Month: March 2021

PayPal to hire 1000 engineers for three India Technology Centers

Banking & Finance

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PayPal, a global digital payment company on Wednesday, said it will hire 1,000 engineers for its India Technology Centers across Bengaluru, Chennai, and Hyderabad over the course of the year.

“Technology talent will be hired across software, product development, data science, risk analytics and business analytics streams at entry, mid-level, and senior roles. PayPal India also announced its plans for campus hires from top engineering colleges across India,” said the company in a statement.

The pandemic has accelerated the shift towards digital payments and highlighted the benefits of adopting a digital first approach. PayPal’s products and services have become even more relevant now and hence the need to focus on technology innovation across AI/ML, Data Science, Risk and Security, Customer Experience and other key areas, the statement said.

“Our India Technology Centers are the largest for PayPal outside of the US and play a pivotal role in enabling us to constantly innovate and remain ahead of the curve. As digital payments move from a nice to have to an essential service, we are focused on investing in and nurturing world class technology talent to continue to offer products and services that meet the needs of our growing base of consumers and merchants,” Guru Bhat, VP Omni Channel & Customer Success, GM – PayPal India said.

The India Technology Centers currently employ over 4,500 people across the three centres.

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KVGB inks pact with Our Food for arranging processing units to farmers

Banking & Finance

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The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB) has signed memorandum of understanding (MoU) with Our Food Pvt Ltd, Visakhapatnam, for arranging cost-effective processing units to farmers through the bank loan.

A statement by the bank said on Wednesday that the vendor will ensure supply, delivery and installation of high-quality, standardised and branded equipment / machinery as per the requirement of the farmer / farmer franchisee and also will ensure purchase of processed products.

After executing the MoU on Wednesday, P Gopi Krishna, Chairman of KVGB, emphasised the need for having MoUs with big companies for technology and marketing. He observed that the lack of such agreements will create problems for marketing agricultural produces. Through the bank loan Our Food Pvt Ltd not only assists in setting up processing units, but also procures the processed materials and sells them to bulk buyers, he said, and stressed the need for involving women self-help groups in food processing and marketing.

Speaking on the occasion, Bala Reddy, Managing Director of Our Food Pvt Ltd, said that the company, in association with the bank, motivates the unemployed, educated youth with an entrepreneurial mindset in rural areas to establish processing units as per the local requirements.

The company purchases the processed product from them and sell the same through its tech platforms. By doing so, the farmer-partners get between 20 per cent and 25 per cent more than the market rate, he said.

Stating that the company, in association with KVGB, is deepening its roots in northern Karnataka, he said: “Our goal is no raw produce should be sold by the farmers. They must instead process their produce and sell it to fetch better prices.”

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Home loans: Banks unleash rate war towards year-end

Banking & Finance

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Banks have unleashed a rate cut war in the home loan space on the last lap of the current financial year (FY) 2021 to bulk up their retail portfolio.

State Bank of India (SBI) was the first off the blocks, announcing on March 1 around noon that the minimum interest rate at which it will offer home loans will start at 6.70 per cent (against 6.80 per cent earlier) for a limited period — up to March-end 2021.

Late evening, Kotak Mahindra Bank (KMB) went one better, announcing that the lowest interest rate at which it will offer home loan will be 6.65 per cent (up to March-end 2021) against 6.75 per cent earlier.

Also read: Residential realty recovers on consolidation: ICRA

The move to pare home loan interest rate just for a month seems two-fold. Firstly, banks want to grow their topline due to year-end considerations. Secondly, they are probably signalling to prospective borrowers that home loan interest rates have bottomed out (could rise in the new FY) in the context of rising Government Security (G-Sec) yields.

The move by SBI and KMB could trigger a matching response from other lenders as they may not want to lose business to rivals.

“Banks want to increase their topline towards the year end. Normally, in February and March, they will be in campaign mode for promoting their products.

“Along with the home loan, there will be cross-sell of life insurance policy. If you take a car loan, insurance will come along with that,” said V Viswanathan, banking expert.

He said that banks will try to offset the effect of lower interest rate on home loans through cross-sell of life insurance, which is tacked to the loan.

Moreover, sanctioning loans towards the year end will also help banks to do part-disbursal in the first half of next FY, which is typically a lean season, in respect of stage-based release of installments.

“With low interest rates and various income tax exemptions available on home loans, there will be many people who will want to take a home loan,” said Viswanathan.

That interest rates could be headed north could be gauged from the jump in the yield on the benchmark 10-year G-Sec (carrying 5.85 per cent coupon). The yield on this G-Sec has risen about 33 basis points since January-end 2021.

Ravi Prakash Jaiswal, General Manager, Canara Bank, said: “The outlook for home loans is very good. In the wake of the pandemic, work from home has gained ground. People who were earlier advocating rental housing are now going for their own house.

“And people having their own house are going for bigger house. So, they are disposing off/ renting out their smaller house and going for bigger house.”

Canara Bank kick-started a mega retail expo across the country from February 22 to March 16, 2021 to grow its retail loans such as home, vehicle and education loans.

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Insurance: Now file your complaints electronically to Ombudsman

Banking & Finance

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Individual insurance policyholders may soon have a better deal when it comes to addressing their grievances around deficiencies in services on part of insurers, agents, brokers, and other intermediaries.

This is because the latest amendments to the Insurance Ombudsman Rules, notified by finance ministry on Tuesday, has enlarged the scope of complaints to Ombudsmen from only disputes earlier to deficiencies in service.

The Department of Financial Services in the Finance Ministry has brought comprehensive amendments to the Insurance Ombudsman Rules 2017 with a view to improve the working of the Insurance Ombudsman mechanism to facilitate resolution of complaints regarding deficiencies in insurance services in a timely, cost effective and impartial manner.

Also now insurance brokers have been brought within the ambit of the Ombudsman mechanism, by empowering the Ombudsmen to pass awards against insurance brokers as well.

Under the amended rules, the timeliness and cost-effectiveness of the mechanism has been substantially strengthened. Policyholders will now be enabled for making complaints electronically to the Ombudsman and a complaints management system will be created to enable policyholders to track the status of their complaints online, an official release said.

Further, the Ombudsman may use video-conferencing for hearings. To enable access to relief through the Ombudsman mechanism even when there is vacancy in the office of a particular Ombudsman, provision has been made for giving additional charge to another Ombudsman, pending the filling of the vacancy, the release added.

A number of amendments have been made for securing the independence and integrity of the Ombudsman selection process, while also building in safeguards to secure the independence and impartiality of the appointed persons while serving as Ombudsmen. Further, the selection committee will now include an individual with a track record of promoting consumer rights or advancing the cause of consumer protection in the insurance sector.

The Ombudsman mechanism was administered by the Executive Council of Insurers, which has been renamed as the Council for Insurance Ombudsmen, the release added.

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Reserve Bank of India – Tenders

Tenders

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Sealed tender in covered envelope is invited for providing catering service at Staff Canteen in Reserve Bank of India, Patna

For more details, please visit TENDERS link on our website https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx. Last date for submission of tender is April 07, 2021 up to 04:00 PM.

The Bank reserve the right to reject any tender without assigning any reason thereof.

General Manager-in-Charge

Patna
March 03, 2021

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Pent-up demand will come back: HDFC Ergo

Banking & Finance

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HDFC Ergo General Insurance remains optimistic about growth prospects for the general insurance sector and believes that improvement has already been evident in the third quarter of the fiscal.

“If one looks at only the third quarter data, then motor premiums have increased, private car registrations, two-wheeler registrations are back. So, next year, all the pent-up demand will come back and we will see a good year for the industry. And ,of course, we will be riding the good economic growth,” said Anurag Rastogi, President, Chief Actuary and Chief Underwriting Officer, HDFC Ergo General Insurance.

In an interaction with BusinessLine, Rastogi noted that the Covid -19 pandemic has turned health insurance into a pull product.

“As offices open up and people come to normalcy and start moving around, we see demand picking up. Look at the third quarter separately and retail health insurance has grown by 30 per cent,” he said, adding that this is fairly healthy growth.

“January, February and March is the peak period when health insurance is sold and this quarter will give some idea as to what we should expect from the coming year,” he further said.

Non-life insurers reported a 6.7 per cent growth in January this year to ₹ 18,488 crore compared to ₹17,333.7 crore in the year ago period.

Rastogi also said insurance companies are well prepared to deal with any possible second wave of Covid cases in the country.

“Insurance companies can never relax. We are prepared for whatever happens and will continue to honour our commitments to our customers,” he said.

When asked about the merger of HDFC Ergo Health Insurance (formerly known as Apollo Munich Health Insurance) with HDFC General Insurance, Rastogi said it will help scale up operations and improve delivery of products and services to customers.

“It is a union of two good institutions coming together. It brings together the knowledge of health insurance of HDFC Ergo Health Insurance, which was a wonderful institution with good products, systems and the financial strength of HDFC Ergo General Insurance,” he said.

The two had announced the completion of the merger in November 2020.

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As Covid-led bankruptcies loom, govt readies pre-packaged insolvencies, BFSI News, ET BFSI

Banking & Finance

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The government is likely to bring a pre-packaged insolvency resolution process across the board in light of an anticipated rise in bankruptcies due to the pandemic.

According to reports, the government is likely to start with micro, small and medium enterprises.

As bad loans are feared to top 13.5% of total advances due to the pandemic such a move has become urgent, experts said.

The government has been mulling the introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors.

In the Budget for 2021-22, Finance Minister Nirmala Sitharaman said the government will introduce alternative methods of debt resolution and a special framework for micro, small and medium enterprises.

What is pre-packaged insolvency?

Under the pre-packaged process, main stakeholders like creditors, shareholders and the existing management or promoter can come together to identify a prospective buyer and negotiate terms of a resolution plan, before submitting it to NCLT for formal approval.

Experts say it will help expedite the resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT).

Last year, the corporate affairs ministry sought comments on pre-packaged resolution plans.

The pre-pack process will cut short time spent at the NCLT, and the consequent delay in implementation of a workable resolution plan.

Help for MSMEs

A sub-committee of the insolvency law panel had recommended making available pre-pack for all corporate debtors in a phased manner. It had highlighted its need for micro, small and medium enterprises, which have simpler structures and fewer liabilities than the large corporates.

Cut load, timelines

A pre-packaged insolvency resolution scheme would drastically reduce the timeline for the corporate insolvency resolution process thereby saving time, money and resources.

It would also cut the workload of overburdened NCLT significantly as there would be a reduction in unnecessary pleas from stakeholders during proceedings.

It will, in turn, have a positive effect on the value maximisation for the creditors.

Mounting cases

From December 1, 2016, till the end of September last year, total 4,008 CIRPs (Corporate Insolvency Resolution Processes) have commenced under the IBC.

Out of the total, 473 CIRPs have been closed on appeal or review or settled, 291 have been withdrawn, 1,025 have ended in orders for liquidation and 277 have ended in approval of resolution plans, as per data compiled by the IBBI.

Post the pandemic, there will be an urge to close the pending cases and there will be a significant increase in new stressed cases and introducing the pre-packaged IBC at this time will boost the economy and allow quick closure of the pending and upcoming cases.



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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Jaipur invites e-Tender for House Keeping & Maintenance of Bank Properties at Bank’s main Office Building, Jaipur. The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All the eligible firms / contractors must register themselves with MSTC Ltd through the above-mentioned website to participate in the tendering process. The Schedule of e-Tender is as follows:

a. e-Tender Name House Keeping & Maintenance of Bank Properties at Bank’s Main Office Building at Rambagh Circle, Jaipur
b. e-Tender no RBI/Jaipur/Estate/403/20-21/ET/617
c. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through
www.mstcecommerce.com/eprochome/rbi)
d. Date of NIT available to parties to download March 03, 2021 after 09.00 AM
e. Earnest Money Deposit Rs 1,34,000 (Rs. One lakh thirty four thousand only)
through NEFT – details as below along with the Part I / Technical – Commercial Bid.
IFSC Code – RBIS0JPPA01
A/c number – 8692299
f. Clarification, if any, may be sent to estatedeptjaipur@rbi.org.in March 14, 2021 up to 14.00 Hrs.
g. Pre-bid Meeting (Offline) March 15, 2021 at 11:00AM
h. Last date of submission of EMD March 24, 2021 up to 12.00 Noon
i. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi March 03, 2021 after 09.00 AM
j. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid March 24, 2021 up to 14.00 Hrs
k. Date & time of opening of Part-I
(i.e. Techno-Commercial Bid)

Date & Time of opening of Part- II
(i.e. Price Bid)

 March 24, 2021 at 15.00 Hrs.

Date and time of opening of price bid will be informed separately to all the eligible bidders later.
l. Transaction Fee To be paid through MSTC Payment
Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.

Please note that there is no tender fees to download the tender document from Portal.

Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their candidature.

Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above and will not be published in the newspaper.

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NEFT, RTGS, IMPS, UPI: What is the Best Way to Send Money Online

Personal Finance

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Comparing NEFT, RTGS, IMPS, UPI

Description NEFT RTGS IMPS UPI
Full-Form National Electronic Fund Transfer Real-Time Gross Settlement Immediate Mobile Payment Service Unified Payment Interface
Regulated by RBI RBI NPCI NPCI
Settlement Type Half Hourly Batches Immediate Settlement Immediate Settlement Immediate Settlement
Minimum Transfer Rs.1 Rs.2 lakh Rs.1 Rs.1
Maximum Transfer No Limit No limit Rs.2 lakh Rs. 1 lakh
Payment options Online and Offline Online and Offline Online Online
Timings In Batches- 24/7 Weekdays: 9:00 AM – 4:30 PM 24/7, 365 days 24/7, 365 days
Charges No Charges Charges differ with bank and amount No charges NO charges

National Electronic Fund Transfer (NEFT)

National Electronic Fund Transfer (NEFT)

The National Electronic Fund Transfer System (NEFT) is an electronic fund transfer system that settles transactions in batches. NEFT service can be availed in a bank branch using cash, cheque, or a DD. Also, it can be using a net banking facility from your bank account. The maximum amount you can submit through NEFT in cash is Rs 50,000.

Banks have been instructed not to charge their savings bank account holders any fees for NEFT funds transactions initiated online from January 1, 2020. NEFT facilities are now available all the time, i.e. 24×7, 365 days. If you want to process NEFT at a bank, you’ll have to pay fees depending on the various slabs.

Real-Time Gross Settlement (RTGS)

Real-Time Gross Settlement (RTGS)

It is the method of settling funds in real-time, on an order-by-order basis. To put it another way, the request to move or settle funds is handled directly rather than in batches as it is done in NEFT.

The RTGS framework is optimized for high-volume transactions. As a result, the minimum amount that can be sent via RTGS in a single day is Rs 2 lakh. The maximum amount per day is Rs 10 lakh. On a working day, banks will use the RTGS service window for consumer transactions from 8 a.m. to 6 p.m. Banks charge service charges for the amount depending on the value of the transaction. The charges differ with different banks and the timing of transactions.

SBI Charge on RTGS

SBI charges for a transaction between 9 AM to 12 PM are Rs. 25 for a transaction between Rs 2 lakh to Rs 5 lakh. Above Rs 5 lakh is Rs. 51.

SBI charges for a transaction between 12 PM to 3:30 PM is Rs. 26 transactions between Rs 2 lakh to Rs 5 lakh and for transactions above Rs 5, it charges Rs 52.

SBI charges for a transaction between 3:30 PM to 4:30 PM is Rs. 31 for a transaction between Rs 2 lakh to Rs 5 lakh. Above Rs 5 lakh is Rs. 56.

Immediate Payment Service (IMPS)

Immediate Payment Service (IMPS)

Even on Sundays and holidays, IMPS is available 24 hours a day, seven days a week. It is a perfect banking network in case of an emergency because it transfers funds instantly. The regular IMPS fund transfer cap is Rs. 2 lakh. In IMPS, the minimum transaction value is Rupee 1. If transfers are made using a mobile number and MMID, the maximum limit is only Rs 10,000. The IMPS fund transfer is managed by the National Payments Corporation of India (NPCI). Individual banks set their own fees for remittances through IMPS. Please check with your financial institution.

HDFC Bank Charges: 1) Above Rs.1 to Rs 1 Lakh – Rs.5 + GST

2) Above 1 lakh to 2 Lakh – Rs.15 + GST. GST is 18%.

Unified Payments Interface (UPI)

Unified Payments Interface (UPI)

UPI is a mobile-based instant real-time payment system for transferring funds between bank accounts. UPI enables bank account holders from different banks to send and receive money using only their Aadhaar unique identification number, mobile phone number, or virtual payment address, without having to enter bank account details.

Popular UPI apps are

BHIM

PhonePe

Google Pay

NEFT, RTGS, IMPS, UPI: What is the Best Way to Send Money?

NEFT, RTGS, IMPS, UPI: What is the Best Way to Send Money?

For instant fund transfers of less than Rs. 1 lakh, UPI is the best payment system. Pay transfers are free of charge.

IMPS is another excellent payment mechanism for transferring funds in amounts greater than Rs. 1 lakh but less than Rs. 2 lakh.

NEFT is also the fastest way to send money through a bank branch. It is ideal for future payments, loan repayment, or credit card payments. RTGS is ideal for the transfer of Rs 2 lakh and more.

GoodReturns.in



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Reserve Bank of India – Tenders

Tenders

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E-Tender No. RBI/Kochi/Estate/381/20-21/ET/584

The pre-bid meeting for the captioned Tender was held at 11:00 hrs on March 01, 2021 as per the schedule of tender at the Seminar hall in the Office Building of Reserve Bank of India, Ernakulam North, Kochi – 682018, by maintaining social distancing and as per COVID-19 protocols.

Shri. Baby Mathew, Manager (HRMD), Shri. Nithin Hariram, Manager (P&SO), Shri. Harikrishnan P M, Assistant, and Smt. Reshma Sajeev, Assistant, were present from Bank’s side and the representatives from the companies / agencies as per the list attached in Annex, participated in the meeting.

Shri. Baby Mathew, Manager (HRMD), welcomed all participants to the meeting and invited for queries, if any, from the prospective bidders regarding the captioned tender.

Details of queries raised by representatives of various companies / agencies and clarification / comments / corrigendum of the Bank are tabulated below.

Sl. No. Query Comments / Corrigendum by the Bank
1. Whether lady guard must be Ex-service personnel. Not mandatory. Refer para “4.6.” in page number 17 of 41, of the tender document for more details.

However, it is mandatory to ensure that the salary / wage given to the Lady Security Guard is also not below the minimum wages and other allowances as prescribed by notifications / orders of Directorate General of Resettlement (DGR). Refer para “4.15.” in page number 18 of 41 of the tender document for more details.
2. Whether Bank will revise the amount quoted under Serial Number 1 of the Financial Bid i.e. Amount for Basic Wages and Variable Dearness Allowance (VDA) The Bank will accept the Contractor’s claim for revision of the amount quoted only under Serial Number ‘1’ of the Financial bid only when changes in the components of Minimum rates of wages viz. the Basic rates and Variable Dearness Allowance (VDA), are announced by the Government of India under the Minimum Wages Act / The Code on Wages, 2019, whichever is relevant. Refer para “4.49” of the tender document for more details. However, there will not be any limit in revision of the amounts quoted under serial number 1 of the financial bid.

Accordingly, para “4.49” in page number 23 of 41, stands corrected / amended as given below:

“The quote offered by the contractor in the financial bid shall be firm and final and the Bank will not entertain the Contractor’s claim for revision of rates during the currency of contract except when changes in the components of Minimum rates of wages viz. the Basic rates and Variable Dearness Allowance (VDA), are announced by the Government of India under the Minimum Wages Act / The Code on Wages, 2019, whichever is relevant. The amount of such hike in monthly contract amount, proportional to the monthly duties, will be restricted only to the increase in Basic rates and Variable Dearness Allowance (VDA). Any other components which form part of wages or allowance which are statutory in nature viz. EPF, ESI, Bonus, other components of DGR wages, etc. which are dependent on the Basic rates and/or Variable Dearness Allowance (VDA) will not be considered by the Bank for the revision in monthly contract. The contractor shall keep in mind the possible escalation of these statutory components other than Basic rates plus VDA and offer their best rates in such a way as to accommodate these incremental costs under Serial number ‘2’ of the financial Bid. The revision in monthly bill amount will be restricted to the amount quoted under serial number ‘1’ of the financial bid and the revision will be done only proportionally to the increase in basic rates and variable dearness allowance (VDA) parts of the wages. The decision of the Bank in the matter will be final.”
3. Whether hard copy of any document has to be submitted. No. Only soft copies of all the required documents have to be uploaded in the MSTC portal.

However, if EMD is being submitted through Demand Draft, the original Demand draft has to be submitted. Please refer para “3.3” in page number 12 of 41 of the tender document for more details
4. Whether any transaction fee has to be paid to the Bank for participating in the Tender. No payment has to be made to the Bank in this regard. The transaction fee is charged by MSTC Limited and the payment of Transaction fee has to be made only through MSTC Gateway / NEFT / RTGS in favour of MSTC Limited or as advised by MSTC Limited. The amount to be paid will also be as advised by MSTC Limited.
5. a) Whether wages are to be paid to the staff based on DGR guidelines.

b) If yes, DGR rates as on which date to be considered while quoting.

c) Whether service charge to be quoted as per DGR rates.

 The contractor alone shall be liable to pay the salaries / wages at all times and ensure that the same are not below the minimum wages and other allowances as prescribed by notifications / orders of Directorate General of Resettlement (DGR) to the Security Guards deployed in the Bank and its premises as and when due. Para ‘4.15’ of the tender document may be referred to. The latest DGR wage rates, which are effective from October 01, 2020, may be borne in mind while quoting rates. The documentary proof of payment of DGR wages to their employees will be obtained by the Bank for processing contractor’s monthly invoices. DGR wages as mentioned in the tender document represents all components ranging from serial numbers ‘(a)’ to ‘(j)’ for the category ‘Security Guard Without Arms (skilled) for ‘Area B’ of the latest DGR notification “NOTICE OF REVISION OF MINIMUM WAGES FOR ONE DAY W.E.F. 01 October 2020”. The limits, applicability and contribution/payment percentage, etc. shall be read in conjunction with latest rules / Acts / regulations and policies as promulgated by Competent Government Authority. Service charge is not mandated as per DGR rates.
6. Whether any relaxation in EMD available for NSIC / MSME / MSE registered agencies No.
7. What are the number of duties to be considered while quoting The total number of duties required for financial year 2021-22 is ‘4263’ as per Bank’s current requirement and this requirement is to be considered while quoting. However, the Bank reserves the right to increase or decrease the number of duties based on its requirement, before awarding the work or any time during the currency of contract. Refer para “5.7” in page number 29 of 41 of the tender document for more details.
8. Whether quotes, not conforming to DGR rates, will be rejected. The contractor alone shall be liable to pay the salaries / wages at all times and ensure that the same are not below the minimum wages and other allowances as prescribed by notifications / orders of Directorate General of Resettlement (DGR) to the Security Guards deployed in the Bank and its premises as and when due. Quotes not conforming to DGR rates will be liable for rejection. Para “3.20.” in page number 14 of 41 of the tender document may also be referred in this regard.
9. What will be the percentages of EPF and Bonus to be paid to the Security Guards EPF, Bonus etc. must be paid as per relevant statutory provisions and/or any other rules/regulations and/or statutes that may be applicable to the contractor and as amended from time to time.

The meeting concluded by 12:00 hrs.

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