Month: March 2021

Ajay Srivastava, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


We will see more and more of this happening because the sheer demand of loans has collapsed in the economy and that is the challenge for the economy and the banks, says Ajay Srivastava, CEO, Dimensions Corporate Finance.

There is a very aggressive home loan rate war out there. Kotak Mahindra Bank has reduced home loan rates to 6.65% till March 31. SBI is giving it at 6.70%, HDFC Bank and ICICI Bank at 6.8%. How are you reading into this? Would the ticket sizes of these home loans be much lower than pre Covid times?
It is an indicator that there is nowhere to lend. Most companies are able to access capital and they have realised that when capital is available at these valuations, why the hell borrow money? Let us dilute. So across the board, we see QIPs, PE fund raising, sale of companies. I do not meet a promoter who wants to borrow money at the end of the day. He is likely to raise capital and keep it in the bank.

The lowering of home loan rates come out of the sheer desperation of not having enough avenues to lend money to. How much can you lend money on personal loans, unsecured loans etc? That is not the smartest way to play the game. Historically, the housing loans have been the most stable platform for most of the institutions. HDFC ruled the roost and would continue to do so because their DNA and the cost structure are very different.

These banks will often come in, play the game and try to get you as a customer but all it tells you is that there are no borrowers of significant kind and they have run through individuals as borrowers because who wanted to borrow, you did not want to lend to and instead are targeting those who don’t want to borrow. So, it is very peculiar. You will see more and more of this happening because the sheer demand of loans has collapsed in the economy and that is the challenge for the economy and the banks. So yes, it is down there but not so much that we get excited.

Would you buy HDFC? It is a fantastic business but the stock is underperforming?
I do not think it is underperforming. The stock got rerated quite sharply. I have a holding in that stock and I do not sell it. It went from Rs 1,500 to Rs 2,800. It got back to Rs 2,500, if I am not wrong. It is an incredible franchise and they have done a remarkable job at doing two things — balancing corporate real estate loans and individual real estate loans, doing side investment as well. And of course there’s the holding company. They hold the best bank in the country, the best life insurance company, the best AMC in the country. That is the India story at the end of the day.

What they do not have is Fintech in their portfolio. So, they have got a problem there. Maybe they will come in there through HDFC Bank. but There is no better surrogate for Indian economy than HDFC as an institution. The problem is it is so over owned as a stock that if FIIs decide to sell or one large FII decides to dispose it off, there will be a large correction in the stock.

As a retail person if you are starting your life, that is the stock I want to keep for my children’s education, for my retirement. It is in a separate category. Do not evaluate it day-to-day. Instead, 17 years from now, this stock should pay for your son’s education.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

RBI article, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Only private investment is “missing in action” at a time when all engines of aggregate demand are starting to fire to boost economic growth, according to a Reserve Bank article. Observing that there is little doubt today that a recovery based on a revival of consumption is underway, the RBI in the recent article said, “the jury leans towards such recoveries being shallow and short-lived”.

The key to whet the appetite for investment, it said, is to rekindle the animal spirits, a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.

“All engines of aggregate demand are starting to fire; only private investment is missing in action. The time is apposite for private investment to come alive,” said the article prepared by RBI Deputy Governor Michael Debabrata Patra and other officials.

The article published in the RBI Bulletin- February 2021 further said “the time is apposite” for private investment to come alive.

Fiscal policy, with the largest capital expenditure (capex) budget ever and emphasis on doing business better, has offered to crowd it in.

“Will Indian industry and entrepreneurship pick up the gauntlet?,” it said.

The Indian economy is estimated to contract by 8 per cent during the current financial year on account of the impact of the COVID-19 pandemic. The economy is expected to stage a V-shape recovery in the next fiscal and record double-digit growth.

An another article ‘Sectoral Deployment of Bank Credit in India: Recent Developments’ published in the Bulletin said that the muted credit offtake in the recent past needs to be seen in the context of economic slowdown coupled with the COVID-19-induced lockdown.

The RBI said the views expressed in the articles are those of the authors and do not necessarily represent the views of the Reserve Bank of India.

Bank credit growth, which had already started decelerating in 2019-20, experienced a further setback in 2020-21 in the wake of the pandemic.

However, with the gradual resumption of economic activity, credit to agriculture and services sectors has registered accelerated growth in the recent period, it said. Even in the industrial sector, credit growth to medium industries has accelerated, indicative of positive impact of several measures taken by the government and the Reserve Bank of India (RBI).

“However, contraction in credit to large industries and infrastructure remains a cause of concern,” it said.

The Reserve Bank has taken several measures to facilitate credit flow to various sectors of the economy, especially to the MSME and NBFC sectors.

Credit offtake is expected to pick up as the economy is poised to stage a smart recovery in 2021-22 on the back of decline in coronavirus infections and swift roll-out of the vaccination programme. This is in addition to a number of measures announced by the government in the Union Budget 2021-22 to accelerate the growth momentum, the article said.

As per the article, the recent decline in credit growth was mainly due to large industries.

“Owing to the stressed assets in large industries, there was a general reluctance on the part of bankers to lend to these industries, with the problem getting compounded by the pandemic,” it said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 4,34,441.15 3.19 0.01-5.30
     I. Call Money 8,228.85 3.21 1.90-3.50
     II. Triparty Repo 3,22,174.55 3.22 3.10-3.35
     III. Market Repo 1,02,737.75 3.11 0.01-3.35
     IV. Repo in Corporate Bond 1,300.00 3.66 3.35-5.30
B. Term Segment      
     I. Notice Money** 115.40 2.86 2.60-3.35
     II. Term Money@@ 26.50 – 3.15-3.40
     III. Triparty Repo 775.60 3.10 3.10-3.15
     IV. Market Repo 407.97 2.54 2.20-3.05
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Tue, 02/03/2021 1 Wed, 03/03/2021 5,66,757.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Tue, 02/03/2021 1 Wed, 03/03/2021 0.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -5,66,757.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 26/02/2021 14 Fri, 12/03/2021 2,00,010.00 3.50
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
D. Standing Liquidity Facility (SLF) Availed from RBI$       32,842.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -90,085.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -6,56,842.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 02/03/2021 4,40,790.90  
     (ii) Average daily cash reserve requirement for the fortnight ending 12/03/2021 4,49,720.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 02/03/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 12/02/2021 8,49,099.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad
Director   
Press Release : 2020-2021/1185

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reuters, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


India’s central bank wants banks to limit ownership stakes in capital intensive insurance companies at a maximum 20%, less than half of what the current regulations permit, three sources with knowledge of the discussions told Reuters.

Reserve Bank of India (RBI) rules allow banks to hold up to 50% stakes in insurers and on a selective basis equity holdings can be higher but must eventually be brought down within a certain period.

The sources, who asked not to be named as the discussions are private, however said the central bank in 2019 unofficially advised banks seeking to acquire stakes in insurers, to limit such stakes to a maximum of 30%, and more recently directed them to cap stake purchases in insurers at 20%.

“Unofficially, banks have been told that the regulator is not comfortable with lenders increasing their stakes because the insurance business is seen as a money guzzler,” one source said.

The RBI wants banks to focus on their main areas of business instead of locking away capital in non-core sectors. The central bank did not respond to a request seeking comment.

The unofficial push suggests the RBI is looking for uniformity around ownership rules for lenders with exposure in the sector, following suggestions made in a working paper by an internal group released in November.

Some lenders such as Kotak Mahindra Bank and State Bank of India have wholly-owned or majority owned insurance subsidiaries, and the paper had suggested that if any lender had more than a 20% stake in an insurer, they should follow a non-operative financial holding company (NOFHC) structure which will ring fence ownership.

Most lenders are not keen to adopt such a structure on concerns it will hurt shareholder value and limit their capital raising ability, one of the sources said.

Recommendations made by the working paper are under consideration by the RBI and it is not clear when the central bank will act on or implement the suggestions. In light of this, the sources said the RBI was likely to stall on any requests by banks to boost or acquire new stakes in insurers.

The move comes at a time when India is keen to woo foreign investment in its insurance sector. Last month, the government said it would allow foreign direct investment of up to 74% in insurers, up from 49%. Many foreign insurers are expected to explore the opportunity as insurance penetration continues to be low in India.

With fears that banks’ bad loans could double amid the COVID-19 pandemic, the RBI does not want banks to lock up money in capital intensive businesses, the sources said.

The RBI may have reservations about banks having more than 20% stakes in any non-core companies, one of the sources said.

Federal Bank, which sought permission from the RBI to increase its stake in Ageas Federal Life insurance after its board approved the deal about a year ago, has still not received RBI approval, one of the sources said.

Federal Bank did not respond to a request seeking comment.

Last year, the RBI had also rejected Axis Bank’s application to directly purchase a 17% stake in Max Life.

The transaction was only approved after Axis restructured it and agreed to purchase the stake with two subsidiaries, bringing down the bank’s direct ownership share to less than 10%.

Axis Bank did not respond to a request seeking comment on whether it restructured the deal on the advice of the RBI.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


E-Tender No. RBI/Kochi/Estate/382/20-21/ET/585

The pre-bid meeting for the captioned Tender was held at 15:00 hrs on March 01, 2021 as per the schedule of tender at the Conference 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. Arun Kumar Sethu, AM (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. What should be the qualification of the fire staff to be deployed. The firemen deployed by the Contractor shall be:

i) Properly trained ex-servicemen with at least three years’ experience in firefighting,

or

ii) Properly trained firemen having successfully completed Diploma in Firefighting or equivalent (course approved by Ministry of Human Resource Department, Government of India with duration of minimum one year), from colleges / training institutes approved by Ministry of Human Resource Department, Government of India, and having at least two years of experience in the firefighting field.

The Supervisor (Leading Fireman) deployed by the Contractor shall be:

i) Properly trained ex-servicemen with at least three years’ experience in firefighting,

or

ii) Properly trained firemen having successfully completed Diploma in Firefighting or equivalent (course approved by Ministry of Human Resource Department, Government of India with duration of minimum one year), from colleges / training institutes approved by Ministry of Human Resource Department, Government of India, and having at least Five years of experience in the firefighting field.

Accordingly, para “4.1.” in page number 15 of 37, stands corrected / amended as given below:

“For performing the assigned work, the Contractor shall deploy medically and physically fit firemen and supervisor between the age of 18 and 45 years. The Contractor shall ensure that the persons are punctual and disciplined and shall ensure that they remain vigilant in performance of their duty.

The firemen so deployed by the Contractor shall be:

i) Properly trained ex-servicemen with at least three years’ experience in firefighting,

or

ii) Properly trained firemen having successfully completed Diploma in Firefighting or equivalent (course approved by Ministry of Human Resource Department, Government of India with duration of minimum one year), from colleges / training institutes approved by Ministry of Human Resource Department, Government of India, and having at least two years of experience in the firefighting field.

The Supervisor (Leading Fireman) so deployed by the Contractor shall be:

i) Properly trained ex-servicemen with at least three years’ experience in firefighting,

or

ii) Properly trained firemen having successfully completed Diploma in Firefighting or equivalent (course approved by Ministry of Human Resource Department, Government of India with duration of minimum one year), from colleges / training institutes approved by Ministry of Human Resource Department, Government of India, and having at least Five years of experience in the firefighting field.

The Contractor shall submit necessary documentary proof for the personnel’s qualification and experience. The personnel deployed shall be of high integrity and good conduct and shall be conversant in English as well as the local language i.e. Malayalam.”
2. Minimum wages are to be paid to the staff considering which category. Does the supervisor come under different category. Para ‘4.19’ of the tender document may be referred to. The minimum wages for the supervisor / leading fireman are also considered under the same category.
3. Whether wages are to be paid to the staff based on DGR guidelines. Para ‘4.19’ of the tender document may be referred to. The wages should be paid according to the DGR rates to all the Fire staff deployed. 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.
4. 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 “4.51” 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 “4.51” in page number 24 of 37, 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.”
5. How many years of experience if mandated for the bidder Reputed Applicants having minimum 5 years of experience in the field of Engagement of Firefighting Staff are eligible to apply.

Accordingly, para “1.2.” in page number 10 of 37, stands corrected / amended as given below:

“The company/agency/firm shall be providing fire safety of the building, manning fire control rooms round the clock, holding and maintaining fire safety equipment like fire alarm system, fire extinguishers, assisting physically challenged employees/visitors, training of general staff, liaison with local fire brigade. Only company / agency/firm having minimum five years’ experience in undertaking work of similar nature and have provided similar services to Government / Semi Government/Local administrative and Municipal bodies or any other major institutions are eligible to apply for the work. The Contractor shall submit the documentary proof of the same.”

Accordingly, para “1.5.” in page number 10 of 37, stands corrected / amended as given below:

“Reputed Applicants having minimum 5 years of experience in the field of Engagement of Firefighting Staff are eligible to apply. 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.”

Accordingly, para “2.2.” in page number 11 of 37, stands corrected / amended as given below:

“The bidder shall have a minimum experience of five years. The bidder shall submit a list along with documentary proofs of works carried out by them during the last five years. The documentary proof shall contain Work Orders, Agreements, Completion Certificates / Performance certificates (as per Annexure – C), etc. from clients, the authenticity of which shall be verified by the Bank through various modes.”
6. Whether mobile phone to be provided to the fire staff. One mobile phone (preferably phone with camera facility) with active connection must be provided to the Fire staff at the post at the contractors own cost. The maintenance, charging, etc. of the phone will be the responsibility of the contractor. The phone has to be active 24×7 with sufficient talk-time, SMS balance etc. The cost for the same may be included under serial number 2 of the financial bid.
7. Whether any relaxation in EMD available for NSIC / MSME / MSE registered agencies No.

The meeting concluded by 16:00 hrs.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Madgaum Urban Co-operative Bank Ltd., Margao, Goa was placed under Directions vide Directive dated April 26, 2019 from the close of business on May 02, 2019 for a period of six months. The validity of the above Directions was extended from time to time, the last being vide Directive dated December 01, 2020 up to March 02, 2021.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated April 26, 2019, issued to The Madgaum Urban Co-operative Bank Ltd., Margao, Goa as modified from time to time, the validity of which was last extended up to March 02, 2021, shall continue to apply to the bank for a further period of three months from March 03, 2021 to June 02, 2021, as per the Directive dated March 02, 2021, subject to review.

3. All other terms and conditions of the Directive under reference shall remain unchanged.

4. A copy of the Directive dated March 02, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1184

[ad_2]

CLICK HERE TO APPLY

Leave a comment

India Inc raised $3.73 b via ECB route in January

Banking & Finance

[ad_1]

Read More/Less


India Inc raised $3.7316 billion via external commercial borrowings (ECBs) under the automatic route in January 2021, about 26 per cent higher than what was raised in the preceding month. In December 2020, Indian companies collectively mopped up $2.9671 billion through ECB route.

External Commercial Borrowings are commercial loans raised by eligible resident entities from recognised non-resident entities and should conform to parameters such as minimum maturity, permitted and non-permitted end-uses, and maximum all-in-cost ceiling.

The growth in borrowing via ECBs comes in the backdrop of non-food bank credit growth slowing to 5.7 per cent on year-on-year (y-o-y) basis in January 2021 compared to 8.5 per cent in January 2020.

In January 2021, four companies raised resources of $500 million and above via ECBs, according to RBI data on on ECB/Foreign Currency Convertible Bonds. Export-Import Bank of India raised $1 billion for on-lending/sub-lending, with the tenor of ECB being 10 years.

Shriram Transport Finance Company Ltd mopped up $750 million for on-lending/sub-lending, with the tenor of ECB being 3 years.

Adani Ports And Special Economic Zone Ltd (Refinancing of Earlier ECB/ tenor: 10 years) and Power Finance Corporation Ltd (Working Capital/ 10 Years 4 Months) raised $500 million each.

GMR Hyderabad International Airport Ltd mopped up $300 million for three years.

Four companies raised resources via Rupee Denominated Bonds (RDB) aggregating $12.1 million.

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


Sealed tenders are invited for empanelment of tailoring firms under two bid systems viz. Technical Bid and Financial Bid only from TAILORING FIRMS for STITCHING OF SUMMER AND WINTER UNIFORM FOR THE ELIGIBLE STAFF OF RESERVE BANK OF INDIA. The approximate value of stitching work for six seasons (from April 01, 2021 to March 31, 2024 i.e. summer, 2021, winter, 20121-22, summer 2022, winter 2022-23, summer, 2023 and winter, 2023-24) is ₹8 lakh (Rupees eight Lakh only).

2. Bidders/tailoring firms have to deposit the Earnest Money Deposit (EMD) for ₹16000/- (Rupees sixteen Thousand only) in the form of NEFT (please refer terms and condition for NEFT details) or Demand Draft drawn in favour of ‘Reserve Bank of India’ payable at Bengaluru. MSMEs are exempted from payment of EMD on submission of valid certificate.

3. In the first instance, the technical bids will be opened on the March 26, 2021 at 1600 hrs and evaluated by the empowered Committee. At the second stage, Financial Bids of technically qualified Bidders only will be opened at a subsequent date to be intimated in advance to such eligible bidders.

4. Minimum Eligibility of the bidders:-

Bidders should have –

(i) its tailoring shop/firm in Bengaluru, situated in a proper commercial & approachable place);

(ii) minimum three years of experience of tailoring/stitching of official uniforms in bulk to the Departments / Ministries of the Government of India / PSUs / Corporates / Banks / Educational Institutions (two copies of work orders received during each of the last three years should be enclosed);

(iv) have minimum turnover of Rs. 5 lakh per year during each of the last three years (valid and certified proof has to be attached);

(v) not have been blacklisted by the Deptts./Ministries of the Govt. of India/PSUs/ (Declaration has to be submitted in the specified format)

5. This tender document consists of (i) Instructions to the Bidders; (ii) terms and conditions of the tender (iii) Technical Bid, and; (iv) Financial Bid (Price schedule).

6. The tender document and forms can be downloaded from the Bank’s website i.e. www.rbi.org.in. Bidders are requested to go through the instructions to the bidders and terms & conditions contained in the bid document. There is no tender fee nor is any fee required to be paid at the time of submission of the bids.

7. The tender, complete in all respects, should be submitted in a prescribed form along with supporting documents/samples in sealed envelopes addressed to the Regional Director (Human Resource Management Department), 3rd Floor, Reserve Bank of India, 10/3/8, Nrupathunga Road, Bengaluru 560 001, and must reach on or before the March 23, 2021 by 1500 hrs. Bids should be hand delivered at the above mentioned address on or before the said date.

8. The Bank reserves the right to amend or withdraw any of the terms and conditions contained in the tender document or to reject any or all the tenders in whole or in part without giving any notice or assigning any reason. Further Addendum/Corrigendum if any will be uploaded onto website of the Bank only. The decision of the Bank, in this regard, shall be final and binding on all.

Note:

Last date of Tender submission: March 23, 2021 by 1500 hours

Opening of Technical bids: March 26, 2021

Regional Director
Reserve Bank of India
Bengaluru

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less




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


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Credit Suisse Wealth Management India makes two senior hires

Banking & Finance

[ad_1]

Read More/Less


Credit Suisse on Tuesday announced the expansion of its wealth management team in India, with the hire of two senior bankers.

Suveer Modi, who has over two decades of experience in private banking industry, joins Credit Suisse as Senior Relationship Manager, Private Banking India Onshore. Based out of Delhi, Modi will be directly reporting to Puneet Matta, who is Head of Wealth Management India onshore.

Prior to joining Credit Suisse, Modi was Executive Director at Kotak Mahindra Bank.

Besides Modi, Credit Suisse has made another hire– Sudipto Sinha, who joins as Senior Relationship Manager, Private Banking India Onshore in Mumbai, reporting to Puneet Matta. Prior to joining Credit Suisse, Sinha was head of sales and co-head of the advisory business under Kotak Investment Advisors Ltd.

“Significant hires like Sudipto and Suveer underscores our deep commitment to India onshore market and signals our strong focus to continue scaling our onshore business”, said Puneet Matta, Head of Wealth Management India Onshore.

Matta said that India is a key strategic growth market for Credit Suisse and the firm is continuing to build up its wealth management franchise to capture the vast opportunities in the wealth management segment.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,
1 … 87 88 89 90 91 … 96