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Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

Mumbai, Jan 28 () Non-banking finance companies (NBFCs) have sought setting up of a permanent refinance window for the sector in the Union Budget, which they say will help them diversify their funding sources.
 The shadow banking players have also asked for allowing NBFCs with strong support from their parents to access public deposits.
 Finance Minister Nirmala Sitharaman is scheduled to present the Budget for financial year 2020-21 on February 1.
 Banks have been reluctant to lend to the NBFC sector after a series of default by Infrastructure Leasing and Financial Services (IL&amp;FS) in September 2018.
 This risk averse approach of banks created a liquidity crunch for the entire NBFC sector which in turn had a multiplier effect on the important sector like automobiles, micro, small and medium enterprises (MSMEs) and consumer goods.
 "The need of the hour is to develop funding sources for NBFCs outside the banking system. A dedicated refinance window for NBFCs, has been a long-standing demand of the NBFC sector," Finance Industry Development Council (FIDC) chairman Ramesh Iyer said in a pre-budget memorandum submitted to Sitharaman.
 FIDC is a representative body of asset and loan financing NBFCs.
 It also proposed that NBFCs should be allowed an on-tap facility for issuance of non-convertible debentures (NCDs) to the retail market.
 The offering of these bonds should be through an easy- to-operate and less costly procedure, but with proper governance to provide investor protection and comfort, it said.
 According to Tata Capital's managing director and CEO Rajiv Sabharwal, "NBFCs with a strong parentage should be allowed to access public deposits as it will help credit growth and diversify the borrowing profile of NBFCs."
 He said reviving stalled projects, regulating consultative mechanism of the RBI and treating NBFCs at par with banks with respect to Sarfaesi and amendments to rules relating to external commercial borrowings are some other reforms that the government can bring in to accelerate the growth of the sector.
 Muthoot Finance's managing director George A Muthoot said banks are currently extending credit to top-rated NBFCs only, and medium-rated are finding it difficult to get funds.
 "To spur the economy, the government should announce some measures for banks to be liberal with lending to NBFCs," Muthoot said.
 Shriram Transport Finance managing director Umesh Revankar said he expects the government to announce more prudent policies which are customer centric to revive the consumer demand in the economy.
 "There should be special tax incentives for homebuyers to revive the real estate demand," he said.
 Revankar said the NBFC players who are predominantly into financing priority sector should be given more scope in priority sector lending target of banks.
 Talking about the scrappage policy to revive the auto sector, Revankar said people who voluntarily scrap their vehicle should be given a credit note which is transferable/exchangeable so that any customer can use the same while buying the new vehicle.
 Aadhar Housing Finance's managing director and CEO, Deo Shankar Tripathi, said the budget is expected to consider few more measures for quick revival of overall sector and restoration of confidence in NBFC/ housing finance companies.
 "In the last fiscal budget, tax exemption on home loan interest was increased from Rs 2 lakh to Rs 3.50 lakh for loans up to Rs 45 lakh availed by March 2020. This may be extended for next 5 years without ceiling of Rs 45 lakh," Tripathi said. HV MKJ

NBFCs seek setting up of permanent refinance window in Union Budget

Mumbai, Apr 17 () Non-bank financial players have welcomed the Reserve Bank of India's decision to provide Rs 50,000 crore of additional liquidity support to the sector by conducting targeted long term repo operations (TLTRO 2.0). Shadow banking players also hope to get more liquidity support from banks after the RBI reduced the reverse repo rate by 25 basis points to 3.75 per cent from 4 per cent. The RBI on Friday said it will conduct (TLTRO 2.0) for an aggregate amount of Rs 50,000 crore, to begin with, in tranches of appropriate sizes.The funds availed by banks under TLTRO 2.0 should be invested in investment grade bonds, commercial paper, and non-convertible debentures of NBFCs, with at least 50 per cent of the total amount availed going to small and mid-sized non-banking financial companies (NBFCs) and micro-finance institutions (MFIs)."It (TLTRO) is a very-very favourable decision. Now, they (RBI) have specifically allotted (liquidity through TLTRO) to NBFCs, of which 50 per cent will be for small and medium NBFCs. It is a great liquidity support from the RBI," Mahindra and Mahindra Financial vice chairman and managing director Ramesh Iyer told . MFIN's CEO Harsh Shrivastava said the microfinance sector is highly appreciative of RBI for acknowledging the industry concerns and for infusing liquidity of Rs 50,000 crore, a substantial part of which will help the small and medium NBFC MFI's to support the bottom of the pyramid customers.In order to encourage banks to deploy their surplus funds in investments and loans in productive sectors of the economy, the RBI reduced the reverse repo rate to 3.75 per cent. Shriram Transport's managing director and CEO Umesh Revankar, said the decision to cut the reverse repo rate by 25 bps will encourage banks to look for lending opportunities. "We would appreciate it if banks reciprocate positively to NBFCs request on moratorium to manage cash flow smoothly," Revankar said.The RBI, on March 27, had permitted all lending institutions (LIs) to grant a moratorium of three months on payment of current dues falling between March 1 and May 31, 2020.On Friday, the RBI said in respect of all accounts for which lending institutions decide to grant moratorium or deferment, and which were standard as on March 1, 2020, the 90-day NPA norm shall exclude the moratorium period,"There would be an asset classification standstill for all such accounts from March 1, 2020 to May 31, 2020," it said.It also allowed NBFC players to extend the date for commencement for commercial operations (DCCO) for loans given commercial real estate by additional one year without considering it as restructuring."The 90 day NPA norm won't be applicable to loans where the moratorium is granted. This along with a one year extension on loans given to the real estate sector will help preserve asset quality," Centrum Group executive chairman Jaspal Bindra said. The central bank announced to provide special refinance facilities for a total amount of Rs 50,000 crore to Nabard, Sidbi and NHB to enable them to meet sectoral credit needs."The special refinance facilities of Rs. 50,000 crore to NHB, Sidbi and Nabard will help meet credit needs of MSME sector and housing finance which has been severely affected by Covid-19," Capri Global Capital's managing director, Rajesh Sharma said. Edelweiss Group chairman and CEO Rashesh Shah said RBI has shown its commitment to go the extra mile and more stimulus measures will help in reviving the financial sector. Tourism Finance Corporation of India (TFCI) managing director and CEO Anirban Chakraborty said the RBI's announcement brings much needed relief to the sectors with an eye on the developing situation at the ground level. HV MKJ

NBFCs hail RBI's additional liquidity support move to tide through Covid crisis

New Delhi, Feb 1 () The government has proposed to provide credit guarantee for the NBFC sector that has been facing liquidity crisis since the burst of the IL&amp;FS scam nearly one-and-a-half years ago.
 Besides, the asset-wise eligibility criterion to be admitted under the debt recovery process has been reduced, according to Budget documents.
 To address the liquidity constraints of non-banking financial companies (NBFCs) and housing finance companies (HFCs), the government proposed to set up a partial credit guarantee scheme for the sector after the Union Budget 2019-20.
 "To further this support of providing liquidity, a mechanism would be devised. The government will offer support by guaranteeing securities so floated," the Budget documents said.
 Pawan Singh, managing director and CEO, PTC India Financial Services, said, "The announcement of the government's intent to guarantee securities floated to provide liquidity for NBFCs is expected to help in tiding over the current liquidity crunch."
 The Budget also stated that the limit for NBFCs to be eligible for debt recovery under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is proposed to be reduced from Rs 500 crore to asset size of Rs 100 crore or loan size from the existing Rs 1 crore to Rs 50 lakh.
 Tata Capital MD and CEO Rajiv Sabharwal said positive measures have been taken to boost the NBFC and HFC sector. "Enhancement of FPI limits in corporate bonds, abolishing of the dividend distribution tax regime and date extension of the partial credit guarantee scheme will increase flow of liquidity."
 Umesh Revankar, MD and CEO, Shriram Transport Finance, said that under the SARFAESI Act, the debt recovery has reduced from Rs 1 crore to Rs 50 lakh is one step ahead. "We would still expect it to be on par with banks which currently stand at Rs 1 lakh."
 Muthoot Finance MD George Alexander Muthoot said, "The Budget 2020 plays the balancing act very well. The enhancement of the partial credit guarantee scheme for NBFCs is encouraging."
 The IL&amp;FS crisis following debt defaults in 2018 had led to a contagion in the domestic NBFCs sector, followed by DHFL defaults.
 The payment defaults emanating from them resulted in a chain reaction, adversely affecting the market price of their commercial papers, panic sale by investors in debt mutual funds.
 The Economic Survey 2019-20 on Friday introduced an early-warning detection 'Health Score' system for NBFCs and HFCs and help assess the impending liquidity problems facing the companies in the sectors. KPM HRS

Govt proposes guarantee on debt to tide over liquidity challenge in NBFC, HFC sector

New Delhi, Feb 6 () Economists and financial experts have welcomed RBI's widely expected status quo on repo rate, and other announcements to spur economic growth and ensure money supplies effectively. The RBI on Thursday kept the key policy rate unchanged at 5.15 per cent. This follows a cumulative 135 basis points (bps) cut in repo rate since February to December 2019. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das unanimously decided to keep the repo rate unchanged. Bank of India CMD A K Das termed the RBI policy quite progressive and forward looking. "Notwithstanding unchanged policy rates, introduction of Term Repo opens up ways to transmit the signal rate changes," he said. "Measures like DCCO extension for realty, MSME window expansion for restructuring and CRR exemption for incremental funding to key segments are growth oriented and promise to provide the much needed impetus to bank lending," Das said. According to Rajni Thakur, Economist, RBL Bank, MPC's decision was on expected lines. "The changes in development and regulatory policies however were a positive surprise and could potentially turn out to be a big support to the troubled sectors in the economy," Thakur said. Specific announcements in terms of CRR relief or long-term durable liquidity for banks push the overall credit availability in the financial system. Whether these steps manage to improve demand conditions is another question all together, she added. The RBI has announced term repurchase agreements (repos) of one-year and three-year tenors of appropriate sizes for a total amount of Rs 1 lakh crore at the policy repo rate, from the fortnight beginning February 15. "It is an effort to ensure better monetary policy transmission. It will enable banks to reduce their lending rates," RBI Governor Das told reporters in the post policy conference. Upasna Bhardwaj, Economist, Kotak Mahindra Bank said very aptly, MPC has addressed the growth concerns through pushing transmission via tweaking the liquidity framework, providing long term liquidity operations and incentivising credit to select sectors. "We expect these measures to aid transmission with the shorter end of the yield curve expected to rally meaningfully. These measures should help availability of funds at lower costs and aid sectors in stress," Bhardwaj said. ICRA Economist Aditi Nayar said: "The tone of the MPC's statement was rather dovish, especially given the reiteration that policy space is available for future action. "The accommodative stance will be maintained for as long as necessary to revive growth, in spite of the headline inflation having breached the upper threshold of the MPC's medium term target." The RBI also raised upwards the retail inflation projection for last quarter of this fiscal to 6.5 per cent citing high input cost for milk and pulses besides costlier crude oil prices amid rising geo-political tensions. Nayar said the statement suggests the near certainty of at least one additional rate cut, even if its magnitude is modest, the timing of which will depend on how quickly inflation appears to be reverting towards 4 per cent. Umesh Revankar, MD and CEO - Shriram Transport Finance said the attention-grabbing aspect of the policy is marginal improvement in IIP, manufacturing index (PMI) and service index. These numbers depict beginning of increasing activity though still under wait and watch radar to bring in any further excitement, he said. "We believe that all the policy decisions along with pro-consumption budget corroborates that there would be better demand from the consumption side. Once that increases, automatically there will be better credit demand," Revankar said. The expansionary monetary policy stance was necessary and is an assurance that there will be no reversal of easing and that the RBI will not hike rates immediately, opined Rumki Majumdar, Economist, Deloitte India. Engineering Exports and Promotion Council (EEPC) Chairman Ravi Sehgal said RBI measures to provide one-time restructuring window for advances to MSMEs would help growth revival in the employment-oriented sectors. MSMEs contribute significantly to the country's exports. "With global markets being subdued, exporters, particularly those in the SMEs are facing challenges. The RBI measures through loan restructuring and providing CRR incentives to the banks to lend to MSMEs would certainly help the exporting sector," he said. Ample liquidity with the banks should lead to lowering of interest rates as part of effective transmission of earlier reductions, he added.Anarock Property Consultants Chairman Anuj Puri said the extension for restructuring of project loans by a year is a major relief to the real estate sector. It complements many of the previous initiatives by the government in 2019. "Loans for projects that have been delayed for reasons beyond the control of their promoters have been extended by another one year without downgrading the asset classification. This is a big move and will bring the much-needed relief to the cash-starved real estate sector - and to both developers and HFCs from the liquidity perspective," Puri said. KPM KPM ANUANU

Experts hail RBI measures to boost economy, improve money supply

Mumbai, Jan 10 () Non-banking lender Shriram Transport Finance (STFC) on Friday said it has raised USD 500 million (approximately Rs 3,556 crore) through dollar bond, making it the first international public social bond issuance from the country.
 The money was raised through issuance of 144A/Reg S bonds having a tenor of three-and-a-half years and offering a coupon of 5.1 per cent from investors.
 It received interest from marquee social bond investors including those from Hong Kong, Singapore, London and the US.
 "The proceeds from the bond would be used for employment generation including through MSME financing and microfinance," the company said in a statement.
 The bond was initially priced at 5.375 per cent, but owing to good demand from investors, the company fixed the price at 27.5 basis points lower to 5.1 per cent.
 The bond got overwhelming response from investors with the final order book in excess of USD 2.20 billion and oversubscription of over four times.
 The transaction witnessed 50 per cent participation from the US, 37 per cent from Asia and 13 per cent from Europe, Middle East, and Africa (EMEA) with 85 per cent investment from asset managers and five per cent each from banks and insurance, and 5 per cent from private banks among others.
 "Social impact continues to remain a focus area for the company and we are pleased to have received significant interest for our inaugural social bond," STFC's managing director and CEO, Umesh Revankar, said.
 The joint book-runners and joint lead managers to the issue were Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Emirates NBD Capital, HSBC, ING, J P Morgan and Standard Chartered Bank.
 With this issuance, the company has raised USD 1.65 billion through dollar bonds since 2019.
 It had raised USD 400 million in February, USD 500 million in April and USD 250 million in July.
 Besides, it also raised USD 145 million in November 2019 and USD 90 million in January 2020, through loan route from multilateral agencies.
 The company raised these funds under its USD 2,000 million global medium term note programme (GMTN).
 STFC, through its 1,669 branches, provides finance to commercial vehicle industry.
 As of September 2019, its total assets under management stood at Rs 1,08,120.24 crore as compared to Rs 1,04,379.83 crore in the year-ago period.
 Its net profit increased by 25.50 per cent to Rs 765.05 crore in the second quarter of the current fiscal from Rs 609.58 crore in the same period of the previous year. HV ANS
ANS

Shriram Transport Finance raises around Rs 3,556 cr via bond issue

In a bid to capture the Indian taxi services aggregation market, ridesharing app <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> has reportedly tied up with financial services firms and automobile manufacturers to launch a vehicle financing program for Indian cab drivers. 
 
Earlier, it had offered LCD TVs and iPhones through lotteries to its cabbies along with bonus money per trip for plying in the festive week. In order to make this initiative a success, Uber has partnered with lending companies like <keyword id="968990" type="UNKNOWN" weightage="20" keywordseo="Au-Financiers">AU Financiers</keyword>, <keyword id="123031" type="COMPANY" weightage="20" keywordseo="Shriram-Transport">Shriram Transport</keyword> Finance and Toyota Financial Services, as well as automobile manufacturers, which includes--Mahindra, Maruti Suzuki-Tata Motors and Toyota. 
 
Thanks to this interested drivers can purchase vehicles with a down payment of Rs 60,000 with subsidised interest rates and financing terms. 
According to Umesh Revankar, MD &amp; CEO, Shriram Transport Finance, “Shriram Transport Finance is glad to join hands with Uber. We will provide loans to the partner drivers of Uber. The association will facilitate us to expand our passenger car financing business.” 
 
“The pact is a win-win deal for all the parties involved. Shriram Transport Finance and Uber encourages ‘Drivers cum Owner’ business model and the drivers get easy financing. Since, Uber ensures enough business to these drivers so that their vehicles are fully utilized thus assuring us of our EMI payments," he said. 
 
However, the drivers will need to be active partners on Uber's platform with no other clauses attached to the scheme. The company also provides other incentives, which includes reference bonus, minimum income guarantee for certain hours, and incentive per trip to lure drivers to clock in more hours. But one must not forget that Uber is not the only one in the game providing incentives and aiding drivers with financing. 
 
As per a statement issued by Uber India, "With Vehicle Financing, Uber takes a large step forward in its endeavour to create entrepreneurs in every section of society. We have now empowered individuals and have created an ecosystem that will enable hundreds of thousands of young Indians to become new business owners."

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Bankers say private capex will take one more year to revive

PTI

NBFCs seek setting up of permanent refinance window in Union Budget

PTI

NBFCs hail RBI's additional liquidity support move to tide through Covid crisis

PTI

Govt proposes guarantee on debt to tide over liquidity challenge in NBFC, HFC sector

PTI

Experts hail RBI measures to boost economy, improve money supply

PTI

Shriram Transport Finance raises around Rs 3,556 cr via bond issue

PTI

Uber Ties Up With Financiers And Automobile Firms To Empower Indian Drivers

BI India Bureau

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