Good Morning to all the dear members and my colleagues
In Markets every day we are witnessing consolidation in Nifty and in stocks too after huge breakout of 16000 levels on Nifty.
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In Markets every day we are witnessing consolidation in Nifty and in stocks too after huge breakout of 16000 levels on Nifty.
Taking position is becoming risky for Intraday and F&O. There are concerns towards which side the market will show its move.
It's time now to Join Market Wizard Premium Group and also Renew your Membership to avail super gains.
All the members and colleagues who want to continue to be a part of our Premium Family or want to become a part of our Premium Family can do so , by renewing their membership.We have started accepting payment for the month of September and it will be solely on FIRST COME FIRST SERVE BASIS.
All those who make payment between 15th August to 23rd August, will be added on Evening of 23rd August, so that they can get benefit of 1 week extra calls.
Existing members you'll can renew your membership ASAP.
Monthly - 1.5k
Quarterly - 4k
Yearly - 15k
New members and existing members who make payment and send screenshots after the month end, shall have to compulsorily opt for quarterly or yearly.Monthly membership option is available only if payment is made before month end along with screenshot sent to any of the admins.
Please don't call admins... just send your message or queries.
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Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: Aug 20, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_EfQ0i_OPQl23_WobKBKPdQ
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Nirmal Bang is inviting you to a Zoom webinar.
When: Aug 20, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_EfQ0i_OPQl23_WobKBKPdQ
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video Communications
Welcome! You are invited to join a webinar: Morning Market Update. After registering, you will receive a confirmation email about…
Supreme Court on Wednesday issued notice on a petition filed by the Indian Broadcasting Foundation (IBF), challenging the Bombay High Court judgment, which upheld the New Tariff Order (NTO) of the Telecom Regulatory Authority of India (TRAI), putting a cap on the MRP of individual channels.
DEVYANI: PIZZA HUT TIES UP WITH HUL TO ADD KWALITY WALL'S ICE CREAM, DESSERTS IN MENU - PTI
TATA STEEL: CO COMMISSIONS ITS FIRST STEEL RECYCLING PLANT IN ROHTAK, HARYANA || LAUNCHES TWO NEW BRANDS - TATA FERROBALED AND TATA FERROSHRED FOR ITS BALED & SHREDDED FERROUS SCRAP PRODUCED
*Shaily Engineering – Q1FY22 Concall Update – Nirmal Bang Sec.*
*Outlook – Positive*
The stock is trading at 33.8x FY22E consensus earnings
The company has got into an agreement with world’s 2nd largest toy maker, in addition has signed 2 new pen development contracts and many are in pipeline. Shaily’s new carbon steel facility at Halol for Home furnishing is up and running – doing trail runs currently. The company has invested Rs 55 cr in this facility and it has revenue potential of Rs 180 cr.
During the quarter the company witnessed abnormal increases in input costs which impacted gross margins however it is expected to normalise in coming quarters. High logistics costs led to increased costs which further impacted the EBITDA margins but management believes this is a temporary phenomenon and should rectify in coming quarters. Management was also confident of improving the utilisation rates in coming quarter from 57% in Q1 to 80-85%.
The board has approved Rs 150 cr investments by few funds including Lighthouse, Whiteoak among others. The company would be utilising these funds to upgrade facilities across divisions for long term growth.
*Outlook – Positive*
The stock is trading at 33.8x FY22E consensus earnings
The company has got into an agreement with world’s 2nd largest toy maker, in addition has signed 2 new pen development contracts and many are in pipeline. Shaily’s new carbon steel facility at Halol for Home furnishing is up and running – doing trail runs currently. The company has invested Rs 55 cr in this facility and it has revenue potential of Rs 180 cr.
During the quarter the company witnessed abnormal increases in input costs which impacted gross margins however it is expected to normalise in coming quarters. High logistics costs led to increased costs which further impacted the EBITDA margins but management believes this is a temporary phenomenon and should rectify in coming quarters. Management was also confident of improving the utilisation rates in coming quarter from 57% in Q1 to 80-85%.
The board has approved Rs 150 cr investments by few funds including Lighthouse, Whiteoak among others. The company would be utilising these funds to upgrade facilities across divisions for long term growth.
Brokrage Reports
JPM on HDFC BK
OW, TP Rs 1800
Macquarie on HDFC BK
OP, TP Rs 2005
MS on IndusInd Bk
OW, TP Rs 1225
CLSA on HAL
Buy, TP Rs 1425
Clsa on Sunpharma maintain buy with Tgt price of 960
Clsa on Britannia maintain OP with Tgt price of 3850
Citi on bajaj auto maintain sell with Tgt price of 3000
Jefferies on Zomato maintain buy with Tgt price 175
JPM on HDFC BK
OW, TP Rs 1800
Macquarie on HDFC BK
OP, TP Rs 2005
MS on IndusInd Bk
OW, TP Rs 1225
CLSA on HAL
Buy, TP Rs 1425
Clsa on Sunpharma maintain buy with Tgt price of 960
Clsa on Britannia maintain OP with Tgt price of 3850
Citi on bajaj auto maintain sell with Tgt price of 3000
Jefferies on Zomato maintain buy with Tgt price 175
The foreign stimulus
Akash Prakash
The Indian start-up scene is on fire. Barely a day goes by without news of another unicorn and new funding rounds. The success of the Zomato IPO is another milestone, opening the door to multiple new listings from the Indian unicorn ecosystem. Everything seems to be coming together for this subset of the economy. In the first six months of calendar 2021, $10 billion was raised by start-ups and private companies in India. In July, another $10 billion was raised, led by the mammoth $3.6 billion by Flipkart, the single largest fundraise by a private company in India. Contrast this with a total of less than $10 billion raised in all of 2020. At this rate, in 2021, we may see almost $40 billion being pumped into the Indian private company universe by global capital. This trend is further reinforced as even the unicorn IPOs are raising mostly fresh capital (not just secondary sale).
The reality is that all this money is being raised by the start-up/private ecosystem to spend. Money raised will be spent or burnt, such is the nature and the stage of life cycle of most of these companies. The money will be spent to hire people, build infrastructure, strengthen the core tech, accelerate demand and build the brand. None of these companies will just sit on the money raised. Mind you, this money is entirely equity, most of these unicorns do not raise debt.
For perspective, $40 billion is Rs 3 trillion, almost 2 per cent of GDP, that is being effectively pumped into our economy by foreign funds. This may be the stimulus that the government was unable to provide due to a lack of resources. The stimulus will come from foreign funds, not the central government. Frankly, how does it matter where the money comes from as long as it is spent in our economy and is not debt?
Is the sector overheated? Will investors make money providing capital at these valuations? All these issues are debatable, but what is clear is that the money will be spent in India and will boost the economy.
I think the trend is real, secular and just getting started. If we play our cards as a country well, there is no reason this capital flow will not continue, if not further accelerate. Long-term investors continue to search for structural growth and the next wave of innovation and China has shaken the faith of many.
We must make sure we do not shoot ourselves in the foot and inadvertently take measures to temper this enthusiasm.
First of all, the proposed pricing and valuation of some of the new issuances in this space seem quite rich. It is inevitable that a few issues will fail and investors, including retail, will lose money. It is critical for our regulatory authorities to hold their nerve at this point. Just because some issues may fail, we cannot shut the door to IPOs by the start-up ecosystem or raise significant hurdles to listing. Any change in regulatory stance will only make monetisation more difficult or push eligible companies to list overseas, neither of which helps our markets or the economy.
We must also be careful to guard against the perception of a lack of a level playing field. Many global investors are continually worried that domestic lobbies can make the operating and regulatory environment difficult for foreign funded companies. Hopefully, there will be no discriminatory treatment of such companies. If investors feel the odds are stacked against them, they will not commit money. This perception must be nipped in the bud.
Ultimately, whether this capital is raised locally or from global investors, it is being spent in India, to build and hire locally, that is what we must focus on.
There continues to be a debate among global investors as to India’s outlook post the FY22 recovery. The bulls feel we will settle into a long-term growth trajectory of 7 per cent for the economy, while the bears are convinced that the country cannot grow faster than 4-5 per cent. Market price action seems to support the bullish view.
Akash Prakash
The Indian start-up scene is on fire. Barely a day goes by without news of another unicorn and new funding rounds. The success of the Zomato IPO is another milestone, opening the door to multiple new listings from the Indian unicorn ecosystem. Everything seems to be coming together for this subset of the economy. In the first six months of calendar 2021, $10 billion was raised by start-ups and private companies in India. In July, another $10 billion was raised, led by the mammoth $3.6 billion by Flipkart, the single largest fundraise by a private company in India. Contrast this with a total of less than $10 billion raised in all of 2020. At this rate, in 2021, we may see almost $40 billion being pumped into the Indian private company universe by global capital. This trend is further reinforced as even the unicorn IPOs are raising mostly fresh capital (not just secondary sale).
The reality is that all this money is being raised by the start-up/private ecosystem to spend. Money raised will be spent or burnt, such is the nature and the stage of life cycle of most of these companies. The money will be spent to hire people, build infrastructure, strengthen the core tech, accelerate demand and build the brand. None of these companies will just sit on the money raised. Mind you, this money is entirely equity, most of these unicorns do not raise debt.
For perspective, $40 billion is Rs 3 trillion, almost 2 per cent of GDP, that is being effectively pumped into our economy by foreign funds. This may be the stimulus that the government was unable to provide due to a lack of resources. The stimulus will come from foreign funds, not the central government. Frankly, how does it matter where the money comes from as long as it is spent in our economy and is not debt?
Is the sector overheated? Will investors make money providing capital at these valuations? All these issues are debatable, but what is clear is that the money will be spent in India and will boost the economy.
I think the trend is real, secular and just getting started. If we play our cards as a country well, there is no reason this capital flow will not continue, if not further accelerate. Long-term investors continue to search for structural growth and the next wave of innovation and China has shaken the faith of many.
We must make sure we do not shoot ourselves in the foot and inadvertently take measures to temper this enthusiasm.
First of all, the proposed pricing and valuation of some of the new issuances in this space seem quite rich. It is inevitable that a few issues will fail and investors, including retail, will lose money. It is critical for our regulatory authorities to hold their nerve at this point. Just because some issues may fail, we cannot shut the door to IPOs by the start-up ecosystem or raise significant hurdles to listing. Any change in regulatory stance will only make monetisation more difficult or push eligible companies to list overseas, neither of which helps our markets or the economy.
We must also be careful to guard against the perception of a lack of a level playing field. Many global investors are continually worried that domestic lobbies can make the operating and regulatory environment difficult for foreign funded companies. Hopefully, there will be no discriminatory treatment of such companies. If investors feel the odds are stacked against them, they will not commit money. This perception must be nipped in the bud.
Ultimately, whether this capital is raised locally or from global investors, it is being spent in India, to build and hire locally, that is what we must focus on.
There continues to be a debate among global investors as to India’s outlook post the FY22 recovery. The bulls feel we will settle into a long-term growth trajectory of 7 per cent for the economy, while the bears are convinced that the country cannot grow faster than 4-5 per cent. Market price action seems to support the bullish view.
I am also slowly coming around to the more bullish view. I base this on three factors. First, all the money being raised by the start-up ecosystem is supercharging growth. Demand for skilled engineering talent has gone through the roof. Combine this with a strong growth outlook for the IT service players and we are throwing fuel on the fire. The IT/Tech industry will be back to peak hiring levels, last seen a decade ago. Attrition has rocketed (Cognizant just reported attrition of 31 per cent) and salary hikes are accelerating. This will be a significant economic growth multiplier, for consumption, housing and commercial real estate. This growth multiplier has been absent for most of the last five years, as both IT hiring and wages were subdued and we have forgotten its impact.
There is a clear trend of higher value added manufacturing relocating to India. Be it the PLI schemes, the China+1 strategy adopted by most MNC’s or structural industry change, the trend is noticeable particularly in speciality chemicals, API, precision manufacturing in automotive and light engineering and textiles. The anecdotal feedback is clear. Global demand is very strong and secular. Buyers want long-term contracts. Companies are investing. Exports will accelerate, after almost five years of no growth.
There is a clear reversal in the real estate sector. Housing demand is strong and pricing is improving. It is only a matter of time before new construction begins to pick-up. This sector has been in serious stress for almost five years now. A recovery here will be a big multiplier, as it creates low skill jobs and pulls in demand for cement/steel and helps clean up the non-performing asset mess.
The private sector capex cycle is also more visible. It will be driven this time by steel, cement, roads, renewables and manufacturing, not thermal power. Anecdotal evidence is again clear, just hear the earnings calls.
Some of these trends are still early and worth watching to see how they develop. There remain structural weaknesses in the financial system and immense pain among small scale enterprises. However, the stars seem to be aligning. It is possible that we could be finally entering a period of sustained 7 per cent-plus economic growth. Hopefully, this is not wishful thinking. The market price action seems to point in this direction. I am getting more convinced. Let’s hope we finally break out. It is about time!.
The writer is with Amansa Capital
There is a clear trend of higher value added manufacturing relocating to India. Be it the PLI schemes, the China+1 strategy adopted by most MNC’s or structural industry change, the trend is noticeable particularly in speciality chemicals, API, precision manufacturing in automotive and light engineering and textiles. The anecdotal feedback is clear. Global demand is very strong and secular. Buyers want long-term contracts. Companies are investing. Exports will accelerate, after almost five years of no growth.
There is a clear reversal in the real estate sector. Housing demand is strong and pricing is improving. It is only a matter of time before new construction begins to pick-up. This sector has been in serious stress for almost five years now. A recovery here will be a big multiplier, as it creates low skill jobs and pulls in demand for cement/steel and helps clean up the non-performing asset mess.
The private sector capex cycle is also more visible. It will be driven this time by steel, cement, roads, renewables and manufacturing, not thermal power. Anecdotal evidence is again clear, just hear the earnings calls.
Some of these trends are still early and worth watching to see how they develop. There remain structural weaknesses in the financial system and immense pain among small scale enterprises. However, the stars seem to be aligning. It is possible that we could be finally entering a period of sustained 7 per cent-plus economic growth. Hopefully, this is not wishful thinking. The market price action seems to point in this direction. I am getting more convinced. Let’s hope we finally break out. It is about time!.
The writer is with Amansa Capital
#GlobalMarkets
-Dow -383
-S&P500 -48
-Nasdaq -130
-Brent Crude Oil @ $67.40
-Dollar Index @ 93.477
-Gold @ $1778
-10 Yr Bond 1.265%
-Asian Markets slip
-SGX Nifty -200
-Dow -383
-S&P500 -48
-Nasdaq -130
-Brent Crude Oil @ $67.40
-Dollar Index @ 93.477
-Gold @ $1778
-10 Yr Bond 1.265%
-Asian Markets slip
-SGX Nifty -200
*Global cotton prices are trading at a seven-year high and the Indian cotton prices are not too far away from all-time highs that hit in the month of July*. Prices saw 3 percent gains in this week itself and were up by 10 percent in the previous month. The global prices have surged past 97 cents a bushel. The strength comes in as the markets are looking at lower supplies in the global market and there's a very strong renewed demand that is coming in from the textile industry.
Breaking News - Every Retail Applicant who applied in APTUS VALUE HOUSING FINANCE got allotment.
Those who applied for 546 shares has been allotted 415/416 shares
Those who applied for 546 shares has been allotted 415/416 shares
Securities in Ban For Trade Date 20-August 2021:
Cadilahc
Canbank
NATIONALALUM
PNB
SAIL
SUNTV
VEDL
*Added - No*
*Deleted-No*
Cadilahc
Canbank
NATIONALALUM
PNB
SAIL
SUNTV
VEDL
*Added - No*
*Deleted-No*
*Offer for Sale*
*Indostar Capital Finance Limited*
Please note that Indostar Capital (the “Seller”), being one of the promoters of Indostar Capital Finance Ltd (the “Company”) proposes to sell up to an aggregate of 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (“Base Offer Size”) on August 20, 2021 (“T Day”) (for non-retail investors only) and on August 23, 2021 (“T+1 Day”) (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids), with an option to additionally sell up to 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (the “Oversubscription Option” and in the event the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will, collectively, hereinafter be referred to as the “Sale Shares”, but in the event the Oversubscription Option is not exercised, the Equity Shares forming part of the Base Offer Size will hereinafter be referred to as the “Sale Shares”), through a separate, designated window of the BSE Limited (the “BSE”) and the National Stock Exchange of India Limited (the “NSE” and together with BSE, the “Stock Exchanges”) (such sale referred to hereinafter as the “Sale/ Offer”).
*Floor Price: Rs. 290/- per equity share of the company*
Retail Reservation: 10% of the sale shares
Retail Discount: No discount
No. of shares offered: 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (“Base Offer Size”) with an option to additionally sell up to 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (the “Oversubscription Option” and in the event the Oversubscription Option is exercised
Open Date for NON-Retail: August 20, 2021 :: Open time : 9:15 a.m; Close time: 3:30 p.m
Open Date for retail: August 23, 2021:: Open time : 9:15 a.m; Close time: 3:30 p.m
Size of offer: Rs.179.50 crore if oversubscribed the Rs.359 crore
CMP: Rs 338.55
Mcap: Rs.4191.07 crore
https://www.bseindia.com/xml-data/corpfiling/AttachLive/16989B2E-557C-45D4-AA0A-446B40650689-165731.pdf
*Indostar Capital Finance Limited*
Please note that Indostar Capital (the “Seller”), being one of the promoters of Indostar Capital Finance Ltd (the “Company”) proposes to sell up to an aggregate of 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (“Base Offer Size”) on August 20, 2021 (“T Day”) (for non-retail investors only) and on August 23, 2021 (“T+1 Day”) (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids), with an option to additionally sell up to 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (the “Oversubscription Option” and in the event the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will, collectively, hereinafter be referred to as the “Sale Shares”, but in the event the Oversubscription Option is not exercised, the Equity Shares forming part of the Base Offer Size will hereinafter be referred to as the “Sale Shares”), through a separate, designated window of the BSE Limited (the “BSE”) and the National Stock Exchange of India Limited (the “NSE” and together with BSE, the “Stock Exchanges”) (such sale referred to hereinafter as the “Sale/ Offer”).
*Floor Price: Rs. 290/- per equity share of the company*
Retail Reservation: 10% of the sale shares
Retail Discount: No discount
No. of shares offered: 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (“Base Offer Size”) with an option to additionally sell up to 6,189,737 Equity Shares (representing 5.00% of the total issued and paid-up Equity Share capital of the Company on a non-fully diluted basis and 4.56% of the total issued and paid-up Equity Share capital of the Company on a fully diluted basis) (the “Oversubscription Option” and in the event the Oversubscription Option is exercised
Open Date for NON-Retail: August 20, 2021 :: Open time : 9:15 a.m; Close time: 3:30 p.m
Open Date for retail: August 23, 2021:: Open time : 9:15 a.m; Close time: 3:30 p.m
Size of offer: Rs.179.50 crore if oversubscribed the Rs.359 crore
CMP: Rs 338.55
Mcap: Rs.4191.07 crore
https://www.bseindia.com/xml-data/corpfiling/AttachLive/16989B2E-557C-45D4-AA0A-446B40650689-165731.pdf
🗞️ *From the Business Media - 19 August 2021*
Economic Times
Ø Australian Crypto firm Iris Energy files for direct listing on Nasdaq
Ø GIC Housing Fin to seek shareholders' nod for raising up to Rs 2,500 Cr next month
Ø AU Small Finance Bank shareholders okay Rs 14,500 Cr debt, equity raise plan
Ø Tega Industries files DRHP for IPO with Sebi
Ø Oil steadies as US crude drawdown faces Covid-19 Surge
Ø RBI to conduct OMO of Rs 25,000 Cr G-secs on Aug 26
Ø Cabinet approves Rs 11,040 Cr National Mission on the edible Oils- Oil Palm with focus on North Eastern region
Ø Probus Smart Things raises $500,000 in funding led by Unicorn India Ventures
Ø RaRa Delivery raises $3.25 Million in funding led by Sequoia's Surge, East Ventures
Business Standard
Ø D-Mart owner Radhakishan Damani enters Top 100 Global billionaires' club
Ø Software startup Postman's valuation tops $5.6 Bn after $225 Mn fundraise
Ø IFCI moves NCLT against Videocon debt resolution, wants oil assets included
Ø Amazon, Premji Invest back fintech smallcase in $40 mn funding
Ø Pizza Hut ties up with HUL to add Kwality Wall ice cream, desserts in menu
Ø Xander buys one million sq ft Warehouse in Chennai for Rs 500 Crore
Ø India Inc Credit outlook turns positive, upgrades rise: CRISIL Ratings
Ø India on track to meet Paris Agreement goals, says FM Sitharaman
Ø Exporters want steel, pharmaceuticals sectors under RoDTEP scheme
Ø India's exports rise nearly 40% in second week of August, shows data
Ø ICICI Bank gained more than 1.3 Million credit cards since December
Ø Fundraising through rights issues falls sharply in January-July period
Ø US freezes nearly $9.5 Billion Afghanistan central bank assets: Report
Financial Express
Ø Large Companies check into flexible co-working spaces to cut costs
Ø Rs 90,000-crore discom loss projections for FY21 ‘grossly inflated’: Power ministry
Ø PhonePe gets $50 Million from Tencent but won’t use it for India operations
Ø Affordable Housing to be fulcrum of recovery for housing finance companies: Report
Ø Tata Steel commissions 0.5 MTPA recycling plant in Haryana
Ø PepsiCo aims to be net water positive by 2030
Ø India calls for expanding New Development Bank’s funding horizon
Ø Global Merchandise Trade continues robust recovery from Covid pandemic shock: WTO report
Ø CCEA okays Rs 77.45 Crore for revival of north eastern agri-marketing corp
Ø GDP to expand by deceptively high 20% in Q1, to be lower than pre-COVID levels: Icra
Ø Short-tenor Corporate bond yields fall on mutual funds demand, surplus liquidity
Mint
Ø Fed minutes show most Officials see taper starting this year
Ø GeM eyes supply of vaccines, medicines using Blockchain
Ø AG&P secures $300 Mn from I-Squared
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RBI issues new guidelines for locker in banks
The RBI said that banks shall incorporate a clause in the locker agreement that the locker-hirer/s shall not keep anything illegal or any hazardous substance in the Safe Deposit locker. "If the bank suspects the deposit of any illegal or hazardous substance by any customer in the safe deposit locker, the bank shall have the right to take appropriate action against such customer as it deems fit and proper in the circumstances," it added.
The central bank further states that banks shall have a Board approved agreement for safe deposit lockers. For this purpose, it said, banks may adopt the model locker agreement to be framed by IBA. "This agreement shall be in conformity with these revised instructions and the directions of the Hon’ble Supreme Court in this regard. Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements," it said
The RBI said that banks shall incorporate a clause in the locker agreement that the locker-hirer/s shall not keep anything illegal or any hazardous substance in the Safe Deposit locker. "If the bank suspects the deposit of any illegal or hazardous substance by any customer in the safe deposit locker, the bank shall have the right to take appropriate action against such customer as it deems fit and proper in the circumstances," it added.
The central bank further states that banks shall have a Board approved agreement for safe deposit lockers. For this purpose, it said, banks may adopt the model locker agreement to be framed by IBA. "This agreement shall be in conformity with these revised instructions and the directions of the Hon’ble Supreme Court in this regard. Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements," it said