इकॉनमी का बज गया बैंड, 10 साल के निचले लेवल पर

नई दिल्ली।। यूपीए सरकार विज्ञापनों पर करोड़ों खर्च करके मीडिया में देश के चहुंमुखी विकास का ढिंढोरा पीट रही है, जबकि असल में इकॉनमी का दम निकल चुका है। देश की इकॉनमी की रफ्तार सुस्त पड़ गई है। शुक्रवार को घोषित आंकड़े के मुताबिक, फाइनैंशल ईयर 2012-13 मेंजीडीपी ग्रोथ घटकर 5 फीसदी हो गई है, जो 10 साल में सबसे कम है। वित्त वर्ष 2012 में जीडीपी ग्रोथ 6.2% रही थी।

2012-13 की आखिरी तिमाही में भारत की जीडीपी ग्रोथ महज 4.8 पर्सेंट रही है, जिबकी इसी फाइनैंशल ईयर की पिछली तिमाही में यह 4.7% रही थी। वित्त वर्ष 2011-12 की आखिरी तिमाही में जीडीपी ग्रोथ 5.1 पर्सेंट रही थी।

2012-13 की चौथी तिमाही में कृषि क्षेत्र की ग्रोथ 2 पर्सेंट से घटकर 1.4 पर्सेंट हो गई। इसी दौरान मैन्यूफैक्चरिंग सेक्टर की ग्रोथ 0.1 फीसदी से बढ़कर 2.6% हो गई और माइनिंग सेक्टर की ग्रोथ 5.2% से घटकर 3.1 पर्सेंट रह गई है।

वित्त वर्ष 2012-13 की चौथी तिमाही में कम्यूनिटी, सोशल और पर्सनल सर्विसेज की ग्रोथ 4 पर्सेंट है। इसी अविधि में बिजनस, होटेल, ट्रांसपोर्ट और कम्यूनिकेशंस सर्विसेज की ग्रोथ 5.1 पर्सेंट से बढ़कर 6.2 पर्सेंट रही। फाइनैंस, इंश्योरेंस, रीयल्टी और बिजनस सर्विसेस की ग्रोथ 9.1% रही।

वित्त वर्ष 2012-13 की जनवरी-मार्च तिमाही में सर्विस सेक्टर की ग्रोथ 7.3 फीसदी से घटकर 6.6 पर्सेंट रह गई। इसी दौरान इंडस्ट्री की ग्रोथ 2.1 फीसदी से बढ़कर 2.7 फीसदी रही। कृषि क्षेत्र की ग्रोथ 3.6 फीसदी से घटकर 1.9 फीसदी रही। सालाना बेस पर वित्त वर्ष 2013 में मैन्यूफैक्चरिंग सेक्टर की ग्रोथ 2.7 फीसदी से घटकर 1 फीसदी रही। कंस्ट्रक्शन सेक्टर की ग्रोथ 5.6 फीसदी से घटकर 4.3 फीसदी रही।

सरकार इन जीडीपी आंकड़ों के बीच कुछ कठोर फैसले लेने के मूड में है। दूसरी तरफ यह भी कहा जा रहा है कि चुनावी साल में सरकार शायद ही कठोर फैसले लेने की हिम्मत करे। लेकिन, ऐसा नहीं होता है तो इकॉनमी की हालत और पस्त होगी। इन्वेस्टमेंट पर ब्रेक लगेगा, नौकरियों में कटौती होगी और ग्लोबल स्तर पर भारत की रेटिंग प्रभावित होगा। सरकार ने माना है कि हालात खराब हैं।

योजना आयोग के उपाध्यक्ष मोंटेक सिंह अहलूवालिया का कहना है कि 6 प्रर्सेंट की ग्रोथ हासिल करना अब भी मुश्किल लग रहा है। जीडीपी फिगर की घोषणा के बाद फैली निराशा का असर भारतीय शेयर मार्केट पर भी जबर्दस्त देखने को मिला। बीएसई सेंसेक्स में करीब 400 पॉइंट्स की गिरावट आई है। निफ्टी भी 120 पॉइंट्स फिसला है।
http://navbharattimes.indiatimes.com/business/business-news/indias-fy13-gdp-growth-hits-decade-low-of-5/businessarticleshow/20362380.cms

RBI tightens loan restructuring norms

Worried over rising non-performing assets (NPAs), the Reserve Bank of India on Thursday tightened rules for restructuring of most types of loans in line with global practices.

As per the latest RBI notification, provisioning on the newly restructured account has been raised to 5 per cent from June 1 from 2 per cent now.

However, for the old restructured account it will be done in a phased manner.

The RBI also said that existing “regulatory forbearance” would no longer be available from April 1, 2015.

“...it is clarified that no such incentive would be available on withdrawal of regulatory forbearance on restructuring with effect from April 1, 2015, except in cases of restructuring by change of DCCO (date of commencement of commercial operation) of infrastructure and non-infrastructure project loans as specified in this circular,” the Central Bank said.

As per existing guidelines, an account after restructuring is not classified as NPA. However, as per the new norms, restructured account would be treated as NPA.

“This may be made applicable with immediate effect in cases of new restructuring but in a phased manner during a two-year period for the existing standard restructured accounts,” it added.

As a result, the banks will have to do higher provision which will have negative impact bottom lines.

Banks are also advised that they should correctly capture the reduction in fair value of restructured accounts as it will have a bearing not only on the provisioning required to be made by them but also on the amount of sacrifice required from the promoters, it said. Further, it said, “there should not be any effort on the part of banks to artificially reduce the net present value of cash flows by resorting to any sort of financial engineering.” Banks are also advised to put in place a proper mechanism of checks and balances to ensure accurate calculation of erosion in the fair value of restructured accounts, it added.

The RBI said it has been decided that banks should ensure that the unit taken up for restructuring achieves viability in eight years, if it is engaged in infrastructure activities, and in five years in other cases.

Keywords: non-performing assets, NPAs, Reserve Bank of India, RBI, loans restructuring

http://www.thehindu.com/business/Industry/rbi-tightens-loan-restructuring-norms/article4766632.ece

Allahabad Bank to trim NPAs

MUMBAI, MAY 12:  

Public sector lender Allahabad Bank aims to bring down its gross non-performing assets (NPAs) level to around 3.2 per cent from the last fiscal’s level of 3.92 per cent on the back of sustained effort on recovery, a top bank official has said.

“As far as asset quality is concerned, we aim to bring down our gross NPAs to around 3.2 per cent by end of this fiscal from 3.92 per cent in FY13,” chairman and managing director Shubhalakshmi Panse told PTI over the weekend.

She also said the bank is monitoring bad accounts on a daily basis along with focus on recovery. “We aim to recover Rs 2,800-3,000 crore in the current fiscal from Rs 2,300 crore done last fiscal,” Panse said.

The bank chief also said the possibility of upgrade of accounts would be more with economic growth.

Last week, Allahabad Bank had reported a 68.5 per cent decline in net profit at Rs 126.15 crore in the fourth quarter of last fiscal on account of rise in bad loans.

Referring to the cost of funds for the bank, Panse said with re-pricing of bulk deposits, it had already come down in Q4 and is likely to go down further.

She also said the growth of low cost deposit (Casa) is good for the bank and it hopes to sustain it in the current financial year.

The bank had a Casa (current account, savings account) ratio of around 31 per cent by end of the past fiscal. Panse, however, said it has little room for reduction in lending rates as it had already done so in February and its current lending rates are competitive.

On the issue of growth in loan book, she said while corporate loan book will see good growth, the bank wants to increase its retail assets.

“We aim to increase our retail loan book to 15 per cent from present 13.5 per cent,” Panse said.

Keywords: Public sector bank, Allahabad Bank, aims, bring down, gross non-performing assets, NPAs, recovery, chairman and managing director, Shubhalakshmi Panse

http://www.thehindubusinessline.com/industry-and-economy/banking/allahabad-bank-to-trim-npas/article4708939.ece

KYC norms: Showcause notices to be issued for violation

MUMBAI, MAY 3:  

The Reserve Bank of India will issue showcause notices to banks which transgressed Know Your Customer (KYC) guidelines.

This move comes after three private sector banks — ICICI Bank, HDFC Bank and Axis Bank — employees were allegedly caught in a sting operation by online magazine cobrapost.com offering to convert tax evaded money into legitimate money.

“First we will show the audit report to all the banks and ask them to explain. If we feel that their explanation is unsatisfactory, we will issue a show-cause notice and based on that we will take some action,” K.C. Chakrabarty, Deputy Governor, RBI, said.

Referring to the cobrapost allegations, RBI Governor D.Subbarao said that transgression of KYC norms does not mean money laundering has taken place.

“As soon as that (cobrapost allegations) came to light, we started special investigation and supervision against these specific banks as well as (undertook) thematic study of 30 other banks.

“A number of specific transgressions of norms have come to light. We don’t believe that there has been any money laundering; however there have been transgressions of some KYC norms,” Subbarao said.

The Governor said that the central bank has spoke to the chiefs of these banks and told them about the deficiencies. Subsequently, the bank officials went back and implemented some of those systemic improvements.

Based on the thematic study, Subbarao said that the central bank will issue guidelines about what banks need to do to adhere to KYC norms.

SBI Chairman Pratip Chaudhuri said RBI officials should conduct surprise check at branches to gauge KYC implementation.

http://www.thehindubusinessline.com/industry-and-economy/banking/kyc-norms-showcause-notices-to-be-issued-for-violation/article4680943.ece

‘Mobilisation of deposits has to pick up’

MANGALORE, MAY 3:  

Chairman and Managing Director of Corporation Bank Ajai Kumar said it is too early to comment on lending rate cut.

He told Business Line that a call on reduction in base rate may be taken over a period of time, and would depend on how the deposit rates move.

“In the present scenario, where deposit mobilisation is still not picking up, it would be too early to comment on lending rate cut,” he said.

He said that the reduction in repo rate by 25 basis points indicates RBI’s signal for promoting growth in an otherwise inflationary scenario, leaving little space for further rate cuts.

Managing Director of Karnataka Bank P. Jayarama Bhat said the RBI’s statement that the scope for further monetary actions is limited in the present macro-economic conditions may put pressure on the interest rates on short term.

The growth rate projection at 5.7 per cent seems to be very realistic under the present conditions. Demand is expected to pick up towards the second half of this financial year with positive actions expected on the fiscal side too, Bhat said.

The reduction in the consumption may reduce the current account deficit from the present high levels.

Bhat said that the 25-basis-point cut in repo rate by RBI was in response to the Government’s commitment to rein in fiscal deficit and to the slight improvement in the macro-economic conditions.

Shyam Srinivasan, MD and CEO, Federal Bank, said the RBI has begun the new financial year on a hopeful note with a 25 bps repo rate cut.

“I am of the view that monetary policy action, by itself, cannot revive growth. There’s a lot that needs to be done for easing supply bottlenecks, and stepping up public investment, alongside continuing commitment to fiscal consolidation,” he said.

http://www.thehindubusinessline.com/industry-and-economy/banking/mobilisation-of-deposits-has-to-pick-up/article4680937.ece

RBI asks banks to follow uniform pricing policy

The Reserve Bank of India has urged banks to follow a uniform, fair and transparent pricing policy and not discriminate between customers at home branch and non-home branches.

In its 2013-14 monetary policy statement, the banking regulator has observed that some banks were discriminating their own customers by levying a charge on products and services, if the transaction is not done at the ‘home branch’.

The home branch incidentally, is the branch where the account holder initially opens his/her account and the process of Know Your Customer (KYC) is completed.

With the introduction of the Core Banking Solution (CBS) and provision of online facilities, anywhere anytime banking convenience, the so-called ‘home branch’ seems to have lost its relevance.

The levy of such charges has therefore been viewed by the banking regulator as “discrimination against the bank’s own customer’’.

“This practice is contrary to the Reserve Bank’s guidelines on reasonableness of bank charges, particularly with the introduction of CBS (Core Banking Solution),’’ the apex bank said, and advised banks to follow a uniform, fair and transparent policy.

Detailed guidelines in this regard are expected to be issued by end-June.

Keywords: RBI monetary policy, RBI credit policy, banks pricing policy, core banking solution, know your customer, 

http://www.thehindubusinessline.com/industry-and-economy/banking/rbi-asks-banks-to-follow-uniform-pricing-policy/article4680155.ece?ref=wl_industry-and-economy