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e-tender no: RBI/Chennai/Estate/354/20-21/ET/520 A reference is invited to the captioned tender, which was floated on February 08, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (www.mstcecommerce.com). 2. This is to inform that the captioned tender stands cancelled, and a fresh tender will be called at a later date. The Regional Director Date: 12/04/2021 |
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Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹26,000 crore as per the following details:
| Sr No | Security | Date of repayment | Notified Amount (₹ crore) |
GoI specific Notification | Auction Date | Settlement Date |
| 1 | 3.96% GS 2022 | Nov 09, 2022 | 3,000 | F.No.4(3)-B(W&M)/2021 dated April 12, 2021 | April 16, 2021 (Friday) | April 19, 2021 (Monday) |
| 2 | 5.85% GS 2030 | Dec 01, 2030 | 14,000 | |||
| 3 | 6.76% GS 2061 | Feb. 22, 2061 | 9,000 | |||
| Total | 26,000 |
2. GoI will have the option to retain additional subscription up to ₹6,000 crore against above security/securities.
3. The securities will be sold through Reserve Bank of India Mumbai Office, Fort, Mumbai – 400001. The sale will be subject to the terms and conditions spelt out in the ‘Specific Notification’ mentioned above and the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018.
4. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 16, 2021. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. The result will be announced on the same day and payment by successful bidders will have to be made on April 19, 2021 (Monday).
5. Bids for underwriting of the Additional Competitive Underwriting (ACU) portion can be submitted by ‘Primary Dealers’ from 9.00 a.m. up to 9.30 a.m. on April 16, 2021 (Friday) on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
6. The Stocks will be eligible for “When Issued” trading for a period commencing from April 15, 2021 – April 16, 2021.
7. Operational guidelines for Government of India dated securities auction and other details are given in the Annex.
Rupambara
Director
Press Release: 2021-2022/48
Type of Auction
1. The auction will be a multiple price-based auction i.e. successful bids will get accepted at their respective quoted price for the security.
2. The auction will be yield based for new security and price based for securities which are re-issued.
3. In case of a Floating Rate Bonds (FRB), the auction will be spread-based for new security and price based for securities which are reissued. At the time of placing bids for new FRB, the spread should be quoted in percentage terms.
Minimum Bid Size
4. The Stocks will be issued for a minimum amount of ₹10,000/- (nominal) and in multiples of ₹10,000/- thereafter.
Non-Competitive Segment
5. In all the auctions, Government Stock up to 5% of the notified amount of sale will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities.
6. Each bank or Primary Dealer (PD) on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
7. Allotment under the non-competitive segment to the bank or PD will be at the weighted average rate of yield/price of the successful bids that will emerge in the auction on the basis of the competitive bidding.
Submission of Bids
8. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
9. Bids in physical form will not be accepted except in extraordinary circumstances.
Business Continuity Plan (BCP)-IT failure
10. Only in the event of system failure, physical bids will be accepted. Such physical bids should be submitted to the Public Debt Office, Mumbai through (email; Phone no: 022-22632527, 022-22701299) in the prescribed form which can be obtained from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.
11. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516).
12. For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Multiple Bids
13. An investor can submit more than one competitive bid in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.
14. However, the aggregate amount of bids submitted by a person in an auction should not exceed the notified amount of auction.
Decision Making Process
15. On the basis of bids received, the Reserve Bank will determine the minimum price up to which tenders for purchase of Government Stock will be accepted at the auctions.
16. Bids quoted at rates lower than the minimum price determined by the Reserve Bank of India will be rejected.
17. Reserve Bank of India will have the full discretion to accept or reject any or all bids either wholly or partially without assigning any reason.
Issue of Securities
18. Issue of securities to the successful bidders will be by credit to Subsidiary General Ledger Account (SGL) of parties maintaining such account with Reserve Bank of India or in the form of Stock Certificate.
Periodicity of Interest Payment
19. Interest on the Government Stock will generally be paid half-yearly other than in case of securities with non-standard maturities. The exact periodicity of coupon payment is invariably mentioned in the specific notification for the issue of security.
Underwriting of the Government Securities
20. The underwriting of the Government Securities under auctions by the ‘Primary Dealers’ will be as per the “Revised Scheme of Underwriting Commitment and Liquidity Support” announced by the Reserve Bank vide circular RBI/2007-08/186 dated November 14, 2007 as amended from time to time.
Eligibility for Repurchase Transactions (Repo)
21. The Stocks will eligible for Repurchase Transactions (Repo) as per the conditions mentioned in Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 (Reserve Bank) Directions, 2018 as amended from time to time.
Eligibility for ‘When Issued’ Trading
22. The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.
Investment by Non-Residents
23. Investments by Non-Residents are subject to the guidelines on ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities and Investment by Foreign Portfolio Investors (FPI) in Government Securities: Medium Term Framework (MTF).
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E-Tender No: RBI/Belapur/HRMD/73/20-21/ET/699. The pre-Bid meeting for the captioned tender was held on April 05, 2021 at 03.00 P.M. The meeting was chaired by Shri S N Madgi (Assistant General Manager), and officials Shri M M Pathak, Manager (Tech-Civil), Smt. Sunanda Mhaske, Assistant Manager (P& SE) attended the meeting. 2. The representatives of the firm M/s Shree Ram enterprises, M/s Alert Care & Construction and M/s Jagdamba Service Solution Pvt. Ltd. participated in the pre-bid meeting. The details of queries raised by the firm and clarifications / comments of the Bank are tabulated below:
It was Further stated below: – 1. All the other Commercial & Technical terms & conditions will be as per the tender Part-I and Part-II. 2. These minutes of pre-bid meeting shall form the part of bid documents/Agreement. |
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E-Tender No: RBI/Belapur/HRMD/72/20-21/ET/698. The pre-Bid meeting for the captioned tender was held on April 05, 2021 at 03.00 P.M. The meeting was chaired by Shri S N Madgi (Assistant General Manager), and officials Shri M M Pathak, Manager(Tech-Civil), Smt. Sunanda Mhaske, Assistant Manager (P& SE) attended the meeting. 2. The representatives of the firm M/s Shree Ram enterprises, M/s Alert Care & Construction and M/s Jagdamba Service Solution Pvt. Ltd. participated in the pre-bid meeting. The details of queries raised by the firm and clarifications / comments of the Bank are tabulated below:
It was Further stated below: – 1. On page No. 9, in clause no. ‘3.20- INSTRUCTIONS TO BIDDERS FOR PARTICIPATING IN THE BID’ of part-I of the Tender document “Area B” shall be read as “Area A”. 2. These minutes of pre-bid meeting shall form the part of bid documents/Agreement. 3. All the other Commercial & Technical terms & conditions will be as per the tender Part-I and Part-II. |
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The Governor, Reserve Bank of India (RBI) held meetings with the MD/CEOs of Public Sector Banks and select Private Sector Banks on April 12, 2021 through video conference. The meetings were attended by Deputy Governors Shri M. K. Jain, Shri M. Rajeswar Rao and a few other senior officials of RBI. In his opening remarks, the Governor highlighted the recent policy measures taken by the RBI to further support the ongoing recovery while preserving financial stability. In this backdrop, he touched upon the importance of credit flows in sustaining the nascent economic recovery and advised the banks to remain watchful of the evolving situation and continue taking measures proactively for maintaining their business continuity, sharpening business strategies and raising adequate capital for strengthening balance sheets. He also emphasised the need for banks to maintain close vigil on the payments and other IT systems operated by banks and fortifying those for enhanced efficiency and resilience so as to offer seamless and uninterrupted customer service. Among other matters, the following issues were discussed in the meeting:
(Yogesh Dayal) Press Release: 2021-2022/47 |
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Shrikant Jadhav, promoter of a small manufacturing units at the outskirts of Mumbai, was surprised when he got a call from the bank to top up his gold loan with additional collateral or pay few instalments in advance.
Jadhav is among many businessmen who are now reworking their gold loan exposure with banks and NBFCs which marketed gold loan as panacea of all liquidity-problems till late last year.
The consistent rally in gold prices while the Covid pandemic was at its peak last year made banks and NBFCs to push gold loan to liquidity starved industries. Moved by the safe-haven factor, the RBI in August increased the LTV (loan-to-value) ratio on gold loans to 90 per cent from 75 per cent.
However, the bull run in gold prices came to an abrupt halt early this year and gold prices crashed from a record high of ₹56,200 per 10 grams last August to ₹46,446 on Monday. The excess liquidity sloshing around in the global economy has pulled down gold prices and expectations are that it may go down further till inflation starts worrying central banks.
PE Mathai, CEO, Muthoottu Mini Financiers said all its gold loans come with mark-to-market limit, which gets triggered when gold loan prices go below a certain point.
“The ultimate aim is not to auction the gold. We contact the customer if prices are coming down to either remit part-payment or bring additional security or close the account,” he added.
For about 15 products, it has also reduced the tenure to 90 days from the earlier 270 days. For the remaining, the tenure was maintained at 270 days but the LTV was brought to 50 to 55 per cent, said Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers.
The organised gold loan books of banks and NBFCs are expected to grow 17 per cent to ₹4.05 lakh crore in FY21 against ₹3.45 lakh crore logged in the previous year.
VP Nandakumar, Managing Director, Manappuram Finance said a relatively sharp decline in gold price has affected sentiments and some customers have faced challenges when resetting or renewing their loans at the new LTV which would be lower than their earlier loan.
“We bear the gold price risk for about three to six months versus about 12 to15 months for the other players. That’s because with short term gold loans, the process of recovery through auctions can happen within one quarter of the default,” he added.
PR Somasundaram, Managing Director, World Gold Council said the fall in gold prices will not lead to these loans becoming an NPA as there is enough headroom for the lenders to recover their money.
Umesh Mohanan, Executive Director and CEO, Indel Money said as per the contract with the borrowers, whenever the total outstanding of the loan reaches 90 per cent of the current metal value, a margin call can be made; if it touches 95 per cent, then an auction of the collateral can be a remedy.
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Bandhan Bank on Monday said that it has registered an overall collection efficiency of 96 per cent for March 2021.
While the collection efficiency of micro loan portfolio stood at around 95 per cent, the non-micro loan book saw a collection efficiency of around 98 per cent, the bank said in its initial provisional disclosures of Q4 FY21 to the exchanges on Monday.
Total advances grew by 21 per cent at ₹87,054 crore for the quarter ended March 31, 2021, as compared to ₹71,846 crore same period last year. Deposits grew by 37 per cent at ₹77,972 crore (₹57,082 crore). CASA deposits increased by 61 per cent at ₹33,827 crore (₹21,028 crore).
The liquidity coverage ratio as on March 31, 2021 was at around 122 per cent.
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The rupee depreciated further on Monday to cross 75 against the dollar mark, spooked by the likely adverse impact of the second wave of Covid-19 pandemic on economic recovery and unfavourable effects of surplus liquidity in the financial system.
The currency unit opened at 74.97 to the dollar, about 24 paise weaker against the previous close. The rupee crossed the 75 mark for the first time in about nine months, depreciating to a low of 75.145. Intra-day, it also tested a high of 74.78. It closed weaker at 75.055 to the dollar, down about 33 paise over the previous close of 74.73.
CARE Ratings, in a report, observed that the Reserve Bank of India’s policy of providing even more liquidity to the system through the Government Securities Acquisition Plan, though positive for the bond market (where yields have softened by 5-8 basis poinys), is not so for the currency.
“There is now excess liquidity of ₹7-lakh crore in the reverse repo basket and there will be an infusion of ₹25,000 crore on the 15th of this month. So much liquidity in the system is not good news for the rupee…,” CARE said.
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The Covid-19 pandemic took a toll on credit growth of all scheduled banks in FY21. These banks reported slower 5.54 per cent year-on-year (yoy) growth against 6.55 per cent growth in FY20, as per Reserve Bank of India’s (RBI) latest Scheduled Banks’ Statement of Position in India.
The banks, however, saw copious deposit inflows despite interest rate cuts. Deposit growth of the aforementioned banks jumped 11.19 per cent yoy in FY21 against 8.32 per cent yoy in FY20.
With muted credit offtake, strong deposit growth and increased government market borrowings, banks augmented their Statutory Liquidity Ratio investments (in Government Securities/ G-Secs and State Development Loans/ SDLs), according to RBI’s latest monetary policy report (MPR). Banks’ investments in G-Secs and SDLs rose 19.24 per cent yoy in FY21 against 11.04 per cent in FY20, as per Scheduled Banks’ Statement of Position in India. The MPR said excess SLR holdings increased to 11.4 per cent of net demand and time liabilities (NDTL) on February 26, 2021 from 8.2 per cent at end-March 2020.
As per the Median Projections of Professional Forecasters in MPR, credit growth of scheduled commercial banks is expected to grow at 8 per cent in FY22 on the back of projected real GDP growth of 11 per cent
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Exporters and importers in India can now have access to a mobile app that is aimed at providing easy, omni-channel access to various trade related processes and enquiries at the touch of a button.
Commerce & Industry Minister Piyush Goyal launched the Directorate General of Foreign Trade (DGFT) India’s ‘Trade Facilitation’ mobile app on Monday to promote ease of doing business and provide quick access to information to importers/exporters.
The Minister said the Trade Facilitation app was ready for ‘Industry 4.0’, as it provided real-time trade policy updates, notifications, applications, status alert and tracking help requests. It explored item-wise export-import policy and statistics and tracked IEC portfolio. It also provided AI-based round-the-clock assistance for trade queries.
In the post-Covid world, tech-enabled governance will play a key role in determining India’s growth and competitiveness, said Goyal. “We desire to move towards paperless, automated processing systems, simple procedures for trade players, online data exchange between departments, digital payments and acknowledgements,” he added.
The DGFT is standing up for businesses as a true leader with e-issuance of certificates and QR scan process to validate documents, Goyal said. It will significantly contribute to achievement of India’s export target of $1 trillion by 2025 and GDP target of $5 trillion, he added. For advanced app development, more inputs and ideas of stakeholders should be invited, the Minister said.
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