March 2021 – Page 34 – IFSCCodeof.in

Reserve Bank of India – Press Releases

March 22, 2021 root Press Releases

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The Reserve Bank of India (RBI) has, by an order dated March 22, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Fedbank Financial Services Limited, Mumbai (the company) for non-compliance with certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in “Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934 (the Act).

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

Background

The statutory inspection of the company with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the aforesaid directions issued by RBI. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for failure to comply with the directions issued by RBI. After considering the company’s reply to the notice and oral submissions made during the personal hearing RBI came to the conclusion that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)
Chief General Manager

Press Release: 2020-2021/1280

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Moody’s affirms IndusInd Bank’s ratings, revises outlook to ‘stable’

March 22, 2021 root Banking & Finance

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Our Bureau

Mumbai, March 22

Moody’s Investor Service has affirmed the long-term local and foreign currency deposit ratings of IndusInd Bank at ‘Ba1’ and has revised its outlook to ‘stable’ from ‘negative’.

“Moody’s has also affirmed its baseline credit assessment (BCA) and adjusted BCA at Ba2,” it said in a statement on Monday.

Strong capital

The agency said the affirmation of the BCA and the deposit ratings takes into consideration the bank’s strong capital and core profitability, as well as a relatively modest funding.

“The change in outlook to stable from negative is driven by improvement in its funding and capital, and marginal asset quality deterioration because of the economic disruptions from the pandemic,” it further said.

The BCA and ratings of the private sector lender could be upgraded if there is a significant improvement in its funding, such that the share of sticky retail deposits in its funding and depositor concentration becomes comparable to that of other large-rated private sector banks in India, and credit costs normalise to pre-pandemic levels, said Moody’s.

It, however, warned that the bank’s BCA and ratings could be downgraded if there is a deterioration in its funding or asset quality, such that either NPL ratio or credit costs increase significantly from the current levels.

For the quarter ended December 31, 2020, IndusInd Bank reported a 34 per cent drop in its standalone net profit of ₹852.76 crore from ₹1,300.20 a year ago.

Moody’s, however, noted that despite the economic disruption, the asset quality deterioration was moderate. Gross and net non-performing loan (NPL) ratios, after including those benefiting from the Supreme Court order on loan classification, stood at 2.93 per cent and 0.22 per cent, respectively, as of the December-end 2020, compared to 2.18 per cent and 1.05 per cent, a year earlier.

IndusInd Bank also raised capital, resulting in a significant increase in the core equity tier 1 ratio to around 15 per cent from 12.1 per cent at the end of 2019, it further said.

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Reserve Bank of India – Tenders

March 22, 2021 root Tenders

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Reserve Bank of India, Kanpur (the Bank) intends to prepare a panel of suppliers/stockists /Chemists (hereinafter referred to as Chemists) for supply of medicines to two of its dispensaries located at Bank Premises and Kidwai Nagar Staff Quarters, Kanpur. The panel is expected to remain operational for a period from July 01, 2021 to March 31, 2024 subject to satisfactory performance.

The Bank invites applications from such chemists who are interested in inclusion in the panel. Chemists, who fulfil the eligibility criteria and agree to the terms and conditions mentioned in the request for empanelment document, should apply in the prescribed form to the Regional Director, Reserve Bank of India, Mall Road, Kanpur. Last date of receipt of application is April 20, 2021 up to 03:00 pm. The Bank reserves the right to accept any application or reject any or all of the applications received without assigning any reasons.

Detailed terms and conditions and the request for Empanelment document can be obtained from 2nd floor, Establishment Section, RBI, Kanpur from the date of advertisement and up to April 19, 2021 on any working day from 10:00 am to 05:00 pm or the same can be downloaded from Tender section of Reserve Bank’s website www.rbi.org.in.

Regional Director

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FM Nirmala Sitharaman introduces DFI Bill in Lok Sabha

March 22, 2021 root Banking & Finance

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Finance Minister Nirmala Sitharaman on Monday introduced a Bill to set up a dedicated institution in the Government as well in the private sector to provide finance for the infrastructure sector.

The institution to be set up by the Government will be called National Bank for Financing Infrastructure and Development. The Government has already committed ₹20,000 crore as equity capital and ₹5,000 crore as grant for the institution

“Its aim is to address market failures that stem from the long-term, low margin and risky nature of infrastructure financing. The Institution shall be wholly owned by the Central Government to begin with in order to foster confidence on its stability and sustainability and to raise resources at competitive rates,” the statement of objects and reasons for the Bill said.

How to make the DFI model work

Key objectives

The Government will provide the Institution with grants and contributions, guarantees at concessional rates for foreign borrowings and any other concessions. “Dilution or sale of stake may be considered once the Institution has achieved stability and scale in its business operations, but the Government would at all times hold 26 per cent of the paid-up voting equity share capital of the Institution,” the Bill stated.

Key objectives of the Bill include enabling the Central government, multilateral institutions, sovereign wealth funds, and such other institutions to hold equity in the Institution. It will enable the Institution to provide financial assistance to infrastructure projects located in India, or partly in India and partly outside India. It will provide adequate safeguards for decision making to address risk aversion.

To fund infra, Cabinet clears DFI Bill with ₹20,000-crore initial govt equity

Another objective is “to make provision for the establishment of other development finance institution, in addition to the Institution established under the proposed legislation.”

The Bill provides that the Central government may support the Institution through grants or contribution, as and when necessary, in the form of cash or marketable Government securities.

It provides for the protection of action taken in good faith by the institution or its Chairperson or other directors, employees or officers. It prescribes that no investigation agency will conduct any enquiry or investigation into any offence alleged to have been committed under any law, “in relation to any recommendation made or decision taken by the Chairperson or other directors, employees or officers of the Institution in discharge of his official functions or duties, without the previous approval of the competent authority specified therein.”

‘Will enhance lending’

Commenting on the Bill, Siddharth Srivastava, Partner with Khaitan & Co, said that it will definitely fill the existing gaps in long-term infrastructure financing, enhance lending in infrastructure sector and boost economic growth. Indian DFCs will also give the much-needed acceleration to infrastructure sector with lower cost of funding and lending arrangements with considerably longer tenure compared to commercial banks in general. That said, “in order to ensure success of DFIs in India, transparent management and strict adherence to legal and policy prescriptions is a must since public money is involved,” he said.

Highlights

* Government owned Development Finance Institution

* Authorised share capital of ₹1 lakh crore

* Shareholders to include Centre, multilateral institutions, sovereign wealth funds, pension funds, insurers, financial institutions, banks, etc

* Board of Directors to have Chairperson, a Managing Director, not more than three Deputy Managing Directors, two directors (to be nominated by the Central government), three directors (to be elected by shareholders) and three independent directors

* Chairman, MD, DMD, Directors (not including those nominated by the Centre) to have term of five years with an option of reappointment of five more years

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Be Ready For The Penalty If You Don’t Perform These Tasks Before March 31

March 22, 2021 root Personal Finance

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Minimum contribution towards PPF

In order to keep the account active every financial year, you must make a minimum investment of Rs500 in your PPF (Public Provident Fund) account. Your account will become dormant if you fail to make the minimum contribution. After you incur the penalty and deposit the minimum deposit amount, the account will become active.

Minimum contribution towards NPS

In the NPS (National Pension System) Tier 1 account, a minimum contribution of Rs 500 is required and towards NPS Tier 2 account the minimum contribution limit is capped at Rs 250. If the minimum contribution is not made, the account becomes dormant. And to reactivate your account you must contribute the minimum required amount. To reactivate an account, the subscriber must visit a point of presence (POP) and deposit the required amount, or contribute via the eNPS portal.

Minimum contribution towards post office RD account

For accounts opened between the first and the fifteenth day of the month, the monthly contribution must be deposited by the fifteenth day of the month, while accounts opened on the sixteenth day and later must deposit the amount only before the end of the month. It becomes default if the amount is not credited in any month. In the event of default, Rs100 must be deposited for each month of default, with a maximum of four defaults permitted. So, if you haven’t yet deposited your RD monthly contribution for the month of March, you have only 9 days left in your hand.

Belated IT Return

If you haven’t already done so, the deadline for filing your income tax return for FY20 is March 31. If you wait until March 31, 2021 to submit your ITR, you will have to pay a penalty of Rs 10,000. The tax department would impose a minimum penalty equal to 50% of the tax that would have been prevented if you had filed your ITR, as well as the responsibility to pay interest until you finally file your ITR after getting warnings from the tax authority.

Vivad se Vishwas scheme

The deadline for filing a declaration under the scheme is March 31. In relation to the subjects covered in the declaration, the taxpayer is given exemption from interest, penalty, and the institution of any proceeding for indictment under the Income Tax Act. If you don’t take advantage of the option you may get a warning from the tax department and pay penalties too for the same.

PAN and Aadhaar Linking

If you don’t link your Permanent Account Number (PAN card) to your Aadhaar card by April 1, it will become obsolete. The central government had previously extended the link between PAN and Aadhaar. Unless the government extends the deadline again, the deadline to link the documents is March 31, 2021. Upon the timeline, all PAN cards that are not linked to Aadhaar will be considered “inoperative”. If your PAN is not linked to your Aadhaar, you will be unable to conduct any financial tasks. If you fail to link the two documents by the timeframe, your PAN becomes inactive, and it is deemed that you have not provided your PAN as legally required, you may be subject to a penalty of Rs 10,000 under Section 272B of the Income Tax Act.

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True Balance raises $10 million in debt funding for its NBFC True Credits

March 22, 2021 root Banking & Finance

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Fintech app True Balance on Monday announced that it has raised $10 million in debt funding from a group of investors.

“The investment has come from Northern Arc, and other investors from India and Korea for its lending arm -True Credits (NBFC) to support the company’s growth,” it said in a statement.

The debt fund investment will largely help the NBFC subsidiary company achieve breakeven for its business and deliver profitability by the third quarter of the fiscal year 2021, it further said.

Eyes more funding

Vishal Bhatia, Chief Financial Officer, True Balance, said the company is expecting additional funding of $40 million this fiscal.

“As we raise funds, our efforts in stepping closer towards meeting the goal of being a successful organised lender, gets real,” he said.

The Seoul and Gurugram-headquartered fintech has disbursed loans over $30 million this fiscal to the underbanked through its licensed NBFC subsidiary True Credits Private Limited.

“The entity had previously raised series D funding of $28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors towards the end of last year,” it further said.

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Benchmark indices end flat with Nifty and Sensex in red, financials underperformed, BFSI News, ET BFSI

March 22, 2021 root Personal Finance

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Benchmark indices ended flat with negative bias on March 22 after last hour buying erased all the intraday losses. At close, the Sensex was down 0.17% at 49,771.29, and the Nifty was down 0.05% at 14, 736.40.

IndusInd Bank, ICICI Bank and HDFC Bank were among major losers on the Nifty. Among sectors, Nifty IT, Metal, pharma and FMCG indices added 1% each, while Nifty Bank and PSU Bank index shed a % each. BSE Midcap and Smallcap indices rose 0.7-1%.

The Nifty Bank Index ended negative at 33,605 down by -1.63%. Amongst the top losers were- Induslnd Bank at Rs 968 down by -4.32% followed by ICICI Bank at Rs 573 ending below -2.25%, HDFC Bank at Rs 1,469 (-1.89%), Axis Bank at Rs 716 (-1.38%), SBI at Rs 367 (-1.12%), Kotak Mahindra Bank at Rs 1,882 (-0.63%).

Nifty Financial Services ended below 15,802 down by -1.15%. Amongst the biggest losers were Power Finance at Rs 121 down by -1.66% followed by Bajaj Finance at Rs 5,389(-1.12%), Indiabulls Hsg at Rs 213 (-0.93%), Bajaj Finserv at Rs 9,405 (-0.37%). While all the major indices traded in the red, Chola invest. and HDFC managed to end things on a positive note.

Other key takeaways

FPI inflows into equities at record high since FY13: RBI report
Foreign portfolio investors have pumped in a record USD 36 billion into equities so far this fiscal up to March 10, which is the highest since FY13, shows the latest data from the Reserve Bank. On the other hand, net foreign direct investment inflows jumped to USD 44 billion, till end January, up from USD 36.3 billion a year ago, driven by the massive inflows in November and December, with the last month of the year getting a record USD 6.3 billion.

Utkarsh SFB concludes private placement of Rs 240.47 crore
Utkarsh Small Finance Bank Ltd. has concluded private placement of Rs 240.47 crore to 6 Investors. Bank may undertake a pre-IPO placement of up to Rs 250 crores in consultation with the lead managers to the offer. Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placement round.

The lender’s initial offer comprises a fresh issue of up to ₹750 crore and an offer for sale by Utkarsh Coreinvest Ltd, aggregating up to ₹600 crore. ICICI Securities, IIFL Securities and Kotak Investment Banking will manage the share sale.

Global fund managers warn of stock market correction if yields surge to 2%
Bond yields have been inching higher in the last few weeks, rebounding strongly from 0.5% in the middle of last year. If yields continue to push higher and breach the 2% barrier, a 10% stock market correction could be in the offing, according to a survey of global fund managers conducted by Bank of America. Adding to this, the survey highlighted that fund managers believe that if yields touch 2.5%, bonds are likely to become more attractive than stocks.

Gold Updates
Gold prices traded steady with COMEX spot gold prices were trading near $1731 per ounce on Monday. Gold April future contract at MCX were trading over half a percent down at Rs. 44730 per 10 grams by noon.

Gold prices are expected to trade sideways to down for the day with COMEX spot gold support lying at $1710 and resistance at $1740. MCX Gold April support lies at Rs. 44500 and resistance lies at Rs. 44900.

Rupee Updates
Indian rupee ended higher by 14 paise at 72.37 per dollar, amid selling saw in the domestic equity market. It opened marginally higher at 72.48 per dollar against Friday’s close of 72.51 and traded in the range of 72.33-72.51.

The range between 72.30-72.70 is expected to continue, as the markets broadly are in a weak direction for the USDINR pair. In any scenario of serious lockdown there might be chances of USDINR appreciation but till then it’s an advantage bulls for rupee.

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Reserve Bank of India – Tenders

March 22, 2021 root Tenders

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1. Reserve Bank of India invites competitive e-tenders/ e-bids for Reserve Bank of India invites competitive e-tenders/ e-bids for Design, Supply, Installation, Testing & Commissioning (DSITC) of Server Gateway Architecture based IP PABX system at Bank’s office building, Bandra Kurla Complex in Mumbai from eligible bidders as per the specified pre-qualification criteria. The work is estimated to cost of ₹30 Lakhs and the contract duration shall be 10 weeks from the 14th day of work order

2. The Earnest Money Deposit (EMD) shall be submitted in the form of Demand Draft or NEFT. The Demand Draft shall be submitted in sealed cover addressed by name to Shri Ajay Michyari, Regional Director, Reserve Bank of India, Bandra Kurla Complex, Mumbai – 400051 so as to reach Estate Office, Bandra Kurla Complex, Reserve Bank of India, Mumbai- 400051 up to 2.00 PM on May 6, 2021 superscribed as “EMD for Design, Supply, Installation, Testing & Commissioning (DSITC) of Server Gateway Architecture based IP PABX system at Bank’s office building, Bandra Kurla Complex in Mumbai. Online tenders will be available for viewing /downloading by all firms till 02:00 PM on May 6, 2021.

3. All the Pre-Qualification papers shall be submitted by hard copy or e-mail on or before April 12, 2021. The same shall be examined by the Bank and the eligible participants shall be intimated accordingly.

4. The firms which do not comply with the following pre-qualification criteria and/or do not submit EMD will not be considered for opening of their tender Part-II (Price Bid):

a) The intending bidder must have minimum 5 years of experience in carrying out similar nature of works viz. Design, Supply, Installation, Testing & Commissioning (DSITC) of Server Gateway Architecture based IP PABX system.

b) The intending bidder must have executed successfully “Design, Supply, Installation, Testing & Commissioning (DSITC) of Server Gateway Architecture based IP PABX system, during last five years ending on December 31, 2020 as under:

(i) Three works each costing not less than the amount equal to 40% of the estimated cost

(ii) Two works each costing not less than the amount equal to 50% of the estimated cost

(iii) One work costing not less than the amount equal to 80% of the estimated cost.

c) Minimum yearly turnover of 100% of the estimated cost during last 3 financial years ending March 31, 2020, supported by audited financial statements.

d) Should furnish solvency certificate issued by applicant’s Banker for the estimated cost of work.

5. In addition to above, intending bidders shall also submit following details and supporting documents along with PQ papers for Bank’s examination:

(a)	Composition of the firm	Full particulars (whether contractor is an individual, or a partnership firm, or a company etc.,) of the composition of the firm of contractors in details should be submitted along with name(s) and address (es), of the partner’s copy of the Articles of Association / Power of Attorney / such relevant document.
(b)	Work experience & Completion of similar works of specified value during the specified period	Copies of the detailed work orders indicating date of award, value of awarded work, time given for completing the work etc and the corresponding completion certificates indicating actual date of completion and actual value of executed similar works should be enclosed in proof of the work experience. The details along with documentary evidence of previous experience, if any, of carrying out works for the Reserve Bank of India at any Centre, should also be given.
(c)	Turnover	Audited financial statements for last three financial years i.e. 2017-18, 2018-19 and 2019-20 along with a certificate of Chartered Accountant indicating the turnover for these financial years.
(d)	Credit worthiness of the contractor and their turnover during the specified period	Copies of the Income Tax Clearance Certificates/Income Tax Assessment Orders along with the latest final accounts of the business of the contractor duly certified by a Chartered Accountant should be enclosed in proof of their creditworthiness and turnover for last three years.
(e)	Name(s) and address(es) of the Bankers and their present contact executives	Written Information about the names and addresses of their bankers along with full details, like names, postal addresses, e-mail IDs, telephone (landline and mobile) nos., fax nos., etc. of the contact executives (i.e. the persons who can be contacted at the office of their bankers by the Bank, in case it is so needed) should be furnished.
(f)	Details of bank accounts	Full particulars of their bank accounts, like account no. type, when opened etc., should be given.
(g)	Name(s) and address(es) of the Clients and their present contact executives	Written information about the names and addresses of their clients along with full details, like names, postal addresses, e-mail IDs, telephone (landline and mobile) nos., fax nos. etc., of the contact executives (i.e. the persons who can be contacted at the office of their clients by the Bank in case it is so needed) should be furnished.
(h)	Details of completed works (Annex 8)	The client-wise names of work(s), year(s) of execution of work (s), awarded and actual cost (s) of executed work (s), completion time stipulated in the contract (s) and actual time taken to complete the work (s), Name(s) and full contact-details of the officers/authorities/departments under whom the work(s) was/were executed should be furnished.
(i)	Service setup	Certificate from the manufactures/any other valid document in support of having a full fledged service set-up at the desired place should be enclosed
(j)	Details of registration and copies of registration certificate/ documents for	PAN GST Office of Labour Commissioner, if applicable

6. In the event of intending bidder’s failure to satisfy the Bank; the Bank reserves the right to not allow him to participate in tendering process.

7. A pre-bid meeting (off-line mode) of the intending bidders will be held on April 26, 2021 at 11.00 AM at Estate Office, BKC, Reserve Bank of India, Mumbai. The duly filled in tender documents shall be uploaded on MSTC site till 2.00 PM on May 06, 2021. No further clarifications/queries will be entertained after the pre-bid meeting.

8. (a) Tender forms can be downloaded for viewing from the website www.mstcecommerce.com w.e.f. March 22, 2021 from 11 AM.

(b) EMD of ₹ 60,000/- (Rupees Sixty Thousand only) in the form of NEFT or DD issued by a scheduled Bank should be submitted on or before 2.00PM on May 06, 2021

After examination, if any of the bidder is not found to possess the required eligibility, their tenders will not be accepted by the Bank for further processing.

9. Part I of the tenders will be opened on-line at 3.30 PM on May 06, 2021 in the presence of the authorized representative of the bidders who choose to be present. Part-II (Price bid) shall be opened of the eligible bidders on a subsequent date which will be intimated to the eligible bidders in advance.

10. The applicants/tenderers have to upload

Client’s certificate as per format given in the tender from their clients for whom they have carried out “eligible works” in terms of the eligibility (Pre-qualification) criteria explained in this notice.
Banker’s certificate as per format given in the tender from their banker/bankers.

The client’s certificate shall be accepted only when the same is signed by an official of the rank of Executive engineer/Superintendent Engineer or equivalent in respect of a Government/Semi Government organization or a PSU and only when they are supported by adequate proof of payment received by the contractor for the work done by him. The client’s certificate issued by the private organizations shall also accompany Tax Deducted at Source (TDS) certificates. Applications/tenders uploaded without the above certificates may be rejected. The Bank shall have the right to independently verify these certificates.

The Bank shall evaluate the said reports before processing the tenders and opening of price bid of the tenders. If any bidder 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. The Bank is not bound to assign any reason for doing so.

11. Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above.

12. 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 there for.

Regional Director

Mumbai:
Date :

Schedule of Tender (SOT)

Name of Work:	Design, Supply, Installation, Testing & Commissioning (DSITC) of Server Gateway Architecture based IP PABX system at Bank’s office building, Bandra Kurla Complex in Mumbai
a. E-Tender NO	RBI/Mumbai/Estate/422/20-21/ET/659
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. Estimated cost of work	₹ 30 Lakhs (Rupees Thirty lakhs only)
d. Date of NIT available to parties to download (View Tender Time)	March 22, 2021 from 11:00 AM onwards
e. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid (Start Bid Date and Time) www.mstcecommerce.com/eprochome/rbi	March 22, 2021 from 11:00 AM onwards
f. last date of submission pf Pre-qualification documents	April 12, 2021
g. Schedule of Off line pre-bid meeting of eligible bidders only.	April 26, 2021
h. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date and Time)	May 6, 2021 till 2.00 PM
i. Date & time of opening of Part-I (i.e. Techno-Commercial Bid)	May 6, 2021 from 3.30 PM onwards
j. Date and Time of Opening of Part II (Price Bid)	Shall be intimated to the eligible bidders subsequently
k Earnest Money Deposit (EMD)	₹ 60,000/- (Rupees Sixty Thousand only) by NEFT or in the form of DD on or before 2:00 PM on May 6, 2021 The DD shall be submitted in sealed cover addressed by name to Shri Ajay Michyari, Regional Director, Bandra Kurla Complex, Reserve Bank of India, Mumbai -400051 so as to reach Estate Office, BKC, Reserve Bank of India, Mumbai- 400051 NEFT Details A/c No – 04861436223 IFSC CODE – RBIS0MBPA04
l. Last date of submission of EMD	May 6, 2021 till 2.00 PM
m. Transaction Fees (To be paid in consultation with MSTC preferably one day prior to the final date of submission)	Rs.1500 /- plus GST @18% To be paid through MSTC payment Gateway/ NEFT/RTGS in favour Of MSTC Ltd.

Regional Director

Mumbai :
Date :

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Dvara KGFS raises €8 million via ECB

March 22, 2021 root Banking & Finance

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Dvara KGFS, a Chennai-based non-banking finance company, on Monday announced that it had raised €8 Million from leading European social impact funds, Invest In Visions, Germany (IIV) and Darlehenskasse Muenster, Luxembourg (DKM) in the form of external commercial borrowings (ECBs).

The company intends to deploy the ECB proceeds for their onward lending program targeted to support their microfinance and small business customers in more than 9,000 deep rural villages with little or no access to formal means of credit.

“This helps us to diversify our fundraising effort to Foreign Institutional investors (FII) and DFIs. There are a variety of small businesses that we fund in rural India which include retail shops, small dairies, agri entrepreneurs and this would help customers to restart their businesses, post covid,” Joby C O, Chief Executive Officer, Dvara KGFS said in a statement.

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Reserve Bank of India – Press Releases

March 22, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	0.00	–	–
I. Call Money	0.00	–	–
II. Triparty Repo	0.00	–	–
III. Market Repo	0.00	–	–
IV. Repo in Corporate Bond	0.00	–	–
B. Term Segment
I. Notice Money**	0.00	–	–
II. Term Money^@@	0.00	–	–
III. Triparty Repo	0.00	–	–
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate
(i) Repo
(ii) Reverse Repo	Sun, 21/03/2021	1	Mon, 22/03/2021	5,567.00	3.35
2. Variable Rate^&
(I) Main Operation
(a) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	–	–	–	–	–
3. MSF	Sun, 21/03/2021	1	Mon, 22/03/2021	1,850.00	4.25
4. Long-Term Repo Operations	–		–		–
5. Targeted Long Term Repo Operations	–	–	–	–	–
6. Targeted Long Term Repo Operations 2.0	–	–	–	–	–
7. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-3,717.00
II. Outstanding Operations
1. Fixed Rate
(i) Repo
(ii) Reverse Repo	Sat, 20/03/2021	2	Mon, 22/03/2021	63,812.00	3.35
	Fri, 19/03/2021	3	Mon, 22/03/2021	3,02,050.00	3.35
2. Variable Rate^&
(I) Main Operation
(a) Reverse Repo	Fri, 12/03/2021	14	Fri, 26/03/2021	2,00,007.00	3.51
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF	Sat, 20/03/2021	2	Mon, 22/03/2021	177.00	4.25
	Fri, 19/03/2021	3	Mon, 22/03/2021	6.00	4.25
4. Long-Term Repo Operations^#	Mon, 17/02/2020	1095	Thu, 16/02/2023	499.00	5.15
	Mon, 02/03/2020	1094	Wed, 01/03/2023	253.00	5.15
	Mon, 09/03/2020	1093	Tue, 07/03/2023	484.00	5.15
	Wed, 18/03/2020	1094	Fri, 17/03/2023	294.00	5.15
5. Targeted Long Term Repo Operations^	Fri, 27/03/2020	1092	Fri, 24/03/2023	12,236.00	4.40
	Fri, 03/04/2020	1095	Mon, 03/04/2023	16,925.00	4.40
	Thu, 09/04/2020	1093	Fri, 07/04/2023	18,042.00	4.40
	Fri, 17/04/2020	1091	Thu, 13/04/2023	20,399.00	4.40
6. Targeted Long Term Repo Operations 2.0^	Thu, 23/04/2020	1093	Fri, 21/04/2023	7,950.00	4.40
D. Standing Liquidity Facility (SLF) Availed from RBI^$				32,657.06
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-4,55,946.94
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-4,59,663.94
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		21/03/2021		4,44,143.34
(ii) Average daily cash reserve requirement for the fortnight ending		26/03/2021		4,55,339.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		19/03/2021		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		26/02/2021		8,64,316.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad Director
Press Release : 2020-2021/1279

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