An open tender for the captioned work was floated on March 10, 2021. As per the tender time lines and Schedule of Tender, the Pre-bid meeting was held on March 15, 2021 at 2.30 PM in New Conference Room of Mumbai Regional Office, Fort, Mumbai.
In this connection, written queries for pre-bid meeting were not received from any vendor on e-mail /hand delivery up to the scheduled date and time given in the tender document.
Further, on March 15, 2021, in the pre-bid meeting, 2 bidders participated i.e. M/s. Om Sai Hi-Tech Fire Safety Pvt Ltd & M/s. K P Enterprises and had raised the queries w.r.t. to the tender document.
The following participated the Pre-bid meeting.
Sr No.
Name (Mr./Ms.)
Reserve Bank of India
1
Flt.Lt. Vijay Prakash, AGM, P&SE
2
Shri. Sheetal Dhongade, Assistant Manager, P&SE
3
Shri. Sumit Andure, Assistant, P&SE
Vendors
1
M/s. Om Sai Hi-Tech Fire Safety Pvt Ltd
2
M/s. K P Enterprises
The issues raised by the vendors regarding the Technical and Commercial Specifications and other Terms and Conditions, Article of agreement, Schedule of quantity, Price bid and related with MSTC queries were clarified/noted. The clarifications to the points raised by the vendors are furnished in the Annex. – A.
Annexure – A
Sr. No.
Clause/Page No/ Particulars
Query Raised by the Vendor
Clarification of queries
a
Section II, (1.18) on Page no. 18
M/s K P Enterprises raised a query whether EMD is exempted for MSME vendors.
It is not applicable to RBI. The Tender Application must be submitted along with Earnest Money Deposit (EMD).
(It has been elaborated in Section II, 1.18, page no 18)
b
Section IV, (A-12) on Page no 34
M/s K P Enterprises raised a query whether vendor needs to retain existing staff working under the present Agency.
Vendors need to deploy trained and competent staff who are physically fit and as per the age criteria given in the tender document.
(Elaborated in Section IV, A.12 on page no.34).
c
Section XV, on Page no. 61
M/s K P Enterprises raised query whether Security deposit to be given on one time OR stage wise.
The Successful bidder shall furnish Security Deposit to the Bank within 7 days from the date of acceptance of offer. The security deposit will be 5% of the tender value (rounded off to nearest ten thousand rupees) for due performance of the contract in the form of Bank Guarantee valid for a period up to two months after expiry of the contract.
(It has been elaborated in Section V (1), on Page no 45)
d
Section IV, (A-6) on Page no.33.
M/s Om Sai Hi-Tech Fire Safety Pvt Ltd raised query whether the Man Power strength mentioned in the document include the relievers also or vendor needs to add extra?
Manpower strength indicated in tender document is including reliever charges. Deployment / allocation / re-appropriation of number of Firemen staff may change as per the requirement of the Bank.
(It has been elaborated in Section IV (A-6), on Page no 33)
e
Section II, 2 (2.2), on Page no 19.
Both the vendors (M/s Om Sai Hi-Tech Fire Safety Pvt and M/s K P Enterprises) raised the queries whether the leave wages & National holiday are considered for Minimum wages.
Tendered rates shall be inclusive of all the liabilities (inclusive of GST) of the company/agency/firm viz., Statutory Liabilities such as Minimum Wages, ESI, EPF contributions, EDLI, Bonus and Leave Relief etc
(It has been elaborated in Section II, 2 (2.2), on Page no 19)
f
Section VII, 2 (e), Page no. 42
M/s Om Sai Hi-Tech Fire Safety Pvt Ltd raised query whether Bonus to consider in wages and it is yearly or monthly basis.
The component of Bonus is included in the rates for the deployment of Firemen staff and it will be reimbursed on a monthly basis. In this regard tenderer will have to give documentary evidence to the Bank from time to time whenever demanded by the Bank.
(It has been elaborated in Section II, 2 (2.2), on Page no 19)
g
Section VII on Page no 53
M/s Om Sai Hi-Tech Fire Safety Pvt Ltd raised query that whether 13% EPF of employer contribution consider for Minimum wages.
The tendered rates shall be inclusive of all the Statutory liabilities of the company/agency/firm viz. and 12% EPF of employee contribution. The 13% EPF of employer contribution has not been shown in the gross payment of Firemen staff and it is the Employer’s contribution. The bidders are required to quote the rates accordingly.
(It has been elaborated in Section VII on Page no 53)
HDFC Ergo General Insurance Company has crossed ₹10,900 crore in gross premium income on year to date basis in February 2021, covering more than 1.5 crore lives.
The growth during the pandemic has been facilitated by HDFC Ergo’s largest distribution network of 1.40 lakh agents among other channels, Mehmood Mansoori, President – Shared Services & Online Business, HDFC Ergo General Insurance told media on Wednesday.
The year 2021 is expected to be the year of hope, he said, adding that the company has recently launched campaign `21ReasonsWhy’ with a motto to establish itself as a ‘One-Stop-Shop’ for all the insurance needs of their customers.
“Our campaign focuses on educating consumers about their financial well-being and the importance of insurance to deal with any unforeseen situations,” Mansoori said.
The digital initiatives company has been taking for the last few years have been positively impacting the business.
Not only has the sales process been entirely in digital mode with over 97 per cent of retail policies issued digitally, but the self-help tech platform has empowered customers to avail more than 80 per cent of the services virtually in a self-service mode.
The company recently launched the AI tool IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for motor claim settlements that support instant damage detection and calculation of the claims estimate for the surveyors to help in motor claims settlement in real-time.
Global wealth manager Julius Baer has appointed Chirag Gandhi as MD Senior Advisor, Team Head, based in New Delhi. It has also inducted five senior relationship managers to the India franchise during the calendar year.
The firm also welcomed a team of bankers from Avendus — Manish Khaitan in Mumbai and Abhinav Kumar in Bangalore — to further strengthen its west and south India coverage, it said in a statement on Wednesday.
Julius Baer India also recently promoted Anand Khatau to Managing Director.
In connection with tender No. RBI/Ahmedabad/Issue/22/20-21/ET/606 and RBI/Ahmedabad/Issue/23/20-21/ET/607 which was floated on both MSTC and RBI’s website on February 26, 2021, for the captioned work, the Pre-bid queries were received through e-mail. The following participating firms had raised queries through e-mail.
Sr. No.
Name of the Sender
Company/Firm
1.
Shri Mahendra Singh
M/s Speed Movers
2.
Shri Harshadeep Singh Bhatia
M/s Bharat Roadlines
In the e-mail, various queries related to the clauses/requirements as per Tender document were raised by the representatives of the participating firms. Details of such queries raised by the representatives and the clarifications thereto are tabulated as follows:
Sr.No.
Query Raised
Relevant section of Tender Document
Clarification
1
If the contract is awarded, will the contractor have to pay the Security Deposit along with the Bank Guarantee?
In the case of tender for Transportation of Coins, the successful bidder has to provide a Bank Guarantee in addition to the Security Deposit whereas in the Contract for Transportation of Notes, only Security Deposit has to be deposited by the successful bidder.
2.
What will be the minimum distance criteria for payment of Taxi (Escort/ Potdar Vehicle Charges) charges?
Minimum charges for 40 Kms or on actual basis whichever is higher (in case if distance is more than 40 Kms) will be paid towards taxi (Escort/Potdar Vehicle) charges for local remittances i.e., within Ahmedabad metropolitan area.
3.
For outstation charges paid for Taxi (Escort/ Potdar Vehicle) are to and fro or only one way?
In case of outstation remittances, vehicle charges for transportation of Escort / Potdar Vehicle will be paid for both to and fro on an actual basis at rate quoted on Rs per km basis.
4
Sr. No. 6 listed in Notes to Price Bid “Rate for local remittances may be quoted for per vehicle, per day basis”?
This point may be considered infructuous as rates will be considered on per Km basis with minimum payment for 40 Kms and on actual basis if distance is more than 40 Kms.
The Reserve Bank of India (RBl) has imposed, by an order dated March 16, 2021, a monetary penalty of ₹0.50 lakh on Jila Sahakari Kendriya Bank Maryadit, Tikamgarh (the bank) for contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
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 bank with its customers.
Background
The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with the directions issued by RBI on Know Your Customer (KYC). Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.
After considering the bank’s reply, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.
LIC Bachat Plus offers financial aid to the family of the deceased policyholder at any time before maturity, as well as a lump sum balance at maturity for the remaining policyholders. The proposer may opt to pay the premium as a lump sum (single premium) or over a five-year term.
LIC’s Bachat Plus is a Non-Linked, Participating, Individual, Life Assurance, Savings plan which offers a combination of protection and savings. This initiative also addresses liquidity issues through its loan facility.
Non-linked plans are not market-linked, and their success is independent of any underlying assets. You pay a fixed premium based on the amount guaranteed for non-linked plans. In term life insurance, the nominee receives the amount guaranteed in the event of your untimely death during the policy duration, regardless of market results.
What is the Death Benefit?
This plan offers the choice of selecting a Sum Assured on Death based on the two payment options available: Single Premium and Limited Premium. In the event of the unfortunate death of the Life Assured during the policy period, provided the policy is in effect, the “Sum Assured on Death” shall be payable after the date of danger commencement. On death after five policy years but before the specified Date of Maturity, the “Sum Assured on Death” plus any loyalty addition, if any, will be payable.
What will be the maturity amount?
If the Life Assured survives the stipulated Date of Maturity and the policy is still in place, the “Sum Assured on Maturity” plus any Loyalty Addition, if any, will be paid, where the “Sum Assured on Maturity” equals the Basic Sum Assured.
Minimum and Maximum amount
The minimum basic amount assured is Rs 1,000,000/- and there is no maximum. The eligibility requirements for the policy term, age at admission, maturity age, and so on will be determined by the premium payment and options selected by the proposer. For both forms of premium payment, a High Basic Sum Assured Rebate is available.
Surrender policy
The policy may be surrendered by the Policyholder at any point during the policy period under Single Premium Charge. The policy may be surrendered by an individual at any time if at least two full years’ premiums have been charged under Limited Premium Payment. When the policy is surrendered, the Corporation may pay the Surrender Value, which is the greater of the Guaranteed Surrender Value or the Special Surrender Value.
Is a loan available on the Policy?
Under Single Premium: After three months from the policy’s completion or the expiration of the free-look period, whichever comes first, a loan can be obtained under this scheme at any time during the policy’s duration. The maximum loan amount that can be given is 90% of the surrender value.
Under Limited Premium: The loan will be made available under the scheme if at least two full years of premiums have been paid and the terms and conditions specified by the Corporation from time to time.
What does Loyalty Addition offer?
If the policy has completed five policy years and all due premiums have been charged, the policies under this plan will be liable for Loyalty Addition at the time of exit in the form of Death during the policy period or Maturity, at such rate and on such terms as the Corporation may declare, based on the Corporation’s experience.
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The Suryoday Small Finance Bank IPO is now open and live till March 19, with a price band of ₹303-305. Each lot consists of 49 shares. A total of 1.9 crore shares are available for subscription in the IPO. 50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors. Employees of the bank will have 5 lakh shares reserved for them, issued at a discount of Rs 30 per share.
The bank is among the leading SFBs in India in terms of Net Interest Margins, Return on Assets, Yields and deposit growth and had the lowest Cost-to-Income ratio among SFBs in India in Fiscal 2020.
Suryoday SFB‘s purpose against launching its IPO The proceeds of the IPO are proposed to be used for boosting the bank’s Tier-1 capital base to meet future capital requirements. Tier-1 capital refers to the core capital of a bank that consists of equity shares and retained earnings.
According to the bank’s red herring prospectus, the fund-raising will help Suryoday Small Finance Bank to augment its capital base. As of December 31, the bank’s capital adequacy ratio stood at 41.17%, where Tier-1 capital constituted 34.3% reported by The Quint.
Further, small finance banks are required to list within three years of reaching a net worth of Rs 500 crore, as per the Reserve Bank of India (RBI) guidelines governing these lenders. The bank had crossed the milestone in November 2017, making it necessary to list by November 2020.
The bank had applied to the RBI for an extension of timeline for listing till May 31, 2021. However, the RBI rejected the request and asked it to complete its listing at the earliest, according to the prospectus.
Business of Suryoday Small Finance Bank SSFB received the small finance bank licence from the RBI in 2016. Prior to that SSFB operated as a NBFC and offered small ticket-size loans to women from weaker sections of the society. SSFB serves customers in the unbanked and underbanked categories. It has been serving these segments for over a decade now
SSFB currently provides a wide range of products and services, including housing loans, commercial vehicle loans, micro business loans, unsecured micro and small enterprise loans, among others.
As of December 31, 2020, SSFB’s customer base was 1.44 million and its employee base comprised 4,770 employees and it operated 554 Banking Outlets including 153 Unbanked Rural Centres.
ICICI Prudential Mutual Fund is launching a new exchange-traded fund targeted at the 30 least volatile stocks from the Nifty 100 index.
The new fund will open on March 23 and close on April 6, the AMC said on Wednesday.
ICICI Prudential Nifty Low Volatility 30 index is an open-ended fund of funds that will invest in these stocks, and the underlying ETF replicates the Nifty 100 low volatility 30 index, the fund house said.
It will invest in a portfolio of 30 least volatile large-cap stocks in the Nifty 100 index.
The fund offers to provide returns that closely correspond to the returns provided by its benchmark Nifty 100 index. Historically, the Nifty 100 low volatility 30 index has provided 12-16 per cent returns annually over the past years.
Nimesh Shah, managing director of the AMC, said, through this fund, an investor gets access to a factor-based smart beta ETF that limits downside risks as we aim to help investors limit the impact of market volatility by investing in the least volatile blue-chips across sectors.
Nifty 100 low volatility 30 index consists of stocks with the least volatility and is part of the Nifty 100 index. The individual stock weight is capped at 3 per cent and the top three sectors of the index comprise software, personal care and cement.
Company or Corporate fixed deposits are similar to bank FDs, where depositors put their money in the hands of the issuing company rather than the banks. Company fixed deposits may provide decent returns that are higher than bank FDs, although with moderate risks, and tenures typically range from 12 to 120 months. Investors seeking alternative investment instruments, particularly those that do not require a strong risk appetite, could consider investing in slightly riskier company FDs after practising careful research and risk analysis. But, if you’re trying to invest in a company FD, here are the top ten companies currently offering the best returns.
Similarities between bank FDs and company FDs
Several companies and NBFCs, like banks, are permitted to accept deposits for a set period of time at a set interest rate. Corporate Fixed Deposits are a form of deposit like bank FDs that provide the security of assured returns and the freedom to select the term. Furthermore, corporate FDs offer a higher rate of interest than bank FDs. Now consider the following similarities between corporate FDs and bank FDs:
One of the most attractive facets of investing in corporate Fixed Deposits is that, like bank Fixed Deposits, they offer a promised return. Furthermore, you will know the precise amount you will earn at maturity at the time of investment. This one significant benefit allows you to make more assured financial dealings in the potential.
Many corporate Fixed Deposits, like most bank deposits, pay a marginally higher interest rate to senior citizens. This is an extra benefit for senior citizens who are elderly who rely on Fixed Deposit returns for retirement benefit.
A corporate Fixed Deposit generally has a maturity period of one to five years. You will have the option of selecting any duration within the array. The interest rate, on the other hand, would vary according to the period, i.e., the longer the tenure, the better the returns in terms of interest rate.
Why you choose corporate FDs over bank FDs?
As an investor you might be now thinking that why investing in corporate FDs over bank FDs are a good bet. The reasons are discussed below:
Interest rate: Corporate FDs pay higher interest rates than bank FDs, ranging from 4.3 to 9%, which is significantly higher than regular bank FDs, which currently range from 5 to 6%. Senior citizens are also eligible to get higher interest rates from corporate FDs.
Credit worthiness: Credit rating firms, such as CRISIL, ICRA, and CARE, determine the credit scores of issuing firms as they release corporate FDs. Credit scores, on the other side, are not valid for bank FDs.
Interest payout frequency: Investors can select from a variety of interest payment periods, including monthly, quarterly, half-yearly, annual, and cumulative. This alternative provides investors with a regular source of income to create wealth.
Penalty: All Fixed Deposits must have a minimum penalty period of three months, according to RBI guideline Therefore, if you withdraw your corpus within the first three months, you will be charged an early withdrawal penalty. Hence, when it comes to corporate FDs they have a shorter penalty period than bank FDs.
Cons of corporate FDs
Before you consider investing the Corporate FDs market, weigh the cons listed below:
Tenure: Banks deliver a variety of deposit tenure, starting from 7 days only. A corporate FD, on the other side, will last anywhere from a year to ten years.
Withdrawal: Withdrawing from a bank FD is simple, whereas withdrawing from a corporate FD may put you in struggle.
Insurance cover benefit: Bank deposits up to Rs 5 lakh are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The same is not applicable to corporate FDs.
Risk: Since corporate FDs are unsecured, they carry a higher risk compared to bank FDs. Thus, investing in companies with high credit scores is a good way to reduce risk.
Tips to choose a good corporate FD scheme
Skip the Company Deposit Schemes that aren’t rated by rating agencies. RBI also made it obligatory for NBFCs to have a “A” score in order to allow public deposits. Further, only AA+ or AAA schemes can be considered for investment.
Choose the corporation with a better track record within a specified rating grade.
If you’ve settled on a company, look for the schemes that have shown the best results. If you require regular income, cumulative schemes can be favoured over regular income options since the interest received is automatically reinvested, leading to higher returns.
It is safer to make a shorter deposit for an instance of 3 years. This will allow you to track the company’s performance and service, and also you can withdraw the funds for covering any unwanted crisis.
Check out the company’s operational efficiency. You should stop investing in firms that do not have adequate service for the depositors.
TDS
TDS will be withheld if the interest received on a corporate FD in a financial year crosses Rs.5,000, as per the Income Tax Act. By submitting Form 15G (or Form 15H for senior citizens) to your bank or non-banking financial institution, you avoid TDS. These deposits are exempt from claiming tax benefits. Bank FDs are favoured as tax-saving FDs because they usually have a five-year lock-in term and enable taxpayers to take advantage of Section 80C.
Who should invest in corporate FDs?
Corporate fixed deposits can be a decent investment alternative if you have a short-term financial goal. Corporate FDs, on the other hand, are not covered by the DICGC (which only covers bank FDs with deposit insurance of up to Rs 5 lakhs. To alleviate this fear, make sure the company’s core principles are stable and the company has a decent credit record. If a company’s credit rating is below standard, you should think twice about investing your money there and check for other trustworthy options. Investing in a high-rated corporate deposit with AA or AAA rating can be a perfect choice for investors with moderate-risk attitude. Depositors must verify the credit scores of company FDs and invest only in companies with AAA, AA, and AA+ ratings from organisations such as Crisil, ICRA, CARE, and others. Top-rated company FDs, on the other hand, can be used in combination for portfolio diversification to achieve better returns than bank FDs. Depositors must also be mindful that, like bank FDs, company FD returns are entirely taxable based on the investor’s tax bracket.
Corporate FD Rates
Corporates
Tenure
ROI in %
Credit Rating (as on 12 March, 21)
Hawkins Cooker FD Scheme
12 to 36
8.5 to 9
MAA/Stable by ICRA
Shriram City Union Finance
12 to 60
7.25 to 8.09
MAA+/Stable by ICRA and tAA by Ind-Ra
Shriram Transport Finance
12 to 60
7.25 to 8.09
FAAA/Negative by CRISIL,MAA+/Stable by ICRA,tAA+/Stable by Ind-Ra
HUDCO
12 to 60
7 to 7.5
MAAA/Stable by ICRA, AAA by CARE,tAAA by Ind-Ra
Bajaj Finance
12 to 60
6.15 to 7.25
FAAA/stable by CRISIL and MAAA/stable by ICRA
PNB Housing Finance
12 to 120
5.9 to 6.7
CRISIL FAA+/Negative, AA/stable by CARE
ICICI Home Finance
12 to 120
4.3 to 6.45
FAAA/Stable by CRISIL, MAAA/Stable by ICRA and AAA by CARE
HDFC
1 to 5 year
5.7 to 6.20
FAAA/Stable by CRISIL, MAAA/Stable by ICRA
Sundaram Finance
12 to 36
5.75 to 6.25
FAAA/Stable by CRISIL
Mahindra Finance
12 to 60
5.7 to 6.45
FAAA/Stable by CRISIL
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The Reserve Bank of India, Bhopal invites application for empanelment of vendors (from Bhopal Municipal Limits) for supply of-
i) Stationery items
ii) Computer consumables (cartridges, CD etc.)
iii) Printing Materials (registers, forms and visiting cards etc.)
iv) Rubber Stamps (as per Bank’s requirement)
2. The application form can be downloaded from Bank’s website www.rbi.org.in under the link “Tenders” from March 17, 2021 to April 18, 2021.
3. Vendors desirous of being empanelled may submit their application in a sealed cover super scribed “Application for Empanelment of Vendors for Supply of Stationery Items and Printing Material” addressed to The Regional Director, Reserve Bank of India, 3rd floor, Human Resource Management Department, Hoshangabad Road, Bhopal – 462011 so as to reach this office latest by 11:00 AM of April 29, 2021. Suppliers/Printers/Vendors who are currently on the Bank’s panel may apply afresh for empanelment.
4. The Bank reserves the right to enlist/delist any supplier/printer/vendor from the existing list without assigning any reason thereof.
