Month: March 2021

Reserve Bank of India – Tenders

Tenders

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1. e-Tenders in two parts (part-I and II) are invited for “Annual Maintenance Contract of Plumbing & Sanitary work for Bank’s Quarters located at Alipore, Salt Lake, Dumdum, Ultadanga and S.P Colony in Kolkata”. The work is estimated to cost Rs.42,32,800/- and the Contract will be started from 10th day after the date of written order to commence work. It may be noted that validity of tender is three years (to be renewed every year based on satisfactory performance)

2. The e-tender forms will be issued only to the empanelled vendors enlisted under section-A, Trade-01, Category – IV of List of empanelled vendors for the period 2021-24.

3. e-Tender documents will be available at MSTC website i.e., www.mstcecommerce.com on 24th March, 2021 at 16:00 Hrs. This e-Tender needs to be mandatorily filled up / online submission through MSTC website i.e., www.mstcecommerce.com. Deadline for filing up and submitting the e-Tender is up to 15:00 Hrs. on 13th April, 2021. Part I of the e-Tender will be opened on 13th April, 2021 at 15:30 Hrs. Detailed guideline on the process to submit e-Tender by the vendors have been mentioned in Annexure 1 following the Schedule of Tender (SOT). After scrutiny of part I of the e-Tender document along with supporting documents, if any of the contractors is not found to possess the required eligibility, their e-Tenders will not be accepted by the Bank for further processing.

4. Filled and signed Tender documents (i.e., Part-I only) in prescribed form shall be uploaded on MSTC website. Part-I of the e-Tender will contain the Bank’s standard technical and commercial conditions for the proposed work and Tenderers’ covering letter. However, an earnest money deposit (EMD) of 84,656/- shall be paid through NEFT, details of NEFT: Beneficiary name: Reserve Bank of India, Kolkata; IFSC: RBIS0KLPA01 (Numeric Zero at 5th and 10th place from left); A/c no. 186003001. 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 estatekolkata@rbi.org.in before 15:00 Hrs. on 13th April, 2021. Part-II (Price bid) shall be opened of the eligible tenderer on a subsequent date which will be intimated to the tenderers by a system generated mail / message.

5. The applicants / Tenderers have to upload all annexure / documents mentioned in the tender through above cited website.

6. The Bank shall obtain reports on past performance of the tenderer from his clients and bankers. The Bank shall evaluate the said reports before opening of the Part – II of the tenders. If any tenderer is not found to possess the required eligibility for participating in the tendering process at any point of time and/or his performance reports received from his clients and/or his bankers are found unsatisfactory, the Bank reserves the right to reject his offer even after opening of Part – I of the tender and his EMD shall be returned back to him as it is. The Bank is not bound to assign any reason for doing so.

7. The Bank is not bound to accept the lowest e-tender and reserves the right to accept either in full or in part any e-Tender. The Bank also reserves the right to reject all the e-Tenders without assigning any reason therefore.

Regional Director, West Bengal

Place: Kolkata.
Date: 24th March, 2021

SCHEDULE OF TENDER (SOT)

a. e-Tender no RBI/Kolkata/Estate/442/20-21/ET/683
b. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
c. Tender Value Rs. 42,32,800/-
d. Date of NIT available to parties to download (View Tender Time) on 24th March, 2021 from 4:00 PM onwards
e. Pre-Bid meeting Offline 02:00 PM, 30th March, 2021 at Estate Department, RBI Kolkata
f. i) Earnest Money Deposit Rs. 84,656/- (Rupees Eighty Four Thousands Six Hundred and Fifty Six only) in the form of NEFT
g. Last date of submission of EMD Till 03:00 PM on 13th April, 2021
h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at (Start Bid Date & Time) www.mstcecommerce.com/eprochome/rbi 11:00 AM on 01st April, 2021
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date & Time) 03:00 PM on 13th April, 2021
j. Date & Time of Opening of Part-I (i.e. Techno-Commercial Bid) 03:30 PM on 13th April, 2021
k. Date & Time of Opening of Part-II (i.e. Financial Bid) Will be intimated through System generated mail/message
l. Transaction Fee Charges for participation in e-procurement will be made to M/s MSTC Ltd. Through MSTC Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.
m. Tender Fees for download from portal Nil.

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Karnataka Bank appoints DS Ravindran as additional director

Banking & Finance

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Karnataka Bank Ltd appointed DS Ravindran as Additional Director (non-executive, independent) at its board meeting held on March 24. His appointment will be effective from April 1.

Ravindran (61) is an IFS officer (Indian Forest Service 1986 Batch) and the former Principal Secretary to the Karnataka government with over 34 years of experience in the areas of administration, civil service, research, financial planning, information technology, public policy planning and implementation process, renewable energy, etc. A postgraduate in agriculture, he has pursued a programme in Public Policy and Management at IIM-B. He holds a PhD in Forest Economics from the University of Wales.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, a press release said Ravindran brings rich experience in agriculture and rural economy, economics, finance, IT, business management, human resource management besides public policy, government financial systems, renewable energy, etc. The bank is optimistic that he will bring value addition with respect to the bank’s decisions by way of valuable inputs and guidance, Mahabaleshwara said.

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New RBI norms: Uni-State UCBs can convertto multi-State UCBs via amalgamation

Banking & Finance

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K Ram Kumar

A uni-State Urban Co-operative Bank (UCB) can metamorphose into a multi-State UCB through amalgamation with a uni-State bank registered in another State, going by the Reserve Bank of India’s guidelines on amalgamation of two or more UCBs.

Freedom from interference

What this means is that a UCB can get freedom from interference in their functioning by the State Registrar of Co-operative Societies (RCS) and come under the benign influence of the Central RCS via the aforementioned amalgamation route.

While a uni-State UCB is a bank registered as a Society in a single State, a multi-State UCB is registered with the Central RCS (CRCS) under the Multi-State Co-operative Societies Act.

Referring to the RBI’s Master Direction on ‘Amalgamation of Urban Cooperative Banks’, Co-operative Banking expert Krishna Damarla said: “Two well-managed uni-State UCBs from two States can get amalgamated into one multi-State UCB and get out of the clutches of State Registrars to come under more benign regulations (as applicable to multi-state co-operative societies) of CRCS.”

Damarla observed that uni-State UCBs in contiguous States such as Maharashtra and Gujarat, Maharashtra and Karnataka could explore amalgamation possibilities.

A State’s RCS exercises control and regulation of UCBs as co-operative societies. The RBI exercises control and regulation of UCBs on their function as a bank.

Through its auditors, RCS examines UCBs overdue debts; does valuation of assets and liabilities; ensures observance of the provisions of the State Co-operative Act, Rules and Byelaws; and award audit classification to the society, among others.

As per the ‘Amalgamation of Urban Cooperative Banks, Directions, 2020’, the RBI may consider proposals for merger and amalgamation among UCBs under three circumstances, including when the net worth of the amalgamated bank (the UCB which proposes to transfer its business to another UCB) is positive and the amalgamating bank (the UCB which is to acquire the business of the amalgamated bank) assures to protect entire deposits of all depositors of the amalgamated bank.

The second circumstance for considering proposals are when the net worth of amalgamated bank is negative, and the amalgamating bank on its own assures to protect deposits of all the depositors of the amalgamated bank.

The third circumstance is when the net worth of the amalgamated bank is negative, and the amalgamating bank assures to protect the deposits of the depositors of the amalgamated bank with the financial support from the State government extended upfront as part of the process of merger.

Among the incentives that the RBI is offering for consolidation among UCBs include not insisting on minimum entry point capital prescribed for multi-State UCBs in case the amalgamating UCB becomes a multi-State UCB, only on account of the amalgamated UCB being registered in a different State; and permission to the amalgamating UCB to close down the loss-making branches of the amalgamated UCB or merging branches of the amalgamated UCB with its own.

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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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Reserve Bank of India – Tenders

Tenders

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1. e-Tenders in two parts (part-I and II) are invited for “Annual Maintenance Contract of Carpentry work for Bank’s Quarters located at Alipore, Salt Lake, Dum Dum, Ultadanga and S.P Colony in Kolkata. The work is estimated to cost Rs.27,99,000/- and the Contract will be started from 10th day after the date of written order to commence work. It may be noted that validity of tender is three years (to be renewed every year based on satisfactory performance)

2. The e-tender forms will be issued only to the empaneled vendors enlisted under section-A, Trade-03, Category – III of List of empaneled vendors for the period 2021-24.

3. e-Tender documents will be available at MSTC website i.e., www.mstcecommerce.com on March 24, 2021 at 16:00 Hrs. This e-Tender needs to be mandatorily filled up / online submission through MSTC website i.e., www.mstcecommerce.com. Deadline for filing up and submitting the e-Tender is up to 15:00 Hrs. on April 13, 2021. Part I of the e-Tender will be opened on April 13, 2021 at 15:30 Hrs. Detailed guideline on the process to submit e-Tender by the vendors have been mentioned in the Schedule of Tender (SOT) and Important instruction for e-procurement. After scrutiny of part I of the e-Tender document along with supporting documents, if any of the contractors is not found to possess the required eligibility, their e-Tenders will not be accepted by the Bank for further processing.

4. Filled and signed Tender documents (i.e., Part-I only) in prescribed form shall be uploaded on MSTC website. Part-I of the e-Tender will contain the Bank’s standard technical and commercial conditions for the proposed work and Tenderers’ covering letter. However, an earnest money deposit (EMD) of Rs.55,980/- shall be paid through NEFT, details of NEFT: Beneficiary name: Reserve Bank of India, Kolkata; IFSC: RBIS0KLPA01 (Numeric Zero at 5th and 10th place from left) ; A/c no. 186003001. 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 estatekolkata@rbi.org.in before 15:00 Hrs. on April 13, 2021. Part-II (Price bid) shall be opened of the eligible tenderer on a subsequent date which will be intimated to the tenderers by a system generated mail / message.

5. The applicants / Tenderers have to be upload all annexure / documents mentioned in the tender through above cited website.

6. The Bank shall obtain reports on past performance of the tenderer from his clients and bankers. The Bank shall evaluate the said reports before opening of the Part – II of the tenders. If any tenderer is not found to possess the required eligibility for participating in the tendering process at any point of time and/or his performance reports received from his clients and/or his bankers are found unsatisfactory, the Bank reserves the right to reject his offer even after opening of Part – I of the tender and his EMD shall be returned back to him as it is. The Bank is not bound to assign any reason for doing so.

7. The Bank is not bound to accept the lowest e-tender and reserves the right to accept either in full or in part any e-Tender. The Bank also reserves the right to reject all the e-Tenders without assigning any reason therefore.

Regional Director, West Bengal

Place: Kolkata.
Date: 24 March, 2021

SCHEDULE OF TENDER (SOT)

a. e-Tender no RBI/Kolkata/Estate/446/20-21/ET/687
b. Mode Of Tender e-Procurement System
Online Part I – Techno-Commercial Bid and Part II – Price Bid through
(www.mstcecommerce.com/eprochome/rbi)
c. Tender Value Rs. 27.99 lakh
d. Date of NIT available to parties to download (View Tender Time) On March 24, 2021 from 04:00 PM onwards
e. Pre-Bid meeting Offline 11:00 AM on March 30, 2021 at Estate Department, RBI Kolkata
f. i) Earnest Money Deposit i) Rs.55,980/- (Rupees Fifty five thousand Nine hundred Eighty only) in the form of NEFT details of NEFT: Beneficiary name: Reserve Bank of India, Kolkata; IFSC: RBIS0KLPA01 (Numeric Zero at 5th and 10th place from left) ; A/c no. 186003001. 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 estatekolkata@rbi.org.in before 15:00 Hrs. on April 13, 2021. Please mention your company name in NEFT transaction remarks
g. Last date of submission of EMD Till 03:00 PM on April 13, 2021
h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at (Start Bid Date & Time)
www.mstcecommerce.com/eprochome/rbi		 11:00 AM on April 1, 2021
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date & Time) 03:00 PM on April 13, 2021
j. Date & Time of Opening of Part-I (i.e. Techno-Commercial Bid) 03:30 PM on April 13, 2021
k. Date & Time of Opening of Part-II (i.e. Financial Bid) Will be intimated through System generated mail/message
l. Transaction Fee Charges for participation in e-procurement will be made to M/s MSTC Ltd. Through MSTC Gateway/NEFT/RTGS in favor of MSTC Limited or as advised by M/s MSTC Ltd.
m. Tender Fees for download from portal Nil.

Important Note

This is a limited tender enquiry only those bidders/vendors who are empanelled as vendors with RBI for such works given below under the Section-A, Trade-03, category – III of list of empanelled vendors for the period 2021-24 are eligible to participate in this tender bidders are advised to check their eligibility for this tender before participating.

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From April 1, You Need To Make All Such Disclosures In ITR

Personal Finance

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Personal Finance

oi-Roshni Agarwal

|

Beginning April 1, if you have been trading in shares or have substantial dividend income then you no longer can hide this information from the tax department. This is because from the new financial year 2021-22, the taxmann will also get information pertaining to your share trading, transactions in mutual funds, dividend income and post office deposits or deposits with the NBFC. Further such information will also be shown in the new Form 26AS.

From April 1, You Need To Make All Such Disclosures In ITR

From April 1, You Need To Make All Such Disclosures In ITR

Until now, taxpayers had been hiding such information on share trading or mutual fund transactions either due to ignorance or to get away with the hassle of computing capital gain or loss on such transactions for the financial year or in order to avoid filing a more complicated return as against ITR 1 or simply to reduce their tax-outgo.

Now the IT department will source all the relevant information direct from your brokerage house, AMC, post office, so it will be difficult for assessees to hide such income source and investments.

What has changed in the Union Budget 2021?

In the Budget 2021 announcement finance minister Nirmala Sitharaman said that ITR forms will henceforth come pre-filled with information including capital gains from listed shares, dividend income, interest income from post office, banks etc. in order to simplify the process of ITR filing. Though till now, taxpayers were able to auto-populate basic details including name, address, PAN, bank details, tax payment, TDS etc.

Further, to implement the proposal, on March 12, 2021, the CBDT came up with the notification which said that a particular category of persons required to furnish SFT or statement of financial transaction under section 285BA of the Income Tax Act and should include information related to capital gains of sale of listed shares or mutual fund units, dividend income together with interest income. And the category of persons defined as per the release are recognised Stock Exchange such as BSE, NSE, depositories, clearing corporation, registrar, share transfer agents, companies distributing dividend, banking companies or a co-operative bank covered under the banking laws, Post Master General defined under the Indian Post Office Act, 1898 and NBFCs.

And so as the AIS or Annual information statement will have extensive data, taxpayer need to show all such details including salary, interest income, dividend, capital gains from mutual funds and shares in his or her ITR, else severe penalty consequences shall arise.

GoodReturns.in



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India vide directive DCBS.CO.BSD-I/D-16/12.22.474/2018-19 dated June 21, 2019 had placed the Shri Anand Co-operative Bank Limited, Pune Maharashtra under Directions from the close of business on June 25, 2019 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to March 24, 2021.

2. It is hereby notified for the information of the public that, the 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 June 24, 2021 as per the directive DOR.CO.AID No.D-65/12.22.474/2020-21 dated March 23, 2021, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated March 23, 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 the 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: 2020-2021/1292

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Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Amendment of 8 entries

Notifications

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RBI/2020-21/111
DOR.AML.BC.No.50/14.06.001/2020-21

March 24, 2021

The Chairpersons/CEOs of all the Regulated Entities

Madam/Dear Sir,

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List – Amendment of 8 entries

Please refer to Section 51 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on March 23, 2021, in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).”

2. In this regard, Ministry of External Affairs (MEA) has now forwarded the following Press Release issued by the United Nations Security Council (UNSC) Committee established pursuant to Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities regarding changes in the List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017), and adopted under Chapter VII of the Charter of the United Nations.

Note SC/14473 dated 23 March 2021 regarding amendment of 8 individuals in UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List viz. [QDi.253 Name: 1: KHALIFA 2: MUHAMMAD 3: TURKI 4: AL-SUBAIY, QDi.326 Name: 1: HAMID 2: HAMAD 3: HAMID 4: AL-‘ALI, QDi.334 Name: 1: ‘ABD AL-RAHMAN 2: BIN ‘UMAYR 3: AL-NU’AYMI 4: na, QDi.343 Name: 1: ASHRAF 2: MUHAMMAD 3: YUSUF 4: ‘UTHMAN ‘ABD AL-SALAM, QDi.344 Name: 1: IBRAHIM 2: ‘ISA HAJJI 3: MUHAMMAD 4: AL-BAKR, QDi.346 Name: 1: ‘ABD AL-MALIK 2: MUHAMMAD 3: YUSUF 4: ‘UTHMAN ‘ABD AL-SALAM, QDi.380 Name: 1: ABD AL-LATIF 2: BIN ABDALLAH 3: SALIH MUHAMMAD 4: AL-KAWARI and QDi.382 Name: 1: SA’D 2: BIN SA’D 3: MUHAMMAD SHARIYAN 4: AL-KA’BI]

The UNSC press release concerning amendments to the list is available at URL: https://www.un.org/securitycouncil/sanctions/1267/press-releases

3. Updated lists of individuals and entities linked to ISIL (Da’esh), Al-Qaida and Taliban are available at:

www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list

https://www.un.org/securitycouncil/sanctions/1988/materials

4. The details of the sanctions measures and exemptions are available at the following URL: https://www.un.org/securitycouncil/sanctions/1267#further_information

5. As per the instructions from the Ministry of Home Affairs (MHA), any request for delisting received by any Regulated Entity (RE) is to be forwarded electronically to Joint Secretary (CTCR), MHA for consideration. Individuals, groups, undertakings or entities seeking to be removed from the Security Council’s ISIL (Da’esh) and Al-Qaida Sanctions List can submit their request for delisting to an independent and impartial Ombudsperson who has been appointed by the United Nations Secretary-General. More details are available at the following URL: https://www.un.org/securitycouncil/ombudsperson/application

6. In view of the above, REs are advised to take note of the aforementioned UNSC communication and ensure meticulous compliance.

Yours faithfully,

(Vivek Srivastava)
General Manager

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How NPS Tier-1 Accounts Has Outperformed Corporate Debt Funds?

Personal Finance

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Investment

oi-Vipul Das

|

Over the last three years, HDFC Pension Fund Scheme has been the top performer among National Pension System (NPS) funds in the corporate debt funds category. HDFC Pension Fund Scheme is a pension fund managed by HDFC. Over the last three years, it has delivered an annual return of 10.09 percent, outperformed other high-rated Debt Corporate Bonds. According to NPS trust, other pension fund managers’ Schemes C (corporate debt) performed well as well, with high returns up to 10.09 percent over the same period. They outperformed their corporate bond mutual fund peers, which returned 8.68 percent on average.

HDFC Pension Fund Scheme was followed by SBI Pension Funds with a three-year return of 9.92 percent, and LIC Pension Fund, with a return of 9.86 percent, came in second and third, respectively. The least outstanding scheme in this category was Kotak Pension Fund, which has a three-year yield of 8.46 percent. Some pension funds has even outperformed corporate bond mutual funds with an average return of 8.45 percent in the five-year return category. Over a five-year period, HDFC Pension Fund’s Scheme C has the highest annual return of 9.60 percent. ICICI Prudential Pension Fund and SBI Pension Fund came in second and third, respectively, with 9.44 percent and 9.44 percent returns. Even the worst-performing fund, Kotak Pension Fund, with an 8.64 percent return is failed to touch the benchmark’s performance over the five years which is 9.69%.

NPS Scheme C Tier-1 Returns

NPS Scheme C Tier-1 Returns

Pension Fund 3 Year Returns 5 Year Returns
Aditya Birla Sun Life Pension Management Ltd. 9.57% NA
HDFC Pension Management Co. Ltd. 10.09% 9.60%
ICICI Pru. Pension Fund Mgmt Co. Ltd. 9.67% 9.44%
Kotak Mahindra Pension Fund Ltd. 8.46% 8.64%
LIC Pension Fund Ltd. 9.86% 9.20%
SBI Pension Funds Pvt. Ltd 9.92% 9.44%
UTI Retirement Solutions Ltd. 9.26% 8.97%
Benchmark Return as on 19/03/2021 10.60% 9.69%
Source: NPS Trust

Corporate Debt Fund Returns

Corporate Debt Fund Returns

Fund Name 3 Year Returns 5 Year Returns
ABSL Corporate Bond 9.11% 8.74%
HDFC Corporate Bond 9.06% 8.77%
ICICI Pru Corporate Bond 8.78% 8.55%
Kotak Corporate Bond 8.60% 8.44%
Axis Corporate Debt Dir 8.76% –
IDFC Corporate Bond Dir 8.51% 8.46%
Source: Value Research

Note

Note

One can open a NPS Tier-1 account with a minimum deposit of Rs 1000 per year and the account matures at 60 years old, although it can be extended to 70 years of age. NPS Tier 1 contributions up to Rs 1.5 lakh are eligible for a tax deduction under Section 80 C and an additional Rs 50,000 under Section 80 CCD (1B) of the Income Tax Act, 1961. The NPS Tier 1 account balance can be withdrawn tax-free up to 60% of the balance and the remaining 40% should be used to buy an annuity.



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Ind-Ra, BFSI News, ET BFSI

Banking & Finance

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The Government’s plan to privatise two public lenders could lead to a material negative migration of long-term issuer ratings, as well as ratings on Tier-II instruments of the banks, specifically amongst the weaker non-consolidated ones, said India Ratings (Ind-Ra). The ratings agency said the government’s outline of privatising, rather than divesting, could translate to ceding both the majority shareholding as well as control over the banks – which have not been formally identified yet.

“The agency believes ceding of control should make the proposal attractive for potential investors and may make it more viable to attract a large quantum of capital that this exercise may require,” said Ind-Ra in its assessment.

The ratings agency said it had a long-term issuer rating floor of IND AA, for government majority owned banks, which factored along timely government intervention and thus, minimal default probability. Hybrid instruments, such as AT-1 instruments, were rated on their standalone profiles – which factored in ordinary support from the government, largely due to the terms of Hybrid instruments which could prevent government support. “Ind-Ra’s rating of AT1 instruments for weaker government banks could be multiple notches below the long-term issuer rating, factoring the inherent weakness of the institutions along with discretionary nature of the security which could impact its ability to service the instrument,” noted the agency.

Ind-Ra, citing the example of IDBI Bank, the only lender the government has thus far ceded majority control in, said it would as per its criteria place the ratings on a rating watch, and accordingly take rating calls based on the ‘final contours’ of the transaction.



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