Indian Banking Sector 2010

8/7/2019 Indian Banking Sector 2010

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India's fiscal sector reforms help to raise the rate of savings and investmentsin India, which further enhances the productivity of public expenditure.

Components of India's Fiscal Sector Reforms

Some of the major components of India's fiscal sector reforms includeexpenditure reforms, tax reform measures,public sectorrestructuring andsystematic reforms in the government's borrowing process.

Union Budget 2010-11: Fiscal Reforms in India

The Union Budget for 2010-11 was widely anticipated to signal a return tofiscal consolidation, while also making some announcements on the muchawaited structural reforms in areas like implementation of Goods andServices Tax (GST), Direct Tax Code (DTC), and other subsidies. TheBudget subsequently announced a roadmap for fiscal consolidation,including reduction of government debt, timelines for implementation ofDTC and GST, and partial rollback of Excise Duty.

The focus of expenditure remains on promoting growth and

infrastructure development, with 46% of the allocations being devoted toinfrastructure while revenue expenditure growth has been budgeted at 6%for 2009-10. The higher target of Rs.400 billion set for disinvestment

proceeds creates fiscal space for the budgeted 30% growth in capitalexpenditure, including expenditure on roads, recapitalization of public sector

banks to the extent of Rs.150 billion, and a considerable increase in thedefense sectors.

The Union Budget for 2010-11 has retained the previous years target of5.5% for the fiscal deficit in 2010-11. The forecasted improvement in thefiscal deficit in 2010-11, as compared to the revised estimate of 6.7% of theGDP in 2009-10, relies largely on the expectation that the revenue deficitwould improve from 5.3% of GDP in 2009-10 to 4% of GDP in 2010-11.
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The International Monetary Fund (IMF) expects the Indian economy tocome back to its strength by 2010-11 by growing 8%, from 6.75% logged inthe current fiscal year. The IMF also believes that India's inflation to be8.1% for the current fiscal and 5.5 % for 2010-11 based on the wholesale

price index.

Q. What do you understand by Financial Sector Reforms? Elucidate

some Financial Sector Reforms in Context with the Banking Industry in

India:

Answer:

Indian economy got itself plunged into deep crisis by the end of the eightiesand early nineties. The Post Gulf war economic retrains, lack of clearfinancial planning by previous governments, political instability in thecountry, lack of fiscal discipline, irregular monsoons, and plethora of

external payment obligations were some of the reasons that pushed ourcountry for the first time, close to defaulting on its internationalcommitments. The credit rating for India was rated down and India wasunable to borrow from external commercial markets.Stabilization & Economic Reforms started in June 1991, with the NewGovernment. Finance Minister of that time Dr. Manmohan Singh took somemeasures which are called New Economic Policy. This New EconomicPolicy was divided into two programmes one was short term stabilization

programme and another was medium to long term structural adjustmentprogramme. The short term stabilization programme was focused aroundfiscal policy measures and monetary policy measures, social sector reforms.The medium and long term structural adjustment programs includedIndustrial Policy, Public sector reforms and financial sector reforms.The financial sector reforms were based upon the recommendation of

Narsimham Committee. The main features of these reforms were tounshackle the banking system from excessive government control howeverwithout denationalization & to curtail the tendency of the government to relyon credit control measures (Statutory Liquidity ratio and Cash ReserveRatio) as extra budgetary sources of inexpensive credit.

Now in these last two decades Banking system in India has undergonesignificant metamorphosis and now there are new tools, new technology,new players in the market, new opportunities and a challenging market.Some of the important financial sector reforms in the banking industry are asfollows:1. Deregulation of Interest rate regime: Deregulation of Interest rate regimewas done with an objective to make the banks achieve efficient resource
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allocation.2. Reducing SLR and CRR: the efforts have been done to make both CRRand SLR down. SLR which was at a peak of 38.5 % was brought down to24% . (Now it has been raise to 25% in the last review of the monetary

policy)3. Constitution of BFS: Board for Financial Supervision was constituted in1994 with an aim to establish a regulator for banking sector with effectivemonitoring and supervision.4. OSMOS: RBI also instituted a offsite Monitoring and surveillance systemin 1995.5. Strengthen the capital base: Capital base of the banks were strengthened

by recapitalization, public equity issues and subordinated debt.6. Introduction of Prudential norms: Prudential norms were introduced and

progressively tightened for income recognition, classification of assets,

provisioning of bad debts, marking to market of investments.7. Entry of Private Players: New private sector banks were licensed and

branch licensing restrictions were relaxed. FDI in these banks was allowedup to 74%.8. Operational changes in the credit policy: Several operational reforms wereintroduced in the realm of credit policy:9. Abolishing of MPBF: Detailed regulations relating to MaximumPermissible Bank Finance were abolished .10. Consortium lending: Consortium regulations were relaxed substantially,11. Convergence with International practices: Regulatory norms for capitaladequacy, income recognition, asset classification, provision etc. progressestowards convergence with international best practices.12. SARFAESI Act 2002: The Securitization and Reconstruction ofFinancial Assets and Enforcement of Security Interest Act, 2002(SARFAESI) empowers Banks / Financial Institutions to recover their non-

performing assets without the intervention of the Court. Read Here Moreabout SARFAESI Act 2002 http://www.gktoday.in/2009/08/sarfeesi-act-2002.html13. Capital Adequacy Ratio: The Committee on Banking Regulations and

Supervisory Practices (Basel Committee) had released the guidelines oncapital measures and capital standards in July 1988 which were beenaccepted by Central Banks in various countries including RBI. In India it has

been implemented by RBI w.e.f. 1.4.92. The minimum CRAR (Capital toRisk-Weighted Assets Ratio) has been kept at 9% for existing banks whichis just 1% above the international norms. (For private banks it is 10% )14. Strength in Disclosure Norms: The disclosure norms have been


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stregnthed for improving governance and bringing them in alignment withthe international norms. Capital adequacy, asset quality, maturitydistribution of assets and liabilities, country risk exposure, risks inderivatives etc. disclosures were covered.15. Risk Management: Risk management systems were issued by RBI in1999 and guidelines have been released by reserve bank of India on time totime basis.16. Credit Info: Credit Information bureau (India) Ltd was established in2000.17. Banking Ombudsman Scheme: This scheme was notified in 1995 andfurther revised from time to time. The objective was to provide an efficientsystem of grievance redressal against banks.18. Banking Codes and standards Board of India: It was set up in 2006 toensure comprehensive code of conduct for fair and transparent treatment

with customers.

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What is Hydrogen

Basic Thrust

Seeks to provide a fresh impetus to the growth momentum Makes an attempt to tackle the gaps in the supply side, the main

source of inflationary pressures in the economy Designs a growth strategy which relies on investment Focus on infrastructure creation, especially investment in agricultural

infrastructure Emphasises on equity and inclusion Begins process of fiscal consolidation Begins process of implementing tax reforms: Constitution

Amendment Bill to be introduced as precursor to rolling out Goods

and Services Tax; Direct Tax Code to be effective April 1, 2012 Payment of subsidy will be made directly to people living below the

poverty line for better delivery of LPG, kerosene and fertilizersubsidies

Basic Numbers
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Total expenditure up 3.4% to Rs12,57,729 crore in 2011-12 Gross tax revenues up 24.9% to Rs 9,32440 crore in 2011-12 Net market borrowings in 2011-12: Rs 3.43 lakh crore, Disinvestment

target retained at Rs 40,000 crore (against actual Rs22,144 crore in2010-11).

Fiscal deficit for 2011-12 pegged at 4.6%, of GDP Defence allocation pegged at Rs 1,64,415 crore

Fiscal Position

GST and Direct Tax Code to be implemented by April 2012 Fiscal consolidation flagged off, government to move towards direct

transfer of cash subsidy to people living below poverty line 13th Finance Commission recommendations for financial

consolidation to be followed Independent Debt Management Office to come up in Finance

Ministry.

Banking

Druing 2011-12, Rs 6,000 crore would be provided to Public SectorBanks so as to help them maintain Tier I CRAR at 8%. In thefinancial year 2010-11, it is a sum of Rs 20,157 crore.

RBI will issue guidelines before March 31, 2011, for issue of new

banking licences.

FDI and FII

Discussions on to liberalise the FDI policy. Mutual Funds registered with SEBI are allowed to take subscription

from foreign investors provided they meet the KYC norms for equityschemes.

FII limit for investment in corporate bonds raised by an additional $20billion to $25 billion, taking the total limit for FIIs investing in

corporate bonds to $40 billion. As an additional sweetener, thewithholding tax on dividend payment has been reduced from 20% to5%

Micro Finance Institutions


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A Rs 100 crore, India Microfinance Equity Fund would be createdwith SIDBI.

A Rs 500 crore, Womens Self Help Groups Development Fundwould be created.

Agriculture

A further allocation of Rs 400 crore to extend Green Revolution toEastern India. In the last budget also, the same amount was provided.

Allocation increased by Rs 1,105 crore under Rashtriya Krishi VikasYoyana (RKVY) to reach Rs 7,860 crore for removing bottlenecksrelated to production and distribution of items such as fruits andvegetables, milk, poultry, fish, and meat.

Rs 300 crore each has been provided for the following:

o 60,000 pulses villages in rainfed areaso To bring 60,000 hectares under oil palm plantationso To provide quality vegetable at competitive priceso To promote higher production of Bajra, Jowar, Ragi and other

other milletso To promote animal based protein productiono For Accelerated Fodder Development Programme

Interest subvention improved from 2% to 3 % for timely repayment ofloans. Effective subvention rate: 4%.

Credit flow target to the farmers raised from Rs 3, 75,000crore to Rs

4, 75,000 crore. Banks have been asked to enhance direct lending foragriculture and credit to marginal farmers.

Infrastructure

Total allocation of Rs 2.14 lakh crore (48.5% of planned allocation) Government to come up with a comprehensive policy for further

developing PPP projects. IIFCL to disburse Rs25,000 crore by March 31, 2012 from Rs 20,000

crore in 2010-11. Tax free bonds of Rs 30,000 crore to be issued by Government

undertakings Allocation for Bharat Nirman programme increased by Rs 10,000

crore to Rs 58,000 crore To provide Rural Broadband Connectivity to all 2.5 lakh Panchayats

in the country within three years


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Corpus of Rural Infrastructure Development Fund XVII raised fromRs 16,000 crore to Rs 18,000 crore.

Environmentally Friendly

Allocation to National Clean Energy Fund at Rs 200 crore for ForestManagement

Another Rs 200 crore for Environmental Remediation Programmes Cleaning up of important lakes and rivers other than Ganga is

allocated Rs 200 crore

Social Sector Schemes

Allocation for Bharat Nirman Programme increased by Rs 10,000 toRs 58,000 crore

Plan to provide broadband connectivity to all 2,50,000 Pachayats inthe country in three years.

Remuneration increase

Anganwadi workers Rs 1,500-3,000 per month Anganwadi Helpers Rs 750-1,500 per month.

Direct Tax

Income up to Rs 1.8 lakh will attract 0% tax. Rs 1.8-5 lakh : 10% I-T Rs 5-8 lakh : 20% I-T Above Rs 8 lakh: 30% I-T Tax exemption on up to Rs20,000 in long term infra bonds( above the

existing 80C limit of 1 lakh) extended for FY11-12. For senior citizens of 80 years and above, the exemption limit has

been raised to Rs 5 lakh Surcharge on corporate tax reduced from 7.5% to 5%.

Rate of Minimum Alternative Tax increased from 18% to 18.5%. Tax rate on dividends received by Indian companies from its foreign

subsidiary reduced to 15%. Direct taxes proposal will lead to loss of Rs 11,500 crore.

Indirect Taxes


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Standard excise duty rate maintained at 10% Excise exemption on 130 items removed; 1% duty to be levied Cement: Basic Custom Duty on petcoke and gypsum reduced to 2.5%

which will reduce cost of production for cement manufacturers andwill be positive for the industry.

Capital goods for expansion of existing mega or ultra mega power

projects provided by domestic suppliers exempt from excise. Levelplaying ground for domestic companies like BHEL and L&T.

Full exemption from basic customs duty to bio-asphalt and specifiedmachinery for application in the construction of national highways.Will reduce overall cost for constructing highways.

Exemption from import duty for spares and capital goods required forship repair units by ship owners.

Standard rate ofservice taxretained at 10% Hotelaccommodation in excess of `1,000 per day and service

provided by air conditioned restaurants with licence to serve liquoradded to service tax net.

Service tax on air travelboth domestic and international raised. Airtravel to become dearer.

Banking

Last Updated: January 2011

The banking system remains, as always, the most dominant segment ofthe financial sector. Indian banks continue to build on their strengthsunder the regulator's watchful eye and hence, have emerged stronger.

In the annual international ranking conducted by UK-based BrandFinance Plc, 18 Indian banks have been included in the Brand FinanceGlobal Banking 500. In fact, the State Bank of India (SBI) which is the

first Indian bank to be ranked among the Top 50 banks in the world, hasimproved its position from 36th to 34th, as per the Brand Finance studyreleased on February 1, 2011. The brand value of SBI has enhanced toUS$ 1,119 million. ICICI Bank, the only other Indian bank in the top 100club has improved its position with a brand value of US$ 2,501 million.According to the study, Indian banks contributed 1.7 per cent to the totalglobal brand value at US$ 14,741 million and grew by 19 per cent in

Banking

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2011.

According to RBI's 'Quarterly Statistics on Deposits and Credit ofScheduled Commercial Banks: June 2010', nationalised banks, as a

group, accounted for 51.3 per cent of the aggregate deposits, while StateBank of India (SBI) and its associates accounted for 22.8 per cent. Theshare of New private sector banks, Old private sector banks, Foreign

banks and Regional Rural banks in aggregate deposits was 13 per cent,4.8 per cent, 5.1 per cent and 3.1 per cent respectively.

With respect to gross bank credit also, nationalised banks hold thehighest share of 51.5 per cent in the total bank credit, with SBI and itsassociates at 23.2 per cent and New Private sector banks at 13 per cent.

Foreign banks, Old private sector banks and Regional Rural banks heldrelatively lower shares in the total bank credit with 5.3 per cent, 4.6 percent and 2.5 per cent respectively.

The report also found that scheduled commercial bank offices (withdeposits of INR 10 crore or more) accounted for 65.2 per cent of the

bank offices, 96.6 per cent in terms of aggregate deposits and 94 per centin total bank credit.

Significantly, on a year-on-year basis, bank credit grew by 24.4 percent

in 2010 as against RBIs projections of 20 percent for the entire fiscal2010-11. However, deposits lagged behind at 16.5 percent versus a

projection of 18 percent.

India's foreign exchange reserves stood at US$ 299.39 billion as onJanuary 21, 2011, according to the data in the weekly statisticalsupplement released by the Reserve Bank of India.

Indians working overseas sent more money back home than any of theirglobal counterparts, remitting US$ 50 billion in 2009 despite a

worldwide economic slowdown and anti-immigration measures adoptedby industrialized countries.

Major Developments

Indian Bank has received the Central Bank of Sri Lanka's nod to open its

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branch at Jaffna in Sri Lanka.

Indian Bank has signed an agreement with Weizmann Forex Ltd, andwill now offer foreign remittances service over the counter at all its

branches.

The National Payment Corporation of India is rolling out an instantinterbank mobile payment service (IMPS) that will enable retailcustomers of seven banks to enjoy 24X7 funds transfer. State Bank ofIndia, Bank of India, Union Bank of India, ICICI Bank, HDFC Bank,Axis Bank and YES Bank on November 22, 2010 became the first set of

banks to go live with the IMPS.

Amongst the private banks, owing to strong growth in interest income,the countrys third-largest private sector lender, Axis Bank, reported anet profit of US$ 166.3 million for the second quarter of FY11, a 38.28

per cent increase from US$ 120.3 million a year ago.

HDFC Bank, Indias second largest private lender reported a 32.7percent rise in net profits at US$ 204.3 million for the quarter endedSeptember 30, 2010.

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Indian Banking Sector 2010