regularly when a norm is in place usually affects the credibility of the management. Added to that, the bank has had several run-ins with regulators for incorrectly classifying its income. The banking regulator had imposed a <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-rs-3-crore-penalty-on-indusind-bank/articleshow/62055391.cms">Rs 3 crore fine</a> on IndusInd Bank in 2017 for violating its regulations on non-performing loans and extension of non-fund based limits. And here, the bank isn’t alone. Earlier, Hazari had also called out <a href="https://www.bloomberg.com/opinion/articles/2019-05-15/india-s-yes-bank-getting-a-director-from-rbi-signals-trouble?utm_medium=social&amp;cmpid%3D=socialflow-twitter-view&amp;utm_content=view&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic">Yes Bank </a>and <a href="http://hemindrahazari.com/2017/12/13/wall-of-silence-sell-side-media-response-to-hdfc-banks-divergence/">HDFC Bank</a> both for inflating current profits using a tool called deferred tax asset--which will cause negative impact when it reverses in the following year. IndusInd Bank too had followed the same practice in its fourth quarter results. It is no secret that Indian banks are in trouble thanks to high profile defaults by Kingfisher Airlines head Vijay Mallya and diamantaire Nirav Modi, who have now fled the country. The grounding of Jet Airways and IL&amp;FS crisis is not helping no one. Yet, banks have chosen to provide a ‘feel good’ factor to investors, instead of giving forthright bad news. The <a href="https://www.thehindubusinessline.com/opinion/the-way-ahead-for-dealing-with-npas/article27198338.ece">total NPAs </a>for all scheduled commercial banks for the year 2017-18 stands at Rs 10.4 trillion. And, there is no way of underplaying this amount or an amount higher than this, or delay announcing bad loan news hoping for a better tomorrow. SEE ALSO: <a href="https://www.businessinsider.in/indias-lehman-moment-seems-closer-as-top-mutual-funds-defer-dues/articleshow/68831689.cms">India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors</a>

An Indian bank is still making the same mistake of hiding the worst and hoping for the best

There is a recent RBI regulation (RBI), which makes excess number of transactions at even own-bank automated teller machines (<keyword id="48577" type="TECHNOLOGY" weightage="20" keywordseo="ATM">ATM</keyword>s), chargeable. As per this new regulation, if you transact more than 5 times a month, even from your own bank’s ATM from November 1st, your bank is liable to charge you for it. The new rule doesn’t exclude other-bank ATM transactions too; the number has been reduced from three from five. This limit, however, is only applicable in six metros, Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. Money withdrawal isn’t the only restriction though; even non-financial instructions such as cheque book request, balance enquiry, and mini-statement requests are being included in this limit. Non-metro users can still enjoy five free transactions at other bank ATMs. 
 
Here is everything you need to about the RBI’s new chargeable ATM transaction rule. 
 
How much will it cost? 
Banks are either in the process of adopting the change or have already implemented it, while others have set certain conditions. For instance, from November 1st, <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> has set a monthly limit on the number of free non-financial and financial ATM transactions, and has linked monthly balance to ATM charges. So, for users who have an average monthly balance of over Rs1 lakh, there is no limit on free transaction. But users with up to Rs 25,000 in their <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> account will get only three free transactions at other-bank ATMs in a metro city, and five free transactions at own-bank ATMs. 
 
Charges for financial transactions are Rs 5-20 and for non-financial ones, Rs 5-8. This depends on the type of account held. Basic savings bank deposit account holders will continue to enjoy free ATM services. 
 
It has also been stated that one-way inter-changeability between branch transaction and ATM transaction will be permitted. For example, if a customer does not visit their branch during a month, they will be allowed nine free transactions at their own-bank ATM, and eight free ATM transactions if they visit the branch once, and so on. 
 Some banks are exempting themselves from the rule. For instance, Canara Bank isn’t charging for transactions at own-bank ATMs, but an addition of three transactions at other-bank ATMs in the six metros is chargeable at Rs15 for each financial transaction and Rs 5 for each non-financial one. <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service tax</keyword> will be applicable as well. 
 
Banks in the private banking space are poised to bring in the revised charges from December 1st. According to the HDFC bank website, from December 1st onwards, the first five transactions across all cities at own-bank ATMs for salary and savings account customers will be free. In the six metros, the first three ATM transactions at non-HDFC Bank ATMs will be free and in non-metros, the first five will be free. Anything over and above this will be chargeable. Cash withdrawal for instance, is poised to be charged at Rs 20 plus taxes per transaction and Rs 8.5 plus taxes per non-financial transaction. For some basic savings bank deposit accounts, the limit will be five at other-bank ATMs. 
 On its website, <keyword id="116152" type="UNKNOWN" weightage="20" keywordseo="Axis-Bank-Ltd-">Axis Bank Ltd.</keyword> has stated the following: “We have revised the number of free ATM transactions, which will be applicable with effect from 1 December. The transaction limits have been revised taking into account the high cost of operation and maintenance of our growing ATM network.” 
 
ATM usage patterns will denote the new limits. The bank will follow the new RBI guidelines for most of its savings accounts. Every financial transaction will be charged Rs 20 and Rs9.55 including tax for every non-financial one beyond the free limit. Some accounts like priority or defense personnel’s salary accounts, ATM transactions will continue to be free. 
 
Smaller banks continue to offer free ATM services 
Account holders of smaller banks such as Federal Bank and Yes Bank Ltd will still be able to enjoy free ATM services to own-bank ATM transactions as well as for other-bank ATM transactions. 
 
What your next steps should be 
This might be the right time to alter your ATM transaction behavior, especially given these chargeable fees. It is prudent to find out the exact details from your bank before you go down that road. 
 
Despite the fact that the RBI regulation is in place, banks still retain the right to decide if they want to charge their customers or not. According to the regulations, it is compulsory for banks to inform their customers about any changes in fees and service charges. Pay more attention to any correspondence from your bank, such as mail, SMS or email. You could even visit your bank’s website to find out details, as it is mandatory for them to publish these revised service charges. 
 
A total of 8 to 10 free transactions is sufficient enough for an individual. Your options are using mobile or Internet banking for non-financial transactions like balance inquiries or requesting mini-statements, if you want to avoid paying for using an ATM. Services such as these are free of cost on the website. Some banks even offer a free missed call service for balance inquiries. If you're planning on going shopping, why not use your debit card instead of cash? Be mindful of the fact that some retail outlets charge an additional 1-2% of the total amount if you use your debit card. 
 
Image: http://www.urbannewsdigest.in

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