Month: March 2021

Reserve Bank of India – Press Releases

Press Releases

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In August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover Unified Payments Interface (UPI) transactions as well.

The requirement of Additional Factor of Authentication (AFA) has made digital payments in India safe and secure. In the interest of customer convenience and safety in use of recurring online payments, the framework mandated use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000), as well as pre-transaction notification, facility to withdraw the mandate, etc. The primary objective of the framework was to protect customers from fraudulent transactions and enhance customer convenience. Based on a request from Indian Banks’ Association (IBA) for an extension of time till March 31, 2021, to enable the banks to complete the migration, Reserve Bank had advised the stakeholders in December 2020 to migrate to the framework by March 31, 2021. Thus, adequate time was given to the stakeholders to comply with the framework.

It is, however, noted that the framework has not been fully implemented even after the extended timeline. This non-compliance is noted with serious concern and will be dealt with separately. The delay in implementation by some stakeholders has given rise to a situation of possible large-scale customer inconvenience and default. To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till September 30, 2021. Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action. A circular advising the above is being issued by the Reserve Bank today.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1326

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Srei Equipment Finance sets up panel to raise fresh capital

Banking & Finance

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Srei Equipment Finance Ltd (SEFL), a wholly-owned subsidiary of Srei Infrastructure Finance Ltd, on Wednesday said that it had received interest from international investors for proposed capital infusion.

The company, which has been facing cash flows issues in the wake of the Covid-19 pandemic-driven economic stress, has constituted a Strategic Coordination Committee (SCC), comprising independent directors to coordinate, negotiate and conclude discussions with potential strategic investors.

“The board of SEFL at its meeting held on Tuesday, constituted a Strategic Coordination Committee (“SCC”), comprising of independent directors. The SCC will coordinate, negotiate and conclude discussions with potential strategic and/or private equity investors, to raise fresh capital for the business in consultation with the management,” the company said in a press statement.

The company said it had received an “expression of interest from international investors” for the proposed capital infusion.

“The proposed capital infusion is expected to strengthen SEFL’s capital base and help the company emerge out of pandemic induced stress in Indian financial services space,” the release said.

The SCC would be chaired by Malay Mukherjee, an independent director and the other committee members, including Suresh Kumar Jain, Dr. (Mrs.) Tamali Sen Gupta, Uma Shankar Paliwal and Shyamalendu Chatterjee with invitees having relevant domain knowledge.

The committee will take forward the expression of interest received from international investors and initiate discussions with other potential suitors who have been in touch with the company over the last year in consultation with the management. The committee will be assisted by advisors and investment bankers who will be working closely with the members.

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Northern Arc Capital partners CDC Group to create first pooled bond issuance

Banking & Finance

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The CDC Group, an UK-based development finance institution (DFI) and impact investor, has partnered with Chennai-based NBFC Northern Arc Capital to create its first-ever pooled bond issuance (PBI) transaction in India. The PBI worth ₹320 crore will provide systemic liquidity to six Indian microfinance institutions (MFIs).

In a press release, the debt financing platform Northern Arc Capital said, the investment is expected to support MFIs in providing over 630,000 new micro-loans to low-income households, primarily female and rural borrowers, increasing their access to finance and enabling them to manage cash flow and maintain or grow their businesses.

“Northern Arc’s forte has been to introduce impact sectors to investors through its innovative products and structures. CDC’s first investment in a Pooled Bond Issuance in the microfinance sector in India is testament to this,” Kshama Fernandes, CEO, Northern Arc Capital, was quoted in the statement.

Annapurna Finance, Arohan Financial Services, ASA International, Asirvad Microfinance Limited, Chaitanya India and Fusion Microfinance are the six MFIs which will get liquidity under the PBI structure.

“This exciting partnership with Northern Arc marks CDC’s first Pooled Bond Issuance in India and comes at a time when systemic liquidity is critically needed to mitigate the impact of Covid-19 on vulnerable population in India,” Srini Nagarajan, MD and Head of Asia at CDC, said in the statement.

“We are pleased that our investment will facilitate access for small businesses and will especially ensure that more women in India have improved access to finance, helping to uplift their livelihoods, households and communities,” he added.

The PBI product, developed by Northern Arc, pools together for one investor a set of debentures issued by diverse entities. These debentures are partially guaranteed by the Northern Arc.

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MPC meet dates announced – The Hindu BusinessLine

Banking & Finance

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The Reserve Bank of India (RBI) on Wednesday announced the bi-monthly meeting schedule of the six-member rate-setting monetary policy committee (MPC) for FY2022.

Also read: Jarring signals on economy as inflation is rising, factory output shrinking

Unlike last year, when the first MPC meeting (originally scheduled for March 31, April 1 and 3, 2020) was advanced to March 24, 26 and 27, 2020, and the Governor issued a statement on April 17, 2020 in view of the Covid-19 pandemic, the meeting schedule for FY2022 is spread out evenly.

According to RBI, MPC’s first meeting is scheduled from April 5 to 7, 2021. The subsequent meetings will be held from June 2 to 4, August 4 to 6, October 6 to 8, December 6 to 8, and February 7 to 9, 2022.

Last year, the repo rate (the interest rate at which banks borrow funds from RBI to overcome short-term liquidity mismatches) was cumulatively cut by 115 basis points in two tranches (to 4.40 per cent from 5.15 per cent on March 27, 2020 and to 4 per cent from 4.40 per cent on May 22, 2020), with the accommodative policy stance continuing throughout.

The reverse repo rate (the interest rate banks earn for parking surplus liquidity with RBI) was also cumulatively cut by 65 basis points in two tranches (to 3.75 per cent from 4 per cent on April 17, 2020 and to 3.35 per cent from 3.75 per cent on May 22, 2020).

According to a Barclays report, RBI may maintain its monetary accommodation for a while longer in order to enable the recovery to become entrenched.

Also read: Ten questions for the MPC to consider

The report, ‘Monetary policy: Talking the walk’, observed that recovering output lost to the pandemic could take longer than anticipated, and policy makers will be best served by letting the economy run ‘hot’ for a few quarters.

“The RBI will also need to balance nurturing the recovery and financial stability risks.

“Estimates show that the output gap will be negative well into 2022, and we believe monetary accommodation will be required to support growth recovery,” Rahul Bajoria, Chief India Economist, Barclays Securities (India) Pvt Ltd, and Shreya Sodhani, Research Analyst, Barclays Investment Bank, Singapore.

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Bank Holidays in April 2021: Check Full List Here

Personal Finance

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Planning

oi-Vipul Das

|

According to the RBI, private and public sector banks throughout the country will be closed for 15 days in April 2021, including the second, fourth Saturdays and Sundays. Ram Navami, Good Friday, Bihu, the birth anniversary of freedom fighter and Congress leader Jagjivan Ram, and the Telugu new year will be observed in April. Bank holidays, on the other hand, are not celebrated in all states, and they differ depending on the state or region. Banks all over the country follow only gazetted holidays. Due to the closing of accounts, all banks will be closed on April 1. Banks in Guwahati will be closed for three days in a row, beginning April 14 and ending April 16. Bank customers who plan to do any banking related task in April should plan their visits in accordance with the bank holiday list to prevent being inconvenienced. Although banks will be closed on these days, mobile and online banking will be open as usual, allowing consumers to perform transactions over the internet. Here’s the full list of bank holidays in April 2021.

Bank Holidays in April 2021: Check Full List Here

Date Day Holiday Holiday in
1 April 2021 Thursday Odisha day/Yearly account closing day Odisha/several states
2 April 2021 Friday Good Friday Several states
5 April 2021 Monday Babu Jagjivan Ram’s birthday Andhra Pradesh and Telangana
6 April 2021 Monday Mahavir Jayanti Several states
13 April 2021 Tuesday Ugadi/ Telugu New Year/ Bohag Bihu/ Gudi Padwa/ Vaisakh Several states
14 April 2021 Wednesday Dr. Ambedkar Jayanti/ Emperor Ashoka’s birth anniversary/ Tamil New Year/ Maha Vishuba Sankranti/ Bohag Bihu/ Cheiraoba Several states
15 April 2021 Thursday Himachal Day/Bengali New Year’s Day/Vishu/Sarhul Himachal Pradesh, Kerala, West Bengal, Jharkhand
21 April 2021 Wednesday Ram Navami/ Garia Puja Several states Tripura
25 April 2021 Sunday Mahavir Jayanti Several states

Sunday and Saturday holidays:

  • April 4 – Sunday
  • April 10 – Second Saturday
  • April 11 – Sunday
  • April 18 – Sunday
  • April 24 – Fourth Saturday
  • April 25 – Sunday



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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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RBI extends timeline for processing of recurring online transactions till Sept 2021, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India had issued a framework for processing of e-mandates on recurring online transaction with additional factor of authentication.

First issued in August 2021, the framework was extended in January 2020 and 31st March, 2021 was the last deadline, however noting that the framework has not been fully implemented across the industry the RBI is looking at it as a serious concern.

The RBI said, “This non-compliance is noted with serious concern and will be dealt with separately. The delay in implementation by some stakeholders has given rise to a situation of possible large-scale customer inconvenience and default. To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till September 30, 2021. Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action.”

The requirement of additional factor of authentication made digital payments in India safe and secure. Initially the framework mandated use of AFA for transactions above Rs 2,000 which was later enhanced to Rs 5,000.

The primary objective with AFA by RBI was to protect customers from fraudulent transactions and enhance customer convenience. A request from Indian Banks’ Association led to RBI extending the deadline till March 31, 2021 to enable banks to complete the migration and RBI had advised the stakeholders in December 2020 to mitigate to the framework by March 31, 2021.

However the payments industry wasn’t ready for the transition and could have led to customer inconvenience along with a loss of Rs 2,000 crore estimated by the Payments Council of India.



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Reserve Bank of India – Tenders

Tenders

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The tendering would be done through the e-tendering portal of MSTC Ltd. (https://www.mstcecommerce.com). All the interested bidders may register themselves with MSTC through the above referred website to be able to participate in the tendering process.

The NIT Number and Schedule of the tender is given below:

Name of Department Protocol, Security and Logistics Division (PSLD)
NIT No. RBI/CAB Pune//690/20-21/ET/690
Name of Work Annual Service Contract for providing Sniffer Dog services at Reserve Bank of India, College of Agricultural Banking, University Road, Pune.
Total Estimated Cost ₹ 18 lakhs per annum
EMD ₹ 36,000
View Tender Date March 31, 2021 from 01:00 PM
Pre- Bid meeting date April 08, 2021 at 03:00 PM at CAB, RBI Pune
Web Site https://www.mstcecommerce.com
Start Bid Date April 15, 2021 at 02:00 PM
Close Bid Date April 29, 2021 till 02:00PM
Bid opening Date April 29, 2021 at 03:30PM

Principal

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Reserve Bank of India – Tenders

Tenders

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CAB, RBI, Pune invites Applications for Empanelment of Pune based Car Hiring Agencies / Companies for providing vehicles to College of Agricultural Banking, Reserve Bank of India, Pune on an as and when required basis. Interested agencies may apply by downloading the Tender Form from the “Tender” section of our website (www.rbi.org.in). The tender forms can be obtained from the College of Agricultural Banking (CAB), Reserve Bank of India, Protocol, Security and Logistics Division (PSLD), University Road, Pune from March 31, 2021 to April 29, 2021 during the office hours from Monday to Friday between 10.00 AM to 05.00 PM.

Schedule of the tender is given below:

Name of Department Protocol, Security and Logistics Division (PSLD)
Name of Work Empanelment of Pune based Car Hiring Agencies / Companies for providing car hiring services at Reserve Bank of India, College of Agricultural Banking, University Road, Pune.
Total Estimated Cost ₹ 19 lakhs per annum
Earnest Money deposit ₹ 50,000/-
Start Date of issuing tender forms March 31, 2021 from 10:00 AM
Pre- Bid meeting date April 07, 2021 at 11:00 AM at CAB, RBI Pune
Web Site https://www.rbi.org.in
Last date for submission of documents and sealed quotations April 30, 2021 till 03:00 PM
Date of opening of Application April 30, 2021 at 04:00 PM

Principal

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