Month: March 2021

Reserve Bank of India – Tenders

Tenders

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Please refer to the tender notice event No. RBI/Chennai/Estate/351/20-21/ET/517 for the subject published on the Bank’s website www.rbi.org.in on February 08, 2021, inviting “e-Tender for Comprehensive Annual Maintenance Contract (CAMC) for providing Housekeeping services to Bank’s 03 Residential Colonies Located at K.K Nagar, P.H Road and SAF-Koyambedu for the year 2021-22”.

In this connection, it is hereby informed that the last date for submission of bids has been extended up to 15.00 Hrs on March 10, 2021. The bids will be opened at 16.00 Hrs on March 10, 2021.

Please note that no further extension will be given for submission of this tender. All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Reserve Bank of India
Chennai

Date: 03.03.2021

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CARE appoints Sachin Gupta as Chief Rating Officer

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Our Bureau

CARE Ratings, on Wednesday, announced the appointment of Sachin Gupta as its Chief Rating Officer.

“Gupta will lead the rating analytics team and will endeavour to take forward CARE Ratings’ mission of continuously improving the analytical rigour driven also through advanced technological interventions,” it said in a statement.

He was earlier at Crisil where he was a Senior Director and managed the Corporate and Infra Ratings.

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Marine insurance: IRDAI in talks with INSA to set up P&I club

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The Insurance Regulatory and Development Authority of India (IRDAI) is in talks with Indian National Shipowners Association (INSA) to develop a protection and indemnity insurance club (P&I club) in India, a move that will support the development of a marine insurance market in India, said insurance sector players at a Maritime India Summit.

Marine premium formed about 2 per cent of the gross domestic premium in FY20. India has been looking to put in place a P&I club for a few years now.

A P&I club is a mutual insurance association that enables risk pooling among members and provides information and representation for its members. A P& I club provides cover for open-ended risks (such as war risk, environmental damage such as oil spills and pollution) that traditional insurers are reluctant to insure. P&I clubs are structures where shipowners, operators and seafarers pool in money that can be used to help shipowners or seafarers in challenging times. These days even freight forwarders and warehouse operators are able to join P&I clubs in overseas jurisdictions.

Digital push

Meanwhile, the General Insurance Council is set to automate the re-insurance payment system, a first such initiative globally, making India the first country to digitise reinsurance, said Kuhu Mohapatra, DGM-Marine Underwriter, New India Assurance Company. Most of the re-insurance work and processes are paper-based globally, she pointed out, adding that Singapore is making an effort in the same direction.

While India accounts for a low share of marine insurance globally, its software prowess could be used to give India the necessary leg-up in the area, pointed out IRDAI.

Subhash Chandra Khuntia, Chairman, IRDAI, said that primary insurance (for marine sector) can grow if there is presence of reinsurance and called for starting a protection and indemnity club in India. He also sought support from shipowners for information sharing regarding Indian and foreign vessels and insurance pooling initiatives such as salvage association and P&I clubs. Salvage is the process of recovering cargo after a ship wreck.

Growth of this area depends on the availability of ecosystem, pointed out Arti Mathur, GM, Oriental Insurance Company. Marine insurance business in India is in the range of 1.5-2 per cent, which further shrunk during the pandemic, Mathur added.

Gujarat International Finance Tec-City IFSC (International Financial Services Centre) can be a platform for such activities, pointed out experts.

As India looks to develop a robust marine insurance sector, challenges that need to be addressed include lack of P&I clubs (for covering risks like loss of lives) and lack of claims assessment expertise, said Mohapatra.

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Reserve Bank of India – Tenders

Tenders

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Please refer to the tender notice event No. RBI/Chandigarh/Issue/15/20-21/ET/498 for the subject published on the Bank’s website www.rbi.org.in on February 02, 2021, inviting “e-Tender for transportation of Coins Bags for the period April 01, 2021 to March 31, 2022 at Reserve Bank of India, Chandigarh”.

2. In this connection, it is hereby informed that the last date for submission of bids has been extended up to 15:00 Hrs on March 09, 2021. The bids will be opened at 16.00 Hrs on March 09, 2021.

All other terms and conditions mentioned in the tender remain unchanged.

Date: 03.03.2021

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JPMorgan goes ‘out of this world’ to test blockchain tech; may set stage for payments between IoT devices

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Along with Amazon and SpaceX, companies such as OneWeb, Facebook, India’s Pixxel have reportedly been working on sending their own satellites to space.

Investment bank JPMorgan recently tested blockchain’s decentralised network to see if two machines could transact autonomously. And it was literally out of this world. The experiment involved carrying out blockchain-based payments between satellites in space “which validated the approach towards a decentralized network where communication with the earth is not necessary,” according to a statement by the Nasdaq-listed manufacturer and supplier of nanosatellites for customers in the academic, government, and commercial markets – GomSpace. The transaction was made utilising the company’s GOMX-4 satellites instead of JPMorgan sending its own satellites in space. The in-orbit demonstration between satellites was the “world’s first bank-led tokenized value transfer in space, executed via smart contracts on a blockchain network established between satellites orbiting the earth.”

“JPM: First bank with space-based payments using multiple satellites, enabling machine-to-machine payments, programmable value transfer, perhaps an intergalactic currency backed by H2O/O,” Christine Moy, Global Head of JPMorgan’s blockchain network Liink tweeted recently. According to GomSpace, such space-based payments have opened the door to a potential peer-to-peer DvP (data versus payment) satellite marketplace in the long term, as private companies prepare to launch their own constellations.

“I strongly believe that JPMorgan could have done this payment test without involving outer space and the satellites. They chose outer space because it is possibly the highest level of decentralized environment. A blockchain network created between the satellites and token transfer was done without any sort of communication with earth, it is similar to doing a P2P transaction on earth within a blockchain network without the use of any formal payment platform. This will enable payments between connected smart devices/IoT devices without any human intervention,” Shivam Thakral, CEO of cryptocurrency exchange BuyUcoin told Financial Express Online.

Also read: Autos, bikes continue to drive e-mobility’s post-Covid recovery even as cab booking sees lowest recovery rate

“The idea was to explore IoT payments in a fully decentralised way,” Reuters reported quoting JPMorgan’s blockchain business Onyx CEO Umar Farooq. “Nowhere is more decentralised and detached from the earth than space,” he added. Moreover, according to Tyrone Lobban, Head of Onyx’s blockchain innovation accelerator Blockchain Launch, the test also showed that it could be possible to create a marketplace where satellites send each other data in exchange for payments, as more private companies launch their own devices into space.

Along with Amazon and SpaceX, companies such as OneWeb, Facebook, India’s Pixxel have reportedly been working on sending their own satellites to space. “We are proud to have supported J.P. Morgan as they explored this novel use case of a space-based payment infrastructure utilizing blockchain technology,” Niels Buus, CEO, GomSpace said in a statement. GomSpace’s GOMX-4 satellites would further allow the company to provide rapid in orbit demonstrations, such as JPMorgan’s project, as a service to its customers to explore new uses of space technology.

Back on earth, examples of IoT payments that could become a reality sooner include a smart fridge ordering and paying for milk on an e-commerce site, or a self-driving car paying for gas, according to Farooq. “As far as the future of payments is concerned, this will bring ultimate decentralization in the financial system where even the internet won’t be required to execute payments. This will help in making blockchain technology mainstream and global banking giants will move towards blockchain technology for providing new-age banking services,” added Thakral.

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Private banks gear up to undertake govt business

Banking & Finance

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Surabhi

Private sector banks are gearing up to undertake government business, and hope they will be permitted to do so from April 1.

Bankers are expecting a notification with the finer points of the announcement by the month-end.

“With the start of the fiscal year from next month, we hope that private banks will be able to start doing government business,” noted a bank executive, adding that the expectation is that a notification and working guidelines will be issued this month.

Finance Minister Nirmala Sitharaman had, on February 24, announced that the embargo on grant of government business to private banks has been lifted.

At present, only the three large private sector banks, apart from public sector banks, are permitted to do government business such as deposits, public provident fund, Sukanya Samriddhi accounts, tax payments, and pension payments, amongother initiatives.

Many private sector lenders are also willing to take up more responsibilities in the priority sector and believe that their focus on digital channels and technology will give them an added advantage.

“It just opens up for competition and the government departments will be the ultimate winner. There will be better efficiency and faster service, and could possibly even push some of the public sector banks to improve,” noted the banker.

Regional banks

According to a recent report by Kotak Institutional Equities, while the large private banks are likely to be prime beneficiaries, a few regional banks such as Federal Bank or Bandhan Bank, could also have an advantage.

“However, building these revenue streams is time-consuming and the margins are quite thin, but the access to deposits can be a source of advantage, especially for banks that rely on wholesale deposits,” it said.

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Reserve Bank of India – Tenders

Tenders

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E-Tender No: RBI/Belapur/Estate/373/20-21/ET/569

The Pre-bid meeting for the captioned tender was held on February 25, 2021 from 15:00 hours to 16:00 hours at second floor Reserve Bank of India, Sector-10, Plot No. 3, H. H. Nirmaladevi Marg, CBD Belapur, Navi Mumbai-400614. The meeting was chaired by Shri R R Kamble, General Manager (HRMD) and was attended by other officials from the Bank and representatives of two prospective bidders. A list of participants is given in Annex.

Shri R K Verma, Assistant General Manager welcomed all the participants and discussed the agenda points as given in the Table 1 hereunder. The participants were briefed about the important points of the Tender Document. Thereafter, queries were invited from the prospective bidders regarding the captioned tender. The queries raised by the prospective bidders during the meeting along with the Bank’s clarifications and comments are given in Table 2.

Table 1: Agenda Points
Sr. No. Agenda Points
1 All firms to strictly ensure that the process of E-tendering should be completed in the MSTC Portal well ahead of the time frame of the Tender, as the Bank will not be liable for any delay in submission and no request for extension of time shall be entertained.
2 Discussion on schedule of Tender & Pre-Eligibility Criteria.
3 Explanation of Article of Agreement.
4 Modalities of Technical and Financial bid to be explained.

Table 2: Queries by the prospective bidders
Sr. No. Queries Clarification/Comments
1 Whether the final contract will be awarded to multiple bidders? No. The final contract will be awarded to only one bidder.
2 What is the procedure for booking of room/s? The procedure for booking of room/s is explained in the ‘Scope of Work and Terms and Conditions of the agreement’ of the Annex-I of the Tender document.
3 Whether the room/s will be booked on single occupancy or double occupancy basis? The rooms will be booked on double occupancy basis only.
4. How many rooms will be booked annually? Approximately 500 rooms will be booked annually. However, in case the reserved pool of room nights is exhausted before the end of the period of agreement and if the Bank wishes to avail of the services of more number of room nights, the Tenderer will provide additional room nights over and above the reserved room nights on the existing terms and conditions and at the existing rate, if required by the Bank.
5. What will be the date of opening of Financial Bid? The Part-II bid (Financial bid) of such of those tenderers, which are found eligible after scrutiny of the Part – I (Technical Bid) of the tenders only will be opened. Such bidder(s) will be intimated regarding date of opening of Part- II through email.
  • It was further stated as below:

a. These minutes of pre-bid meeting shall form the part of bid document/Agreement.

b. Rest of the terms and conditions and specifications of the bid document shall continue to remain same.

c. The above clarification is issued for the information of all the intending bidders.

d. The submission of bid by the firm shall be construed to be in conformity to the bid document and clarification given above.

Shri Kunal Landge, AM, thanked all participants for attending the meeting. The meeting ended at 16:00 hrs.

Annexure

The following Bank’s Officials and representatives of prospective bidders were present during the pre-bid meeting.

Bank’s Representatives Prospective Bidder’s Name / Representatives
Shri R R Kamble, GM, HRMD Shri Ranjan Dimri (K-Stars Hotel)
Shri R K Verma, AGM, HRMD Smt. Raksha K. Waghela (K-Stars Hotel)
Shri Kunal Landge, AM Shri Shehraz Ahmed (ibis Hotels)
Shri Anurag Lothe, Assistant Shri Shaantikumar Deshpande (ibis Hotels)

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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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Extreme weather like floods, droughts, cyclones puts $84 billion of Indian banks debt at risk, BFSI News, ET BFSI

Banking & Finance

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An increase in extreme weather events such as floods, droughts and cyclones risk souring debt worth more than Rs 6.19 lakh crore ($84 billion) at India’s biggest financial institutions.

That’s according to leading nonprofit environmental disclosure platform CDP. State Bank of India, the country’s largest lender, HDFC Bank, IndusInd Bank and Axis Bank are among the institutions that reported climate risks to CDP in 2020, it said in its annual report released Wednesday.

The banks flagged exposure to environmentally sensitive businesses including cement, coal, oil and power. They also listed the effects of cyclones and floods on loan repayments in farming and related sectors. Lenders accounted for 87 per cent of the total risk, valued at about $97 billion, across 67 top Indian companies that responded to CDP.

“Climate is the biggest risk to businesses in the long run. Financial institutions are beginning to understand it,” said Damandeep Singh, New Delhi-based director of CDP India. “As investors look at funding companies based on environmental, social and governance disclosures, we’ve seen many more companies report climate change risk.”

The potential harm to agriculture echoes concerns raised by India’s central bank about the impact of climate change on farming, a sector that employs more than half of its citizens. At the same time, the world’s third-biggest emitter of greenhouse gases is relying on coal to help drive its post-Covid recovery. The dirtiest fossil fuel could remain its dominant energy source in the coming decades.

CDP, which gathered the data on behalf of 515 investors with $106 trillion in assets, said it received responses from 220 small and large Indian companies.

State Bank of India, which is facing concerns from shareholders and investors over its proposal to help fund the controversial Carmichael coal mine in northern Australia, valued its total climate risk at Rs 3.83 lakh crore. The bank said it may “indirectly face reputational risks, should it be involved in lending to environmentally sensitive projects which may have significant public opposition.” SBI didn’t respond to a request seeking comment.

The second-highest risk was flagged by HDFC Bank, which estimated it had Rs 1.79 laks crore of assets in danger — a 24 per cent increase from 2019. It said its calculations took into account compensation it would have to pay to employees in case of flooding and its exposure to farming, cement, coal, oil and power.

Smaller private banks IndusInd, Axis and Yes reported lowered climate change risk compared to last year at Rs 46,600 crore, Rs 7,500 crore and Rs 2,000 crore respectively, citing more diversified portfolios.

India was second in the Asia Pacific and sixth globally among CDP’s ranking of countries whose companies committed to science-based targets for net-zero carbon emissions, the report showed. More than 50 Indian companies said they are preparing for future policy and regulatory changes by voluntarily committing to cutting their carbon footprint.

Increased investor pressure and stronger disclosure norms are compelling Indian companies to address climate concerns, the CDP report said. Almost all of companies reported board-level oversight of climate-related issues, while some 84 per cent said climate-related risks and opportunities led them to alter plans for products and services.



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SBI launches second iteration of YONO Super Saving Days, BFSI News, ET BFSI

Banking & Finance

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State Bank of India (SBI) announced the launch of the second iteration of the YONO Super Saving Days, following the first edition which ran between February 4th to 7th, 2021.

The Super Saving Days, which will run between March 4 and 7, will give an exclusive range of discounts and cashback to the users of SBI’s banking and lifestyle platform, YONO.

In a statement, SBI said it had witnessed a ‘significant’ jump in traction during the first edition of YONO Super Saving Days. For the second edition, the lender said its 36 million customers would have access to offers across the Travel, Hospitality, Health, Apparels & Online shopping.

Retailers SBI has partnered with for the three days including Amazon, Apollo 24|7, EaseMyTrip, OYO, and Raymond. Customers can further avail upto 50% of hotel bookings, flight bookings, Apparels and Health Categories, apart from 7.5% unlimited cashback off Amazon.



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