Month: April 2021

Chola joins consortium for retail payments NUE

Personal Finance

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Chola operates from 1,135 branches across India with assets under management above Rs 75,000 crore.

Cholamandalam Investment and Finance Company (Chola), the financial services arm of over Rs 38,000-crore Murugappa Group, on Tuesday announced that it has joined the consortium — Vishwakarma Payments — that has applied for an new umbrella entity (NUE) licence for retail payments from regulator Reserve Bank of India (RBI).

FSS, Zoho, Zerodha, RazorPay, Ujjivan and Airpay are also part of the Vishwakarma Payments consortium. With aspirations to fuel a less-cash and more-digital micro-payments economy, RBI has set up a framework to authorise pan-India umbrella entities that will focus on retail payment systems.

The interoperable infrastructure will cater to banks and non-banks and enable innovative use-cases to solve the diversity, depth and width of consumers and small businesses in India. The consortium expects to focus on building an agile platform for seamless digital payments. Chola operates from 1,135 branches across India with assets under management above Rs 75,000 crore.

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Corrigendum – Annual Service Contract for providing Sniffer Dog Services at Reserve Bank of India, College of Agricultural Banking, University Road, Pune

Tenders

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Your attention is invited to the following amendments in Schedule of the Tender number RBI/CAB Pune//690/20-21/ET/690

View Tender Date March 31, 2021 from 01:00 PM
Pre-Bid meeting date May 10, 2021 at 03:00 PM at CAB, RBI Pune
Start Bid Date May 17, 2021 at 02:00 PM
Close Bid Date May 31, 2021 till 02:00 PM
Technical Bid opening Date May 31, 2021 at 03:30 PM

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Reserve Bank of India – Annual Report

Publications

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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


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Bank credit sees uptick, but will it hold amid Covid resurgence ?

Banking & Finance

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Bank credit has seen an uptick in recent months indicating a recovery in economic activities but the resurgence of Covid-19 cases and limited lockdowns are raising fresh concerns.

Reserve Bank of India data reveal that year-on-year growth in non-food bank credit was 6.5 per cent in February. This is not bad when compared to a growth of 7.3 per cent in February 2020.

But the ongoing lockdowns are set to impact credit growth. CARE Ratings has pegged the potential loss of GVA to the country from the lockdown in Maharashtra for a month at about ₹40,000 crore in real terms.

Amongst sectors, credit growth to agriculture and allied activities, service and personal loans recorded robust expansion. However, credit to industry contracted marginally by 0.2 per cent in February compared to 0.7 per cent growth in February 2020 “mainly due to contraction in credit to large industries by 1.5 per cent”, RBI data showed.

Bankers expect a revival in credit demand to large industries in the second half of the fiscal with the capex push from the Union Budget.

Between end of March 2020 and February 2021, gross bank credit grew 3.3 per cent against 3.5 per cent last year, which analysts say is quite robust given the lockdown in the first quarter of 2020-21.

Provisional data by banks for the fourth quarter on loans and advances has shown an improvement compared to earlier quarters since the pandemic.

HDFC Bank reported a 13.9 per cent growth in advances as on March 31, compared to a year ago while Federal Bank’s gross advances increased by nine per cent in the same period. Advances growth for IndusInd Bank and YES Bank was more modest.

 

RBI policy

With the Monetary Policy Committee of the Reserve Bank of India expected to continue with its accommodative stance and maintain status quo on rates, there could possibly be continued demand for credit.

More clarity on economic prospects will be available on April 7 when the RBI comes out with the Monetary Policy statement.

According to rating agency Crisil, bank credit growth is set to speed up to 9-10 per cent in the new fiscal after mid-single digit growth in fiscal 2021 but it has cautioned that the sharp rise in Covid-19 cases since mid-February and the impact of any stringent containment measures on businesses are the key threats to the nascent demand recovery and could impact the credit quality outlook adversely.

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Reserve Bank of India – Press Releases

Press Releases

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The following State Government has offered to sell securities by way of auction, for an aggregate amount of ₹4,000 Cr. (Face Value).

Sr. No. State Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1. Andhra Pradesh 1000 – 17 Yield
1000 – 18 Yield
2. Rajasthan 1000 – 4 Yield
1000 – 10 Yield
  Total 4000      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 08, 2021 (Thursday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

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 08, 2021 (Thursday). 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. In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on April 08, 2021 (Thursday) and payment by successful bidders will be made during banking hours on April 09, 2021 (Friday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on October 09 and April 09 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/13

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter April – June 2021, is expected to be ₹1,78,250 crore. The weekly schedule of auctions to be held during the quarter along with the name of States/UTs who have confirmed participation and tentative amounts indicated by them is as under:

Month Proposed Date Expected quantum of borrowing (in ₹ Cr) States/UTs who have confirmed participation and the tentative amount of borrowing (in ₹ Cr)
April 2021 April 08, 2021 4000 Andhra Pradesh 2000
Rajasthan 2000
April 2021 April 15, 2021 17950 Andhra Pradesh 1000
Arunachal Pradesh 400
Bihar 2000
Gujarat 1000
Jammu and Kashmir 500
Kerala 1000
Maharashtra 3000
Meghalaya 200
Mizoram 150
Nagaland 200
Punjab 500
Rajasthan 1000
Tamil Nadu 2000
Telangana 1000
Uttar Pradesh 2000
West Bengal 2000
April 2021 April 19, 2021 12000 Andhra Pradesh 1000
Assam 1500
Bihar 2000
Haryana 500
Madhya Pradesh 1000
Maharashtra 3500
Rajasthan 500
Tamil Nadu 2000
April 2021 April 27, 2021 14700 Goa 100
Gujarat 1000
Jharkhand 1000
Kerala 1000
Maharashtra 2000
Punjab 1000
Rajasthan 1000
Sikkim 300
Tamil Nadu 2000
Telangana 1000
Uttarakhand 300
Uttar Pradesh 2000
West Bengal 2000
May 2021 May 04, 2021 18000 Andhra Pradesh 2000
Assam 1500
Haryana 1500
Jammu & Kashmir 400
Kerala 1000
Madhya Pradesh 1000
Maharashtra 2000
Mizoram 100
Punjab 1500
Rajasthan 1500
Tamil Nadu 2000
Uttar Pradesh 1500
West Bengal 2000
May 2021 May 11, 2021 15250 Andhra Pradesh 1000
Bihar 2000
Goa 100
Maharashtra 2500
Meghalaya 150
Punjab 500
Rajasthan 1000
Tamil Nadu 2000
Telangana 2000
Uttarakhand 500
Uttar Pradesh 2500
West Bengal 1000
May 2021 May 18, 2021 10800 Bihar 2000
Chhattisgarh 1000
Gujarat 1000
Haryana 1000
Madhya Pradesh 1000
Maharashtra 2000
Rajasthan 500
Tamil Nadu 2000
Tripura 300
May 2021 May 24, 2021 14600 Goa 100
Gujarat 1500
Himachal Pradesh 1000
Maharashtra 2000
Punjab 500
Rajasthan 1000
Tamil Nadu 2000
Telangana 1000
Uttar Pradesh 3500
West Bengal 2000
June 2021 June 01, 2021 16850 Andhra Pradesh 2000
Goa 100
Gujarat 1500
Haryana 500
Jammu & Kashmir 800
Kerala 1000
Maharashtra 2000
Nagaland 150
Odisha 500
Punjab 2000
Rajasthan 2000
Sikkim 300
Tamil Nadu 2000
Uttar Pradesh 2000
June 2021 June 08, 2021 15750 Andhra Pradesh 1000
Bihar 2000
Goa 150
Madhya Pradesh 1000
Maharashtra 1000
Meghalaya 200
Mizoram 100
Punjab 1000
Rajasthan 500
Tamil Nadu 2000
Telangana 2000
Uttarakhand 300
Uttar Pradesh 2500
West Bengal 2000
June 2021 June 15, 2021 13000 Bihar 2000
Chhattisgarh 1000
Haryana 1000
Maharashtra 2500
Punjab 1000
Rajasthan 500
Tamil Nadu 2000
Uttar Pradesh 2000
West Bengal 1000
June 2021 June 22, 2021 11500 Himachal Pradesh 1000
Kerala 500
Madhya Pradesh 1000
Maharashtra 2500
Punjab 500
Rajasthan 1000
Tamil Nadu 1700
Tripura 300
Uttar Pradesh 1000
West Bengal 2000
June 2021 June 29, 2021 13850 Andhra Pradesh 2000
Goa 100
Gujarat 1500
Haryana 1000
Kerala 500
Odisha 500
Punjab 500
Rajasthan 2000
Tamil Nadu 1750
Telangana 1000
Uttarakhand 500
Uttar Pradesh 2500
Total 178250    

The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two/ three days prior to the actual auction day and would depend on the requirement of the State Governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India and the market conditions. RBI would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter. RBI reserves the right to modify the dates and the amount of auction in consultation with State Governments/UTs.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/12

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Corrigendum – Empanelment of Tailoring Firms for stitching work at Reserve Bank of India, College of Agricultural Banking, University Road, Pune

Tenders

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Your attention is invited to the following amendments in the schedule of the captioned tender:

Start Bid Date March 31, 2021 at 10:00 AM
Last date for obtaining applications May 24, 2021 till 05:00 PM
Last date for Submission of bids May 25, 2021 till 03.00 PM
Bid opening Date May 25, 2021 at 04:00 PM

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Corrigendum – Empanelment of Pune based Car Hiring Agencies / Companies for providing car hiring services

Tenders

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Your attention is invited to the following amendments in the schedule of the captioned tender:

Start Date of issuing tender forms March 31, 2021 from 10:00 AM
Pre-Bid meeting date May 07, 2021 at 11:00 AM at CAB, RBI Pune
Last date for submission of documents and sealed quotations June 01, 2021 till 03:00 PM
Date of opening of Application(technical) June 01, 2021 at 04:00 PM

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Axis Bank becomes co-promoter of Max Life

Banking & Finance

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Axis Bank, along with its subsidiaries, Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance, after completion of the acquisition of 12.99 per cent stake by them.

“The board of Max Life recorded the closure of the deal today,” the companies said in a statement on Tuesday.

The transaction was completed after the Insurance Regulatory and Development Authority of India gave its formal approval in February this year.

Max Life’s holding company Max Financial Services and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.

The Axis entities have a right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals.

“With the conclusion of this transaction, Max Life’s board will be strengthened further, with the co-option of three nominee directors of Axis entities on its board,” the statement further said.

“We have the opportunity now to shape the future of the industry through continued leadership in products, technology, and customer centricity. We are confident this venture will enhance the value for all the stakeholders of Axis Bank and Max Life,” said Amitabh Chaudhry, Managing Director and CEO, Axis Bank.

Axis Bank and Max Life have had a business relationship for over a decade with over 20 lakh customers. The total premium generated through this alliance has aggregated to over ₹40,000 crore.

Analjit Singh, Chairman, Max Group and Max Financial Services, said the conclusion of the transaction will bring added strength to Max Life and help it chart a new growth trajectory by combining the forces of the third largest private bank in India with the fourth largest private life insurer in the country.

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Corrigendum – Empanelment of contractors for deep sanitisation/disinfection of CAB and residential colonies of CAB, Pune

Tenders

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Your attention is invited to the following amendments in the schedule of the captioned tender:

Start Date of issuing tender forms March 31, 2021 from 09:30 AM
Last date for submission of documents and sealed quotations. May 24, 2021 till 03:00 PM
Date of opening of quotations(Technical) May 24, 2021 at 03:30 PM

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