Month: February 2021

ICICI Lombard partners with Flipkart to offer Hospicash insurance

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Flipkart has partnered with ICICI Lombard General Insurance to offer Hospicash insurance, which allows consumers to avail a fixed amount for each day of hospitalisation.

“The fixed daily amount enables consumers to pay for incidental medical or emergency expenses. The insurance is affordable price, paperless, and flexible, covering both accidental hospitalisations or planned surgeries or treatment,” the two companies said in a statement on Wednesday.

The Hospicash insurance policy also provides consumers an extra allowance to cover emergency medical expenses as well as travel and post-discharge costs and compensation for loss of income during hospitalisation, the statement further said.

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Reserve Bank of India – Tenders

Tenders

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Ref No: RBI/Chennai/HRMD/54/20-21/ET/560

Reserve Bank of India, Chennai Regional Office (hereinafter called “the Bank”), invites E-tenders under Two – Bid system (Technical & Financial Bid) for the empanelment of highly reputed and capable Car Hiring Agencies/Companies for hiring cars on need basis. The empanelment shall be for a period of one year (April 01, 2021 to March 31, 2022). However, contract can be extended on yearly basis for further two years (till March 31, 2024), subject to the satisfactory performance of duties and proper fulfilment of all terms and conditions of the agreement of the agency on mutually agreed rates.

For the above empanelment, the tenderers should submit their proposal, as per the important instructions regarding E-Tender, along with all supporting documents complete in all respects on or before March 10, 2021 up to 14:00 hrs. Tenderers shall submit tender proposal along with refundable EMD of ₹60,000/-, complete in all respect as per the prescribed format. The technical bids will be opened electronically on March 11, 2021 at 15:00 hrs. In the event of any date indicated above being declared a Holiday, the next working day shall become operative for the respective purpose mentioned herein.

Tender document can be downloaded from website www.rbi.org.in and www.mstcecommerce.com. Any amendment(s) / corrigendum / clarifications with respect to this tender shall be uploaded on the website / e-portal only. The tenderer should regularly check the above website / e-portal for any Amendment / Corrigendum / Clarification on the above website.

Regional Director
Reserve Bank of India
Rajaji Salai
Chennai

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ICICI Bank to buy stakes in two fintech companies for Rs 6.03 crore, BFSI News, ET BFSI

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ICICI Bank on Tuesday said it will buy stakes in two fintech companies — CityCash and Thillais Analytical Solutions — for a total cash consideration of Rs 6.03 crore.

CityCash is a bus transit-focused payments technology company which provides ticketing system technology to state transport corporations.

Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and MSMEs, and helps banks deepen their customer relationships.

As per two separate deals entered by the bank on Tuesday, ICICI Bank will buy 5.40 per cent stake in CityCash for Rs 4.93 crore (Rs 49.34 million) and 9.65 per cent in Thillais Analytical Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million).

Both the deals are expected to be completed by the end of March 2021, ICICI Bank said in separate filings to stock exchanges.

Post investment, ICICI Bank will hold 5.40 per cent shareholding in Tap Smart Data Information Services Pvt Ltd (CityCash) through acquisition of 5,492 equity shares. The 9.65 per cent stake in Thillais Analytical Solutions will be through acquisition of 10 equity shares and 100 CCPS (Compulsory Convertible Preference Shares).



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Fintech lobby groups ask govt to allow blockchain ecosystem grow organically, BFSI News, ET BFSI

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The Indian government should resist creating a framework to regulate blockchain for a while, said Global Impact FinTech, a grouping for 200 fintech entrepreneurs, and the Government Blockchain Association, another lobby group.

“It is recommended that the government does not create any framework for the time being and allow the ecosystem to evolve freely with the active support of the government,” the groups said in a response to the government paper on National Strategy on Blockchain.

“Such a framework, when created too early, without adequate understanding of what may be needed and when the ecosystem is not yet mature may not be successful. Creating the national framework can be done at a time when its need will be naturally apparent.”

Both organisations are in favour of letting the blockchain ecosystem grow organically, rather than the government creating one for them. The draft strategy paper by MeitY (Ministry of Electronics and Information Technology) proposes an elaborate framework of applications, services, APIs and platforms.

“It was not very clear in the proposed blockchain framework what will be the role, access and scope of various constituents. It also gave an impression that the framework may result into a scheme wherein things are more centralised (like UIDAI) than distributed, thereby defeating the principal objective,” said the lobby groups.

The government has been in favour of using blockchain as a technology but has been against cryptocurrency, which is the tokenization of the same technology. Recently, it brought a bill in the parliament that proposes to ban all “private” cryptocurrencies.

The industry sees the government both as an enabler and a customer for blockchain technology and expects sustained support for the development of the ecosystem in India.

“The government must come out more clearly in support of blockchain adoption. To understand the nuances of what may be needed, it is suggested the government becomes an active member of some blockchain ecosystems just like some countries like Canada and Estonia have done,” the lobby groups said.

They are also seeking removal of legal and regulatory challenges to the ecosystem and the creation of a government sandbox for blockchain applications.



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Reserve Bank of India – Tenders

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Tender No.: RBI/DEHRADUN/DEHRADUN/3/20-21/ET/539

Reserve Bank of India, Dehradun Regional Office (hereinafter called the Bank), invites E-tenders under Two – Bid system (Technical & Financial Bid) for the empanelment of reputed and capable Car Hiring Agencies/Companies for the purpose of hiring cars on need basis. The empanelment shall initially be for a period of one year (April 01, 2021 to March 31, 2022) which may be extended further for a maximum period of two years (one year at a time) on the same rate, terms & conditions as agreed upon based on annual review to be conducted by the Bank subject to the satisfactory performance and compliance to the terms and conditions of the agreement by the agency.

For the above empanelment, the tenderers should submit their proposal, as per the instructions regarding E-Tender, along with all supporting documents complete in all respects on or before 11:00 AM of March 10, 2021. Tenderers shall submit e-tender proposal complete in all respects along with refundable Earnest Money Deposit (EMD) of ₹20,000/- (Rupees Twenty Thousand Only). Micro and Small Enterprises (MSEs) having Udyam Registration Number (Udyog Aadhar Memorandum Number) will be exempted from submission of EMD on submission of necessary documents. The technical bids will be opened in the MSTC Portal on March 10, 2021 at 3:00 p.m. In the event of any date indicated above being declared a holiday, the next working day shall become operative for the respective purpose mentioned herein.

The e-tender document can be downloaded from the Bank’s website www.rbi.org.in under ‘Tenders’ section and from www.mstcecommerce.com. At any time prior to the last date for receipt of e-tender, the Bank, may, for any reason, whether at its own initiative or in response to a clarification requested by a prospective tenderer, modify the e-tender document by an amendment / corrigendum. Any amendment(s) / corrigendum / clarifications with respect to the e-tender shall be uploaded on the Bank’s website (www.rbi.org.in) / MSTC portal (www.mstcecommerce.com) only and the same shall be part of the tender and binding on the prospective tenderers. The tenderer should regularly check the Bank’s website / MSTC portal for any Amendment / Corrigendum / Clarification in the matter. The Bank reserves the right to accept or reject any or all of the bids without assigning any reason thereof.

S. No. Event Date
1. Publication of Notice of Tender 17.02.2021
2. Last date for accepting completed tenders 10.03.2021 on or before 11:00 AM
3. Opening of Technical Bids 10.03.2021 – 03:00 PM
4. Opening of Financial Bids Shall be informed separately to the tenderers who qualify the technical bid evaluation.

Regional Director
Reserve Bank of India, Dehradun

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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 4,37,810.81 2.74 0.01-5.30
     I. Call Money 8,111.63 3.21 1.90-3.50
     II. Triparty Repo 3,34,731.90 2.71 1.80-3.10
     III. Market Repo 94,822.28 2.78 0.01-3.25
     IV. Repo in Corporate Bond 145.00 5.30 5.30-5.30
B. Term Segment      
     I. Notice Money** 250.60 3.03 2.50-3.25
     II. Term Money@@ 264.00 – 3.25-3.70
     III. Triparty Repo 1,100.00 2.84 2.70-2.90
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 50.00 5.35 5.35-5.35
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Tue, 16/02/2021 1 Wed, 17/02/2021 5,31,641.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Tue, 16/02/2021 1 Wed, 17/02/2021 0.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -5,31,641.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 12/02/2021 14 Fri, 26/02/2021 2,00,017.00 3.52
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 24/02/2020 365 Tue, 23/02/2021 15.00 5.15
  Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
D. Standing Liquidity Facility (SLF) Availed from RBI$       29,990.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -92,929.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -6,24,570.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 16/02/2021 4,37,184.73  
     (ii) Average daily cash reserve requirement for the fortnight ending 26/02/2021 4,49,962.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 16/02/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 29/01/2021 8,48,955.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Rupambara
Director   
Press Release : 2020-2021/1112

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Reserve Bank of India – Tenders

Tenders

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(Tender No.- RBI/Dehradun/Dehradun/2/20-21/ET/536)

Reserve Bank of India, Dehradun (hereinafter called “the Bank”), invites E-tender under Two – Bid system (Technical & Financial Bid) from reputed agencies/companies/firms for Management and Housekeeping (including catering) of the Bank’s Holiday Home located at North View Lodge, Camel back Road, Mussoorie, Uttarakhand (Bank, however, reserves the right to change the location of Holiday Home) having eight rooms i.e. two executive rooms (with attached washroom), three rooms for officers (with attached wash room) and three rooms (with attached washroom) for workmen employees, reception area, one living room for contract workers, one small store room, two dining area, two kitchen & two open lawn . The Bank, however, reserves the right to change the location of Holiday Home or increase /decrease the number of rooms as per its requirements.

The initial contract shall be valid for a period of one year i.e. from April 01, 2021 to March 31, 2022 which may be further extended up to two years, one year at a time, at the sole discretion of the Bank, subject to annual review by the Bank based on the satisfactory performance of the agency. The e-tendering process would be done through the e-Tendering portal of MSTC Ltd https://www.mstcecommerce.com/eprochome/rbi. All interested companies/ firms /proprietors/agencies must register themselves with MSTC Ltd through the above-mentioned website to participate in the e-tendering process. The Schedule of e-tender is as mentioned below: –

Sr.No. Particular Details
1 E-tender No. RBI/Dehradun/Dehradun/2/20-21/ET/536
2 Mode of E-tender e-Procurement System
(Online Part I – Technical Bid and Part II – Financial Bid through
https://www.mstcecommerce.com/eprochome/rbi)
3 Date of Notice Inviting e-tender available for download in RBI Website and MSTC Portal February 17, 2021
4 Date & Time of Pre-Bid meeting (offline) February 25, 2021 at 1200 hrs.
5 Venue of Pre-Bid meeting Reserve Bank of India, 74/1, 3rd Floor GMVN Building, Raipur Road, Dehradun, Uttarakhand 248001
6 Estimated value of e-tender ₹18,00,000/-
7 Transaction fees for e-tender in the MSTC Portal Payment of Transaction fee through MSTC Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd
8 Date & time of starting of online submission of e-tender (Technical Bid and Financial Bid) at
https://www.mstcecommerce.com/eprochome/rbi		 February 25, 2021 at 1600 hrs.
9 Cut-off date and time of online submission of e-tender (Technical Bid and Financial Bid). March 10, 2021 at 1000 hrs.
10 Date & time of opening of Part-I (Technical Bid) March 10, 2021 at 1200 hrs.
11 Date and time of opening of Part-II (Financial Bid) Part-II (Financial Bid) of only those tenderers will be opened electronically in the MSTC portal who qualify in the technical bid evaluation. The Date and time of opening of Part-II (Financial Bid) will be intimated to the tenderers who are found eligible in the Part-I (Technical Bid evaluation). The intimation of the same will be sent to the email address of the tenderers as given in Part-I Section-III techno commercial details.
12 Earnest Money Deposit Rs.36,000/- (Thirty six thousand only) –
Last date for submission of EMD is March 10, 2021 before 1000 hrs.

Through National Electronic Fund Transfer (NEFT) only to the Bank account as given in Part-I Section-II techno commercial details.

Beneficiary Name- Reserve Bank of India
IFSC Code- RBIS0DNPA01 (Fifth and tenth character are Zero)
Beneficiary Account Number: 186003001

The tender should be submitted in the MSTC portal along with all supporting documents complete in all respects to satisfy the Bank about the eligibility of the tenderers as specified in technical Bid and financial Bid of the e-tender document. In case, the said eligibility criteria are not fulfilled, the e-tender will be rejected. Tenderers shall submit e-tender proposal along with refundable Earnest Money Deposit (EMD) of ₹36,000/- (Rupees Thirty-six thousand only), complete in all respect as per the prescribed format. However, at any time prior to the last date for receipt of e-tender, the Bank may, for any reason, whether on its own or in response to a clarification requested by a prospective tenderer, may modify the e-tender document by an amendment. The amendment so made will be notified on the Bank’s website at https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx, in the e-Tendering portal of MSTC Ltd at link https://www.mstcecommerce.com/eprochome/rbi and shall be binding on the prospective tenderers. In order to provide the prospective tenderers with reasonable time to take the amendments if any, into account in preparing their bids, the Bank may at its discretion, extend the last date of submission of the e-tender. The tenderer should regularly check the Bank’s website / MSTC-portal for any amendment / corrigendum / clarification regarding the e-tender. No e-tender can be modified subsequent to the last date of submission of the same. No e-tender can be withdrawn in the time period between the last date for submission of e-tender and the expiry of the validity period of the e-tender as specified in the e-tender document. Withdrawal of the tender during the said interval shall result in forfeiture of the EMD submitted by the tenderer. In the event of the opening of Part-I (Technical Bid) being declared a Holiday, the same will be opened on the next working day at 1200 hrs.

The Bank is not bound to accept the lowest e- tender and reserve the right to accept either in full or in part any e-tender and to reject any e- tender without assigning any reason thereof. The e-tender document is also available in the Bank’s website link – https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx

Any amendment (s) /corrigendum / clarifications with respect to the e-tender shall be uploaded on the Bank’s website (www.rbi.org.in) / MSTC portal only and the same shall be part of this tender and shall be binding on the prospective tenderers. The tenderer should regularly check the above website/MSTC portal for any amendment / corrigendum / clarification with respect to the e-tender.

Regional Director
Reserve Bank of India
Dehradun

Tel No: 0135-2742456
February 17, 2021

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Reserve Bank of India – Tenders

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Reserve Bank of India, Kochi, invites sealed applications for Empanelment of Contractors/ Suppliers under various categories for maintenance/ renovation works in its Office and Residential Premises at Kochi.

Interested Contractors/ Suppliers may visit web-site http://www.rbi.org.in for full details and downloading the application form. The last date of submission of duly completed application forms is March 17, 2021 (by 04:00 pm)

The Bank reserves the right to reject any or all the applications without assigning any reason thereof.

General Manager (Officer-in-Charge)

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Magma Fincorp open offer from April 8

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Magma Fincorp’s open offer will start on April 8 and close on April 26, it said in a regulatory filing on Wednesday.

“Submission of the detailed public statement regarding the open offer for acquisition of up to 19.88 crore fully paid up equity shares of face value of ₹2 each, representing 26 per cent of the expanded voting share capital of Magma Fincorp by Rising Sun Holdings Private Limited together with Sanjay Chamria and Mayank Poddar,” said the filing.

Axis Capital has been appointed as the manager to the open offer.

On Februrary 10, the two companies had announced that Adar Poonawalla controlled Rising Sun Holdings will take a 60 per cent stake in Magma Fincorp by subscribing to a preferential issue for ₹3,456 crore, triggering an open offer for 26 per cent.

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IndusInd Bank promoters complete capital raise

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lnduslnd International Holdings Ltd (IIHL), the promoter company of lnduslnd Bank, said it has completed its capital-raise through a rights issue, which was oversubscribed.

“IIHL raised capital at an overwhelming premium of 1,400 per cent towards the subscription of this rights issue,” it said in a statement. This reiterates the confidence of IIHL’s global shareholders in the decision of IIHL and its subsidiary, IndusInd Limited, to redeem the balance of 75 per cent of the warrants at the price of ₹1,709 per share, amounting to ₹2,021.45 crore, the statement added.

Further, to support the redemption of warrants, IIHL has decided to monetise some of the other mature, non-core investments.

The funds from this divestment and the rights issue will be remitted on or before February 18, it said.

Previously in July 2019, 25 per cent of the warrants were subscribed on payment of ₹ 673.8 crore.

“This would lead to IIHL shoring up additional equity of 1.7 per cent in lnduslnd Bank, thereby bringing promoter equity to 15 per cent on a diluted basis,” it said.

The Board of IIHL has always been desirous of increasing its stake in lnduslnd Bank to 26 per cent, the statement further said.

“Towards this, it has raised the debt by pledging some shareholding of lnduslnd Bank for acquisition or strategic investment to convert IIHL into a listed operating entity outside India by the first week of September 2021,” it said.

Meanwhile, according to a regulatory filing on February 16, the promoters of IndusInd Bank have pledged 4.27 crore shares, amounting to 5.6 per cent stake, with Catalyst Trusteeship Ltd.

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