Month: April 2021

LIC management approves wage revision of employees

Banking & Finance

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KR Srivats

The management of Life Insurance Corporation (LIC) of India has decided to implement the much-awaited wage revision, bringing cheer to its over one lakh employees.

The wage revision will see a 16 per cent increase in the gross pay and will be implemented from August 1, 2017, said sources close to the development.

MR Kumar, Chairman, LIC, had on Thursday evening conveyed the implementation of the wage revision to union leaders in an information-sharing session through video conferencing, they added. The latest wage revision was due from August 1, 2017. The wage revision is usually implemented for a five-year period.

The Finance Ministry, which had already given an in-principle nod for the proposal sent by LIC management, has notified the wage revision, sources added. It maybe recalled that LIC management had earlier made a wave revision offer of 16 per cent. While making this offer of 16 per cent, the management had also announced a 100 basis point cut in rate of interest on housing loans availed by various cadre of employees

This wage revision of 16 per cent is getting implemented in a year when the insurance behemoth is slated to hit the capital markets with the country’s largest ever initial public offering. The centre is hoping to mop up atleast ₹1-lakh crore from LIC through the initial public offering. The Centre may divest upto 10 per cent stake in the insurance behemoth for this purpose.

Public holiday

In another development, the Department of Financial Services (DFS) in the Finance Ministry has announced that every Saturday will be a public holiday for LIC.

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Reserve Bank of India – Press Releases

Press Releases

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item 2020 2021 Variation
Apr. 10 Apr. 2 Apr. 9 Week Year
1 2 3 4 5
4 Loans and Advances          
4.1 Central Government 110942 – – – -110942
4.2 State Governments 362 3372 2355 -1017 1993
* Data are provisional.

2. Foreign Exchange Reserves
Item As on April 9, 2021 Variation over
Week End-March 2021 Year
₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn.
1 2 3 4 5 6 7 8
1 Total Reserves 4343833 581213 125718 4344 124880 4230 708773 104738
1.1 Foreign Currency Assets 4031672 539455 109374 3017 107504 2762 672359 99117
1.2 Gold 263965 35320 15198 1297 16242 1440 26434 4184
1.3 SDRs 11153 1492 287 6 290 7 291 69
1.4 Reserve Position in the IMF 37042 4946 859 24 844 22 9689 1369
* Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item Outstanding as on Mar. 26, 2021 Variation over
Fortnight Financial year so far Year-on-year
2019-20 2020-21 2020 2021
1 2 3 4 5 6
2 Liabilities to Others            
2.1 Aggregate Deposits 15113178 157373 993720 1545686 993720 1545686
2.1a Growth (Per cent)   1.1 7.9 11.4 7.9 11.4
2.1.1 Demand 1861203 164841 105716 244200 105716 244200
2.1.2 Time 13251974 -7468 888005 1301485 888005 1301485
2.2 Borrowings 244385 1098 -68815 -65053 -68815 -65053
2.3 Other Demand and Time Liabilities 650699 13286 60030 47024 60030 47024
7 Bank Credit 10951561 155743 599138 580700 599138 580700
7.1a Growth (Per cent)   1.4 6.1 5.6 6.1 5.6
7a.1 Food Credit 61254 -7938 10153 9490 10153 9490
7a.2 Non-food credit 10890307 163681 588985 571210 588985 571210

6. Money Stock: Components and Sources
(₹ Crore)
Item Outstanding as on Variation over
2020 2021 Fortnight Financial Year so far Year-on-Year
2019-20 2020-21 2020 2021
Mar. 31 Mar. 26 Amount % Amount % Amount % Amount % Amount %
1 2 3 4 5 6 7 8 9 10 11 12
M3 16799963 18772693 158878 0.9 1359563 8.8 1972730 11.7 1348036 8.7 1981064 11.8
1 Components (1.1.+1.2+1.3+1.4)                        
1.1 Currency with the Public 2349748 2757750 -1723 -0.1 289535 14.1 408001 17.4 286700 14.0 416005 17.8
1.2 Demand Deposits with Banks 1737692 1984256 165171 9.1 111180 6.8 246563 14.2 111180 6.8 246563 14.2
1.3 Time Deposits with Banks 12674016 13983341 -6122 0.0 952412 8.1 1309325 10.3 952412 8.1 1309325 10.3
1.4 ‘Other’ Deposits with Reserve Bank 38507 47347 1551 3.4 6435 20.3 8840 23.0 -2257 –5.6 9170 24.0
2 Sources (2.1+2.2+2.3+2.4-2.5)                        
2.1 Net Bank Credit to Government 4960362 5692564 -138550 -2.4 673814 15.4 732202 14.8 630023 14.2 630260 12.5
2.1.1 Reserve Bank 992192 982063 -88428   292183   -10129   248392   -112071  
2.1.2 Other Banks 3968170 4710501 -50123 -1.1 381631 10.6 742331 18.7 381631 10.6 742331 18.7
2.2 Bank Credit to Commercial Sector 11038644 11612099 158168 1.4 654372 6.3 573455 5.2 654358 6.3 575008 5.2
2.2.1 Reserve Bank 13166 8524 13   -3750   -4642   -3764   -3089  
2.2.2 Other Banks 11025478 11603575 158155 1.4 658122 6.3 578097 5.2 658122 6.3 578097 5.2

8. Liquidity Operations by RBI
(₹ Crore)
Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabi lisation Scheme OMO (Outright) Long Term Repo Opera tions & Targeted Long Term Repo Opera tions# Special Liquidity Facility for Mutual Funds Special Liquidity Scheme for NBFCs/ HFCs** Net Injection (+)/ Absorption (-) (1+3+5+6+ 9+10+11+ 12+13-2- 4-7-8)
Repo Reverse Repo* Variable Rate Repo Variable Rate Reverse Repo Sale Purchase
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Apr. 5, 2021 – 720562 – – 13 – – – 1575 – – – – -718974
Apr. 6, 2021 – 728884 – – 0 –197 – – – – – – – -729081
Apr. 7, 2021 – 720001 – – 11 – – – – – – – – -719990
Apr. 8, 2021 – 692763 – – 137 – – – – – – – – -692626
Apr. 9, 2021 – 531695 – 200017 9 – – – – – – – – -731703
Apr. 10, 2021 – 2633 – – 465 – – – – – – – – -2168
Apr. 11, 2021 – 5022 – – 84 – – – – – – – – -4938
*Includes additional Reverse Repo and additional MSF operations (for the period December 16, 2019 to February 13, 2020)
# Includes Targeted Long Term Repo Operations (TLTRO), Targeted Long Term Repo Operations 2.0 (TLTRO 2.0) and On Tap Targeted Long Term Repo Operations. Negative (-) sign indicates repayments done by Banks.
**As per RBI Notification No. 2020-21/01 dated July 01, 2020. Negative (-) sign indicates maturity proceeds received for RBI’s investment in the Special Liquidity Scheme.
& Negative (-) sign indicates repayments done by Banks.

The above information can be accessed on Internet at https://wss.rbi.org.in/

The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762).

Time series data are available at https://dbie.rbi.org.in

Rupambara
Director   

Press Release: 2021-2022/68

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Reserve Bank of India – Tenders

Tenders

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Sealed quotations are invited by the Regional Director, Reserve Bank of India, Mumbai, for Non-Comprehensive Annual Maintenance Contract (AMC) for 02 Nos. Note Bundling Machine in Mumbai Regional Office for the period from June 1, 2021, to March 31, 2022, on “As is Where is Basis” and “No complaint Basis”. Contractors may apply in the prescribed quotation forms available with the General Manager, Issue Department, Reserve Bank of India, Mumbai Regional Office, Ground Floor, Shahid Bhagat Singh Marg, Fort, Mumbai 400001. The quotation forms for above mentioned contract can also be downloaded from the Bank’s website: www.rbi.org.in under the link: “https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx“.

The quotation, quoting the amount (excluding taxes, if applicable) for carrying out the work, may be submitted in sealed envelope only super-scribing “Quotation for Non Comprehensive Annual Maintenance Contract for Note Bundling Machine” addressed to the General Manager, Issue Department, Reserve Bank of India, Mumbai Regional Office, Ground Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001 so as to reach her not later than 1100 hrs of May 07, 2021. Quotations received after 1100 hrs on May 07, 2021, will not be accepted. Quotations will be opened on the same day, i.e May 07, 2021, at 1630 hrs in the chamber of the General Manager, Reserve Bank of India, Issue Department, Mumbai Regional Office, Ground Floor, Mumbai – 400001. The bidders are advised to be present in person or send an authorized representative duly authorized by issuance of an ‘Authority Letter’ for the purpose.

Contents of the Standard Agreement are attached herewith.

For any queries regarding the quotation, the bidders may contact Issue Department, Reserve Bank of India, Mumbai Regional Office, Ground Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001

Contact no: 022 – 2260 3048/3032.

Email: issuemumbai@rbi.org.in

The Bank reserves the right to reject any or all the quotations.

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Citibank India’s consumer banking operations, credit cards may be attractive for Indian lenders

Banking & Finance

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Citibank India’s consumer banking operations could be an attractive proposition for a number of domestic private sector banks, many of which are keen to shore up their retail book, especially credit cards.

Market share

With over 26.45 lakh credit cards as on February-end, Citibank India commands over six per cent of the country’s credit card market. In its annual results for 2019-20, the bank had said “average spends per card is 1.4 times higher than the industry average”.

The lender also has 16.56 lakh outstanding debit cards as on February-end.

Citi, in fact, brought the concept of credit cards and ATMs into the country in 1980s. Brokerage firm Jefferies, in a note, said Citi’s exit from the retail business in India may open opportunities for Indian private banks, credit-card players, and foreign banks in the country.

Siji Philip, Senior Research Analyst, Axis Securities, said Citi’s credit card segment will find many suitors owing to its affluent client mix. “SBI Cards will be a key beneficiary on improved visibility of market share gains. We expect top private banks like ICICI, Kotak to reach out to acquire client stock in this segment,” said Philip, adding that overall it is a positive event for the domestic banking industry.

While private sector lender HDFC Bank, which is the top credit card issuer in the country with 1.51 crore outstanding cards as on February 28, has been directed by the Reserve Bank of India to temporarily halt sourcing of new credit card customers, others such as SBI Cards, YES Bank and RBL Bank have been working to ramp up issuances.

“It will be interesting to see who acquires Citi’s business in India. In terms of credit cards, it could possibly be a smaller or mid-sized private bank or if the whole consumer banking business is divested, it could even be taken by a foreign bank keen on expanding its India operations,” noted a former banker who did not wish to be named on the issue.

As on March 31, 2020, Citi had 29 lakh retail customers and has nearly three dozen branches in the country.

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Citibank’s consumer banking, credit cards may be attractive for Indian lenders

Banking & Finance

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Citibank India’s consumer banking operations could be an attractive proposition for many domestic private sector banks, many of which are keen to shore up their retail book, especially credit cards.

With over 26.45 lakh credit cards as of February end 2021, Citibank India commands over six per cent of the country’s credit card market. In its annual results for 2019-20, the bank had said, “average spends per card is 1.4 times higher than the industry average”.

 

The lender also has 16.56 lakh outstanding debit cards as of February end 2021.

Citi brought the concept of credit cards and ATMs into the country in the 1980s.

Brokerage firm Jefferies said Citi’s exit from the retail business in India may open opportunities for Indian private banks, credit-card players and foreign banks in the country.

While private sector lender HDFC Bank, which is the top credit card issuer in the country with 1.51 crore outstanding cards as on February 28, 2021, has been directed by the Reserve Bank of India to temporarily halt the sourcing of new credit card customers, others like SBI Cards, Yes Bank and RBL Bank have been working to ramp up issuances.

“It will be interesting to see who acquires Citi’s business in India. In terms of credit cards, it could be a smaller or mid sized private bank or if the whole consumer banking business is divested, it could even be taken by a foreign bank keen on expanding its India operations,” noted a former banker who did not wish to be named on the issue.

As on March 31, 2020, Citi had 29 lakh retail customers and has nearly three dozen branches.

As part of an ongoing strategic review, Citigroup announced it would exit from consumer banking across 13 markets, including Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

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What Happens When You Don’t Transfer Your PF Account After Changing/Quitting Job?

Personal Finance

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Planning

oi-Vipul Das

|

Employees’ Provident Fund (EPF), also classified as PF, is a retirement fund that ensures financial security and stability after retirement. That being said, there are a few guidelines to follow in order to get the most out of your EPF account. As a result, you must exercise caution while leaving an employment or retiring before the age of 58. Employees sometimes forget to transfer their EPF account after changing their job. They also believe that if they leave their job before the age of 58, their EPF balance will earn tax-free interest. To begin with, salaried employees must have a few points in mind in order to keep their EPF accounts active. The Employees’ Provident Fund Organisation (EPFO), has established a few conditions in which a PF account can become inactive which are as follows:

What Happens When You Don’t Transfer PF Account After Changing/Quitting Job?

  • In case a salaried employee retires after 55 years of employment and does not withdraw the money from his or her account within three years of retirement.
  • In case the EPF account holder relocates permanently to another country.
  • In case the PF account holder expires.
  • If an EPF account holder does not file an application for account settlement or request for withdrawal within 36 months of leaving a job, the account will be terminated.

What happens to your EPF account after leaving the job?

  • Your EPF account is eligible for interest even though you leave your job, according to the current rules. If no fresh contributions are made, the regulation stands the same. That being said, the advantage is only available up to the age of 58 years of old.
  • It should be remembered that accumulated balance is not taxable until the age of 58 or the termination of the job. That being said, if your EPF account earns interest after you quit your employment, or retire, the interest earned during that time period is subject to taxation.
  • If you withdraw any money from your EPF account before completing five years of “continuous service,” interest on your account becomes taxable, according to the Income Tax guidelines.
  • If an employee works for multiple employers in the first five years, service provided to those companies will be deemed “continuous” if the EPF account is transferred to the next employer.

What you need to keep in mind?

  • You must transfer your EPF account to your new employer as soon as possible after transferring your job in order to avail full benefits of your EPF account.
  • Make sure that all your EPF accounts are linked to the same UAN number, in case you have multiple accounts.
  • If you retire before reaching the age of 58, you must withdraw your PF corpus within 36 months of retirement.



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Reserve Bank of India – Press Releases

Press Releases

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    3.96% GS 2022 * 5.85% GS 2030 6.76% GS 2061**
I. Notified Amount ₹3,000 cr ₹14,000 cr ₹9,000 cr
II. Cut off Price / Implicit Yield at cut-off 99.56/4.2539% NA 99.11/6.8243%
III. Amount accepted in the auction ₹5,090.039 cr Nil ₹6,236.800 cr
IV. Devolvement on Primary Dealers Nil Nil Nil
* Greenshoe amount of ₹2,090.039 crore has been accepted
** Partial amount of ₹6,236.800 crore has been accepted

Rupambara
Director   

Press Release: 2021-2022/67

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated April 16, 2021, a monetary penalty of ₹0.50 lakh (Rupees Fifty Thousand only) on The Mehkar Urban Co-operative Bank Ltd., Mehkar (the bank) for contravention of/ non-compliance with the directions issued by RBI to Urban Cooperative Banks on Board of Directors and Exposure Norms and Statutory/Other Restrictions. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with the directions issued by Reserve Bank of India (RBI) on Board of Directors and Exposure Norms and Statutory/Other Restrictions. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s replies and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/66

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Reserve Bank of India – Tenders

Tenders

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Sealed quotations are invited by the Regional Director, Reserve Bank of India, Mumbai, for Non-Comprehensive Annual Maintenance Contract (AMC) for 75 Nos. Cash Cupboard Trolleys/Platform Trolleys/Handcart Trolleys/Hydraulic Trolleys in Mumbai Regional Office for the period from June 1, 2021, to March 31, 2022, on “As is Where is Basis” and “No complaint Basis”. Contractors may apply in the prescribed quotation forms available with the General Manager, Issue Department, Reserve Bank of India, Mumbai Regional Office, Ground Floor, Shahid Bhagat Singh Marg, Fort, Mumbai 400001. The quotation forms for above mentioned contract can also be downloaded from the Bank’s website: www.rbi.org.in under the link: “https://www.rbi.org.in/Scripts/BS_ViewTenders.aspx“.

The quotation, quoting the amount (excluding taxes, if applicable) for carrying out the work, may be submitted in sealed envelope only super-scribing “Quotation for Non Comprehensive Annual Maintenance Contract for Cash Cupboard Trolleys/Platform Trolleys/Handcart Trolleys/Hydraulic Trolleys” addressed to the General Manager, Issue Department, Reserve Bank of India, Mumbai Regional Office, Ground Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400001 so as to reach her not later than 1100hrs of May 07, 2021. Quotations received after 1100 hrs on May 07, 2021, will not be accepted. Quotations will be opened on the same day, i.e May 07, 2021, at 1600hrs in the chamber of the General Manager, Reserve Bank of India, Issue Department, Mumbai Regional Office, Ground Floor, Mumbai – 400001. The bidders are advised to be present in person or send an authorized representative duly authorized by issuance of an ‘Authority Letter’ for the purpose.

Contents of the Standard Agreement are attached herewith.

For any queries regarding the quotation, the bidders may contact Issue Department, Reserve Bank of India, Mumbai Regional Office, Ground Floor, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001

Contact no: 022 – 2260 3048/3032.

Email: issuemumbai@rbi.org.in

The Bank reserves the right to reject any or all the quotations.

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