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The results of the auctions of 4.48% Government Stock, 2023 (Re-Issue), GOI FRB, 2033 (Re-Issue), 6.22% Government Stock, 2035 (Re-Issue) and 6.67% Government Stock, 2050 (Re-Issue) held on March 12, 2021 are:
Ajit Prasad Press Release: 2020-2021/1237 |
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The Reserve Bank of India (RBI) has imposed, by an order dated March 10, 2021, a monetary penalty of ₹1.00 lakh on the United India Co-operative Bank Limited, Nagina (the bank) for contravention of section 27 read with section 56 of the Banking Regulation Act, 1949. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (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 Reserve Bank of India (RBI), vide its various emails and letters, advised the bank to submit various returns to RBI. However, the bank failed to submit the returns within the time limit stipulated. Based on the same a show cause 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. (Yogesh Dayal) Press Release: 2020-2021/1236 |
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In connection with tender No. RBI/BENGALURU/ESTATE/377/20-21/ET/579 which was floated on both MSTC and RBI’s website on February 18, 2021, for the captioned work, the Pre-bid queries were received through e-mail at ditbangalore@rbi.org.in up to 3.00 p.m. March 11, 2021. The following participating firms had raised queries through e-mail.
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: Clarifications to the queries raised by the representatives of the participating firms:
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The CA Institute proposes to develop an ‘audit tool’ for process automation and ease of carrying out audit for its firms.
It has now sought an Expression of Interest (EOI) from software vendors for development and maintenance of a web-based software for audit management.
Nearly 90,000 audit firms in the country can potentially benefit from any move to automate audit activities such as client engagement, analytical procedures, allocation of tasks and documentation of audit, sources said.
This ‘audit tool’ will not be mandatory and it will be up to the firm concerned to opt for it, they said. The CA Institute is only facilitating the process automation, it was pointed out.
The tool should cover Statutory Audit, Tax Audit, Internal Audit, Bank Audit and GST Audit, and should be compliant with the laws such as the Companies Act 2013, Income Tax Law 1961 and also with the Pronouncements of ICAI, the CA Institute has said.
The CA Institute has around 3.15 lakh members and around 90,000 firms specialising in traditional areas of audit, direct, indirect and international taxes, including GST, and in emergent areas such as insolvency, financial services, risk management and corporate re-structuring.
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Kotak Mahindra Bank on Friday said its Board of Directors has approved the payment of dividend on 1,00,00,00,000 Nos. 8.10 per cent Non-Convertible Perpetual Non-Cumulative Preference Shares for the period from April 1, 2020 till March 31, 2021, as per their terms of issue.
The record date fixed for the purpose of dividend payment would be Friday, March 19, 2021, it said in a regulatory filing.
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The above information can be accessed on Internet at https://wss.rbi.org.in/ The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762). Time series data are available at https://dbie.rbi.org.in Ajit Prasad Press Release: 2020-2021/1235 |
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Ittira Davis, Managing Director and CEO of Ujjivan Small Finance Bank Limited, has resigned to take up a director’s role on the board of the company.
In a regulatory filing to exchanges, the company said: “With the resignation of Davis, company has appointed Samit Ghosh, the existing Non-Executive Chairman as MD and CEO of the company, with effect from May 1,and his appointment is to be effective only on receipt of prior approval of the shareholders by way of special resolution since he is over 70 years of age.”
The company has given the following reason for resignation of Davis: “Having regard to a few recent board-level changes in Ujjivan Small Finance Bank Limited, the NRC and the board of the company, unanimously were of the view that Ittira Davis, the existing MD and CEO, who is a veteran banker with over 40 years of banking experience and having been associated with Ujjivan since 2015, wherein he was instrumental in the formation and transition of the bank, will add further value, if appointed to the board of the bank. He meets all the criteria of our various stakeholders and is held in high esteem by the employees, investors, partners and regulators and will be able to provide guidance to the bank board and its management.”
“To facilitate the whole process and to avoid any probable conflict, Ittira Davishas decided to relinquish his existing position of the MD and CEO of UFSL to take up the Non-Executive Directorship role at the bank for which a separate disclosure will be made by the bank in due course, once his appointment is considered in its ensuing board meeting. Accordingly, the board at its meeting held today has accepted the resignation of Ittira Davis from the post of MD and CEO of the company w.e.f. today March 12(close of business hours). He has confirmed that there are no other material reasons for his resignation from the board of our company,” company’s note added.
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S Srimathy has assumed charge as the Executive Director of Indian Overseas Bank. Prior to this, she served as Chief General Manager at Canara Bank. She had been deputed to NABARD as Chief Vigilance Officer immediately before her appointment to Indian Overseas Bank.
Srimathy joined Canara Bank as a Probationary Officer in November 1986. She has 34+ years of banking experience across categories of branches from rural to metro, and is well exposed to various verticals such as branch operations, mid & large credits, human resources and risk management.
She headed Canara Bank’s prime corporate branch at Cuffe Parade, Mumbai, for over three years. She also headed the corporate credit wing and international operations at Canara Bank’s head office before becoming head of Chennai Circle.
She holds a post-graduate degree in commerce, along with a masters in business administration. She is also a Certified Associate of the Indian Institute of Banking & Finance (CAIIB).
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The Reserve Bank of India intends to prepare a panel of reputed suppliers for undertaking supplies of a) Groceries, b) Milk, Curds and other dairy products, c) Fresh fruits and vegetables, d) Meat, Fish and Poultry products, and e) Tissue Paper, Paper cups & plates for its office situated at Nrupathunga Road, Bangalore – 560001. 2. The estimated cost of supplies per annum for each product to be supplied is as under:
3. Suppliers who are registered with the Government/ Semi-Government Undertaking/s or any other major institution/s as suppliers or have made similar supplies for 2 years during the last 5 years with the minimum supplies for each year costing at least 50% of the estimated cost of supplies are eligible to apply. 4. The validity of the empanelment of suppliers will be initially for a period of one year and the period is renewable for subsequent years at the discretion of the Bank subject to conditions that the Bank finds the service of the supplier satisfactory. 5. Application along with required documents in the prescribed form downloaded from our website, super scribing as “Empanelment of Suppliers to OLDR”, may be addressed to Regional Director, Reserve Bank of India, Bangalore-560001 and delivered in a sealed cover. The application will be received by the Bank up to 4.00 pm on April 01, 2021. 6. The Bank reserves the right to reject any or all the applications without assigning any reason thereof. |
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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:
The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, March 17, 2021, during the below given timings:
Results will be announced on the day of the auction. Payment by successful bidders to be made on Thursday, March 18, 2021. Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125). Ajit Prasad Press Release: 2020-2021/1234 |
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