Reserve Bank of India – Press Releases
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Rupambara Press Release: 2020-2021/1094 |
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Rupambara Press Release: 2020-2021/1094 |
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Cash continues to be king in most small cities and towns even as the dependence on hard currency has dipped in metro cities.
“Data show that in urban centrescash consumption has come down as they were hit more by the Covid-19 pandemic and had more lockdowns,” said Rajiv Kaul, Executive Vice-Chairman, Chief Executive Officer, and Whole Time Director at CMS Info Systems.
Numbers tracked by CMS Info Systems, which is an ATM and cash management company, reveal that there is a dip of about 20 per cent in cash usage in metro cities, but there is flat growth or even an increase of 8 per cent to 10 per cent in other cities, said Kaul.
However, from a macro perspective, cash in circulation is up 20 per cent in the last nine to 10 months, said Kaul, adding that this is not abnormal as in times of crisispeople tend to hoard more money.
According to CMS data, currency in circulation in January this year was at ₹27.99-lakh crore, which is about 21.8 per cent higher than the ₹22.97-lakh crore currency in circulation in January last year.
“Digital is growing at about 30 per cent to 40 per cent, but cash is also growing at 14 per cent,” said Kaul, adding that there is a fairly healthy growth outside metros like Delhi and Mumbai.
This could possibly be because of reverse migration where people have moved back to smaller towns as well as some increase in discretionary spends.
State Bank of India has moved its entire network to a Multi-Vendor Software (MVS) solutions implemented by CMS Info Systems. The solution was built for SBI by CMS and is running across its entire 40,000 ATM network and has helped centralise the bank’s ATM channel management.
“MVS solutions gives customised services and the customer will get the same experience across all ATMs. So, it helps in faster transactions,” said Kaul, adding that it can also help convert an ATM from cost centre to revenue centre by offering additional products to the customer.
CMS won the project almost 18 to 20 months ago, and it has now been running successfully for the last four to five months.
This seven-year deal is worth over ₹500 crore for CMS.
Other banks are also in talks on MVS solutions with CMS now, said Kaul.
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There are no limitations on NPS Tier 2 withdrawals under the existing regulations of the National Pension System, but the guidelines on NPS withdrawals and withdrawal thresholds currently apply only to withdrawal from Tier I account only. Though this may appear to be an assumption in favor of contributing more in the Tier 2 NPS account relative to the Tier 1 account, bear in mind that there are no tax incentives under Section 80C or any of its sections for voluntary NPS Tier 2 contributions.
In comparison to the NPS Tier 2 account, a range of guidelines on withdrawal limits are applicable for the NPS Tier 1 account. The form of withdrawal is rendered and therefore the amount being withdrawn from the NPS Tier 1 account is mainly determined by these withdrawal restrictions for the NPS. In the situations of withdrawal before maturity, partial withdrawal, and withdrawal after maturity, the following are some withdrawal guidelines that you must take into your consideration.
After the subscriber turns 60 years old, the NPS Tier 1 account matures. Only after expiration of three years from the date of opening of the NPS account one can make withdrawal from NPS Tier I before maturity. Only 20% of the corpus can be withdrawn at the time of premature withdrawal. To purchase an annuity, the remaining 80 percent must be used. The 20 percent withdrawal as well as the annuity are subject to taxation.
For defined purposes, you can make partial withdrawals from the NPS corpus. Under current NPS withdrawal laws, up to 25 percent of your overall contribution is the highest limit you can withdraw. That being said, at the time of withdrawal, you have to be an NPS account subscriber for at least 10 years to take advantage of the NPS partial withdrawal option. Up to three times throughout your NPS account’s entire tenure one can make partial withdrawal. These partial withdrawals are fully tax-free under the current laws of the national pension system.
After the subscriber hits the age of 60, the NPS Tier 1 account matures, but you can pause the withdrawal of these contributions until the age of 70. You can withdraw up to 60 percent of your corpus non-taxable under current NPS withdrawal regulations for withdrawal after maturity. You are authorized to use the remaining 40 percent of the corpus to obtain an annuity. In order to seek monthly pension benefit after retirement the annuity is used. A monthly pension earned is taxable at the individual’s slab rate. This levy will not, therefore, take effect at the time of withdrawal, but in compliance with the slab rate in the fiscal year during which pension payments generally take place.
The account holder does not need to submit a request to the nodal office or point of presence in order to make a withdrawal, with documents supporting the grounds for the partial withdrawal. The account holder can easily make a self-declaration in the online application however, and on the 5th day the capital will be credited to their bank account. If you exit from NPS via the online way, to trigger an exit application, you must log in to your NPS account using your PRAN and password. Although there are some withdrawal constraints from the Tier 1 account, there are no NPS Tier 2 withdrawal limits that you can trigger a withdrawal process on any working day.
NPS withdrawals are taxable in most situations, unlike certain other section 80C tax saving contributions. Based on the mode of withdrawal/exit from NPS, the taxation rules of NPS withdrawal vary. Only partial withdrawal from an NPS account is tax-free. This is permitted only for stated purposes and after a subscription duration of at least 10 years. The restrictions comprise the provision that only 25 percent of the cumulative contribution of the subscriber can be withdrawn as a lump sum and that only 3 times during the duration of the NPS account can such partial withdrawals be rendered. In the instance of a withdrawal owing to the maturity of the account, the existing NPS tax laws ensure that 60% of the corpus can be withdrawn as a tax-free amount. The remaining 40 percent of the NPS withdrawal must be used to buy annuities on a mandatory basis. That being said, in the fiscal year of payout, the annuity payments are taxable according to the account-holder’s tax slab rate. In the occurrence of a premature withdrawal from NPS by a subscriber, the lump sum withdrawal of 20% shall be taxable in that fiscal year in compliance with the relevant slab rate. In the year of pay out, the remaining 80% of the corpus must be compulsorily made to buy annuities and is taxable as per the individual’s tax slab rate.
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Planning
oi-Vipul Das
If you are the holder of an Employees’ Provident Fund (EPF) account, it is necessary to nominate someone to your account so that the claimant can conveniently claim the money in the incident of your demise. It is necessary to make sure that your nominees are readily able to claim your EPF corpus. If you don’t have any nominee name listed in EPF or if you have an inaccurate individual name in EPF, in case of your demise, it’s going to be a huge nightmare while claiming the funds in the future. The Employees’ Provident Fund Organisation (EPFO) confirmed in a memorandum dated 12 September 2019 that it had opened an e-nomination service. This service can be reached from the Member Sewa Portal of the EPFO. There are also conditions that must be met to take advantage of this service.
As per the guideline, those EPF account holders whose Aadhaar number is linked to their EPF account and authenticated on the member’s sewa portal can use this service. You can verify whether your EPF account is linked to Aadhaar or not using the EPFO Member Sewa Portal. Log-in to your EPF account and select the ‘KYC’ option under the ‘Manage’ section for this. Bear in mind that you must activate your UAN (Universal Account Number) on the portal to use the sewa portal. You must also have your photograph displayed on the same portal. Navigating the ‘Profile’ option under the ‘View’ tab you can upload your photograph in case you have not uploaded. Follow the guidelines below before uploading your photograph.
Step 1: Visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and login to your EPF account using UAN number and password.
Step 2: Under the ‘Manage’ tab select the ‘e-nomination’ option in order to make a nomination.
Step 3: Now you will be redirected to a new page where you will get a pop-up message asking ‘Having Family?’ You will be asked to answer this through this Yes or NO. You will be asked to specify the specifics of your nominee if you selected the ‘Yes’ option. And for the same you need to enter the following details of the family member whom you are going to nominate: Aadhaar, Name, Date of birth, Gender, Relation, Address, Bank account details (Optional), Guardian and Photo (not exceeding 100 KB).
Step 4: If you want to add more than one applicant, you can add details of more than one family member by clicking the option ‘Add row’.
Step 5: If you have chosen ‘No’, then you will be required to specify the total amount of contribution you want to grant to the person you are nominating along with the above specifics.
Step 6: Now click on the ‘Save Family Details’ option. For your EPF account, specify the family member you want to nominate and the amount of the share you want to grant him or her. If you have more than one nominee in your EPF account, make sure that the cumulative amount of the nominees’ share is up to 100%.
Step 7: Now click on ‘Save EPF Nomination’
Step 8: Details of EPF nominations will be saved effectively. Likewise, you will also be asked to make an EPS (Employee Pension Scheme) nomination. As mentioned above, you will be asked to enter similar details. Note, you can render different EPF and EPS nominations.
Step 9: Go to the ‘e-nomination’ option under the ‘Manage’ tab once the details are saved successfully. The nominee details that you have saved will be displayed as pending nomination to you. To complete the process, you are required to ‘e-sign’ the nomination made by you. If you want to see the specifics of your nomination, click on the ‘View’ button.
Step 10: Now you will be redirected to a new page where you need to enter your virtual ID of your Aadhaar. Once you entered the virtual ID of Aadhaar and click on ‘Verify’
Step 11: You will be required to choose the tick box again to give your approval to Aadhaar’s e-KYC services.
Step 12: Now enter your Aadhaar or Virtual ID again and click on ‘Get OTP’. You will get an OTP on your Aadhaar-linked mobile number.
Step 13: Enter the OTP on the required space to authenticate it and click on ‘Submit’
Step 14: Once the OTP is successfully verified the specifics of your nominee will be saved in the database of EPFO. Under the ‘Manage’ tab, you can verify the nomination specifics under the ‘e-nomination’ option.
Almost all the privileges of an EPFO member’s account will be applied, if any, to his/her spouse and children after making the nomination. This also covers the Employees’ Pension Scheme (EPS). The statute permits only family members to be nominated for certain benefits as nominees. According to the scheme, the family may be your spouse, children, dependent parents if you are male. It may be a husband, children, dependent parents, dependent in-law wife and children of the deceased son for a female. Given that the individual can, at his convenience, nominate some other person to be a guardian of the minor applicant if there is no major individual in his or her family. If the individual has not nominated one, then upon his/her death, the cumulative corpus of EPF account will be allocated equally among all the family members. If the individual is unmarried, then dependent parents will be granted with the same. The nomination or its alteration shall take place to the degree that it is effective on the day on which the Administrator receives it.
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In the underwriting auctions conducted on February 12, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Rupambara Press Release: 2020-2021/1093 |
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Newly-minted fintech unicorn Razorpay has created 650 new job opportunities to meet the constantly growing payment and banking needs of SMEs, MSMEs and freelancers. Of the 650 new positions for both freshers and lateral hires across levels, 350 will be towards expanding the engineering and product teams, and the rest for customer experience, sales and marketing teams, a top executive told BusinessLine.
Last year, Razorpay hired over 550 employees and witnessed three-fold growth. It also created cross-functional growth opportunities for its existing employees, who will continue to work remotely for the next couple of months.
“Things have been drastically changing at Razorpay in the last few months. With the rising adoption of digital payments during Covid-19 and thousands of businesses going online for the first time, there’s a lot of scope for interesting innovations in business payments for the underserved businesses across the country now, something that Razorpay employees have been actively working on,” said Chitbhanu Nagri, Senior Vice-President, People Operations, Razorpay.
“This story of innovation and disruption will continue and grow stronger in the next few months and, hence, our hiring plans are being driven by more investment in product development, customer experience, and new additions to the existing product suite so that we cater to the ever-evolving payment and banking needs of SMEs and MSMEs. We are looking forward to 650 more people joining us as we work towards servicing the next 5 million businesses by 2022,” added Nagri.
Razorpay currently powers payments for over 5 million businesses, including Facebook, Airtel, BookMyShow, Ola, Zomato, Swiggy, Cred and ICICI Prudential, among others, and is all set to reach 10 million businesses and $50 billion in total payment volume by 2022.
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“With the economy poised to recover, a sharp deterioration in asset quality is becoming less likely,” said Moody’s in its assessment, adding that net NPL ratios were further lower due to a build-up of provisions against legacy NPLs.
SBI’s gross NPL ratio between December 2019 and 2020 declined from 7% to 5%, whilst Canara Bank’s NPL ratio declined by 1% from 10% to 9%. BoB’s NPL ratio also dripped by approximately 10% to 9%, whilst PNB witnessed a decline from approximately 15% of NPL’s to 14.5%. Union Bank of India’s gross NPL ratio remained above 14% between the two periods, whilst however recording a decline in its Net NPL ratio from 6% to 5%.
NPL recoveries Stagnate
NPL recoveries however stagnated between April and December 2020, largely due to the COVID-19 pandemic during which IBC resolutions were also suspended till Mach 2021. “We expect recoveries will gradually pick up in the next few quarters as the economy recovers,” said Moody’s in its report.
Loan Restructuring
The five public lenders had also restructured 0.7%-2.6% of their gross loans. Moody’s said the restructured loans were lower than its expectations, attributing it to a lower impact of the pandemic on borrowers, than anticipated.
“Given that banks can restructure loans to micro, small and medium enterprises (MSMEs) until the end of March 2021, restructured loans could increase in the next few quarters. However, we do not expect any increase to be material because the bulk of necessary restructuring should have been completed by the end of 2020,” Moody’s added.
Union Bank of India had the highest share amongst the five public lenders, with restructured loans as a percent upto 2.5% of gross loans, followed by Canara bank which had approximately 2.3%. PNB and BoB’s restructured loans as % of gross loans stood at 1.6% and 1.3%, respectively – whilst SBI had the lowest share with 0.7% of gross loans.
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Rupambara Press Release: 2020-2021/1092 |
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The Regional Director, Reserve Bank of India, Kanpur invites tender in two parts (Part I- Technical Bid & Part II- Financial Bid) from reputed firms/ agencies/ NGOs with sufficient experience of running/managing Creche for children in Public Sector undertakings / Banks /other institutions to run Creche for children in office premises of Reserve Bank of India, The Mall, Kanpur – 208001. The details of the tender document/corrigendum will be available only on RBI Website (https://www.rbi.org.in). Schedule of tender is given below:
2. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof. 3. Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website as given above and will not be published in the newspaper. Regional Director |
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Reserve Bank of India, Lucknow intends to prepare a panel of suppliers/ stockists/ chemists (hereinafter referred to as ‘Chemists’) for the supply of medicines at its two dispensaries located in Aliganj Staff Quarters (ASQ) and Bank Premises in Lucknow. The panel shall be valid for a period of three years (April 2021- March 2024) subject to satisfactory performance of the Chemists. Those chemists who are interested in inclusion of their names in the panel and fulfil the eligibility criteria and also agree to abide by the terms and conditions mentioned in the ‘Request for Empanelment’ document may apply in the prescribed proforma. Detailed terms and conditions and the ‘Request for Empanelment’ document can be obtained from our Office (Central Establishment Section) on any working day from 10.00 am to 4.00 pm or the same can be downloaded from the Bank’s website www.rbi.org.in in the Tenders Section. The prescribed proforma duly filled in, along with the necessary enclosures, in a sealed cover superscribed ‘Empanelment of Suppliers / Stockists/ Chemists for Supply of Medicines to the Dispensaries of RBI at Lucknow’ should reach the Bank not later than 04 pm on March 04, 2021. The Bank reserves the right to accept or reject any or all of the applications received without assigning any reasons thereof. Regional Director |
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