Fitch downgrades Dhanlaxmi Bank

Rating agency Fitch on Tuesday said it has downgraded the ratings of Dhanlaxmi Bank due to the risks to the operating performance of the Kerala-based private lender and the vulnerability of its capital ratios.

"Fitch Ratings has downgraded Dhanlaxmi Bank and its Rs 17-crore subordinated debt to long-term 'BBB-(ind)' from 'BBB(ind)' and simultaneously put them on Rating Watch Negative (RWN)," the agency said in a release here.

The downgrade comes at a time when the private lender posted a net loss of Rs 36.87 for the third quarter ended December 31.

The rating agency believes there could be potential further losses emerging from the structural weaknesses of an elevated cost base and revenue pressures due to rapid expansion. "Such losses could adversely impact the bank's capitalisation and financial flexibility."

Fitch said the bank has a challenging task of addressing some structural issues.

It noted that the bank's net interest margin is pressurised on the back of large reliance on high-cost wholesale deposits, while non-interest income has also been on a downward trajectory.

"The bank may have to shrink its loan book to conserve capital, which could further compress revenues," the agency said, adding that the asset quality has been stable so far.

"The agency, therefore, remains cautious in view of the moderating economic growth, a still relatively high interest rate environment and low seasoning of a large part of its (the bank) loan portfolio," the release added.

Source: EconomicTimes

Dhanlaxmi MD and CEO Amitabh quits

In a surprise move, the managing director and chief executive of Thissur-based private sector lender Dhanlaxmi Bank, Amitabh Chaturvedi, who has been credited for turning around the bank since he took over in 2008, has put in his papers, according to a bank official.

"It is true that our MD Amitabh Chaturvedi has resigned today. The board meeting is underway now to consider his resignation," the bank spokesperson said.

She also scotched rumours that he was removed by the board. "There is no substance to this. He has resigned on his own and a formal announcement will be made after the board meeting."

The resignation comes following major unrest from a section of the bank's officers' union in the past few months which had alleged about financial irregularities at the bank.

The section of the union having allegiance to the All-India Bank Officers Confederation had recently accused the bank of 'window-dressing' its books and showing inflated profits. The bank had dismissed the allegations as baseless.

The regulator RBI had also not found anything wrong with the books of the bank.

The RBI had even allowed Chaturvedi a two-year extension before the union alleged irregularities.

Chaturvedi, who earlier worked with ICICI Bank and Reliance Capital, took charge of the nearly a century-old bank in 2008.

The bank, which is yet to announce its results for the December quarter, had reported a net profit of Rs 4.35 crore from Rs 1.62 crore in the September quarter, an increase of a whopping rose 168 percent.

Source: Financial Express

Dhanlaxmi Bank forays into silver retailing biz

Private lender Dhanlaxmi Bank has entered the silver retailing business with the launch of its ‘Dhan’ silver bars.

The silver bars will be available in tamper-proof laminated pack in weights of 50 and 100 grams at branches across the country, the Kerala-based bank said in a release issued here today.

“The launch of Dhan silver bars has been prompted by the success of the bank’s gold retailing business. With this launch, we foresee further traction and aim to become one of the leading players in the bullion business in the next couple of years,” Dhanlaxmi Bank Head - Insurance, Gold & Silver, Mr Deepak Singh, said.

The launch of silver retailing marks the second phase of the bank’s foray in silver bullion business. In July 2011, the bank rolled out its wholesale initiative with the launch of 30-kg silver bars and silver grains.

“We see a lot of potential in metals as an asset class. With higher disposable income and high inflation, investment in metals such as silver and gold will allow investors to hedge and diversify their savings and investment portfolio,” Mr Singh added.

India is the largest importer of silver in the world.

According to Bombay Bullion Association estimates, imports of silver into India will exceed 4,000 tonnes in 2011. In 2010, India consumed about 2,800 tonnes of silver.

Punjab National Bank raises NRE deposit rates to 9.25 per cent

MUMBAI: The second largest public sector lender Punjab National Bank today increased the interest rates on NRE term deposits ranging one to five year period to 9.25 percent. The rates will be effective from January 1, the bank said in a filing to the BSE.

Last week, many other banks HDFC Bank, Yes Bank, Federal Bank, Allahabad Bank and Dhanlaxmi Bank among others had steeply increased the interest rates on select maturities of NRE deposits.

HDFC Bank increased the interest rates on NRE deposits of Rs one crore and above with a maturity of one to two year to nine percent against 3.82 percent earlier. It has, however, left the NRO deposit rates unchanged.

The state-run Allahabad Bank has also raised its NRE deposits up to 7.5 percent. The Kolkata-based bank will now offer 7.5 percent for one to two years tenor (against 3.82 percent earlier), 7 percent on deposits of two to three years (from 3.51 percent), and 6.75 percent for those above three years (from 3.64 percent).

Also, the Kochi-based Federal Bank and Laxmivilas Bank have also increased its interest rates on NRE deposits for various slabs in order to attract non-resident deposits. Another private sector lender IndusInd Bank also increased pricing 9.25 percent among the state-run banks Dena Bank offers the highest pricing at 9.6 percent. Similarly, Yes Bank came out with a 15 month-and-15 days to 16-month NRE deposit offer, promising depositors 9.60 percent interest.

Source: EconomicTimes

Dhanlaxmi Bank officers call truce with management

The Dhanlaxmi Bank Officer's Organisation on Thursday called off its agitation, reaching a settlement with the management over various demands, including bonus, increments, pension and trade union rights.

Shares of the Kerala-based private sector bank rose sharply on the Bombay Stock Exchange, closing at Rs 59.30, 8.41 per cent over the previous close.

The officers' body, affiliated to the All India Bank Officers' Confederation (AIBOC), had alleged the management's mismanagement of affairs had led to asset-liability mismatches, pressure on profits and compromising trade union rights. It had launched the agitation in early October.

Denying the allegations, the management had said the profit in the first quarter stood at Rs 3 crore, and the decline was due to mark-to-market losses. It had also said asset-liability mismatches were inherent in the banking business.

The union had alleged the bank had recruited about 3,000 people on a cost-to-company (C-to-C) basis, with clear understanding that these employees would not be part of the trade union.

The talks between the representatives of the union and the bank in November and December were spread over 10 days at Thrissur, where the bank's headquarters are located.

Elaborating on the settlement AIBOC on Thursday said officers recruited on a C-to-C basis from Scale I-III could shift to the industry pattern. They would also enjoy trade union rights. The bonus and increment denied to 13 officers in 2010 would be paid, along with arrears. Officers who had joined the bank between 2004 and 2010 would get the option of pension.

The union also reached an understanding on issues like the performance management system, future recruitment on the lines of the Indian Banks’ Association, transfers and open-job postings.

Source: Business Standard

Dhanlaxmi Bank branch relocation

Dhanlaxmi Bank has relocated its M.G. Road Ernakulam branch to spacious new premises at Chittoor Road, Kochi. The new branch has a contemporary look and feel, in tune with the latest branding and positioning of Dhanlaxmi Bank. The layout of the bank has been designed to enhance customer convenience and easy movement within the branch.

Mr Salil Datar, Head, Branch Banking and NRI Business, said the primary focus is to provide comfortable banking environment to clients in the region. Relocating branch to spacious and centrally located premises, demonstrates the bank's commitment to provide quality customer experience.

The branch will cater to the corporate, small and medium enterprises and retail customers and provide the entire suite of products and services. In retail banking, the branch will offer savings account, current account, fixed deposits, life insurance, mutual funds, online broking, credit and debit cards, loans, gold coins, forex card, phone banking, net banking and locker facility.

Dhanlaxmi Bank in pact with LIC for e-payments

Dhanlaxmi Bank has signed an Memorandum of Understanding (MoU) with Life Insurance Corporation of India to facilitate policyholders to receive policy payments through electronic funds transfer.

As per the agreement, the bank will provide electronic payment services to the corporation using the National Electronic Funds Transfer (NEFT) mode to credit funds to the policyholders' bank accounts.

This move is not only going to directly benefit customers of Dhanlaxmi Bank who hold LIC policies but also LIC policyholders having accounts with other banks. The bank will use the National Electronic Funds Transfer (NEFT) facility to transfer funds to policyholders' accounts across other banks.

Fitch revises Dhanlaxmi Bank outlook to ‘stable'

Rating agency Fitch Ratings has revised Dhanlaxmi Bank's outlook to ‘stable' from ‘positive'. The outlook revision reflects expectations that structural challenges facing the bank, from its aggressive expansion in recent years, are unlikely to improve its overall credit profile in the short to medium-term. 

Since FY'09 (end-March 2009), the bank's operating performance has been impacted by substantial loan growth, which is being increasingly funded through wholesale deposits, and from large investments in infrastructure and other resources. The bank has increased its branch network by 40 per cent and headcount by three times since FY'08. Amid low net interest margins and a significantly high operating cost base, profitability remains weak, Fitch said in a press release.

Dhanlaxmi Bank's asset quality has remained stable so far, with a gross non-performing asset ratio of 0.55 per cent and a net NPA ratio of 0.17 per cent as on end-September 2011. However, the moderating economic growth and high interest rate environment may impact its loan portfolio, a large part of which is not seasoned.

The bank expects to grow at a slower rate in the current financial year after the aggressive 81 per cent loan growth in FY11. However, its capitalisation is weakening (Tier I ratio: 8.73 per cent in H1 2011-12, against 9.41 per cent in 2010-11) from low internal capital generation, while raising fresh common equity is difficult in the current equity market environment, the release said.

The agency said that ratings may be downgraded if there is a significant deterioration in capitalisation or there are any signs of deterioration in the bank's funding. A rating downgrade may also result from any stresses on asset quality that may lead to a sharp drop in earnings or net losses.

Award for Dhanlaxmi Bank

Dhanlaxmi Bank has won the Best Mid-Sized Bank award in terms of growth, according to Business Today-KPMG's Best Banks Survey of 2011. The survey, which covered 63 scheduled commercial banks, was conducted on three broad parameters — growth, size and strength. The data used was based on published annual reports of these banks and Reserve Bank of India's Profile of Banks 2010-2011.

Under the growth category, Dhanlaxmi Bank was awarded for its surge in deposits, loans and advances, fee income, operating profit, absolute market share of deposits and current account savings account, or CASA; three-year compound annual growth rate of total deposits, loans and advances, fee income and operating profit. Mr Amitabh Chaturvedi, MD and CEO, Dhanlaxmi Bank, said the award acknowledges the bank's strategy and provides industry recognition for ambitious growth plans.

Dhanlaxmi Bank appoints Ramesh Krishnan as Head of Treasury

Kochi, Nov. 3: Dhanlaxmi Bank has announced the appointment of Mr Ramesh Krishnan as Head of Treasury.

Mr Krishnan joins Dhanlaxmi Bank from Bank of Maldives where he was the Chief Credit Officer. He was also the acting CEO of the Dhanlaxmi Bank in Male for a period of nine months.

Announcing the appointment, Mr Manish Kumar, President, HR said: “Mr Krishnan brings with him in-depth knowledge in diverse areas of treasury and risk management ranging from domestic markets to foreign exchanges. His appointment will help the bank in strategically allocating its resources, hedge risks, and enhance trading profits.”

Mr Krishnan is a professional banker and has about 27 years of rich experience in the banking industry. He started his career with State Bank of Travancore before moving to State Bank of Hyderabad. Over the years he has held senior positions in domestic and forex treasury and headed the integrated risk management department of State Bank of Travancore.

Dhanlaxmi Bank plans fresh capital infusion

Kochi, Nov. 3: The Thrissur-based Dhanlaxmi Bank has proposed to infuse fresh capital within the next 2-3 months. However, Mr Amitabh Chaturvedi, Managing Director and CEO, declined to give any figure on the amount to be pumped in. The infusion, he said, would be completed within the fiscal ending March 2012.

Speaking to reporters in connection with the launch of second series of Dhan Gold coins here, he said that a US-based lender had earlier evinced interest in putting money into the bank. However, Dhanlaxmi Bank had later called off negotiations as it was not comfortable with the ownership pattern of the US bank.

Despite being a late entrant in gold retail, the bank, which launched 5-gram and 10-gram ‘Dhan' gold coins in June, had sold about 200 kg of gold valued at Rs 450 crore so far. Buoyed by the success of its gold business, the bank has now launched gold coins weighing 2 grams, 8 grams, 20 grams and 50 grams, he said.

The foray into gold retail is a part of Dhanlaxmi Bank's overall strategy to be a leading provider of end-to-end investment products and services across banking verticals, he said.

Mr P.G. Jayakumar, Executive Director, said that the 24-carat gold coins are available in tamper proof packs at the Dhanlaxmi bank's branches across the country. The bank sees lot of potential in gold as an asset class. With greater disposable income and high inflation, investment in gold will allow investors to hedge and diversify their savings and investment portfolio, he said.

Dhanlaxmi Bank shrugs off charges of misdemeanour

Dhanlaxmi Bank has dismissed accusations of financial irregularities as ‘motivated attempts' by one of the employee associations de-recognised by the bank.

The association had accused that the bank has borrowed high-cost funds in the form of Certificate of Deposits (CoD) of about Rs 2,500 crore, among others.

An official spokesman quoted the bank management as saying that in fact the most the bank is allowed to raise through the CoD route is Rs 1,500 crore.

‘WRONG ON FACTS'

There are multiple examples of such falsification of accounts by the association, the management said.

The Indian banking system in general and the private sector banks in particular, including Dhanlaxmi Bank, are subject to healthy supervision in the form of regulations from the Reserve Bank of India.

In fact, the apex bank in May 2011 had conducted and completed the annual financial inspection of the bank's overall performance.

EXTENSION TO MD

Moreover, the Central bank had only last week granted the Mr Amitabh Chaturvedi a second term of three years as Managing Director and Chief Executive Officer.

The re-appointment is an affirmation of the fact that the audits and inspection into the bank's books have found nothing amiss, the management claimed.

In the past three years, the bank has witnessed good growth and returned healthy financials.

CUSTOMER SUPPORT

This bears testimony to the support and the confidence the bank enjoys from its customers, regulators and other stakeholders.

The campaign therefore seems to be the handiwork of some misguided employees and some rank outsiders who have no stake in the well-being of the institution.

“This is an illegal and unscrupulous tactics to defame the franchise of the bank. We strongly take exception to the tactics of this association which has started an illegal agitation outside the bank headquarters,” the management said.

Dhanlaxmi Bank net more than doubles in Q2

Mumbai, Oct. 20:Dhanlaxmi Bank's net profit more than doubled to Rs 4.35 crore in the quarter ended September 30, 2011, from Rs 1.62 crore in the same period last year.

The surge in profit was on the back of strong growth in net interest income (Rs 68 crore) and other income (Rs 44 crore), healthy recovery in bad assets (Rs 17 crore) and write-back in provisioning (Rs 5.30 crore).

Gross NPAs were lower at Rs 56 crore (Rs 90 crore) and the gross NPA ratio fell substantially to 0.55 per cent (1.26 per cent).

The lower NPA has helped the bank to improve the provision-coverage ratio to over 70 per cent from 45 per cent, without actually making higher provisions, said Mr Bipin Kabra, Chief Financial Officer, Dhanlaxmi Bank.

The growth in profit is also on account of increase in overall business. “Going ahead we will continue to grow at higher than industry average due to our low base. But we will not grow at 70-80 per cent growth as was seen earlier. We will see 25-30 per cent growth,” Mr Kabra said.

The bank would be looking to raise capital soon in order to meet the targeted growth, he added.

Managing Director and CEO, Mr Amitabh Chaturvedi, had recently said the bank is planning to raise equity capital by December to shore up its capital-adequacy ratio and support expansion plans.

In May 2011, the old generation private sector bank had announced that it will be raising Rs 1,000 crore in FY-2012.

Shares of Dhanlaxmi Bank closed at Rs 64.15, up 0.55 per cent on the BSE, on Thursday.

Dhanlaxmi Bank to raise fresh capital by December

MUMBAI: Thrissur-based, private sector bank Dhanlaxmi Bank, which is battling charges of alleged irregularities in its accounts raised by an industry union, plans to raise fresh capital by December.

The bank's managing director and chief executive officer Amitabh Chaturvedi said that the lender would need fresh capital to support the bank's growth in the next three months.

However, he declined to comment on the size of capital-raising and the route through which funds will be raised as the bank is in its silent period prior to announcing its second quarter '11 on October 20. The bank is adequately capitalised with a capital adequacy ratio of 11.40% at the end of June 2011. The bank can raise up to Rs 500 crore in the form of Tier-II debt.

Chaturvedi told the media on Wednesday that the allegation of fudging of bank accounts by one of the bank's employee association were baseless. Following this the bank's stock had tanked 10% on Tuesday. On the BSE, the bank scrip ended the day up 2.48% at Rs 66.08 on Wednesday.

The protesting employees represent only 10% of the bank's workforce which would be about 1,298 employees of a total base of around 4,700 personnel, the bank management said.

"Their grudge is that we do not permit new employees to become members of the union. The campaign seems to be handiwork of some misguided employees and some outsiders. We are examining how we can get to the next level of legal action,'' Chaturvedi said.

Source: EconomicTimes

RBI's automated data reporting norms to create Rs 500-cr mkt for IT firms

The Reserve Bank of India’s decision to automate the process of filing regulatory reports appears to have opened a door of opportunities for technology firms. Industry players expect banks to invest over Rs 500 crore over the next one year to migrate to the new system of automated data flow. Mid-sized software companies are also sensing an opportunity to cross-sell their other banking software products along with the automated data flow solution.

For instance, iCreate Software, a Bangalore-based information technology firm, has already secured contracts from HDFC Bank, IndusInd Bank and Dhanlaxmi Bank within three months of launching their automated data flow solution Biz$core ADF. IndusInd Bank has decided to use iCreate’s enterprise business intelligence solution along with the automated data flow software. While the latter will help the bank in meeting compliance needs, the business intelligence solution will aid in managing information effectively for business requirements.

Vivek Subramanyam, chief executive officer of iCreate, stressed the need for a technology solution to remove manual intervention in regulatory reporting. “Automated reporting increases the level of confidence on data, and decision-making becomes more accurate,” he told Business Standard. “There are 150 to 250 types of regulatory reports that banks have submit to RBI at periodic intervals. We are completely focussed on this opportunity and are engaging with the entire banking fraternity to position our Biz$core ADF solution.”

He said the company’s automated data flow solution cost “single to early double digits” crore of rupees.

In August, Ramco Systems, a software firm in Chennai, launched an automated data flow solution to help banks adhere to RBI guidelines on submission of regulatory reports without manual intervention. “Our ADF solution,” says Kamesh Ramamoorthy, chief operating officer of the Chennai-bases software firm, “can be deployed on any database management system. It can go live within weeks.”

However, some banks are likely to rely on their in-house teams to develop this software instead of outsourcing it to a technology firm. According to a senior official of a Mumbai-based private sector bank, if the in-house technology team of a bank is strong, then developing the software makes more sense as the lender can customise the solution according to its requirements. Another option is that the bank will build the software on its own, but will seek assistance of a technology firm for integrating it with the main system.

But most banks are expected to use third-party software as they have to comply with RBI’s guidelines within a specified time period. “It is not their core operations,” says an industry expert. “Hence, they will choose products of software companies to meet the guidelines.”

The new guidelines on automated regulatory report filing were released after the central bank was alarmed by the trend of eroding profitability of state-run banks soon after the retirement of the chairman. The move is aimed at minimising the scope of errors and manipulation in reports that are submitted to RBI at periodic intervals by banks.

Source: Business Standard

Dhanlaxmi shares tank on window-dressing charges

Kerala-based Dhanlaxmi Bank’s stocks tanked on Tuesday on allegations that the bank had resorted to window dressing and that its profitability was under pressure. The allegations were made by an employees association. The Thrissur-headquartered bank’s management, however, refuted all charges.

The All-India Bank Officers Confederation (AIBOC) has written to the Reserve Bank of India (RBI), expressing concerns over the financial health of the bank. The employees association also opposed the extension granted to chief executive Amitabh Chaturvedi for a period of three years. “If the present management continues to be at the helm, the situation may deteriorate further,” said G D Nadaf, general secretary, AIBOC.

The 1927-founded bank's stock slumped 24.22 per cent in intra-day trade to touch a two-year low. However, it gained later, following the management’s denial of the mismanagement charges. The stock closed at Rs 64.45, down 10 per cent compared to its previous close.

The officers association has highlighted several concerns like the dependence on over-night borrowed funds, the capital adequacy ratio, and accused the bank of no real growth in the last six months. The association also alleged the bank was turning away from social banking by not catering to small agricultural borrowers, and levying high service charges.

However, in a detailed statement, the management said, “Dhanlaxmi Bank would like to unequivocally reiterate that all such allegations are baseless, and represent a motivated attempt by one of the employee associations de-recognised by the bank.”

“Moreover, the central bank had, last week, granted the bank's managing director and chief executive, Amitabh Chaturvedi, a second term of three years. The re-appointment is an affirmation of the fact that the audits and inspection of the bank's books have found nothing amiss,” the bank added.

In late 2008, the bank had put in place a new management team, headed by Chaturvedi, who earlier worked with aggressive organisations like Reliance Capital and ICICI Bank. Chaturvedi, with his new team, shrugged off the image of a regional lender and had chalked out plans to become a pan-India bank. After Chaturvedi's induction, the bank registered a whopping 229 per cent growth in advances between December 2008 and June 2011, and diversified its loan book, with emphasising on retail banking. The new management also unveiled a new logo for the bank and shifted treasury operations to Mumbai, though the bank continued to be headquartered at Trissur.

Dhanlaxmi's aggression on lending, branch expansion and venturing into newer businesses had also promoted the central bank to ask it to modify its speed. The bank, however, said it would consolidate its business this financial year, as business remained subdued due to the tight monetary policy.

Source: Business Standard

ING Vysya Bank raises lending rates by 25 bps

NEW DELHI: Private sector ING Vysya Bank on Friday increased its lending rates by 25 basis points, making all kinds of its loans expensive.

The bank raised base rate or the minimum lending rate by 25 basis points to 10.45 per cent from existing 10.20 per cent, ING Vysya Bank said in a statement.

At the same time, the benchmark prime lending rate of the bank has also been raised by 25 basis points to 19 per cent from 18.75 per cent, it said.

Home loan reference rate has also been increased by 25 basis points to 19.50 per cent.

The new rates will be effective from October 1, it said. It is expected that other banks would follow suit since the Reserve Bank on September 16 raised policy rate by 25 basis points. RBI has raised repo and reverse repo rates 12 times in last 18 months in order to contain inflation which is hovering around 10 per cent.

As a result of these rate hikes, banks have increased their key lending rates in order to pass on the increased borrowing costs to end-users.

Following mid-quarterly policy review, State Bank of Travancore and Dhanalaxmi Bank increased their base rates by 25 basis points and 50 basis points, respectively.

Source: Economic Times

Bank of Maharashtra ups lending rates by up to 25 bps

State-owned Bank of Maharashtra (BoM) today increased its lending rates by up to 25 basis points (bps), making all kinds of loans expensive.

The bank raised base rate or the minimum lending rate by 20 bps to 10.70% from existing 10.50%, BoM said in a filing to the Bombay Stock Exchange (BSE).

At the same time, the benchmark prime lending rate of the bank has also been raised by 25 bps to 15% from 14.75%, it said.

The new rates will be effective from October 1, it said.

It is expected that other banks would follow suit since the Reserve Bank of India (RBI) on September 16 raised policy rate by 25 bps. The RBI has raised repo and reverse repo rates 12 times in last 18 months in order to contain inflation which is hovering around 10%.

As a result of these rate hikes, banks have increased their key lending rates in order to pass on the increased borrowing costs to end-users.

Following mid-quarterly policy review, State Bank of Travancore (SBT) and Dhanalaxmi Bank increased their base rates by 25 bps and 50 bps, respectively.

Source: Business Standard

Dhanlaxmi Bank raises base rate, BPLR

Private lender Dhanlaxmi Bank today hiked base rate, or the minimum lending rate, by 25 basis points to 11%, while loans under the older benchmark prime lending rate will be dearer by 50 bps at 20.75%.

The south India-based bank is the first lender to make the move after RBI raised the key lending rate last week to tame inflation.

"The hike in our base rate and BPLR follows the recent interest rate hike by RBI and reflects the tight monetary conditions," Dhanlaxmi Bank's chief financial officer Bipin Kalra said in a statement.

The country's largest lender State Bank of India and its public sector peers Bank of Maharashtra and Indian Overseas Bank have said that they would pass on the latest hike in rates to borrowers in some time.

In its mid-quarter review of the monetary policy on Friday, the Reserve Bank hiked the short-term lending rate by 25 basis points to 8.25% to tame inflation, which stood at a 9.78% high in August.

The central bank has hiked rates 12 times in the last 18 months and also articulated that it is ready to compromise on growth prospects in the short term to achieve its objective to tame the rate of price rise.

Source: Business Standard