Month: February 2021

What is IRDA’s Saral Pension Plan?

Personal Finance

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Insurance

oi-Sneha Kulkarni

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Here is a great opportunity for those who want to make an early investment in their retirement funds. There are currently many individual immediate annuity plans sold by life insurers in the Indian life insurance industry, with each policy having its own requirements, terms and conditions, and annuity options.

In order to have uniformity across insurance providers, IRDA’s new offering would make it easy for consumers to make better decisions. It has launched a standard individual immediate annuity plan called Saral Pension.

The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurance companies to offer a standard immediate scheme called ‘Saral Pension’ in order to reduce the problems faced by policyholders. Insurance providers will launch the Saral Pension Scheme on 1 April 2021.

What is IRDA's Saral Pension Plan?

Pension is an essential source of income that helps you fulfill your post-retirement financial needs.

This product aims to make it easier for buyers to make an educated decision, boost the relationship between the insurers and the insured, and decrease all mis-selling and possible conflicts.

What is Saral Pension Plan?

Saral Pension Policy is a Standard Individual Immediate Annuity Plan with Single-Premium, Non-linked, Non-participating product. This instant annuity plan with defined procedures and some basic facilities would make it much simpler for consumers to make decisions.

Saral Pension policy offers only two annuity options:

a) Life annuity with 100% Return of Purchase Price

An annuity is compensated for an annuitant’s life. In addition, the nominee or legitimate heirs will be returned 100 % of the purchase price following the annuitant’s death.

b) Joint Life Last Survivor Annuity

An annuity is first paid for life to the annuitant. After the death of the annuitant, if the partner survives, the spouse continues to earn the same amount of annuity for life until his/her death. Subsequently, upon the death of the partner, the purchase price is payable to the nominee or legal heirs.

However, there is no maturity benefit available for this product.

Features of Saral Pension Plan

Mode of Annuity Payment

Monthly, quarterly, half-yearly and annual. Payments are rendered in arrears only, which ensures that the first annuity payout will begin after the modal term.

Benefits payable on Survival

An annuity is payable during the survival of the annuitant.

Surrender on a diagnosis of critical illness of the annuitant(s)

If the annuitant or the partner or one of the children of the annuitant is diagnosed with either of the critical diseases mentioned in the Policy Document, the policy can be surrendered at any point after six months from the date of commencement.

Upon acceptance of the surrender, 95% of the purchase price will be paid to the annuitant. Once the payment is made, the policy is terminated.

Loan

It is possible to avail loan at any point after six months from the start of the policy.

Minimum Annuity

The minimum annuity to be Rs 1000 monthly, Rs 3000 quarterly, Rs 6000 per half-yearly and Rs 12000 per annum.

Return Policy

If you disagree with any of the terms and conditions, you can return the policy within 15 days of the date of receipt of the policy or 30 days if the policy has been received through distance marketing.

Tax Benefits

A policyholder is entitled to tax benefits under the Income Tax Act, 1961, Section 80CCC and Section 10(10A)(iii).

Pricing of the Product

Annuity rates will be obtained in respect of the following bands:

Band Purchase Price range

Band 1- Less than Rs 200,000

Band 2- Rs 200,000 to less than 5,00,000

Band 3- Rs 5,00,000 to less than 10,00,000

Band 4- Rs 10,00,000o less than 2,500,000

Band 5- Rs 2,500,000 and above

IRDAI’s Saral Pension Plan could be beneficial for the people who are new to investing and want to secure their future. Experts agree that the latest IRDAI plan would make it much easier for customers to choose insurance policies.

GoodReturns.in



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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Guwahati invites sealed tenders/applications from reputed and experienced Guwahati based Car Hiring Agencies/Companies for Empanelment by the Bank for providing vehicles for the use of its officers and authorized person on as and when required basis.

The schedule of the tender is as mentioned below.

Mode of tender Physical/ Offline tender
Estimated cost NA
Tender available for download from RBI website From February 09, 2021 (10am) onwards
Last day of accepting sealed tender March 01, 2021 (03.00pm)
Opening of Part 1 March 01, 2021 (04.00pm)
Opening of Part 2 Will be intimated to the agencies who are found eligible.
Earnest Money Deposit Rs 10,000/- (by demand draft in favour of Reserve Bank of India, Guwahati drawn on a Scheduled Commercial Bank payable at Guwahati

Interested parties/organizations may submit their bid on or before March 01, 2021 (up to 03.00 p.m.) in the prescribed format in a sealed cover super scribing thereon “TENDER FOR EMPANELMENT OF CAR HIRING AGENCIES/COMPANIES”. Tenders received after the said date and time will not be accepted. The Bank reserves its right to accept or reject any or all of the offers without assigning any reason there for.

Regional Director
Reserve Bank of India
Guwahati

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How You Can Open A Post Office Digital Savings Account Via IPPB App?

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Investment

oi-Vipul Das

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India Post Payments Bank (IPPB) provides a platform that utilizes its IPPB mobile application to electronically open savings accounts. Using their IPPB mobile app, Post Office account holders can conveniently carry out simple banking activities. Previously, to deposit money in the account, checking account balance, making fund transfer and other account-related transactions, the account holder had to visit his or her nearest post office. But after the launch of IPPB Mobile App, post office customers can manage their account digitally from the comfort of their home or workplace and even they can make a deposit to Post Office RD Account, Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA) online.

You can download the IPPB app and open a digital savings account if you don’t want to do it physically by visiting your nearest post office.

How You Can Open A Post Office Digital Savings Account Via IPPB App?

Note: To Make Online Deposit In PPF And SSA Click Here

How To Open A Post Office Savings Account Online And Offline?

Steps to open a post office digital savings account using IPPB app

In order to open a post office savings account your minimum age should be 18 years old. Follow the steps below to open an account digitally.

  • Open the IPPB Mobile Banking App in your mobile and tap on the ‘Open Account’ option.
  • Now enter your PAN and Aadhaar number on the required space
  • Now you will get an OTP on your Aadhaar-linked mobile number
  • Authenticate the OTP and enter all the required details such as educational qualifications, address and nomination specifics and name of your mother.
  • The account will be opened and can be accessed via the app once all the details have been filled out and submitted.
  • You are required to complete biometric verification of the account within a year of the account opening which is the validity period of the account, after which it will be turned into a standard or regular savings account.



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How Elon Musk teased cryptocurrencies over the years, BFSI News, ET BFSI

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Elon Musk-led Tesla Inc announced on Monday it had invested $1.5 billion in Bitcoin and said it may start accepting the cryptocurrency as a form of payment soon for orders. The move sent Bitcoin up more than 10% to a record high.

Musk, one of the richest people in the world, has displayed more than just a passing interest in Bitcoin over the years and has used his candid Twitter feed, where he has over 46 million followers, to convey his opinion on cryptocurrencies, most times impacting its price.

Last month, the multi-billionaire, who also heads SpaceX and the underground tunneling enterprise The Boring Company, added to the retail-driven frenzy in a handful of heavily shorted stocks like GameStop Corp when he tweeted “Gamestonk!!” along with a link to Reddit’s Wallstreetbets stock trading discussion group.

Here is a timeline of Musk’s comments on cryptocurrencies over the years:

– 2021 –

* Jan. 29: Musk adds “#bitcoin” to his Twitter bio, leading to a 14% surge in the price of the largest cryptocurrency. The billionaire has since taken the tag off.

In January, total market value of all cryptocurrencies reached more than $1 trillion for the first time.

* Feb. 1: In a chat on social media app Clubhouse, Musk says, “I am a supporter of bitcoin.” He said bitcoin was “on the verge of getting broad acceptance” by conventional finance people. Musk added that he was “a little slow on the uptake” and should have bought it years ago.

* Feb. 4: Musk tweets “Doge”, in reference to a cryptocurrency based on a popular internet meme. He later tweeted, “Dogecoin is the people’s crypto.” and “I am become meme, Destroyer of shorts.” Dogecoin surged more than 60%.

With a market value of around $10 billion, Dogecoin becomes the eight-biggest cryptocurrency.

– 2020 –

* Jan. 10: Musk tweets, “Bitcoin is *not* my safe word.” (https://bit.ly/3oTVmmI)

* Dec. 20: Musk tweets, “Bitcoin is my safe word.” The Tesla chief later tweeted, “Just kidding, who needs a safe word anyway!?”

* Dec. 20: On a Twitter exchange with Michael Saylor, chief executive officer of MicroStrategy Inc, who is also an advocate of digital currency, Musk asks about the possibility of converting “large transactions” of Tesla Inc balance sheet into bitcoin.

– 2019 –

* Feb. 19: Musk says Tesla would stay away from cryptocurrencies, despite calling Bitcoin’s structure “brilliant”. “I don’t think it would be a good use of Tesla’s resources to get involved in crypto,” he said in a podcast.

* Feb. 20: In a podcast, Musk says paper money is “going away” and cryptocurrencies would be a better way to transfer value.

* Feb. 21: Musk tweets, “I still only own 0.25 BTC, which a friend sent me several years ago. Don’t have any crypto holdings.”

– 2018 –

* Feb 22: When asked about spamming by one of Musk’s Twitter followers, he says “I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago.”

* Oct 23: Musk comments on the cryptocurrency scam in which hackers stole about $180,000, posing as him on the micro-blogging site, “Twitter thought I got hacked & locked my account haha.”

* Oct 20: News reports reveal The Boring Company, Musk’s underground tunneling enterprise, was not accepting payments in bitcoin for its popular flamethrowers, contrary to what was reported by several news websites a day earlier.

– 2017 –

* Nov 27: A former intern at SpaceX claims Musk was Bitcoin creator Satoshi Nakamoto. Musk in response says it was not true and “a friend sent me part of a BTC a few years, but I don’t know where it is.”



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RBI report, BFSI News, ET BFSI

Banking & Finance

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Consumer complaints about banking services jumped 57 per cent to 3.08 lakh for the year to June 30, 2020, the Reserve Bank said on Monday. In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 per cent. Non-observance of Fair Practices Code (FPC) was at third place.

Complaints received regarding credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of India (BCSBI) norms increased this year as compared to previous year.

The number of complaints pertaining to ‘Direct Sales Agent (DSA) and recovery agents’ increased from 629 complaints in 2018-19 to 1,406 this year, it said.

The disposal rate declined marginally to 92.36 per cent, as against 94.03 per cent in 2018-19 as the surging complaints had to be handled by the same number of staff, it said.

On the non-bank finance companies front, there was a 386 per cent jump in the number of complaints received by the Ombudsman Scheme for Non-Banking Financial Companies at 19,432 and the disposal rate stood at 95.34 per cent.

The Ombudsman Scheme for Digital Transactions handled 2,481 complaints during the year with a maximum 43.89 per cent being related to non-adherence of RBI code for payment transactions.

Deputy Governor M K Jain said the year was a challenging one for the financial consumers vulnerable to the adverse consequences of the pandemic and commended the Ombudsmen offices for being functional through the difficult period.

He also said the RBI will strive to improve the disposal rate going forward.

Governor Shaktikanta Das had last week announced a plan to integrate all the three offices (banks, NBFCs, digital payments) into a single ombudsman for the country.

The share of SBI and nationalised banks in the consumer complaints decreased to 59.65 per cent as against 61.90 per cent, on the back of a surge in the share of private banks.

SBI had the largest share among lenders in the number of maintainable cases disposed at 48,333, followed by HDFC Bank at 15,004, ICICI Bank at 11,844 and Axis Bank at 10,457.

The turnaround time for complaints went up to 95 days from the 47 days in the year-ago period, and stood at 45 days for the January-June 2020 period, it said.

The Chandigarh office led when it came to maintainable complaints in 2019-20 with 30,574 concerns as against under 21,000 complaints across two ombudsmen offices in Mumbai and about 29,000 in New Delhi.



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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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City Union Bank chief expects total recast at around 5-6%

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N Kamakodi, MD & CEO

Private sector lender City Union Bank (CUB) said the bank has identified accounts worth Rs 1,037 crore for restructuring during the fourth quarter of the current fiscal. Out of these, around 102 accounts amounting to Rs 517 crore are under MSME and 1,224 borrowal accounts amounting to Rs 520 crore are in the non-MSME category, N Kamakodi, MD & CEO, told analysts at an earnings call recently.

“Overall, the total restructuring will be around 5-6%, which is well within the range we shared with you all. During Q3, we have restructured 60 borrowal accounts to the tune of Rs 321 crore. The total restructured MSME accounts as on December 31, 2020 stood at Rs 807 crore consisting of 233 borrowers. The present percentage of restructured accounts stands at 2.21% of the advances, ” he said.

Recovery by the bank stands improved during Q3 as compared to Q2 and Q1 at Rs 106 crore and total recovery for the nine-month period was at Rs 215 crore. The recovery during Q1 and Q2 were at Rs 24 crore and Rs 84 crore, respectively.

“We are pushing a lot of efforts on recovery. Though we could see some improvement, but the same was not as we used to have during pre-Covid period, where we used to generally manage the addition through recovery,” he said.

According to him, currently all recoveries are happening through negotiated settlements with borrowers. Once the SC judgment comes, the recovery will be possible through SARFESI and other means. “Our recovery percentage is 70%-75%. We will re-evaluate in Q4,” he said.

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Bank of Maharashtra ties up with LoanTap Credit for co-lending to MSMEs

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To start with, the ticket size would be at around Rs 3 lakh and will be enhanced depending on performance.

Bank of Maharashtra on Monday said it has entered into a co-lending agreement with Pune-based non-banking financial company LoanTap Credit Products for MSME loans.

LoanTap offers a range of business, vehicle and personal loans to the underserved segment. BoM has a tie-up with fintech company Atyati Technologies, but it was limited to sourcing proposals. With LoanTap, the bank would be getting into faceless sanction and disbursals using mobile app.

A S Rajeev, MD & CEO of BoM, said the co-lending system was introduced by the RBI in the wake of the liquidity crisis at NBFCs to enhance the credit flow to the unserved and underserved sector and make available funds to the ultimate beneficiary at an affordable cost.

The co-lending model provides ease of loan sanctions at borrower’s convenience through digital lending platforms, which cover end-to-end loan processing cycle without manual intervention or visiting bank branches.

To start with, the ticket size would be at around Rs 3 lakh and will be enhanced depending on performance.

The co-lending model would enable the bank to meet its priority sector lending target.

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Reserve Bank of India – Tenders

Tenders

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E-Tender No: RBI/Ahmedabad/HRMD/37/20-21/ET/452

The Pre-bid meeting for the captioned tender was held on February 03, 2021 from 15:30 hours to 16:15 hours at Main Office Building, RBI Ahmedabad. The meeting was chaired by Major Lalit K Baghel, Assistant General Manager (Protocol & Security). Officials from Protocol & Security Cell – HRMD and representatives of various prospective bidders participated in the meeting.

Major Lalit K Baghel, Assistant General Manager (Protocol & Security) welcomed the participants (List attached – Annexure I) and discussed the agenda points (as per Table 1). Thereafter, invited queries from the prospective bidders regarding the captioned tender. The queries raised by the prospective bidders during the meeting along with the Bank’s clarifications and comments are mentioned in Table 2.

Table 1: Agenda Points
Sr. No Agenda Points Clarification/Comments
1 All firms to strictly ensure that the EMD is deposited within the time frame of the Tender. Bank will not be liable for any delays in submission and no requests for extension with regard to time shall be granted for the issue. No queries raised
2 The scanned copies of all supporting documents required to be uploaded on the MSTC portal by the bidders must be legible and clear. No queries raised
3 Only the supporting documents as mentioned in the tender conditions needs to be uploaded/ submitted. Uploading of extra/additional document will not be appreciated and the same will not be taken into consideration/ no weightage will be given for the same. No queries raised
4 A checklist/ index of all documents being uploaded / submitted to be provided by the firm and the documents should be as per the sequence mentioned in that checklist. No queries raised
5 Any queries by the firms. As per Table 2

Table 2: Queries by the firms.
Sr. No Queries Clarification/Comments
1 Whether any relaxation for EMD eligible for MSME / NSIC certificate holders? Relaxation in submission of Earnest Money Deposit (EMD) to the prospective bidders shall be granted as per existing Govt. guidelines on the matter, subject to valid proof for the same being submitted by the bidders.
2 Is it mandatory to have an office in Ahmedabad under Shop and Establishment Act? Not mandatory for bidding for this tender.
3 Is there any minimum value laid down/ decided by the Bank for the Service Charge to be quoted by the firms while bidding? Bidders must keep in mind that while quoting Service Charges they should include all expenditure on providing managerial supervisory/ administrative services by all means to get the work done through deployed Staff.
Bidders offering “zero” or irrational quotes shall be liable for disqualifications. Further, in case of abnormally low bids, the Bank may seek written clarifications from the Bidder, including detailed price analyses of its Bid price in relation to scope, schedule, resource mobilization, allocation of risks and responsibilities, and any other requirements of the bid document.
4 Will the Bank ask for a demonstration/test the efficiency of the sniffer dog to be deployed before awarding the contract? The Sniffer Dogs being deployed will be tested for their olfactory capabilities before the firm is awarded the contract, failing which the Bank reserves the right to disqualify the Bid.
5 Is there any minimum value laid down/ decided by the Bank for the Dog Charges to be quoted by the firms while bidding & whether the firms need to submit breakup of sniffer dog charges? Bank has estimated a cost to maintain all aspects of Sniffer Dog charges in one month. The firms are expected to quote reasonable Dog charges. In case of any deviation of more or less than 25% of the Banks estimate, the Bidder will be required to give detailed explanation of price analysis along with complete break-up of quoted dog charges. If, after evaluating the detailed explanation and break-up of abnormally high or low dog charges quoted, the Bank determines that the Bidder has substantially failed to demonstrate the practicality of quoted monthly expenditure on a sniffer dog, the Bank may reject the Bid.

Major Lalit K Baghel, Assistant General Manager (Protocol & Security) thanked all participants for attending the meeting. The Meeting ended at 16:15 hours.

It was reiterated to the participants that the documentary proof being submitted by the agency, may be subjected to verification by the Bank. In an event of fraudulent disclosure, the concerned agency will be disqualified. In addition, any agency blacklisted by any RBI office/s also stands to be disqualified.

• It was further stated as below:

  1. These minutes of pre-bid meeting shall form the part of bid document/Agreement

  2. Rest of the terms and conditions and specifications of the bid document shall continue to remain same

  3. The above clarification is issued for the information of all the intending bidders.

  4. The submission of bid by the firm shall be construed to be in conformity to the bid document and clarification given above.

Annexure I

Details of Participants: Pre-bid meeting held on February 03, 2021

The following Bank’s Officials and representative of prospective bidder were present during the pre-bid meeting:

Sr No. Name and Designation of RBI Officials
1 Major Lalit Kant Baghel, AGM (Protocol & Security)
2 Major Richa Khare, AM (Protocol & Security)
3 Gaurang P Vasava, Assistant

Prospective Bidders present during the pre-bid meeting:

Sr No Prospective Bidder firm Representative Name
1 M/s Marshall Kennel & Dog Security Mr. Md M M Basha

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Reserve Bank of India – Tenders

Tenders

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E-Tender No: RBI/Ahmedabad/HRMD/37/20-21/ET/450

The Pre-bid meeting for the captioned tender was held on February 03, 2021 from 10:30 hours to 12:00 hours at Main Office Building, RBI Ahmedabad. The meeting was chaired by Major Lalit K Baghel, Assistant General Manager (Protocol & Security), Reserve Bank of India, Ahmedabad. Officials from Protocol & Security Cell, Human Resource Development Department, Reserve Bank of India, Ahmedabad and representatives of various prospective bidders participated in the meeting.

Major Lalit K Baghel, Assistant General Manager (Protocol & Security) welcomed all participants (List attached – Annexure I) and discussed the agenda points (as per Table 1). Thereafter, queries were invited from the prospective bidders regarding the captioned tender. The queries raised by the prospective bidders during the meeting along with the Bank’s clarifications and comments are mentioned in Table 2.

Table 1 : Agenda Points
Sr. No Agenda Points Clarification/ Comments
1 All firms to strictly ensure that the EMD is deposited within the time frame of the Tender. Bank will not be liable for any delays in submission and no requests for extension with regard to time shall be granted for the issue. No queries raised
2 The scanned copies of all supporting documents required to be uploaded on the MSTC portal by the bidders must be legible and clear. No queries raised
3 Only the supporting documents as mentioned in the tender conditions needs to be uploaded/ submitted. Uploading of extra/additional document will not be appreciated and the same will not be taken into consideration/ no weightage will be given for the same. No queries raised
4 A checklist/ index of all documents being uploaded / submitted to be provided by the firm and the documents should be as per the sequence mentioned in that checklist. No queries raised
5 Any queries by the firms. As per Table 2

Table 2: Queries by the Firms
Sr. No Queries Clarifications/ Comments & Corrections
1

Whether any relaxation for EMD eligible for MSME/NSIC certificate holders.

Will the bid get rejected if the firm fails to submit EMD within the stipulated time?

Para “F” of table in Schedule of Tenders of the tender document may be referred to. Eligible registered MSMEs participating in the tender process are exempted from payment of Earnest Money Deposit, on submission of valid documents.

Para 8 of “General Instructions to Bidders and General Terms & Conditions” may be referred to. If EMD is not paid / submitted (DD or Bank Guarantee, in original) till the last date of submission, the tender shall be treated as non–bonafide and will be rejected without further advice to the tenderer.

Following corrections shall be noted by bidders before offering the quotes:

“MSEs” appearing in the Tender Documents shall be replaced with the “MSMEs” and be read accordingly.

2

Para 4 and 6 of SPECIAL CONDITIONS at page no 25 and 26.
“The payment to the workmen engaged by the successful tenderer/contractor / firm / company has to be made on or before 05th working day of every month from RTGS/NEFT.”

“Category -1: For non-payment of monthly wages on or before 05th working day of succeeding month a penalty of ₹1000 per day will be recovered for delay. Recovery of ₹1000/- per man for being absent on duty will be imposed/recovered

Following corrections shall be noted by bidders before offering the quotes:

“5th working day” appearing in Para 4 and 6 of the Special Conditions of the tender document shall be replaced with the “7th working day” and be read accordingly. However, these conditions are subject to the relevant laws in force which are applicable regarding the time for payment of wages.

3 Para 11 of SPECIAL CONDITIONS at page no 27.
CLRA ACT: – As and when the successful tenderer/contractor / firm / company employs more than 20 workers as contract labour, he/she shall obtain license from competent authority in accordance with the provisions of the CLRA ACT. 		The successful tenderer/contractor/firms/company shall obtain license from competent authority as per the relevant provisions in force of CLRA as amended from time to time in its application to the State of Gujarat.
4 What is the percent of ESI as per the labour law/ DGR? 4.75% or 3.25%? The limits, applicability and contribution/payment percentage, etc. shall be read in conjunction with the latest rules/Acts/Regulations in force, as promulgated by Competent Government Authority.
5 Does the firm need to submit necessary documents physically, apart from proof of EMD? Please refer the following:

  • Para 7 “f” of Important instructions for E-Procurement.

  • Para 5 a(iv) of General Instructions to Bidders and General Terms & Conditions.

  • Para 5 b(vi) of General Instructions to Bidders and General Terms & Conditions
6 Does a Proprietorship firm need to produce registration, as mandated in the tender document? As per the govt. guidelines they are exempted from the license. The Sole Proprietorship firm need not have firm registration, however registration in PSARA ‘Private Security Agencies (Regulation) Act, 2005 is mandatory.
7 Is there any minimum value laid down/ decided by the Bank for the Service Charge to be quoted by the firms while bidding?

Bidders must keep in mind that while quoting Service Charges they should include all expenditure on providing managerial supervisory/ administrative services by all means to get the work done through deployed Security Service Staff.

Bidders offering “zero” or irrational quotes shall be liable for disqualifications. Further, in case of abnormally low bids, the Bank may seek written clarifications from the Bidder, including detailed price analysis of its Bid price in relation to scope, schedule, resource mobilization, allocation of risks and responsibilities, and any other requirements of the bids document.
8 Can firms submit ECR (Electronic Challan Receipt) as proof of EPF payment of their staff? Bidders may submit Electronic Challan cum Return (ECR) as proof of EPF registration.
9 If a firm in Gujrat is in process of renewing shop/office license as per the Shop & Establishment Act, since the renewal is not being done in Gujrat by the authorities presently. In such scenario can the firm submit the last license/registration held by them i.e. upto Dec 31, 2020? In such cases, the last license/registration held by them i.e. up to Dec 31, 2020 shall be considered valid for bidding for the tender. However, the firm should provide the License/ Registration before the award of tender, if they are selected.
10 What will be the selection criteria if two or more firms come as L1?

Para 13 and 14 of “General Instructions to Bidders and General Terms & Conditions” at page no 21 may be referred to.

In case of two tenderers becoming lowest i.e. quoting the same figures before or after the arithmetical check etc. the better of two shall be selected with the approval of Competent Authority.

11 Whether the private security guards are Ex-Servicemen or not? what Proof/Details are required to be uploaded/ submitted by the firm? Bidders may upload details of Nos of Ex-servicemen (ESM) employed as security guards on the roll of the agency in ESI/EPF in the following format:

S. No Name of Ex-Servicemen PPO Number UAN No. Ex-Servicemen ID card no.

This format may be made on bidders letterhead duly signed, certifying the correctness of the details.
12 Is it mandatory to have an office in Ahmedabad? No, However firms having their Registered / Head Office in Ahmedabad will be given weightage as per the Tender document.

Major Lalit K Baghel, Assistant General Manager (Protocol & Security) thanked all participants for attending the meeting. The Meeting ended at 12:00 hours.

It was reiterated to the participants that the documentary proof being submitted by the agency, may be subjected to verification by the Bank. In an event of fraudulent disclosure, the concerned agency will be disqualified. In addition, any agency blacklisted by any RBI office/s also stands to be disqualified.

• It was further stated as below:

  1. These minutes of pre-bid meeting shall form the part of bid document/Agreement

  2. Rest of the terms and conditions and specifications of the bid document shall continue to remain same

  3. The above clarification is issued for the information of all the intending bidders.

  4. The submission of bid by the firm shall be construed to be in conformity to the bid document and clarification given above.

Annexure I

Details of Participants: Pre-bid meeting held on February 03, 2021

The following Bank’s Officials and representative of prospective bidder were present during the pre-bid meeting:

Sr No. Name and Designation of RBI Officials
1 Major Lalit Kant Baghel, AGM (Protocol & Security)
2 Major Richa Khare, AM (Protocol & Security)
3 Gaurang P Vasava, Assistant

Prospective Bidders present during the pre-bid meeting:

Sr No Prospective Bidder firm Representative Name
1 M/s Kutch Security Service Mr. Prithviraj Gohil
2 M/s Kutch Security Service Mr. Manhar Sinh
3 M/s CISS ltd Mr. J K Tyagi
4 M/s CISS ltd Mr. Vikram Sinh
5 M/s Max Vigil Security Mr. Ajay Pundhir
6 M/s SIS India ltd Mr. Manoj Singh
7 M/s SIS India ltd Mr. Sunil Mishra
8 M/s SIS India ltd Mr. Bhanu Pratap
9 M/s ESPS – Vadodara Mr. M N Malik
10 M/s Viswambi Security Pvt Ltd Major Vishwanath
11 M/s Viswambi Security Pvt Ltd Major V P Nair (Retd)
12 M/s Tiger 4 Mr. Soham Malik
13 M/s Tiger 4 Mr. Shubham Tomar
14 M/s National Security Mr. Rajeshkumar
15 M/s KSS Security Mr. Kushal Desai
16 M/s KSS Security Mr. Imran Shaikh
17 M/s Sainik Intelligence and Security Mr. S Mohanty
18 M/s Sainik Intelligence and Security Mr. Dilankar Jena

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