Mutual Funds
RCap Asset Management launches mobile-based services
RCap launched mobile-based investment service using IMPS, in partnership with HSBC

New Delhi: Reliance Capital Asset Management (RCAM) has launched mobile-based investment service facilitating investment in mutual funds using mobile phones, reports PTI.
 
The service has been launched in partnership with HSBC, RCAM said in a release.
 
The Interbank Mobile Payment Service (IMPS) allows customers to use mobile technology as a channel for accessing their bank accounts and initiating inter-bank fund transactions.

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SBI Q1 profit jumps 137% to Rs3,752 crore; NPAs cause of concern
The bank’s net non-performing assets (NPAs) rose to 2.22% of total loan book at the end of June, against 1.61% a year ago 

Mumbai: Public sector lender State Bank of India (SBI) today reported a 137% jump in net profit at Rs3,752 crore for the first quarter ended 30 June 2012, though rising non-performing loans continue to be a cause of concern, reports PTI.
 
The bank had a net profit of Rs1,583 crore in the April-June quarter of 2011-12 fiscal.
 
The bank’s net non-performing assets (NPAs) rose to 2.22% of total loan book at the end of June, against 1.61% a year ago, reflecting the impact of slowing economy.
 
The bank’s total income increased 16.89% in the quarter to Rs32,415 crore from Rs27,732 crore in the same period last year.
 
SBI, however, said it is hopeful of meeting the overall loan growth of 16-18% despite a dip in corporate lending as retail loan will make up for the shortfall. "We will meet the loan growth of 16-18% this fiscal, though I am not sure about corporate loan target due to the poor investment climate and the resultant slowdown in corporate loan demand. But I hope that retail loan book, especially auto and retail, will make up for the corporate slowdown," SBI Chairman Pratip Chaudhuri told reporters.
 
In value terms, SBI’s net NPAs increased to Rs20,324 crore (2.22% of loans) during the June quarter from Rs12,435 crore (1.61%) in the corresponding period a year ago.
 
Similarly the gross NPAs of the bank rose to Rs47,156 crore (4.99%) at the end of the first quarter, as against Rs27,768 crore (3.52%) in the last year period.
 
The sharp jump in NPA can be attributed to inability of corporates and other borrowers to timely repay the loans, mainly on account of poor performance of the economy.
 
Vaibhav Agrawal, vice president, research for banking at Angel Broking, said, "SBI’s numbers disappointed significantly on the NPA front. While we were expecting about Rs4,000 crore increase in its gross NPAs, the bank reported more than a Rs7,000 crore increase. The numbers are overall reflective of the weak macro-economic trends and while we will watch out for the management’s commentary on the outlook for slippages and recoveries, but overall for the next couple of quarters at least, asset quality concerns are likely to continue."
 
On bad assets, Chaudhuri said he expects gross NPA to come down to 4.75% from current 4.99%. "I see considerable reduction in NPAs in Q3. Our target is to get the net NPA down to 2%," he said.
 
SBI’s Net Interest Income (NII) increased to Rs11,119 crore in Q1 FY2013, a growth of 14.63% over Rs9,699 crore in the same quarter last fiscal.
 
On a consolidated basis, SBI reported a net profit of Rs4,874.7 crore for the quarter ended 30th June, a 94% increase from Rs2,512.47 crore in the last year period.
 
The consolidated total income increased to Rs46,839 crore from Rs39,126 crore in the April-June quarter of 2011-12.
 

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Parliamentary panel expresses concerns over poor use of MPLAD funds

The Parliamentary committee noted that Bihar, Gujarat, West Bengal and Sikkim have not taken prompt steps to utilise MPLAD funds for dealing with the impact of natural calamities

 
New Delhi: A Parliamentary committee has expressed concerns over poor utilisation of Member of Parliament Local Area Development (MPLAD) scheme funds by states like Gujarat and Bihar in undertaking rehabilitation works and providing relief to people affected by severe natural calamities, reports PTI.
 
The Committee of Members of Parliament on MPLAD Scheme in its report, which was tabled in Lok Sabha today, noted that Bihar, Gujarat, West Bengal and Sikkim have not taken prompt steps to utilise MPLAD funds for dealing with the impact of natural calamities.
 
Under the MPLAD Scheme, started in December, 1993, each member of both the houses gets Rs 5 crore every year for taking developmental works in their respective constituencies. They can also transfer the funds for undertaking rehabilitation works in the area affected by severe natural calamities.
 
Referring to the rehabilitation work in the aftermath of Gujarat earthquake, the committee noted that the state government "has not submitted proposals of the works to be undertaken out of the unspent balance of Rs9.42 crore lying with it despite several reminders by the Ministry of Statistics and Programme Implementation."
 
The report further said, "It is sad that a portion of MPLAD funds consented by MPs with the sole aim of rehabilitation of the areas affected by the earthquake is still remain unutilised by the state government."
 
The panel also raised similar concerns in case of utilisation of MPLAD funds for rehabilitation works in areas affected by Kosi floods in Bihar, Aila cyclone in West Bengal, cloud bursts in Leh and earthquake in Sikkim.
 
It also suggested that MPs should be permitted to transfer funds upto Rs1 crore for dealing with calamities of serious nature anywhere in the country as against the current ceiling of Rs50 lakh.
 

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