Month: April 2021

SBI Card posts ₹175-crore profit in Q4

Banking & Finance

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SBI Card, the country’s largest pure-play credit card issuer, has reported a net profit of ₹175 crore for the fourth quarter ended March 31, 2021. This was 110 per cent more than the net profit of ₹84 crore recorded in the same quarter last fiscal.

The bottomline for the quarter under review was boosted by a sharp increase in other income, besides much lower provisioning for impairment and bad debts.

Total income for the quarter under review declined 2 per cent to ₹2,468 crore compared to ₹2,510 crore recorded in the same quarter last fiscal.

For the entire fiscal 2020-21, SBI Card’s net profit declined 21 per cent to ₹985 crore (₹1,245 crore).

Total income for the entire fiscal stood at ₹9,714 crore (₹9,752 crore).

Card in force grew by 12 per cent to 1.18 crore as of Q4 FY 21 compared to 1.05 crore as of Q4 FY20.

Spends grew by 11 per cent to ₹35,943 crore in Q4 FY21 compared to 32,429 crore in Q4 FY20, a company statement said.

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RBI fixes tenure of MD, CEO & WTD; maximum age of 70 years in private banks, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India has fixed the tenure of MD, CEO & Whole-time directors in private sector banks at 15 years and maximum age at 70 years.

These directives are with regard to the chair and meetings of the board, composition of certain committees of board, age, tenure, remuneration of directors and appointment of WTDs.

The RBI will come out with a master director on corporate governance in banks.

On applicability of these norms, RBI said, “Instructions would be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. In respect of State Bank of India and Nationalised Banks, these guidelines would apply to the extent the stipulations are not inconsistent with provisions of specific statutes applicable to these banks or instructions issued under the statutes.”

Tenure of MD & CEO and WTDsThe post of MD, CEO & WTD cannot be held by the same incumbent for more than 15 years and individual will be eligible for re-appointment if considered necessary and desirable by the board after a minimum gap of three years subject to meeting other conditions.

RBI said, “During this three-year cooling period, the individual shall not be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly.”

The central bank said instruction on upper age limit for MD & CEO and WTDs in the private sector banks would continue and no person can continue as MD & CEO or WTD beyond 70 years. It said, “Within the overall limit of 70 years, as part of their internal policy, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD&CEO.”

It also said, “MD&CEO or WTD who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years. However, in extraordinary circumstances, at the sole discretion of the Reserve Bank such MD&CEO or WTDs may be allowed to continue up to 15 years. While examining the matter of re-appointment of such MD&CEOs or WTDs within the 12/15 years period, the level of progress and adherence to the milestones for dilution of promoters’ shareholding in the bank shall also be factored in by the Reserve Bank.”



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Reserve Bank of India – Tenders

Tenders

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The captioned advertisement for inviting applications for “Empanelment of Suppliers/ Stockists/ Chemists for the supply of Drugs and Medicines to Reserve Bank Dispensaries at Ahmedabad” was published on April 04, 2021 in three newspapers namely Times of India, Divya Bhaskar and Rajasthan Patrika. The same was released on RBI website on April 04, 2021. The last date for submission of bids was on or before April 27, 2021 till 05:00 PM.

Extension of Time:

It has been decided to extend the last date for submission of applications to May 10, 2021 till 5:00 PM. The bids will be opened at 12:00 PM on May 11, 2021.

All other terms and conditions mentioned in the RFE Document remain unchanged

Regional Director

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10 Things To Know Before Taking A Loan Against Fixed Deposit

Personal Finance

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Planning

oi-Vipul Das

|

Individuals seek loans from a variety of lenders while they are in a fiscal crisis. Applying for loans against fixed deposits (FDs) from banks is one of the options that your bank sanction in just a matter of minutes. Rather than unnecessarily closing your FD, you can conveniently apply for a loan against your FD. Overdraft and loan against FD are the two options for borrowing money against your fixed deposit. The fixed deposit-backed overdraft or OD cap is lower than the deposit amount, but the interest paid is higher than the applicable FD rate. That being said, interest is only levied on the amount borrowed as an overdraft. Here’re the 10 facts to know while applying for a loan against your fixed deposit.

10 Things To Know Before Taking A Loan Against Fixed Deposit

1. A loan against FD (Fixed Deposit) is a type of secured loan in which customers pledge their fixed deposit as collateral in return for a loan. The loan amount is determined by the amount of the FD deposit. This can be somewhere between 90% and 95% of the deposit amount. You don’t have to break your FD to get a loan against it; alternatively, you can borrow against it.

2. In the instance of an overdraft, banks set a cap that can be as high as 90% of the deposit amount. For e.g., if you have a Rs 1 lakh fixed deposit with any bank, the bank will grant you an overdraft limit of Rs 90,000. This ensures you can only withdraw up to Rs 90,000, and you will only be charged interest on the amount that you have withdrawn from your fixed deposit account.

3. Anyone with a savings account, regardless of salary, profession, or credit score, can apply for a loan against their FD.

4. A loan against a fixed deposit can be obtained by any fixed deposit holder, whether an individual or a joint account holder. A loan against fixed deposits cannot be taken out in the name of a minor and also a depositor with a 5-year tax saving fixed deposit cannot apply for a loan against his or her FD account.

5. Loans against FD can be taken out by both salaried and self-employed individuals, regardless of their profession. To qualify for this loan, you do not need to have a decent credit score. Loans against fixed deposits have a lower interest rate than most unsecured loans, such as personal loans, and there are no processing costs or the need to break the FD. The loan balance can be repaid in instalments or as a lump sum, but not until the FD term has ended.

6. For loan against FD, banks usually charge two percent more than the FD rate. However, a few banks, such as State Bank of India and Punjab National Bank, charge an additional 0.75 percent to 1 percent interest on loan against fixed deposits. Thus, if your FD pays 6% interest, you may have to pay up to 8% interest on the loan amount. Some banks still offer online loans against FDs, but online loans against FDs have a cap. If the loan amount is high, the applicant will be required to visit his or her nearest bank branch physically.

7. A corporate fixed deposit can also be used to apply for a loan. There are, though, some terms and conditions. Just three months after opening the FD you can take out a loan against it. In the case of corporate FDs, a loan of up to 75% of the deposit amount is available. These loans can be repaid in one lump sum or in instalments until the fixed deposit matures. In case you didn’t repay the loan before the FD matures, the loan amount, as well as any accrued interest, will be deducted from the remaining fixed deposit amount at maturity.

8. When an individual takes out a loan against a fixed deposit, the bank uses the FD as collateral. If a fixed deposit holder defaults on the loan, the bank will possess the fixed deposit to claim back the funds lent.

9. Banks generate FD Lien, which are similar to charges. Banks are given an automatic claim on the deposit against which the loan was made.

10. If you don’t have a fixed deposit account then a personal loan, an early withdrawal from an FD or credit card against fixed deposit might be a safer and affordable choice. As a result, the loan against fixed deposit option is similar to a short-term loan, though it is preferable to use the loan amount to cover short-term goals.



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Reserve Bank of India – Press Releases

Press Releases

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Shivalik Small Finance Bank Limited has commenced operations as a small finance bank with effect from April 26, 2021.The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

Shivalik Mercantile Co-operative Bank Limited was granted an in-principle approval for transition into a small finance bank, as announced in the press release on January 6, 2020, under the “Scheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank” issued on September 27, 2018.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/110

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HDFC Life Insurance Q4 net profit up 2%

Banking & Finance

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Private sector HDFC Life Insurance reported a 2 per cent increase in standalone net profit in the quarter ended March 31, 2021, at ₹317.94 crore.

Its net profit was ₹311.71 crore in the same period in 2019-20. For 2020-21, its net profit increased by five per cent to ₹1,360.1 crore against ₹1,295.27 crore in 2019-20.

Premium income

The insurer’s net premium income grew by a robust 23 per cent to ₹12,868.01 crore for the fourth quarter of 2020-21 versus ₹10,464 crore a year ago.

“HDFC Life sold about 9.8 lakh new individual policies, registering a year-on-year growth of 10 per cent. The value of new business increased by 14 per cent to ₹2,185 crore on the back of consistent growth, balanced product mix and cost efficiencies, thereby translating to new business margin of 26.1 per cent,” it said in a statement on Monday.

Its solvency ratio was at 201 per cent as on March 31, 2021, versus 184 per cent a year ago. The 13th month persistency ratio was 90 per cent compared to 88 per cent a year ago.

Vibha Padalkar, Managing Director and CEO, HDFC Life, said the insurer has provided for a Covid reserve of ₹165 crore for 2021-22. “We will continue to review the adequacy of this reserve through the course of the fiscal year,” she said, adding that over the course of the year it settled over 2.9 lakh death claims, resulting in payouts in excess of ₹3,000 crore.

The board also recommended a final dividend of ₹2.02 per equity share of face value ₹10 each for 2020-21, subject to approval of members at the Annual General Meeting.

Based on the recommendation of the Nomination and Remuneration Committee, the board also approved the re-appointment of Vibha Padalkar as MD and CEO of the company for five years with effect from September 12, subject to approval of the members at the AGM and IRDAI.

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Reserve Bank of India – Press Releases

Press Releases

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(Amount in Crore of ₹)
  SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)		 ALL SCHEDULED BANKS
10-APR-2020 26-MAR-2021* 09-APR-2021* 10-APR-2020 26-MAR-2021* 09-APR-2021*
I LIABILITIES TO THE BKG.SYSTEM (A)            
  a) Demand & Time deposits from bks. 243204.23 195866.03 187997.58 248681.2 200585.12 192869.33**
  b) Borrowings from banks 64665.43 40879.9 47714.16 64665.43 40885.9 47724.91
  c) Other demand & time liabilities 15384.73 17843.16 17934.8 15518.84 18058.73 18136.14
II LIABILITIES TO OTHERS (A)            
  a) Deposits (other than from banks) 13714590.46 15113528.5 15214885.53 14127927.99 15539930.88 15647256.78
  i) Demand 1476185.59 1861208.66 1743505.63 1511315.99 1899283.46 1782558.55
  ii) Time 12238404.87 13252319.83 13471379.93 12616612 13640647.41 13864698.27
  b) Borrowings@ 298683.93 244024.95 244596.09 303000.92 248168.2 249077.38
  c) Other demand & time liabilities 563511.15 656614.02 582898.65 576475.18 669452.3 594937.08
III BORROWINGS FROM R.B.I. (B) 255929.99 90274.68 89650.18 255929.99 90274.68 89650.18
  Against usance bills and / or prom. Notes            
IV CASH 86942.87 90747.64 86578.63 89373.95 92785.78 88517.48
V BALANCES WITH R.B.I. (B) 401620.93 542692.69 535652.09 414005.03 557951.44 550183.22
VI ASSETS WITH BANKING SYSTEM            
  a) Balances with other banks            
  i) In current accounts 17608.41 14233.47 20394.01 19875.06 16553.28 22918.3
  ii) In other accounts 143788.43 129067.92 126675.03 174473.12 162625.83 158174.2
  b) Money at call & short notice 20697.65 10653.82 8903.48 44083.64 36476 33689.67
  c) Advances to banks (i.e. due from bks.) 25099.97 16765.54 15760.91 26535.2 19910.15 18543.84£
  d) Other assets 56201.04 26985.72 29211.37 62937.21 29831.06 32136.05
VII INVESTMENTS (At book value) 3959153.62 4462525.64 4549319.92 4082485.78 4598840.67 4688280.35
  a) Central & State Govt. securities+ 3957997.86 4461631.6 4548183.81 4074907.52 4591812.14 4681064.28
  b) Other approved securities 1155.76 894.03 1136.11 7578.26 7028.53 7216.07
VIII BANK CREDIT (Excluding Inter Bank Advance) 10337903.85 10949511.97 10889179.15 10671777.35 11296771.25 11237924.55
  a) Loans, cash credits & Overdrafts$ 10124236.45 10736493.14 10674101.16 10455275.88 11081424.93 11020455.66
  b) Inland Bills purchased 24479.96 30531.2 30734.86 24970.25 30895.91 31118.32
  c) Inland Bills discounted 144587.83 127883.02 130056.69 146011.2 128831.04 131058.82
  d) Foreign Bills purchased 18004.66 20393.68 19925.15 18400.17 20762.13 20305.42
  e) Foreign Bills discounted 26594.95 34210.91 34361.21 27119.84 34857.22 34986.26
NOTE
* Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
(A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
@ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
(B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo/ Term Repo/MSF are reflected under “Borrowings from RBI”.
£ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
+ Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
$ Includes advances granted by Scheduled Commercial Banks and State Co-operative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).

Food Credit Outstanding as on
(₹ in Crore)
Date 10-Apr-20 26-Mar-21 09-Apr-21
Scheduled Commercial Banks 54073.23 61254.38 49699.22
State Co-operative Banks 30407.88 30398.49 35819.17

The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight:133

Rupambara
Director   

Press Release: 2021-2022/109

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Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/24
DOR.GOV.REC.8/29.67.001/2021-22

April 26, 2021

To Commercial Banks
(as per applicability)

Madam / Sir,

Corporate Governance in Banks –
Appointment of Directors and Constitution of Committees of the Board

A Discussion Paper on ‘Governance in Commercial Banks in India’ was issued by the Reserve Bank on June 11, 2020 to review the framework for governance in the commercial banks. Based on the feedback received, a comprehensive review of the framework has been done, and a Master Direction on Governance will be issued in due course. In order to address a few operative aspects received through such feedback, it has been decided to issue instructions with regard to the Chair and meetings of the board, composition of certain committees of the board, age, tenure and remuneration of directors, and appointment of the whole-time directors (WTDs).

Applicability

2. The revised instructions would be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. In respect of State Bank of India and Nationalised Banks, these guidelines would apply to the extent the stipulations are not inconsistent with provisions of specific statutes applicable to these banks or instructions issued under the statutes. The contents of this circular must be read along with other relevant governing statutes and shall be applicable notwithstanding anything to the contrary contained in the licensing conditions, notifications, directions, regulations, guidelines, instructions, etc., issued by the Reserve Bank before the issue of this circular. The circular will not be applicable in the case of foreign banks operating as branches in India. The applicability to other commercial banks viz., Local Area Banks, Payments Banks and Regional Rural Banks will be notified separately.

Chair and meetings of the Board

3. The Chair of the board shall be an independent director. In the absence of the Chair of the board, the meetings of the board shall be chaired by an independent director. The quorum for the board meetings shall be one-third of the total strength of the board or three directors, whichever is higher. At least half of the directors attending the meetings of the board shall be independent directors.

Committees of the Board

(a) Audit Committee of the Board (ACB)

4. The ACB shall be constituted with only non-executive directors (NEDs). The Chair of the board shall not be a member of the ACB. The ACB shall meet with a quorum of three members. At least two-thirds of the members attending the meeting of the ACB shall be independent directors1. The ACB shall meet at least once in a quarter. The meetings of the ACB shall be chaired by an independent director who shall not chair any other committee of the Board. The Chair of the ACB shall not be a member of any committee of the board which has a mandate of sanctioning credit exposures. All members should have the ability to understand all financial statements as well as the notes/ reports attached thereto and at least one member shall have requisite professional expertise/ qualification in financial accounting or financial management [e.g., experience in application of accounting standards and practices, including internal controls around it].

(b) Risk Management Committee of the Board (RMCB)

5. The board shall constitute an RMCB with a majority of NEDs. The RMCB shall meet with a quorum of three members. At least half of the members attending the meeting of the RMCB shall be independent directors of which at least one member shall have professional expertise/ qualification in risk management2. Meetings of RMCB shall be chaired by an independent director who shall not be a Chair of the board or any other committee of the board. The Chair of the board may be a member of the RMCB only if he/she has the requisite risk management expertise. The RMCB shall meet at least once in each quarter.

(c) Nomination and Remuneration Committee (NRC)

6. The board shall constitute an NRC made up of only NEDs. The NRC shall meet with a quorum of three members. At least half of the members attending the meeting of the NRC shall be independent directors, of which one shall be a member of the RMCB. The meetings of the NRC shall be chaired by an independent director. The Chair of the board shall not chair the NRC. The meeting of NRC may be held as and when required3.

Age and tenure of NEDs

7. The upper age limit for NEDs, including the Chair of the board, shall be 75 years and after attaining the age of 75 years no person can continue in these positions4.

8. The total tenure of an NED, continuously or otherwise, on the board of a bank, shall not exceed eight years. After completing eight years on the board of a bank the person may be considered for re-appointment only after a minimum gap of three years.5 This will not preclude him/her from being appointed as a director in another bank subject to meeting the requirements.

Remuneration of NEDs

9. In addition to sitting fees and expenses related to attending meetings of the board and its committees as per extant statutory norms/ practices, the bank may provide for payment of compensation to NEDs in the form of a fixed remuneration commensurate with an individual director’s responsibilities and demands on time and which are considered sufficient to attract qualified competent individuals. However, such fixed remuneration for an NED, other than the Chair of the board, shall not exceed ₹20 lakh per annum6.

Tenure of MD&CEO and WTDs

10. Subject to the statutory approvals required from time to time, the post of the MD&CEO or WTD cannot be held by the same incumbent for more than 15 years. Thereafter, the individual will be eligible for re-appointment as MD&CEO or WTD in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years, subject to meeting other conditions. During this three-year cooling period, the individual shall not be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly.

11. It is clarified that the extant instructions on upper age limit for MD&CEO and WTDs in the private sector banks would continue and no person can continue as MD&CEO or WTD beyond the age of 70 years. Within the overall limit of 70 years, as part of their internal policy, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD&CEO.

12. MD&CEO or WTD who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years. However, in extraordinary circumstances, at the sole discretion of the Reserve Bank such MD&CEO or WTDs may be allowed to continue up to 15 years. While examining the matter of re-appointment of such MD&CEOs or WTDs within the 12/15 years period, the level of progress and adherence to the milestones for dilution of promoters’ shareholding in the bank shall also be factored in by the Reserve Bank.

Transition Arrangement

13. While the instructions shall come into effect from the date of issue of this circular, in order to enable smooth transition to the revised requirements, banks are permitted to comply with these instructions latest by October 01, 2021. Specifically:

(i) The Chair of board who is not an independent director on the date of issue of this circular shall be allowed to complete the current term as Chair as already approved by the Reserve Bank.

(ii) Banks with MD&CEOs or WTDs who have already completed 12/15 years as MD&CEO or WTD, on the date these instructions coming to effect, shall be allowed to complete their current term as already approved by the Reserve Bank.

Yours faithfully,

(Shrimohan Yadav)
Chief General Manager

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Reserve Bank of India – Tenders

Tenders

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1. e-Tenders in two parts (part-I and II) are invited for “Annual Maintenance Contract of Plumbing & Sanitary work for Bank’s Quarters located at Alipore, Salt Lake, Dumdum, Ultadanga and S.P Colony in Kolkata”. The work is estimated to cost Rs. 42,32,800/- and the Contract will be started from 10th day after the date of written order to commence work. It may be noted that validity of tender is three years (to be renewed every year based on satisfactory performance)

2. The e-tender forms will be issued only to the empanelled vendors enlisted under section-A, Trade-01, Category – IV of List of empanelled vendors for the period 2021-24.

3. e-Tender documents will be available at MSTC website i.e., www.mstcecommerce.com on 26th April, 2021 at 16:00 Hrs. This e-Tender needs to be mandatorily filled up / online submission through MSTC website i.e., www.mstcecommerce.com. Deadline for filing up and submitting the e-Tender is up to 15:00 Hrs. on 17th May, 2021. Part I of the e-Tender will be opened on 17th May, 2021 at 15:30 Hrs. Detailed guideline on the process to submit e-Tender by the vendors have been mentioned in Annexure 1 following the Schedule of Tender (SOT). After scrutiny of part I of the e-Tender document along with supporting documents, if any of the contractors is not found to possess the required eligibility, their e-Tenders will not be accepted by the Bank for further processing.

4. Filled and signed Tender documents (i.e., Part-I only) in prescribed form shall be uploaded on MSTC website. Part-I of the e-Tender will contain the Bank’s standard technical and commercial conditions for the proposed work and Tenderers’ covering letter. However, an earnest money deposit (EMD) of 84,656/- shall be paid through NEFT, details of NEFT: Beneficiary name: Reserve Bank of India, Kolkata; IFSC: RBIS0KLPA01 (Numeric Zero at 5th and 10th place from left); A/c no. 186003001. Proof of remittance with transaction number (scanned copy) shall be attached / uploaded. The bidders are also advised to send the proof of remittance with transaction number (scanned copy) to estatekolkata@rbi.org.in before 15:00 Hrs. on 17th May 2021. Part-II (Price bid) shall be opened of the eligible tenderer on a subsequent date which will be intimated to the tenderers by a system generated mail / message.

5. The applicants / Tenderers have to upload all annexure / documents mentioned in the tender through above cited website.

6. The Bank shall obtain reports on past performance of the tenderer from his clients and bankers. The Bank shall evaluate the said reports before opening of the Part – II of the tenders. If any tenderer 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 tender and his EMD shall be returned back to him as it is. The Bank is not bound to assign any reason for doing so.

7. The Bank is not bound to accept the lowest e-tender and reserves the right to accept either in full or in part any e-Tender. The Bank also reserves the right to reject all the e-Tenders without assigning any reason therefore.

Regional Director, West Bengal

Place: Kolkata.
Date: 26th April, 2021

SCHEDULE OF TENDER (SOT)

a. e-Tender no RBI/Kolkata/Estate/476/20-21/ET/729
b. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through
(www.mstcecommerce.com/eprochome/rbi)
c. Tender Value Rs. 42,32,800/-
d. Date of NIT available to parties to download (View Tender Time) on 26th April, 2021 from 4:00 PM onwards
e. Pre-Bid meeting Offline 11:00 AM, 03rd May,2021 at Estate Department, RBI Kolkata
f. i) Earnest Money Deposit Rs. 84,656/- (Rupees Eighty Four Thousands Six Hundred and Fifty Six only) in the form of NEFT
g. Last date of submission of EMD Till 03:00 PM on 17th May, 2021
h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at (Start Bid Date & Time)
www.mstcecommerce.com/eprochome/rbi		 11:00 AM on 05th May, 2021
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date & Time) 03:00 PM on 17th May, 2021
j. Date & Time of Opening of Part-I (i.e. Techno-Commercial Bid) 03:30 PM on 17th May, 2021
k. Date & Time of Opening of Part-II (i.e. Financial Bid) Will be intimated through System generated mail/message
l. Transaction Fee Charges for participation in e-procurement will be made to M/s MSTC Ltd. Through MSTC Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.
m. Tender Fees for download from portal Nil.

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UP-based Shivalik SFB commences operations

Banking & Finance

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Our Bureau

Uttar Pradesh-based Shivalik Small Finance Bank has commenced operations as a small finance bank with effect from April 26, according to the Reserve Bank of India.

It is the first bank in the country to transition from an Urban Cooperative Bank into a SFB under the RBI’s ‘Scheme on Voluntary Transition of Urban Co-operative Bank into a Small Finance Bank’, issued on September 27, 2018.

The RBI, in a statement, said it has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

Shivalik Mercantile Co-operative Bank was granted an in-principle approval by the RBI for transition into a SFB on January 6, 2020.

Shivalik SFB’s area of operation is Uttar Pradesh, Delhi, and parts of Madhya Pradesh and Uttarakhand. As on March 31, 2020, the total business size of the bank was approximately ₹1,800 crore

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