Reserve Bank of India – 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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10 Best Online Startup Ideas for Women in India

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Yoga Trainer

Today’s yoga industry is booming, and many women are too preoccupied with their daily lives to devote time to their physical health. Women entrepreneurs in India can focus on their health and wealth by turning their passion for yoga into a lucrative market. With pandemics hovering around the world, an online yoga class is the best choice for most people. Because of the work-from-home culture, people are more interested in fitness than ever before. Yoga studios are now switching to digital lessons, allowing yogis the opportunity to stay away from the crowds and teach peacefully.

There is no huge investment for design studios, you can teach from anywhere. Your students can be from all over the world. The only investment you have to make is to invest in your certification as it is very important. People usually trust trainers who are certified from a reputed institution.

Image Consultancy Business

Image Consultancy Business

Image consultancy is one of the trending businesses in India. Now more people are conscious of the value of a good image, resulting in a greater demand for skilled Image Consultants in the industry. And this is reflected in the enormous business opportunity for Image Consultants, which is estimated to be worth thousands of crores. Image consultancy does not confine you to a cubicle. As an Image Consultant, you can work from home and connect with clients all over the world through the internet. You can recruit and handle professionals. This helps you to earn a consistent income without having to work a certain amount of hours per day.

Graphics Designing

Graphics Designing

The offers will start flowing at once you’ve built your portfolio and established yourself as a credible individual. This is one of the best home business ideas for women with your creative mind and expertise. Visual designs are created by graphic designers to express ideas that empower and educate customers. Graphic designers are required in almost all the field as it is very vital to show their business in pictures. Professional graphic designers are required by businesses to create successful marketing materials such as brochures, business cards, leaflets, and banners. Graphic design entails the creation and development of a logo that can aid in the development of a brand image. There’s a fair chance that a company would need a logo, t-shirt design, website, or some other design project that you can assist with at some stage.

Financial Advisory

Financial Advisory

Women financial planners will be better able to interact with their female clients. This makes it easier for them to find the right options for their clients. Women advisors acknowledge and can contribute to women’s problems, such as job advancement, work-home dilemmas, and child college savings versus retirement savings. Although both men and women will benefit from consulting with a female advisor, women can benefit more because they take the time to connect. Start your career by advising your family and friends and slowly start charging a fee for a consultation.

Language Instructor

Language Instructor

Children and teenagers, business executives, doctors and nurses, and people who simply enjoy the adventure of travel are all potential students for a foreign language instruction business. Offering lessons in one or more world languages are how a foreign language business makes money. Students may pay for individual classes or buy a set number of classes in advance. The selling of language-learning resources such as books, study material may be another source of revenue. Providing online classes allow you to meet an almost limitless number of people. Online learning is a rapidly growing industry, with Skype, Google Hangouts, and other internet networks providing easy and effective ways to host classes over the Internet.

Blogging

Blogging

Businesses of all types are beginning to blog as a means of establishing a long-term audience. Blogging is more than just a way for companies to advertise their goods and services. It may potentially be the driving force behind a variety of companies. There are many options if you want to start your own blogging company.

Freelance Blogger, Ghost Blogger, Affiliate Marketer, Blogger with Advertisers, Online Course Creator, Business Blogger, Social Media Blogger to name a few. Bloggers, mostly work backward, first creating an audience by regularly producing high-quality material, and then looking for ways to monetize their traffic.

Online Tuition

Online Tuition

Being an online tutor is currently in high demand, and it gives a lot of space for advancement. Online tutoring is a huge business opportunity for both individual tutors and training companies. By making it easier for tutors to meet students, the increasing number of online tutoring platforms and innovations has significantly bolstered the online tutoring industry.

Music Instructor

You should start tutoring children and adults in these art forms if you are a talented artist with skills in art, music, or dance. Becoming a private tutor does not entail a large financial commitment, and the benefits far outweigh the costs. You can open a franchise in major cities and towns in India and abroad for organizations truly involved in the promotion and growth of performing arts – music and dance.

Life Coach

Life Coach

As a Coach, you’ll be able to assist yourself and other women in finding the answers they’re looking for. You’re not only making a living as a life coach. You are making a difference in the lives of tens of thousands of people.

Cook/Baking

Many bakers began selling cakes, cupcakes, and cookies from their homes and have since expanded into regular retail bakeries and even franchises.

Conclusion

Women’s entrepreneurial skills have influenced the country’s economic standing. They’ve carved out a place for themselves in all walks of life, contributing to their families and the economy. Starting a company comes with its own package of risks and difficulties. These low-cost business ideas for a startup in India are suitable for getting started, and they also encourage female entrepreneurs to expand their businesses over time without having to leave their homes.



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Reserve Bank of India – Tenders

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RBI/Central Office/Premises Department/24/20-21/ET/625

1. E-quotations in two parts (Part -I and Part –II) are invited for “Cleaning and Disinfecting of HVAC Duct System comprising supply & return Air Duct, Grills, diffusers etc. for Bank’s Central Office Building at Mumbai”. The work is estimated to cost ₹ 8.50 Lakh.

2. Quotation forms will be available from 03/03/2021 to 17/03/2021 at MTSC website. The duly filled in quotation documents should be uploaded on MSTC website before 02.00 PM on 31/03/2021.

3. E-Quotation forms can be downloaded from the website https://www.mstcecommerce.com and uploaded along with all the information / documents, mentioned in the commercial terms and conditions of the quotation.

4. Only those contractors who possess the following shall be eligible to participate in the quotation:

i) Bidder should have a valid certificate issued by NADCA (National Air Duct Cleaners Association) for undertaking works pertaining to Air Duct Cleaning etc.

ii) have minimum 5 years of experience in the field of undertaking similar Cleaning and Disinfecting of HVAC Duct System comprising supply & return Air Duct, Grills, diffusers etc. (works completed on or before February 28, 2021)

and

iii) have executed successfully (works completed on or after February 29, 2016)

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

or

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

or

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

AND

iv) Have a minimum yearly turnover of 100% of the Estimated cost (8.50 Lakh) during the last 3 years

AND

v) Banker`s certificate of value not less than 8.50 lakh as per the pro forma given Annex-III along with technical bid.

AND

vi) Bidder should have service support set up like required tool, office, qualified technical personnel etc. in metropolitan region of Mumbai.

5. The following documents shall be prepared and scanned in different files (in PDF or JPEG format) and uploaded during the on-line submission of Bid. These documents shall also be submitted to RBI before the prescribed date & time for submission of Bids. The following information in writing and submit relevant documents to satisfy the Bank about their eligibility for participating in the tendering process.

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/other relevant document
b) Work experience & Completion of similar works of specified value during the specified period Copies of the detailed work orders for the two-qualifying works 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 center should also are given
c) Turn over during the specified period A certificate issued by the Chartered Accountant shall be submitted.
d) 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 executive (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.
e) Details of Bank account Full particulars of their bank accounts, like account no. type, when opened etc., should be given.
f) Details of completed works 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
g) Valid license/Certificate NADCA /competent authority shall be furnished

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. All the intending vendors are advised to study the quotation documents and may send their queries through email to ashutoshsingh@rbi.org.in /subhashpawar@rbi.org.in before on or before 17/03/2021 for clarification. With prior notice on the above email and confirmation from the Bank, Site visit will be facilitated to the intending venders to provide the first feel of the work and site. The duly filled in quotation documents shall be uploaded on MSTC site till 14:00 PM on 31/03/2021 No further clarifications/queries will be entertained after date of sending queries.

8. (a) Quotation forms can be downloaded for viewing from the website www.mstcecommerce.com w.e.f. 03/03/2021 from 11 AM.

(b) EMD of 17000/- (Rupees seventeen thousand only) in the form DD/NEFT by a scheduled Bank shall be submitted on or before the due date.

(c) firms shall submit all the information and the documents as mentioned in Para 5 above

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

9. Part I of the quotations will be opened on-line at 4:00 PM on 31/03/2021 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/ firm have to submit/upload

  1. Client’s certificate as per format at Annex- II from their clients for whom they have carried out “eligible works” in terms of the eligibility (Pre-qualification) criteria explained in this notice.

  2. Banker’s certificate as per format at Annex –III 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/quotations 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 quotations and opening of price bid of the quotations. 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 quotation. The Bank is not bound to assign any reason for doing so.

11. After scrutiny of the eligibility documents submitted by the bidders, the Bank shall finalize the list of qualified bidders and a panel of these qualified bidders shall be prepared which shall be valid for a period of three years. Bank at its discretion may invite quotations from this panel for other similar works during the validity of the panel.

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

13. All information submitted in response to this quotation shall be the property of Reserve Bank of India and it shall be free.

14. The Bank is not bound to accept the lowest quotation and reserves the right to accept either in full or in part any quotation. The Bank also reserves the right to reject all the quotations without assigning any reason there for.

Chief General Manager,
Reserve Bank of India,
Premises Department,
Central Office
Mumbai

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Symbo Platform raises $9.4 million in Series A funding

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Insurtech start-up Symbo Platform on Thursday announced the completion of a $9.4-million funding round.

This was led by CreditEase Fintech Investment Fund and San Francisco-based investment firm Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital, it said in a statement.

“With the proceeds of this round, Symbo intends to continue investing in its core technology and leadership team to bring its offerings to scale,” it said, adding that the key areas of investment will be recruitment across technology and product functions along with senior business development hires in Singapore, Malaysia and Indonesia.

A large part of the funds has also been earmarked for investment into Symbo’s Indian affiliate.

“The funding will be used to strengthen our technology and expand our agent and partner footprint so we can continue to drive insurance penetration in the country,” said Anik Jain, Co-founder and CEO, Symbo India Insurance Broking.

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NPS: Current Withdrawal, Exit And Taxation Rules Explained

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NPS premature withdrawal rules

The NPS Tier 1 account matures once the subscriber reaches the age of 60, but you can keep your deposits until you reach the age of 70. You can withdraw up to 60% of your NPS corpus tax-free under current NPS withdrawal regulations for withdrawal after maturity. You must use the remaining 40% of the retirement savings to purchase an annuity. Upon retirement, the annuity gives the NPS subscriber a monthly pension. The monthly pension received is taxed at the investor’s slab limit. This levy, though, would not take place at the time of withdrawal, but rather at the slab rate in the fiscal year in which the pension payouts are generated. In comparison to the NPS Tier 2 account, the NPS Tier 1 account has a number of withdrawal limits guidelines. The type of withdrawal and the amount withdrawn from the NPS Tier 1 account are the primary determinants of these withdrawal limits for the NPS.

NPS partial withdrawal rules

NPS partial withdrawal rules

Partial withdrawal is an alternative if you want to withdraw before reaching the threshold of superannuation, which is 60 years old. As a result, you are not permitted to withdraw fully. However, you can only withdraw to a certain amount. As a result, you can use this option to partially withdraw funds while keeping your NPS account active. You have the option to withdraw 25% of your accrued corpus at any time (with exception to employer contributions). To be eligible for a partial withdrawal, the subscriber must have completed three years of NPS service. He or she is allowed to withdraw up to 25% of his or her contributions. During the subscription period, the subscriber is only allowed to withdraw a limit of three times. He or she must submit this withdrawal application, along with the necessary documents, to the central recordkeeping agency or the National Pension System Trust, as the case may be, for approval. However, Tier II accounts allow you to withdraw only a part or the whole corpus without any restrictions respectively. There are no limitations on NPS Tier 2 withdrawals under new National Pension System regulations, but the restrictions on NPS withdrawal and withdrawal cap only extend to NPS Tier 1 withdrawals. Though it could seem to be a reason to spend more in the Tier 2 NPS account than the Tier 1 account, bear in mind that optional NPS Tier 2 contributions do not have tax benefits under Section 80C.

NPS withdrawal can be made for the following reasons

NPS withdrawal can be made for the following reasons

You are not permitted to withdraw funds from your NPS account according to PFRDA. There are some reasons to be met which are as follows:

  • For your children’s higher education or for yourself.
  • Those who want to start a new business or buy a new business will be able to withdraw a portion of their contributions.
  • For the marriage of your children
  • You can consider taking a partial withdrawal for the purchasing or renovation of a residential house or flat which is on behalf of your name or your spouse. If you already have a residential house or flat, either individually or jointly, rather than ancestral property, you will not be able to withdraw under these rules.
  • A partial withdrawal request can be made by you or any of your family members if you, your spouse, children, including legitimately adopted children, or dependent parents suffer from any specified disease.

NPS withdrawal rules in case of death of the subscriber

NPS withdrawal rules in case of death of the subscriber

Upon the subscriber’s death, the entire accrued pension corpus will be provided to the subscriber’s nominee/legal successor in full. Along with the completely filled Withdrawal forms, the nominee/claimant must submit the following documents:

  • Valid PRAN Card
  • The Claimant must fill out the advance stamped receipt and cross-sign it on the Revenue stamp.
  • Identity and residence proof
  • As per the bank’s authentication, a cancelled cheque with the claimant’s name, bank account number, IFSC code, bank certificate is needed. A copy of a bank passbook is mandated, but it must include the claimant’s photograph, name, and bank IFSC code, as well as be self-attested by the claimant.
  • Valid death certificate
  • All nominees registered in the CRA system must submit the withdrawal form.

How partial withdrawal under NPS can be made?

How partial withdrawal under NPS can be made?

Subscribers can file a partial withdrawal request online. Subscribers can also submit a physical partial withdrawal form (601-PW) along with supporting documents to POP, which will enable POP to conduct an online request. POP, on the other hand, should ‘Authorize’ the Withdrawal request in the CRA system. At this time, eligible Subscribers must submit their partial withdrawal application to their respective nodal officers/POPs, along with supporting documents to validate their request for partial withdrawals. In an effort to allow the partial withdrawal process easier for subscribers through online, and paperless, it has now been agreed to encourage Subscribers to allow partial withdrawal based on self-declaration,’ mitigating the need to provide supporting documents to validate the reasons for partial withdrawal. To smooth up the procedure and ensure prompt settlement of partially withdrawn funds into Subscribers’ bank account, partial withdrawal requests submitted electronically will be handled directly in the Central Record Keeping Agency (CRA) system, eliminating the need for authorization at the nodal office/POP point. You should log into your NPS account using your PRAN and password to trigger an exit request if you are exiting NPS via the online way. Though withdrawals from the tier 1 account are subject to certain limitations, withdrawals from the NPS Tier 2 account are not limited – you can request a withdrawal on any working day.

NPS Tax Benefits

NPS Tax Benefits

NPS withdrawals, unlike certain other section 80C provide tax benefits. Contributions to Tier 1 are tax-deductible which qualify under Section 80CCD(1) and Section 80CCD(1B). This ensures that you can place up to Rs. 2 lakh in an NPS Tier 1 account and claim a deduction for the whole sum, i.e. Rs. 1.50 lakh under Sec 80CCD(1) and Rs. 50,000 under Sec 80CCD(1B). Over and above the benefit of Rs. 1.50 lakhs allowed as a deduction under Sec 80CCD(1), an additional deduction of Rs. 50,000/- is available under Section 80CCD(1B). Over and above the benefit of Rs. 1.50 lakhs allowed as a deduction under Sec 80CCD(1B), an additional deduction of Rs. 50,000/- is available to determine (1). As a result, Section 80CCD(1) and Section 80CCD(1B) raises the cumulative exemption limit to Rs. 2.00 lakhs.



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PSB mergers increase auditor workload, seek more hands, BFSI News, ET BFSI

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Auditors at several state-owned banks have asked the Reserve Bank of India (RBI) to increase the number of agencies empanelled to conduct audits citing unprecedented increase in workload and number of certificates to be issued by statutory central and branch auditors in light of the merger of several state-run banks last year, according to an ET report.

Auditors have argued that increasing the manpower for inspecting bank books is important to maintain the quality of the exercise.
“The huge work allocated to statutory central auditors and statutory branch auditors in respect of various state-run banks requires huge manpower deployment of partners and paid chartered accountants. This itself justifies appointing a minimum of six such auditors,” said Prakash Sharma, vice chairman, Institute of Chartered Accountants of India (ICAI), according to the report.

Quality aspect

Sharma said the rise in services of banks and their branch count, especially for merged banks, requires enhancing the number of auditors to ensure good quality inspections.

As per the present rules, the ICAI prepares a list of eligible auditors and audit firms, subject to the regulator’s scrutiny. RBI forwards the final list of all eligible auditors to PSBs for selection.

The merger

Under the government’s mega consolidation plan, Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.

Officers have also requested the RBI to consider specifying the minimum number of auditors to be appointed rather than leaving the choice to banks.

They have also sought a revision of audit fees given the rise in the scope of the audit, enhanced compliance requirements, security risks, new legislations, and the ever-changing policy landscape.

Intensive and time-consuming

Abhinav Sharma, partner, AVG & Associates, said that increasing regulatory oversight has already made branch-level audits intensive and time-consuming.

“Hence, post-merger of PSBs, audit completion of a higher number of branches will pose a challenge. For instance, PNB is working with five statutory auditors despite having the approval of six prior to the merger,” Sharma said.
Auditors have also sought proportionate increase in number of auditors.



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Razorpay announces 3rd largest ESOP sale of $10 million for 750 current, former employees

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Fintech unicorn Razorpay, on Thursday, announced its third ESOP (Employee Stock Ownership Plan) buyback program worth $10 million (₹73 crore) for its 750 employees.

All existing and former employees of Razorpay who hold vested stocks will be eligible to sell up to 33 per cent of their vested ESOP shares. Sequoia Capital India and GIC, two of Razorpay’s key investors will be the buyers involved in this development.

ESOP buybacks in the start-up industry have been a source of significant wealth creation for employees but it is not something that companies usually offer as an annual event. Razorpay is one of India’s youngest start-ups to have facilitated the ESOP buyback program consequently for the last three years.

The share sale is expected to benefit employees across roles – from team leaders to support executives to administrative staff. Razorpay’s 1,350 people team raised their $100 million Series D funding in October last year and the ESOP buyback plan is a reflection of the faith that the company and its employees have instilled in each other.

Also read: India attracted $2.7 billion in fintech investment in 2020: KPMG

“We’ve always said and believed that our employees are the reason for every success that we have had. They turned an unprecedented year into one of the strongest years for Razorpay. And this ESOP Buyback is our little way of giving back to the employees for their contribution and a form of wealth creation for all, as it is important for us to ensure that our employees also grow along with the company. Our current and former employees, even as young as 23, will be eligible for this incentive, irrespective of rank. The compensation will be rolled out to all our employees, be it software engineers, product managers, customer experience agents, or administrative staff. I believe there’s no better time than now to recognise the team for all their efforts and having trusted us in this journey,” said Harshil Mathur, CEO and co-founder, Razorpay.

Razorpay’s first liquidity event through ESOP encashment occurred in November 2018 for its 140 employees then. The transaction was done at a 50 per cent premium to the valuation. The second ESOP sale event occurred in November 2019, during which approximately 400 employees were eligible. To date, the company has awarded ESOPs to 1,000 employees, with current employees holding a majority share.

Also read: Mastercard and Razorpay partner to make digital payments more accessible for MSMEs and startups

Currently powering online payments for more than 5 million small and large businesses such as Facebook, IRCTC, CRED, Zerodha, Indigo among others, Razorpay has clocked in a healthy growth rate of 40-45 per cent month-on-month and is geared to increase its merchant count to 10 million by next year.

Razorpay registered 3X growth in payment volume through SMBs that went online for the first time during Covid in 2020.

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Reserve Bank of India – Tenders

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Reserve Bank of India invites limited tenders from the Bank’s empanelled contractors for Supply of sufficient number of fully covered Container trucks/ vehicles for transportation of banknotes from Reserve Bank of India to various Currency Chests/other specific destinations in Kerala and Mahe (UT of Puducherry) as may be required by Reserve Bank of India for the period from April 01, 2021 to March 31, 2022.

NOTE: THIS IS A LIMITED TENDER ENQUIRY. ONLY THOSE BIDDERS/VENDORS WHO ARE EMPANELLED AS VENDORS WITH RBI, THIRUVANANTHAPURAM FOR SUCH WORKS ARE ELIGIBLE TO PARTICIPATE IN THIS TENDER.

The Schedule of tender (SOT)

E-Tender Name Supply of sufficient number of fully covered Container trucks/ vehicles for transportation of banknotes from Reserve Bank of India to various Currency Chests/other specific destinations in Kerala and Mahe (UT of Puducherry) as may be required by Reserve Bank of India for the period from April 01, 2021 to March 31, 2022.
E-Tender No: RBI/Thiruvananthapuram/Issue/25/20-1/ET624
Mode of tender E –procurement system
(Part I – Techno – Commercial bid And Part II – Price bid)
Website www.mstcecommerce.com/eprochome/rbi
Date of NIT (Notice Inviting Tender) available for parties to download March 04, 2021 10:00 am
Pre-Bid meeting No
Estimated Cost of Work Rs.57,00,000/- (Approx) (Rupees Fifty Seven Lakhs Only)
The amount is indicative only and the Bank is not under any obligation to incur expenditure equal to or exceeding the estimated cost.
Earnest Money Deposit Rs. 114,000/- (Rupees One Lakh Fourteen Thousand only) in the form of NEFT towards
Beneficiary Name: ISSUEYour firm’s name
Beneficiary Ac No: 8614038
IFSC: RBIS0THPA01
Last date of submission of EMD March 15, 2021 02:00 pm
Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi March 04, 2021 10:00 am
Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid March 15, 2021 02:00 pm
Date & time of opening of Part-I (i.e. Techno-Commercial Bid) March 15, 2021 02:45 pm
Date of opening of Part II i.e. price bid March 15, 2021 03:00 pm
Transaction Fee for Participants As specified by M/s MSTC Ltd. in Terms of Use of Service for Vendors

Regional Director for Kerala & Lakshadweep

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10 lakh customers of other banks using ICICI Bank’s mobile app

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As many as 10 lakh customers of other banks are using ICICI Bank’s revamped mobile banking app – ‘iMobile Pay’ and the private sector lender expects the number to double over the next two months.

“The bank has achieved the feat in a shade over three months after it made ‘iMobile Pay’ open for all to use, including those who are not its customers. Going by the encouraging response received by this unique initiative that offers interoperability to bank customers, ICICI Bank anticipates that the number is likely to double in two months,” it said in a statement on Thursday.

While the app has registered a good response in large metro cities like Mumbai, Delhi, Bengaluru and Chennai, other like Pune, Hyderabad, Ahmedabad, Jaipur, Lucknow, Patna, Indore, Ludhiana, Bhubaneswar, Guwahati, Agra, Kochi and Chandigarh have also contributed significantly to the growth of the number of users, ICICI Bank further said.

Also read: Private banks gear up to undertake govt business

“The objective of this endeavor was to offer customers of any bank the benefits of seamless payments and digital banking services through our app. We made it possible by leveraging NPCI’s interoperable infrastructure,” said Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank.

Users have especially liked the functionality of Pay to Contacts, which enables users to send money either to a mobile number or a UPI ID of their friends and contacts, to any payment app or a digital wallet.

Other services such a ‘Scan to Pay’, ‘Check Balance’ and ‘Bill Payments’ have also seen the maximum usage.

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Canara Bank, BFSI News, ET BFSI

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Public sector lender Canara Bank on Thursday said that banking services may get affected later this month due to the proposed strike by several bank unions.

“We have been informed by the Indian Banks’ Association (IBA) that the United Forum of Bank Unions (UFBU) has given a call for strike in the banking industry on March 15 and March 16, for issues relating to industry level and not for any bank-level issues,” Canara Bank said in a regulatory filing.

Canara Bank said it is taking necessary steps for smooth functioning of bank branches and offices on the days of the proposed strike.

“However, in the event of strike materialising, the functioning of the branches/offices may be impacted,” said the lender.

A host of bank unions have given a call for strike on March 15-16.

AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, IBOC, NOBW, NOBO and AINBOF are the bank unions that have given a call for strike against the proposed privatization of two state-owned lenders by the government.



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