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Central Govt. Defence, Railways, Telecom and state Government. Interest income from the investment portfolio Domestic stood at Rs. Total trading profit domestic for FY is Rs. The liquidity remained comfortable throughout the year in the banking system due to lack of desirable credit off-take, despite the fact that Cash Reserve Ratio CRR was restored to pre-pandemic level of 4 per cent. Liquidity surplus in the banking system reached record levels in September with average liquidity of around Rs.
RBI reitereted its stance to remain accommodative as long as necessary to revive and sustain growth on a durable basis. RBI commenced normalizing liquidity conditions by discontinuing its G-SAP operations and resuming its long term VRRR from 4th quarter onwards and gradually started draining out excess liquidity from the system.
RBI's currency swap further drained durable rupee liquidity from the system. The recent CRR hike of 50 bps will drain a further Rs. The Indian bond market was well supported by RBI through both conventional and unconventional measures including differentiated auction methodology, GSAP 1. However, during second half of the Financial Year, yields inched up significantly due to expectations of rate hikes by central banks in all major developed economies of the world on account of high inflation expectations due to surging commodity prices, and the Indian bond market yields were no exception.
During FY , the 10 year benchmark G Sec yields rose to 6. However as per the revised borrowing calendar, gross market borrowing was pegged at Rs. As a result, the Central Government's borrowing programme for FY came to an end on 25th February and the total auctions were much lower than expected due to cancellations of scheduled auctions for the month of March This cooled off the yields temporarily, but in the recently conducted unscheduled MPC meeting May , RBI raised the benchmark repo rate by 40 bps due to concerns regarding domestic inflation along with a 50 bps CRR hike to drain out excess liquidity.
This resulted in benchmark yields touching a high 7. The short term yield also spiked considerably with 1 year T Bill reaching a high 5. Since the advent of COVID pandemic, the government's borrowing has almost doubled, but the pool of domestic investors has not kept pace with the same and still much needs to be done before domestic sovereign bonds are listed on global indices.
Hence, the challenges for the smooth conduct of massive borrowings for the third consecutive year are galore. The same is further intensified by the gloomy outlook on yields aggravated by reversal of accommodative stance by central banks across the globe. Russian invasion of Ukraine and other expected geo-political tensions including COVID lockdowns in many parts of the world including China, are further expected to make things difficult for the bond markets.
The near-term outlook on India's external sector has also worsened considerably. Bond yields have hardened across the maturities as geo-political factors have clouded the outlook on inflation, further compounding the challenges for the smooth conduct of the massive borrowing planned by the Centre and the States for FY As a result, foreign investors have been net sellers of Indian equities for the entire year, but domestic retail and institutional investors have been more or less resilient to selling pressures.
However, in the next fiscal year, equity markets are expected to be more or less muted in absence of any fresh positive triggers. Also, uncertainties regarding COVID, further flare up of tensions between nations and steep rise in inflation, are expected to keep the markets on the offered side only.
However, RBI continued to be active in markets to smoothen out the volatility. In order to achieve the desired objective, the Bank has formulated a robust Grievance Redressal Policy keeping in view the guidelines issued by Reserve Bank of India on Customer Service. The Bank is ensuring the redressal of the grievances of customers within the framework laid down in the said policy. Through this system, the customer gets an immediate acknowledgement and can keep a track of the complaint also.
In addition to these two Primary Sites, the Bank has also established two Secondary Contact Centers at Dehradun and Bhopal to provide tele-banking services to its customers in 13 languages During the FY , 2 languages were incorporated over IVR in addition to existing 11 languages. During FY , officials of the Bank made 14, incognito visits to branches pan India. The system ensures greater transparency in the redressal of grievances by the Bank.
These committees meet once in a month where staff and the invited customers interact freely on service-related issues. Appreciation letters issued by customers appreciating the service of officials of the bank are also published in the magazine. Bank's guidelines on important issues pertaining to customer service, products and services are highlighted in the magazine for the benefit of field staff. It provides convenience to the customers to access different type of banking services from their Door Step.
Concrete and effective steps were taken by the Bank to achieve various region wise targets set in the Annual Program issued by the Department of Official Language, Ministry of Home Affairs, Government of India, as a result, most of the targets have been achieved. Special works done in the Field of Official Language Implementation Hindi and Regional Languages were used in publicity and promotional campaigns related to the schemes and products of the Bank.
During the FY , the Bank celebrated the month of September as Hindi month and on 14th September , a grand celebration of Hindi Diwas was organized in Head Office and its various offices. Half yearly meetings of these committees were held regularly and Hindi competitions, Hindi workshops, Hindi seminars etc. PNB Gilts Ltd: During FY , debt market was characterised with gradual firming up of yields, with accentuated fi'rming in the second half of the year. In the fi'rst half of the year, yields remained largely anchored as the monetary policy committee MPC continued with its accommodative growth-supportive stance and also undertook government securities purchases through G-SAP.
In the second half of the year, however, yields remained largely upward bound, with Q4 witnessing a sharp spike in yields. A sharp rise in global crude oil prices and reversal of monetary policy by various emerging market and advanced economies pushed both global and domestic yields higher during Q4 FY The cancellation of two consecutive central government bond auctions, however, tempered the hardening of domestic yields towards the close of the Financial Year.
During the year, the yr benchmark yield touched a high and low of 6. Capital adequacy remains strong with its capital to risk weighted assets ratio CRAR at During the year ended 31st March, the Company registered operational fee-based income of Rs. In the Corporate Advisory Vertical, during the year PNBISL advised many marquees business groups and corporate clients on various transactions, including debt syndication, debt resolution and other corporate advisory assignments.
The involvement in these transactions varied from advising on compliance requirements, drafting of offer documents and marketing of the offerings. In the Trusteeship business, despite intense competition from entrants not having long standing in the business by slashing fees, the company has been able to maintain the clients by providing quality of services. A cautious strategy has been adopted while selecting the clients, so as to ensure only credible clients are on-boarded. With its prompt and quality service as also realigning our card rates with market requirement, the company continues to add on new clients and build on its strategy to be a trusted partner of leading banks and corporates.
Currently, the company is providing its services for customer acquisition and merchant tie ups. During FY' , being the first year of operations, the company has earned revenue from operations of Rs. The company will operate on feet-on-street model with its sales executives sourcing of Credit Cards in the potential market along with digital on boarding platforms for better customer experience. The Bank continues to grow the UK based business book and diversify within the product variants in secured lending book in line with its strategy.
Customer retention has been the focus for the Bank and the Bank is also developing Alternate channel to raise low cost retail deposits. It started its operation on 27th January, , in Bhutan as the country's fourth commercial Bank, with a component of both FDI and joint venture in the Banking Sector.

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Along with the recent opening of our branches in Amritsar and Ludhiana, we are pleased to expand our retail footprint in Gujarat. We look forward to becoming an integral part of the city. Whether it be outward or inward remittance, foreign exchange, travel and wholesale business services, our employees are ready to help.
We stock over 30 major currencies, sold always at competitive rates and zero percent commission. Our group prides itself on providing our international expertise and trusted experience to our customers. We are a sub-agent of Western Union, MoneyGram, Transfast and Ria Money with the ability to receive money from over countries and territories.
The branch is conveniently located at Sailok Complex, Lappipet and is strategically located to cater to multinational companies, local SMEs who are engaged in entertainment, Construction, food as well as education, health care and transport Industry. Commenting on the recent expansion of its retail network, Mr. The city is one of the fastest growing urban area and we are willing to cater the market with the Business opportunities.
Our new branch will provide easy accessibility to both businesses as well as individuals in the region allowing customers to avail outward and inward remittance, foreign exchange, travel and wholesale business services at this branch. We also offer over 30 major currencies at competitive rates at zero percent commission.
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