Month: March 2021

Equitas Small Finance Bank makes key appointments, BFSI News, ET BFSI

Banking & Finance

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Equitas Small Finance Bank has made key changes in top management, including appointment of Narayanan Easwaran as Chief Technology Officer, the city-based bank said on Tuesday. Besides, it has appointed Vaibhav Joshi as chief digital officer, Pallab Mukherji as chief people officer and Siby Sebastian as executive vice president-operations.

Rohit Phadke, who has worked at Cholamandalam Investment and Finance Company as business head (home loans), has been appointed as president and head retail assets, Equitas Small Finance Bank said in a statement.

Narayanan Easwaran, before taking up the role as chief technology officer, had served IDFC First Bank as co-head for technology.

He has over two decades of experience on information technology applications and infrastructure management.

Easwaran would be reporting to bank’s Managing Director Vasudevan P N, the release said.

Pallab Mukherji, prior to joining Equitas Small Finance Bank, had served HDFC Bank and Arvind Mills.

On the role as president and head, retail Assets, Rohit Phadke would lead the bank’s initiatives in affordable housing finance and loan against property space.

Vaibhav Joshi, before joining Equitas as chief digital officer, had served Yes Bank as its group executive vice president and national head-digital banking services.

Siby Sebastian had previously worked with SBM Bank as chief operating officer and deputy chief executive officer.

He was instrumental in setting up the SBM Bank India operations, the statement said.



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Reserve Bank of India – Annual Report

Publications

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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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HDFC Bank customers face internet and mobile banking issues yet again

Banking & Finance

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The lender continues to face technical glitches, even as Reserve Bank of India’s (RBI’s) is conducting a special audit of banks’ IT infrastructure.

HDFC Bank on Tuesday said that it was looking into resolving internet and mobile banking issues faced by some customers, according to a tweet by the bank. The bank’s response came after some of its customers reported issues in accessing net banking and mobile banking services yet again.

HDFC Bank tweeted, “Some customers are facing intermittent issues accessing our NetBanking/MobileBanking App. We are looking into it on priority for resolution. We apologize for the inconvenience and request you to try again after sometime. Thank you.”

The lender continues to face technical glitches, even as Reserve Bank of India’s (RBI’s) is conducting a special audit of banks’ IT infrastructure. Last year in December, RBI had temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.

Later, RBI had appointed an external IT firm for carrying out a special audit of its digital infrastructure.
RBI governor Shaktikanta Das had said that the regulator had some concerns about certain deficiencies and it was necessary that HDFC Bank strengthens its IT system before expanding further. Earlier, HDFC Bank’s managing director and chief executive officer Shashidhar Jagdishan had apologised to customers and promised to work on the deficiencies.

Jagdishan said the bank had two outages — in November 2018 and and December 2019 — and it has taken help of external expertise, and had substantially implemented the inputs to strengthen IT infrastructure and systems. Unexpectedly another incident happened on November 21, 2020, and the primary reason for the same was the power outage in the bank’s primary data centre, Jagdishan had said.

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SBI to revamp MSME lending ops to increase efficiency

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There are four verticals in SBI’s MSME lending operations — SME Centre and relationship managers, supply chain finance, CGTMSE and cluster financing.

State Bank of India (SBI) plans to revamp its entire operational setup for lending to micro, small and medium enterprises (MSMEs) with a view to improve turnaround time (TAT) and customer experience while keeping bad loans in check. The bank has floated a request-for-proposal (RFP) seeking bids from consultants to carry out the process.

In the tender document dated March 26, the bank said that it would like to increase its market share in this category, which currently stands at 15%. “With the objective of becoming banker of choice for MSMEs, SBI intends to improve existing processes and structure in the SME space for achieving improvement in market share/enhance the portfolio while ensuring the asset quality,” SBI said.

The document reveals certain gaps in the existing operational flows of the bank. For instance, the credit guarantee fund trust for micro and small enterprises (CGTMSE) journey is entirely manual as there is no interface with the fund’s portal. The bank says that there has been poor offtake in this segment and there is a need to identify deficiencies in on-boarding which are resulting in high non-performing assets (NPAs). SBI also needs to develop analytics tools to generate supply chain financing business from its existing current account (CA) base.

There are four verticals in SBI’s MSME lending operations — SME Centre and relationship managers, supply chain finance, CGTMSE and cluster financing.

At the SME centre, the bank wants to identify gaps in the end-to-end process of loan origination, sanction and monitoring and propose changes in process flow and end-to-end digitisation specific to loans up to Rs 1 crore. They are also looking to reduce the TAT and improve on-boarding. In terms of the relationship manager (RM) enablement, the consultant will be required to benchmark digital offerings of RMs of peers and identify areas of data obtention that can be digitised and centralised, including making available a digital tool to work from anywhere.

In the supply chain finance (SCF) vertical, too, SBI wishes to benchmark current dealer/vendor financing SCF journeys with the “best-in-class world players and identify gaps.” The consultant will be required to develop value chain analytics capabilities, including an analytics framework on the lack of transaction flows of the existing current account (CA) base to generate leads for vendor and dealer onboarding.

The consultant will be tasked with identifying the reasons for poor offtake in CGTMSE schemes and suggesting measures for improvement. They will also have to identify deficiencies in on-boarding which could be hurting asset quality.

In cluster financing, the bank wants to build in risk mitigants. It expects the consultant to suggest a co-ordination mechanism with various government agencies for increased thrust in the cluster portfolio.The consultant will also be expected to bring in new fintechs for partnering with the bank, among other things.

SBI has a 1,770-strong team of RMs to provide specialised services to MSMEs as per their requirements. It has a network of more than 1,100 specialised SME intensive and MSME branches. Its SME portfolio grew 5.6% year-on-year (y-o-y) to `2.94 lakh crore at the end of December 2020. The NPA ratio stood at 6.85% in the SME segment amid an interim judicial order to not recognise NPAs after August 31, 2020. The order has since been lifted.

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Reserve Bank of India – Tenders

Tenders

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e-Tenders in two parts are invited for “Repairs / Repainting of External Wall surface (Front & North side upto 11th floor) of Bank’s Main Office Building, RBI, Kolkata– Phase -I”

The work is estimated to cost Rs.23,32,170/- and is to be completed within 45 days from the 10th day of the issuing date of work order.

2. Only those empaneled contractors / firm of Bank’s panel [Section-A, Trade-01 (Civil work including minor Carpentry Works) & Category-III (10 lakh to 30 lakh)] will be eligible to tender for the work.

3. In the event of intending tenderers’ failure to satisfy the Bank with regard to above conditions, the Bank reserves the right to refuse issuance of tender forms/documents to them.

4. e-Tender forms will be available in MSTC website i.e. www.mstcecommerce.com/eprochome/rbi from March 26, 2021 (13.00 hrs.) to April 07, 2021 (15.00 hrs.) on a non-refundable transaction fee (0.05% plus GST @18% of estimated value) per set through MSTC gateway / NEFT/RTGS in favour of MSTC Limited or as advised in by MSTC Ltd. and tender fee for download from portal is NIL. The tenderers are requested to depute their authorized representative for a Pre-bid meeting to be held at 11.00 a.m. on March 31, 2021 at Estate Department, Reserve Bank of India, 3rd Floor, Kolkata to obtain any clarification before submission of tender.

5. e-Tender in prescribed form shall be submitted in two parts on online. Part -I tender will contain the Bank’s standard technical and commercial conditions for proposed work, tenderers’ covering letter, tenderers’ additional condition, if any. Contractor shall deposit an Earnest Money (EMD) of Rs. 46,643/- (Rupees Forty-Six thousand Six hundred Forty-three only) through NEFT, [Details of NEFT: Beneficiary name- “Reserve Bank of India, Kolkata; IFSC code: RBIS0KLPA01 (Numeric Zero at 5th and 10th place from left); A/c no. 186003001] which amount is not to bear any interest. Proof of remittance with transaction number (Scanned copy) to estatekolkata@rbi.org.in before the closing of online submission of e-tender. Part-II tender will contain no conditions but Bank’s schedule of quantities, tender drawings, if any and tenderers’ priced bid only.

6. All bidders are requested to submit / deposit Rs. 46,643/- as Earnest Money with the Estate Department, Reserve Bank of India, 3rd Floor, Kolkata-700001, before submission of tender which amount is not to bear any interest. Should I/We fail to execute the contract when called upon to do so, I/We do hereby agree that this sum shall be forfeited by me/us to the Reserve Bank of India

7. Part-I tenders will be opened at 3:30 p.m. on April 07, 2021 in the presence of the authorized representative (along with letter of authority) of the tenderers who choose to be present. Part-II of the tender will be opened on a subsequent date which will be intimated to the eligible tenderers in advance.

8. 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 therefor.

SCHEDULE OF TENDER (SOT)

1. e-Tender no RBI/Kolkata/Estate/453/20-21/ET/696
2. Name of the work “Repairs / Repainting of External Wall surface (Front & North side upto 11th floor) of Bank’s Main Office Building, RBI, Kolkata – Phase -I”
3. Mode of Tender e-Procurement System
(Online e-tender Techno-Commercial Bid & Price Bid through website i.e. www.mstcecommerce.com/eprochome/rbi)
4. Date & time from which NIT (along with complete tender documents) will available to the parties to download at website “https://www.mstcecommerce.com/eprochome/rbi” On March 26, 2021 from 13.00 hrs.
5. Date & Venue of Pre-Bid meeting (Offline) March 31, 2021 from 11.00 hrs., Venue: Estate Department, Reserve Bank of Indian, 3rd floor, Kolkata-700001
6. Estimated Cost of the work Rs. 23,32,170/- (Rupees twenty three Lakh Thirty-two Thousand one Hundred seventy only)
7. Earnest Money Deposit (EMD) Contractor shall deposit an Earnest Money (EMD) of Rs.46,643/- (Rupees forty six thousand six Hundred forty three only) through NEFT, [Details of NEFT: Beneficiary name- “Reserve Bank of India, Kolkata; IFSC code: RBIS0KLPA01(Numeric Zero at 5th and 10th place from left); A/c no. 186003001] which amount is not to bear any interest. Proof of remittance with transaction number (Scanned copy) to estatekolkata@rbi.org.in before the closing of online submission of e-tender. Please mention your firm’s name in NEFT transaction remarks.
8. Last date of submission of EMD through NEFT transaction. Before the closing of online submission of e-tender.
9. Time allowed for completion of the works from 10th day after the date of written order to commence of work 45 days
11. Bidding start date of Techno-commercial Bid and Financial Bid at “www.mstcecommerce.com/eprochome/rbi” On April 01, 2021 from 11.00 hrs.
12. Date of closing of online e-Tender for submission of Techno-commercial Bid and Financial Bid April 07, 2021 upto 15.00 hrs.
13. Date & Time of opening of e-tender (i.e. Techno-Commercial Bid) Part-I April 07, 2021 upto 15.30 hrs.
14. Date & Time of opening of e-tender (i.e. Financial Bid) Part-II Will be intimated to the eligible Bidders
15. Transaction fee (0.05%) 0.05% plus GST @18%
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.
16. Tender fees for download from portal Nil

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Reserve Bank of India – Tenders

Tenders

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Corrigendum

The pre-bid meeting for the captioned tender was held on March 24, 2021 at 16:00 PM at RBI, Ahmedabad office. The meeting was attended by following officials from IT Cell, Ahmedabad:

S.R. no. Name and Designation
1. Shri Ashutosh Jaiswal, Deputy General Manager and Chair of the meeting
2. Shri Ayush Upadhyay, Manager

The prospective bidders who attended the meeting:

S.R. No. Prospective Bidders Representatives
1 M/s Hitachi System Mr. Vinayak Gandhi & Mr. Mayank Brahmbhatt
2 M/s Allied Digital Services Ltd Mr. Rajan Trivedi & Mr. Yash Prajapati
3 M/s Kaizen IT Pvt Ltd Mr. Jayadip Goswami & Mr. Raviraj Rathod
4 M/s Silver Touch Tech Ltd Mr. Manoj Patel
5 M/s HSPL Mr. Alkesh Parmar

2. Shri Ashutosh Jaiswal, Deputy General Manager welcomed all and requested the participants to raise the queries, if any. A brief introduction of the tender was also given to the participants, it was also stated that the service expectations of the Bank is high from the prospective service providers in the ever-evolving environment. The Bank expected the service providers to regularly upgrade the knowledge of the engineers. The queries raised by the representatives of prospective bidders were replied to by Shri Ashutosh Jaiswal, Deputy General Manager and Shri Ayush Upadhyay, Manager.

3. The queries raised by the prospective bidders during the meeting along with our clarifications and comments are given below.

Queries and Clarifications/Comments
S.R. No. Query Clarification/Remarks
1. Whether there will be any arrangement for transportation of items under FMS from one location to the other location? It was clarified that transportation of the items mentioned in the contract, under FMS, will be arranged by the Bank.
2. Whether MSMEs are exempt from paying EMD and Performance Bank Guarantee (PBG)? It was decided to continue with 10% of contract value for PBG as stipulated. It was clarified that the MSEs are exempted from submission of EMD only in cases where the estimated cost of procurement (Goods, Services or Work Contracts) is up to Rs. 10 Lakh (including all taxes, duties etc.). In the extant case the estimated cost of the tender is more than Rs. 10 lakh and therefore submission of EMD is compulsory.

(It was also clarified that the provisions of General Financial Rules (GFR) are not applicable to Reserve Bank of India)
3. Whether the company has to maintain the health card for the engineers? It is expected from the company to take necessary precautions for the health of the engineers. However no documentary evidence is demanded, unless it is observed that the health of the engineers is in visibly bad condition, and services are affected.
4. Whether the service providers are required to have a local office set up? It was stated that the service providers should mandatorily have an office set up within the municipal limits of the city as mentioned under the section V of the tender document.
5. What is the scope of the work for engineers? The scope of the work is mentioned under General Terms and Conditions of the tender document.
6. Is there any correlation between the indicative salary calculation of the engineers and the annual increment in case if contract is extended after one year? It was stated that these two are separate points. The service provider must follow the applicable labour laws. The annual increment is based on the formula involving CPI (labour bureau data) indicated in the tender document.
7. Will the scores of the technical evaluation be shared with all the bidders? All the successful bidders of part I will be invited at the time of opening of financial bids, dates for which will be indicated later.

4. With this, the pre-bid meeting was concluded. The Chair of the meeting also suggested the prospective bidders not to wait for the last date for bidding and provide the documents in the proper format so that there are no issues while evaluating them.

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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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HDFC Bank customers face problems with internet, mobile banking

Banking & Finance

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Customers of private sector lender HDFC Bank faced intermittent problems with internet and mobile banking on Tuesday.

“Some customers are facing intermittent issues accessing our Net Banking and Mobile Banking app. We are looking into it on priority for resolution. We apologise for the inconvenience and request you to try again after sometime,” the bank said on Twitter

Many customers took to social media to highlight the problem, which included not being able to log into their accounts through internet and mobile banking, not getting OTPs, and problems in making payments.

Database connectivity

Bank officials said that there were issues of database connectivity for some users, and the problem was resolved by evening.

In a late evening tweet, HDFC Bank said, “The issue faced by some of our customers in accessing NetBanking/MobileBanking App stands resolved.”

This is the second time in a month when customers have faced issues in accessing internet and mobile banking services of HDFC Bank.

Earlier, on March 1, some customers of HDFC Bank had intermittent problems. The outage was not widespread and was resolved speedily.

The private sector lender is, however, no stranger to technical glitches impacting its digital banking services.

Special audit

In a regulatory filing on February 2 this year, the bank had said the Reserve Bank of India has appointed an external IT firm for carrying out a special audit of its IT infrastructure.

Previously, the RBI had, on December 2 last year, directed HDFC Bank to temporarily halt the sourcing of new credit card customers as well as launches of digital business-generating activities planned under its proposed programme – Digital 2.0.

The directive had come after a sudden outage at one of HDFC Bank’s data centres impacted its digital and mobile banking and ATM and payment services on November 21, 2020, which was preceded by a similar outage in December 2019.

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Reserve Bank of India – Press Releases

Press Releases

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The Result of the auction of State Development Loans for 10 State Governments held on March 30, 2021.

Table
(₹ in crore)
  BIHAR 2024 GOA 2031 GUJARAT 2025 GUJARAT 2030
Notified Amount 969 200 1000 1500
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 3 10 4 9
Competitive Bids Received        
(i) No. 51 37 78 85
(ii) Amount 6855 1742 5917 4162
Cut-off Yield (%) 5.43 6.84 5.88 6.9
Competitive Bids Accepted        
(i) No. 7 7 18 46
(ii) Amount 960 192.5 990 1412.1
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 62.9515 69.5122 37 10.037
(ii) No. (1 bid) (2 bids) (1 bid) (7 bids)
Non – Competitive Bids Received        
(i) No. 1 3 1 11
(ii) Amount 9 7.5 10 87.9
Non-Competitive Price 100.08 100.04 100.24 100.34
Non-Competitive Bids Accepted        
(i) No. 1 3 1 11
(ii) Amount 9 7.5 10 87.9
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 5.3993 6.8351 5.8125 6.849
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 969 200 1000 1500

  GUJARAT 2024 GUJARAT 2027 GUJARAT 2026 JAMMU AND KASHMIR 2031
Notified Amount 1500 1500 1000 201
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 3 6 5 10
Competitive Bids Received        
(i) No. 60 104 64 28
(ii) Amount 6297 10647 6788 953
Cut-off Yield (%) 5.39 6.58 6.18 6.84
Competitive Bids Accepted        
(i) No. 13 5 3 8
(ii) Amount 1483 1485 989.5 199
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 0.4286 84.8387 78.95 68.8312
(ii) No. (3 bids) (2 bids) (1 bid) (3 bids)
Non – Competitive Bids Received        
(i) No. 2 1 2 1
(ii) Amount 17 15 10.5 2
Non-Competitive Price 100.16 100.03 100.01 100.04
Non-Competitive Bids Accepted        
(i) No. 2 1 2 1
(ii) Amount 17 15 10.5 2
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 5.3324 6.5746 6.177 6.835
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 1500 1500 1000 201

  JHARKHAND 2034 KERALA 2032 KERALA 2031 KERALA 2035
Notified Amount 1000 1000 1000 1000
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 13 11 10 14
Competitive Bids Received        
(i) No. 63 99 77 62
(ii) Amount 4265 6955 5107 4047
Cut-off Yield (%) 6.82 6.82 6.8 6.82
Competitive Bids Accepted        
(i) No. 3 3 5 2
(ii) Amount 974 950 948.35 1000
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 69.5714 47.5 91.5049 –
(ii) No. (3 bids) (3 bids) (3 bids) –
Non – Competitive Bids Received        
(i) No. 3 5 7 –
(ii) Amount 26 50 51.65 –
Non-Competitive Price 100 100 100 100
Non-Competitive Bids Accepted        
(i) No. 3 5 7 –
(ii) Amount 26 50 51.65 –
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 6.82 6.82 6.7997 6.82
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 1000 1000 1000 1000

  PUDUCHERRY 2033 PUNJAB SDL 2033 PUNJAB 2036 UTTARAKHAND 2031
Notified Amount 240 1000 1851 1000
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 12 Re-issue of 6.86% Punjab SDL 2033 issued on March 24, 2021 15 10
Competitive Bids Received        
(i) No. 21 45 31 78
(ii) Amount 1225 3003.5 3589 4952
Cut-off Yield (%) 6.98 6.8203 6.82 6.8
Competitive Bids Accepted        
(i) No. 11 2 3 2
(ii) Amount 237.1 964 1850 940.605
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 64.2 96.4 – 93.1292
(ii) No. (2 bids) (2 bids) – (2 bids)
Non – Competitive Bids Received        
(i) No. 2 5 1 8
(ii) Amount 2.9 36 1 59.395
Non-Competitive Price 100.34 100.32 100 100
Non-Competitive Bids Accepted        
(i) No. 2 5 1 8
(ii) Amount 2.9 36 1 59.395
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 6.938 6.8203 6.82 6.8
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 240 1000 1851 1000

  WEST BENGAL 2036 Total
Notified Amount 4680 20641
Underwriting Notified Amount NIL  
Tenure 15  
Competitive Bids Received    
(i) No. 80 1063
(ii) Amount 7897 84401.5
Cut-off Yield (%) 6.99  
Competitive Bids Accepted    
(i) No. 37 175
(ii) Amount 4546.6 20121.755
Partial Allotment Percentage of Competitive Bids    
(i) Percentage 67.2817  
(ii) No. (8 bids)  
Non – Competitive Bids Received    
(i) No. 4 57
(ii) Amount 133.4 519.245
Non-Competitive Price 100.98  
Non-Competitive Bids Accepted    
(i) No. 4 57
(ii) Amount 133.4 519.245
Partial Allotment Percentage of Non-Competitive Bids    
(i) Percentage –  
(ii) No. –  
Weighted Average Yield (%) 6.884  
Amount of Underwriting accepted from Primary Dealers NIL  
Devolvement on Primary Dealers NIL  
Total Allotment Amount 4680 20641

Ajit Prasad
Director   

Press Release: 2020-2021/1319

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Reserve Bank of India – Notifications

Notifications

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RBI/2020-21/115
DOR.CAP.51/21.06.201/2020-21

March 30, 2021

All Scheduled Commercial Banks
(excluding Regional Rural Banks)

Dear Sir,

Bilateral Netting of Qualified Financial Contracts- Amendments to Prudential Guidelines

The Bilateral Netting of Qualified Financial Contracts Act, 2020 (hereafter referred to as “the Act”), has been notified by the Government of India vide Gazette Notification No. S.O. 3463(E) dated October 1, 2020. The Act provides a legal framework for enforceability of bilateral netting of qualified financial contracts (QFC).

2. In exercise of the powers conferred by section 4(a) of the Act, the Reserve Bank, vide Notification no. FMRD.DIRD.2/14.03.043/2020-21 dated March 9, 2021, has since notified (a) “derivatives”; and (b) “repo” and “reverse repo” transactions as defined under Section 45(U) of Chapter III-D of the Reserve Bank of India Act, 1934 as a QFC.

3. Accordingly, select instructions contained in the following circulars have been modified/ amended appropriately:

a) Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’ as provided in Annex 1;

b) Circular DBR.BP.BC.No.106/21.04.098/2017-18 dated May 17, 2018 on ‘Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) – Final Guidelines’ as provided in Annex 2;

c) Master Circular DBR.No.BP.BC.2/21.04.048/2015-16 dated July 1, 2015 on ‘Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’ as provided in Annex 3; and

d) Master Circular DBR.No.BP.BC.4./21.06.001/2015-16 dated July 1, 2015 on Prudential Guidelines on Capital Adequacy and Market Discipline-New Capital Adequacy Framework (NCAF) as provided in Annex 4.

The revised instructions come into force with immediate effect.

Yours faithfully,

(Usha Janakiraman)
Chief General Manager

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