Month: February 2021

Aditya Birla Health Insurance to Offer up to 100% Return on Premium

Personal Finance

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Insurance

oi-Sneha Kulkarni

|

Aditya Birla Health Insurance Company has launched an industry-first programme promising up to 100% premium returns for health insurance. The offer is a new version of its Activ Health product, which offers comprehensive health protection with extensive wellness benefits.

Through its revamped version of Activ Health policy, the plan provides up to 100 percent premium refunds, discounts and up to 100 percent reloading of Sum Insured.

Aditya Birla Health Insurance to Offer up to 100% Return on Premium

Alternatively, it also provides Rs 3-6 crore coverage for major diseases and cashless hospitalization for serious diseases for overseas care, the company said.

Key Highlights of the plan

  • Stay healthy, and earn up to 100% of your premium.
  • Earn 50 % of No Claim Bonus for each year free of charge up to a limit of 100% of the amount insured.
  • Access to Expert Health Coach for guidance on medical, nutritional, fitness, mental counselling session, homeopathy teleconsultation.
  • Modern Treatment Expenses like robotic surgeries, oral chemotherapy, etc.
  • Covers pre & post-hospitalization expenses for mental illnesses.

Things covered under the plan

  • In-Patient Hospitalization and Home treatment expenses
  • Pre-hospitalization medical expenses
  • Organ donor expenses
  • Day care treatment

Through working out with the fitness videos available through the Activ Health application, customers can also receive their ‘HealthReturns’. Here, those participating in fitness programmes earn the returns that can be redeemed for health and future premiums.

Customers ought to have an active day for this. This implies that customers must either burn 300 calories in one session, take 10,000 steps or visit an exercise at the gym. There is also the option of undergoing fitness assessments every six months for customers not able to complete these.

GoodReturns.in



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Reserve Bank of India – Press Releases

Press Releases

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Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. First published in 1937, the RCF adopted a theme-based approach from 1998-99. After a hiatus between 2014 and 2019, the Report has been revived with this release. The theme of the Report is “Reviewing the Monetary Policy Framework” which assumes topical relevance in the context of the review of the inflation target by March 2021 against the backdrop of structural changes in the macroeconomic and financial landscape that have prompted several central banks to undertake policy framework reviews. The period of study in this report is from October 2016 to March 2020 commencing with the formal operationalisation of the flexible inflation targeting (FIT) framework in India but excluding the period of the COVID-19 pandemic in view of data distortions.

The Report carries a Foreword from the Governor, Reserve Bank of India. The contents of the Report, its findings, views and conclusions are entirely those of the contributors and do not represent the views of the Reserve Bank.

Highlights

  • In the international experience, inflation targeting emerging market economies (EMEs) have generally lowered their inflation targets and narrowed tolerance bands.

  • During the period under review, headline CPI inflation averaged 3.9 per cent in India with a decline in inflation volatility, attesting to the success of FIT in terms of its primary mandate.

  • Trend inflation to which actual inflation converges after a shock provides an appropriate benchmark for the inflation target; trend inflation has fallen from above 9 per cent before FIT to a range of 3.8 – 4.3 per cent during FIT, indicating that 4 per cent is the appropriate level of the inflation target for India.

  • Threshold inflation above which growth is unambiguously impaired ranges between 5 and 6 per cent in India, indicating that an inflation rate of 6 per cent is the appropriate upper tolerance limit for the inflation target. On the other hand, a lower bound above 2 per cent can lead to actual inflation frequently dipping below the tolerance band while a lower bound below 2 per cent will hamper growth, indicating that an inflation rate of 2 per cent is the appropriate lower tolerance bound.

  • The current numerical framework for defining price stability, i.e., an inflation target of 4 per cent with a +/-2 per cent tolerance band, is appropriate for the next five years.

  • The institutional architecture of FIT in India, including the size of the monetary policy committee (MPC) and its composition, the decision making process, communication practices and accountability mechanisms is in line with international best practices, while the definition of the time horizon of failure, processes of onboarding of MPC members, some aspects of forward guidance and timings relating to release of minutes, shut periods and release of transcripts warrant a review.

  • During the FIT period, monetary transmission has been full and reasonably swift across the money market but less than complete in the bond markets; while there has been an improvement in transmission to lending and deposit rates of banks, external benchmarks across all categories of loans and deposits could improve transmission further.

  • In the conduct of monetary policy in an open economy setting, foreign exchange reserves and associated liquidity management are key; hence, there is a need to enhance the RBI’s sterilisation capacity to deal with surges in capital flows.

  • The primary focus of FIT on price stability augurs well for further liberalisation of the capital account and eventual internationalisation of the Indian rupee.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1159

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4% inflation target appropriate: RBI report

Banking & Finance

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Our Bureau

Maintaining the inflation target at 4 per cent into the medium-term is appropriate, according to the Reserve Bank of India’s Report on Currency and Finance (RCF) for the year 2020-21.

Trend inflation

The aforementioned comment is based on the observed decline in trend inflation since 2014 and a decline in inflation persistence.

This observation is significant as it comes in the backdrop of the upcoming review of the inflation target of 4 per cent, with upper tolerance level of 6 per cent and lower tolerance level of 2 per cent.

“Threshold inflation above which growth is unambiguously impaired ranges between 5 and 6 per cent in India, indicating that an inflation rate of 6 per cent is the appropriate upper tolerance limit for the inflation target.

“On the other hand, a lower bound above 2 per cent can lead to actual inflation frequently dipping below the tolerance band while a lower bound below 2 per cent will hamper growth, indicating that an inflation rate of 2 per cent is the appropriate lower tolerance bound.” the report said.

Under section 45ZA of the RBI Act1934, the Central Government, in consultation with the RBI, fixed the inflation target/ Flexible Inflation Target (FIT) for the period between August 5, 2016 and March 31, 2021, as 4 per cent, with upper tolerance level of 6 per cent and lower tolerance level of 2 per cent.

“Trend inflation to which actual inflation converges after a shock provides an appropriate benchmark for the inflation target; trend inflation has fallen from above 9 per cent before FIT to a range of 3.8 to 4.3 per cent during FIT, indicating that 4 per cent is the appropriate level of the inflation target for India,” the report emphasised.

Monetary policy

Batting for the continuation of the existing monetary policy framework, the report underscored that the institutional architecture of FIT in India, including the size of the monetary policy committee (MPC) and its composition, the decision-making process, communication practices and accountability mechanisms is in line with international best practices.

However, the definition of the time horizon of failure (defined as three consecutive quarters of average headline inflation overshooting/undershooting the upper and lower tolerance levels around the target), processes of onboarding of MPC members, some aspects of forward guidance and timings relating to release of minutes, shut periods and release of transcripts warrant a review.

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Reserve Bank of India – Tenders

Tenders

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The Regional Director (Tamil Nadu & Union Territory of Puducherry), Reserve Bank of India, Chennai invites e-Tender from reputed and experienced contractors to transport empty wooden boxes from the Main Office Building Premises, Reserve Bank of India, Fort Glacis, 16 Rajaji Salai, Chennai 600 001 to various Currency chests in the state of Tamil Nadu and Union Territory of Puducherry for the period of twelve months from April 01, 2021 to March 31, 2022.

2. The e-Tender along with the detailed tender notice is available at MSTC website https://www.mstcecommerce.com/eprochome/rbi and the website of the Bank at https://www.rbi.org.in. under the menu ‘Tenders”.

3. All interested bidders must register themselves with MSTC through the above referred website to participate in the e-Tendering process. The schedule for the e-Tendering process is as under:

e-Tender No. RBI/CHENNAI/HRMD/62/20-21/ET/613
Description of Work Transport of empty wooden boxes for the year 2021-22
Estimated Cost for 12 months ₹ 13 Lakh (Rupees thirteen Lakh only)
Earnest Money Deposit(EMD) ₹ 26,000/- (Rupees Twenty Six Thousand only)
Date of NIT (Notice Inviting Tender) available to parties for download 10:00 Hrs. of February 26, 2021 onwards.
Last Date of submission of EMD 17:00 Hrs. of March 17, 2021
Date of Starting of e-Tender for submission of price Bid 10:00 Hrs. on, February 26, 2021
Date of closing of online e-tender for submission of techno-commercial bid & price bid 17:00 Hrs. on March 17, 2021
Date of opening of Part-I (techno-commercial bid) 15:00 Hrs. on March 18, 2021
Date of opening of Part-II (price bid) Part II (Price Bid) of the tender shall be opened thereafter on the same day or else Part II (Price Bid) shall be opened on a subsequent date which shall be intimated to the bidders.
Transaction fee Payment of Transaction fee as mentioned in the MSTC portal through MSTC payment gateway/NEFT/RTGS in favour of MSTC LIMITED.

4. 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.

The Regional Director
Reserve Bank of India
Chennai

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List Of Private Sector Banks Providing Up To 6.75% Interest Rate On 2-3 Year FDs

Personal Finance

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Key benefits of investing in fixed deposits

The following aspects illustrate the benefits of investing in a fixed deposit scheme that one can appreciate:

  • Return on a fixed deposit can be measured as the rate of interest is fixed at the time of investing. Since one can quickly measure the maturity amount, this results in improved personal finance of an investor.
  • It is possible to open a fixed deposit for a short, medium and long term duration. Banks, including NBFCs, offer flexible maturity options spanning from 7 days to 10 years.
  • DICGC supports the depositor with a cover of Rs. 5 lakh for those who have FD in a recognized bank in India, in the event of bankruptcy.
  • Depositors can cite the contributions made in a financial year as exemptions when filing the Income Tax Return of up to Rs. 1.5 lakh in a fiscal year when investing in a 5-year tax saving FD.
  • Favourable additional FD interest rates above the regular fixed deposit interest rates are provided to senior citizens over 60 years of age. This can vary from 0.25 to about 0.65 percent in general.

Eligibility criteria

Eligibility criteria

It is reasonably necessary to know who can open a fixed deposit account in order to amass the benefits mentioned above. The category of those (may vary from bank to bank) that are liable for a fixed deposit investment is given below.

  • Indian residents with a minimum age limit of 18 years
  • Hindu Undivided Family (HUF)
  • Corporations or sole proprietorships, partnership companies
  • Trust Accounts

Documents required

Across all banks and/or non-banking financial companies, the documents needed while applying for FD are listed below:

  • Identity proof: Passport, Aadhaar Card, PAN card, Voter ID Card, Driving licence, Government ID card, Ration Card, Senior citizen ID card, passport size photographs
  • Address proof: Passport, telephone bill, electricity bill, bank statement with cheque
  • Income proof: Salary slip of the last 3 months, bank account statement for the last 3 months

Tax deduction on FD

Tax deduction on FD

Fixed deposits also enable depositors to claim deductions under section 80C of the Income Tax Act, 1961. Resident citizens or Hindu Undivided Families (HUFs) who have deposited in a tax-saving FD are allowed to claim a deduction of up to Rs. 1.5 lakh in a financial year. Tax-saving fixed deposit schemes, though allow tax advantages, this implies that while the initial amount of the deposit is qualified as a deduction of u/s 80C, the interest income is not free from taxation. At your tax slab rate, FD Interest is taxable including relevant surcharge/cess. If the interest amount for the entire financial year surpasses Rs 10,000 for AY 2019-20, the TDS rate on fixed deposits (FDs) is 10 per cent. This TDS deduction cap on FD is raised to Rs. 40,000 annually in the budget speech 2019, which is effective in AY 2020-21. The TDS limit on fixed deposit interest is 20 per cent under current income tax laws if you do not support the bank with your PAN Card.

How to receive higher returns from fixed deposits?

How to receive higher returns from fixed deposits?

In order to gain better returns on their investments, after risk estimation, investors should consider parking their funds in the below-listed private sector bank FDs. Instead of investing all in a single FD and attempting to reinvest it after maturity, if possible, to create an accumulation pattern, they can opt for the laddering strategy to optimise FD returns. Investors can reap from any higher interest rate investments in the future by this strategy. It is possible to keep their savings even more liquid as it will eliminate the risk of needing to pre-close an FD before maturity to satisfy any unforeseen necessity after sacrificing interest amount. Interesting to note here is that FD laddering doesn’t mean you are putting your entire amount in the same bank in multiple FDs. You must have multiple tenure FDs in various banks to avoid risk. Investment allocation across various FDs across different maturities reduces the risk of interest rates and deposit tenure. In the recent past, though, fixed deposits have weakened their appeal after the Reserve Bank of India cut repo rates by 115 basis points to boost the pandemic-hit country. Although the market is under some higher inflation strain and the financial sector has begun to rebound, few analysts say that the cheapest interest rate outcome will not be continued and FD rates may increase in the foreseeable term.

2-3 Year FD Rates

2-3 Year FD Rates

Banks 2-3 Year FD Rates In % For Non-Senior Citizens 2-3 Year FD Rates In % For Senior Citizens
IDFC First Bank 4.5 5
Kotak Bank 5 5.15
HDFC Bank 5.15 5.65
ICICI Bank 5.15 5.65
J&K Bank 5.2 5.7
Federal Bank 5.35 5.85
Axis Bank 5.4 5.9
Dhanlaxmi Bank 5.4 5.9
South Indian Bank 5.4 5.9
Karur Vysya Bank 5.5 6
Karnataka Bank 5.55 5.95
Tamilnad Mercantile Bank 5.65 6.15
Bandhan Bank 5.75 6.5
City Union Bank 5.75 6.25
TNSC Bank 5.85 6.35
IndusInd Bank 6.5 7
RBL Bank 6.5 7
Yes Bank 6.5 7
DCB Bank 6.75 7.25



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Reserve Bank of India – Press Releases

Press Releases

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In the underwriting auctions conducted on February 26, 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:

(₹ crore)
Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate (paise per ₹100)
4.48% GS 2023 4,000 2,016 1,984 4,000 12.00
GoI FRB 2033 4,000 2,016 1,984 4,000 32.00
6.22% GS 2035 11,000 5,502 5,498 11,000 64.00
Auction for the sale of securities will be held on February 26, 2021.

Ajit Prasad
Director  

Press Release: 2020-2021/1158

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Reserve Bank of India – Tenders

Tenders

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RBI, New Delhi invites e-tenders for the work of Supply, installation, testing and commissioning of full height dual lane turnstiles at Bank’s Office Building at RBI, New Delhi. E-Tenders are to be submitted through the e-tendering portal of MSTC Ltd. (https://www.mstcecommerce.com/) not later than 02.00 PM on March 19, 2021. All interested bidders must register themselves with MSTC through the above referred website to participate in the e-Tendering process. Only those OEMs who are qualified for the work as per qualification criteria stipulated in the tender are eligible to participate in this tender. Bidders are advised to upload the documents in support of their eligibility for this tender during the submission.

a. e-Tender Name Supply, installation, testing and commissioning of full height dual lane turnstiles for the Bank’s Office Building at RBI, New Delhi.
b. e-Tender no RBI/New Delhi/Estate/401/20-21/ET/611
c. estimated cost Rs. 16.00 Lakh
d. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through) (www.mstcecommerce.com/eprochome/rbi)
e. Date of NIT available to parties to download 2.00 P M of February 26, 2021 onwards.
f. Pre-Bid Clarification No deviation is acceptable. However, clarification may be sought any day before the last day of tender submission.
g. Earnest Money Deposit ₹32,000/- (Rupees Thirty Two Thousand only)

In the form of NEFT / BG (as per Annexure III of NIT part 1)

Details for NEFT:
Beneficiary Name: RBI New Delhi
IFSC: RBIS0SCPA01
Account No.: 186004001

Proof of remittance with transaction number (Scanned copy) shall be Attached/ uploaded.

The bidders are also advised to send the proof of remittance with transaction number (scanned copy) to estatenewdelhi@rbi.org.in.

Qualification Criteria

Only those Original Equipment Manufacturers (OEMs)/Authorized channel partners who have minimum 5 years’ experience in the field of undertaking similar works viz. Supply, Installation, Testing and Commissioning of full height dual lane turnstiles for the office buildings/commercial premises/industrial houses and have, during the last 5 years (works completed on or after December 31, 2015), executed successfully similar works individually costing as under:

(a) Three works each costing not less than 40% of estimated cost.

OR

(b) Two works each costing not less than 50% of estimated cost.

OR

(c) One work costing not less than 80% of estimated cost.

AND

(d) Have a minimum yearly turnover of 100% of estimated cost during the last 3 years supported by audited financial statements.

AND

(e) Have a complete service set up at New Delhi for rendering after sales service. For this, proof of residence to be submitted either in the form of telephone bill or lease agreement etc.

Bidders should upload the following documents in respect of fulfilling their eligibility with suitable file names as indicated. The experience of works carried out in private companies should accompany/include the particular TDS certificate for the particular payment received against the shown work.

i. Copies of detailed work order indicating scope and value of works. (File name eg: WO1, WO2 etc.) for indicating the experience (work completed before December 31, 2015) and for the qualifying works (works completed after December 31, 2015)

ii. List of completed works with all the details (File name eg: CW1, CW2 etc.)

iii. Client certificate regarding performance of the contractor for the qualifying works. (File name eg: CC1, CC2 etc.) – In the format of Annexure III

iv. Proof of remittance of EMD/ Bank Guarantee In Lieu Of Earnest Money Deposit

v. Banker’s Certificate as per Annexure IV

vi. Audited financial statement for turnover for last 3 years (File name e.g.: FS1, FS2 etc.)

vii. Details of service set up

viii. Details of technical deviations proposed – Not allowed.

ix. The particulars/Catalogues and the names of manufacturers of specified item.

x. Details of Bankers

xi. Copy of Power of Attorney (Original to be submitted by the successful bidder to RBI New Delhi)

xii. Any other information relevant to the proposed work

xiii. In case of non-fulfilment of the eligibility (pre-qualification) criteria of the bidders, their bid shall not be considered for further evaluation and their part-II shall not be opened.

Regional Director

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Reserve Bank of India – Press Releases

Press Releases

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Reserve Bank of India vide directive UBD.CO.BSD-I./D-28/12.22.2018/2012-13 dated February 21, 2013 had placed the Rupee Co-operative Bank Ltd., Pune, Maharashtra under Directions from the close of business on February 22, 2013. The validity of the directions was extended from time-to-time, the last being up to February 28, 2021.

2. It is hereby notified for the information of the public that, Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till May 31, 2021 as per the directive DOR.RTG.MON/D-58/12.22.218/2020-21 dated February 24, 2021, subject to review.

3. All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the directive dated February 24, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4. The aforesaid extension and /or modification by Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1157

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Reserve Bank of India – Annual Report

Publications

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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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