Month: April 2021

Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Kanpur invites e-tender for the publication of advertisement in newspapers regarding ‘Annual Service Contract for Providing Sniffer Dogs with Handlers, Private Security Guards and Trained Firemen at RBI Premises in Kanpur’. The said advertisement will be published on Wednesday, May 05, 2021 in Dainik Jagran – Hindi and Times of India – English, in editions of Kanpur, Lucknow and New Delhi. The tendering process shall be done through the e-tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi) as per the annexed terms & conditions. All eligible and interested companies / agencies / firms must register themselves with MSTC Ltd through the above-mentioned website to participate in the e-tendering process. The schedule of e-tender is as follows:

E-Tender No. RBI/Kanpur/HRMD/74/20-21/ET/701
a) Estimated cost of the tender Rs. 8,38,000/- (Eight Lacs Thirty Eight Thousand only only) (including GST and all applicable charges)
b) Mode of e-tender e-Procurement System Price Bid through www.mstcecommerce.com/eprochome/rbi
c) Type of e-tender Limited
d) Date of NIT available to parties to download April 01, 2021 at 03:00 PM
e) e-tender Fees NIL
f) Pre bid meeting Offline: April 08, 2021 at 11:00 AM
Place: Protocol & Security Cell, Second Floor, Reserve Bank of India, Mall Road, Kanpur, Uttar Pradesh – 208001
g) Date of Starting of e-tender for submission of on-line Price Bid at
http://mstcecommerce.com/eprochome/rbi		 April 01, 2021 at 03:00 PM
h) Date of closing of online e-tender for submission of Price Bid. April 27, 2021 at 11:00 AM
i) Date & time of opening of price bid April 27, 2021 at 03:00 PM
j) Validity of the e-tender 60 days from the date of opening of Price bid
k) Transaction Fee (Non-refundable) (To be paid separately by the tenderers to MSTC vide MSTC E-Payment Gateway for participating in the e-tender) Rs 1180/- or 0.05% of estimated amount (Excluding GST @18%) (whichever is more)

2. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof.

3. No quotation will be accepted with any condition quoted by the vendor what so ever. Such quotation will be rejected at the discretion of the Bank.

4. Amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above and will not be published in newspapers.

Regional Director
Reserve Bank of India
Kanpur

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Mastercard to invest $100 million in Airtel Africa

Banking & Finance

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Airtel Africa, on Thursday, said it has signed an agreement under which Mastercard will invest $100 million in Airtel Mobile Commerce BV (AMC BV), a wholly-owned subsidiary of Airtel Africa plc.

AMC BV is the holding company for several of Airtel Africa’s mobile money operations. It is intended to own and operate mobile money businesses across Airtel Africa’s 14 operating countries.

Also read: Retail payments: Half-a-dozen consortiums set to apply for NUE licence

The transaction values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt-free basis. According to sources, Mastercard would get around 3.75 per cent stake in the company.

Mastercard will hold a minority stake in AMC BV upon completion of the transaction. Airtel Africa continuing to hold the majority stake, Bharti Airtel, the parent company of Airtel Africa, said in a statement.

The transaction is subject to customary closing conditions, including necessary regulatory filings and approvals and the transfer of specified mobile money business assets and contracts into AMC BV, it said.

“With today’s announcement, we are pleased to welcome Mastercard as an investor in our mobile money business, joining The Rise Fund, which we announced two weeks ago. This is a continuation of our strategy to increase the minority shareholding in our mobile money business with the further intention to list this business within four years,” Raghunath Mandava, Chief Executive Officer, Airtel Africa, said.

The transaction will close in two stages — $75 million will be invested at first close, once the transfer of sufficient mobile money operations and contracts into AMC BV has been completed, with $25 million to be invested at second close upon further transfers, the company added.

 

 

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Airtel Africa on Thursday announced that Mastercard would invest $100 million (about ₹733 crore) in its wholly-owned subsidiary Airtel Mobile Commerce BV (AMC BV).

Mastercard would hold a minority stake in AMC BV on completion of the deal, with Airtel Africa continuing to hold the majority stake, an Airtel statement said.

 

Sources privy to the development said Mastercard would get about 3.75 per cent stake in the company.

AMC BV is currently the holding company for several of Airtel Africa’s mobile money operations and is intended to own and operate the mobile money businesses across all of Airtel Africa’s 14 operating countries.

“Airtel Africa, a leading provider of telecommunications and mobile money services, with presence in 14 countries across Africa, announces the signing of an agreement under which Mastercard, a leading innovator and global technology company in the payments industry, will invest $100 million in Airtel Mobile Commerce BV…,” Airtel statement said.

The transaction values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt-free basis.

The transaction is subject to regulatory nod, and the transfer of specified mobile money business assets and contracts into AMC BV.

Also read: Indian consumers aim to spend more than APAC post Covid-19: Mastercard survey

“Alongside the investment, the Group and Mastercard have extended commercial agreements and signed a new commercial framework which will deepen their partnerships across numerous geographies and areas including card issuance, payment gateway, payment processing, merchant acceptance and remittance solutions, among others,” the Airtel statement said.

The proceeds from the transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.

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Jana SFB files DRHP – The Hindu BusinessLine

Banking & Finance

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Jana Small Finance Bank has filed its draft red herring prospectus (DRHP) and is looking to raise ₹700 crore of capital through a fresh issue of shares as part of its initial public offering.

Additionally, the IPO will also include an offer-for-sale of up to 92.53 lakh equity shares from existing shareholders. These include Alpha TC Holdings, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, ICICI Prudential Life Insurance, Badri Narayan Pilinja and Vallabh Bhanshali.

Also read: Jana SFB: Disbursements almost normal, only micro finance loans lagging

Jana SFB may also consider a pre-IPO placement of up to ₹500 crore, including by way of a proposed further issue to its promoters for an amount up to ₹400 crore and a further issue of equity shares for the remaining amount to the promoters and other investors, the DRHP said.

“We intend to utilise the net proceeds to augment our bank’s Tier-I capital base to meet future capital requirements, which are expected to arise out of growth in our bank’s assets, primarily advances and investment portfolio, and to ensure compliance with applicable RBI regulations and guidelines,” it further said.

Bengaluru-based Jana SFB is one of the 10 entities that had started SFB operations.

The Reserve Bank of India (RBI) guidelines require SFBs to list within three years of their net worth reaching ₹500 crore.

For the half year ended September 30, 2020, Jana SFB reported net profit of ₹82.43 crore.

The book running lead managers for the IPO are Axis Capital, ICICI Securities, SBI Capital Markets and KFin Technologies.

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UPI Transactions Crosses Rs 5 Lakh crore In March

Personal Finance

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Investment

oi-Sneha Kulkarni

|

The United Payments Interface, or UPI, has set a new record for digital payments in India. In March, the value of UPI transactions surpassed Rs 5 lakh crore, with 2.30 billion transactions, bringing the financial year 2021 to a close on a high note.

The platform, which was launched in April 2016, saw a rise in transaction value to Rs 5.04 lakh crore last month, up from Rs 4.25 lakh crore in February. UPI has grown at an exponential rate over the last year, with players like PhonePe, Paytm, and Google Pay capturing the largest market shares.

UPI Transactions Crosses Rs 5 Lakh crore In March

UPI has seen a double-digit monthly increase in transaction counts through the month of last year’s lock-down, at the start of the pandemic, and the change in consumer behaviour towards digital payments.

However, the rising numbers come as the National Payments Corporation of India (NPCI) considers capping each company’s UPI market share.

In addition, two big platforms dominating UPI transfers have been concerned with concentration risk. Phone Pe was 44% in February while Google Pay accounted for 40% of total UPI volumes.

Month Transaction in crore Transaction volume in billion
January 2021 Rs 4,31,181 2.30
February 2021 Rs 4,25,062 2.29
March 2021 Rs 5,04,886 2.73

According to the NPCI, UPI transactions on third-party payment apps cannot account for more than 30% of the total volume of UPI transactions processed in the previous three months. The cap will come into force on 1 January 2021, but existing third-party operators such as Google Pay and PhonePe will be required to comply with the new rules before 2022 with 40 percent market share.



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Yes Bank takes over Anil Ambani’s Reliance Centre for Rs. 1200 cr, BFSI News, ET BFSI

Banking & Finance

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Reliance Infrastructure Limited’s Reliance Centre at Santacruz, Mumbai has been taken over by private lender YES Bank for ₹1,200 crore. The office building is spread over a 21,432.28 square metre plot and houses Anil Ambani group’s headquarters.

Reliance Infra said in a statement, “Entire proceeds from sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank.”

The Anil Ambani-led group is one of the biggest borrowers of YES Bank. The bank has also taken over another property of the group situated at Veer Nariman Road in Mumbai.

Last year, Yes Bank had said that it was taking possession of the Santacruz building and two other smaller properties owned by the company under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act for the loan amount of Rs 2,892 crore.

YES Bank had then said it had issued a demand notice on May 6, 2020 to Reliance Infrastructure Ltd under the SARFAESI Act to repay the dues within 60 days, which the latter failed to repay.

In January, 2021 Anil Ambani-led Reliance Infrastructure completed the sale of its entire holding in a power transmission joint venture with the state-run Power Grid Corporation of India for an enterprise value of Rs 900 crore.



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SBI mobile banking faces issues

Banking & Finance

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Customers of the State Bank of India’s (SBI) were facing issues with online transactions on Thursday morning.

Customers took to social media to report issues with logging into the bank’s flagship mobile app, YONO. Users were also having problems with payments using the Unified Payments Interface (UPI).

SBI on March 31, and on April 1 morning had said that it will be undertaking maintenance activities in the second half, which will be impacting its online services.

“We will be undertaking maintenance activities between 2:10 pm and 5:40 pm on 1st April, 2021. During this period INB/ YONO, YONO Lite/UPI will be unavailable. We regret the inconvenience caused and request you to bear with us.”

However, it did not account for the outage faced in the first half.

Down Detector, a website that tracks internet outage, user reports related to issues with the SBI platform spiked at around 11 am. There were over 200 reports at around 12:21 pm.

In response to a customer complaint on Thursday afternoon at 12:10 pm related to SBI servers not working, SBI replied with a message reiterating the notice that it was undertaking maintenance activities.

However, as informed, the maintenance activities were set to begin post 2 pm.

The bank has faced technical glitched with its platforms on previous occasions. In December last year, SBI’s digital banking platform ‘YONO’ encountered a technical glitch. Customers took to Twitter to complain about not being able to open the app/login.

Today’s outage has occurred as SBI’s branches are closed for business since being the first day of the financial year.

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Gold surpasses 45,000 mark today while silver struggles, BFSI News, ET BFSI

Personal Finance

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Gold prices today rose in India as the U.S. dollar and Treasury yields eased, while President Joe Biden‘s $2 trillion-plus jobs plan supported the yellow metal’s appeal as a hedge against inflation. The dollar index pulled back after hitting a five-month high on Wednesday, making gold less expensive for holders of other currencies.

On MCX Gold May futures rose 0.23% to trade at Rs 45,040 per 10 gram, while Silver May futures traded 0.29% lower at Rs 63,630 per kg. Spot gold fell 0.16% to $1,713.20 per ounce, after touching its lowest since March 8 at $1,677.61 on Wednesday. In India, spot gold plunged by Rs 49 to Rs 43,925 per 10 gram on Wednesday reflecting overnight selling in global precious metal prices.

Gold is having support at $1700-1688 per troy ounce and resistance at $1724-1738 per troy ounce. Silver is having support at $24.20-23.80 per troy ounce and resistance at $24.88-25.20 per troy ounce

In the first three months of this year, gold is down about ₹5,000 per 10 gram in Indian markets and as compared to all-time high of ₹56,200, hit in August last year, the precious metal has corrected ₹11,000 from those levels.

According to Good Returns, the price of 10 grams of 22-carat-gold declined by Rs 250 to stand at Rs 43,370 from the earlier rate of Rs 43,620. Similar to the rates of 22-carat yellow metal, a fall of Rs 250 was witnessed in the prices of 10 grams of 24-carat gold which stood at Rs 44,370 compared to the previous day rate of Rs 44,620.



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Gold ETFs vs Gold Bars vs Gold Jewellery: Which One To Choose?

Personal Finance

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Gold ETF

An exchange-traded fund (ETF) that tracks the domestic physical gold price is known as a Gold ETF. They are gold-focused passive investment instruments that invest in gold bullion and are based on gold prices. In a nutshell, Gold ETFs are paper or dematerialized units that represent actual gold. One gram of gold is equivalent to one Gold ETF unit, which is backed by physical gold of exceptionally high purity. Gold exchange-traded funds (ETFs) combine the versatility of equity trading with the simplicity of gold investing. When you buy gold ETFs, you’re buying gold in an electronic form. You can buy and sell gold ETFs in the same way as you can stocks. When you redeem the Gold ETF, you don’t get real gold; instead, you get the cash equivalent. Gold ETFs are traded through a dematerialized account (Demat) and a broker, making them a very easy way to invest in gold electronically. Physical gold bars with a purity of 99.5 percent are used to reflect gold ETFs. Prices for gold ETFs can be found on the BSE/NSE website and can be purchased or sold at any time via a stockbroker. Gold ETFs, unlike gold jewellery, can be purchased and sold at the same price throughout India.

Gold Bars

Gold Bars

If you buy a gold bar from a well-known refinery, it will have the highest purity standard. Inquire about the bar’s refinement at the time of purchase. MMTC PAMP (a joint venture between MMTC and Switzerland’s PAMP SA) and Bangalore Refinery are the two gold refineries in India. In the case of 24 karat gold, each of the 24 pieces is completely pure, with an exceptionally low level of impurities. However, 24 karat gold is the purest type of gold, since it is 100% gold, and it is ideal for investment purposes. Otherwise, if it’s for personal use, go with 22 karat gold. Before purchasing a gold bar, it is essential to obtain a Hallmarked Certification. It is preferable to purchase gold bars that have the BIS (Bureau of Indian Standards) hallmark. The hallmarking system certifies that the piece of ornament conforms to a set of standards laid down by the Bureau of Indian Standards.

Gold Jewellery

Gold Jewellery

Always check the purity of gold jewellery before purchasing it. Looking for hallmarking is the simplest way to search for purity. The official proportion of the metal is stated on a hallmarked piece of jewellery. The Bureau of Indian Standards (BIS) is the certification and hallmarking body for gold jewellery. Gold jewellery becomes a family heirloom as it is passed down over the centuries. Not only does jewellery have a high monetary value, but it is also often one of the finest creative pieces with a great deal of sentimental value. Machine-made jewellery or jewellery with little artwork would usually have a lower producing charge, which ranges between 6% and 14% of the cost of gold. When purchasing ornaments in bulk, some jewellers give fixed making charges.

The cost of producing a piece of jewellery with an intricate design is higher, which can reach up to 25% of the cost of gold.

Gold ETFs vs Gold Bars vs Gold Jewellery

Gold ETFs vs Gold Bars vs Gold Jewellery

Learn about the advantages and disadvantages of investing in Gold ETFs versus Gold Bars or Gold Jewellery.

Transaction Charges Jewellery Gold Bars Gold ETFs
Purchase Making charges of 15-20 % Banks charge a markup of 10% to 20%. The percentage ranges from 10% to 20%. A brokerage fee of 0.5% or even less is acceptable.
Sell Due to purity issues, 10-20% of the product is lost. Banks do not accept returns, the premium paid at the time of purchase is written off. The brokerage of 0.5% or less is possible.
Maintenance Charges for insurance and lockers Charges for insurance and storage 1.00% charges
Tax Implications Long-term capital gain, plus wealth tax after three years Long-term capital gain, plus wealth tax after three years Long term capital tax

Gold ETFs vs Gold Bars vs Gold Jewellery

Gold ETFs vs Gold Bars vs Gold Jewellery

Unlike physical gold, which is a source of idle money, gold ETFs are a type of investment that can be used to achieve both short- and long-term financial goals. ETFs that invest in gold are risk-free and do not need storage.

Returns on gold investments have always been in line with inflation, regardless of the rate of inflation. In a broad sense, it is an investment that outperforms inflation. Another important factor that encourages gold investment is its liquidity; it offers investors excellent liquidity.

You can never be sure when it comes to emergencies in life, so be financially prepared to face them head-on. You can rely on your gold investment in this regard because it is quickly liquidated in the market.



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ICICI Bank, PhonePe partner to issue FASTag

Banking & Finance

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Private sector lender ICICI Bank and digital payments platform PhonePe have partnered to issue FASTag using UPI on the PhonePe App.

“This integration allows over 28 crore registered PhonePe users to order and track the ICICI Bank FASTag conveniently on the app,” the companies said in a statement on Thursday.

Also read: Retail payments: Half-a-dozen consortiums set to apply for NUE licence

PhonePe users, who may be customers of any bank, will have a fully digitised experience as they don’t have to visit physical stores or toll locations to buy a FASTag. ICICI Bank is the first bank to partner with PhonePe for the issuance of FASTag.

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Paytm Money opens new Technology Development Centre in Pune

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Homegrown digital financial services platform Paytm on Thursday announced that its wholly-owned subsidiary ‘Paytm Money’ has launched a new Technology Development & Innovation Centre in Pune.

The company is also planning to expand the team and hire over 250 front-end, back-end engineers and data scientists to build new wealth products and services.

The new facility at Pune will focus on driving product innovation for Paytm Money, specifically for equity, mutual funds, and digital gold.

Varun Sridhar, CEO – Paytm Money said “We are very excited to launch our Pune tech R&D centre and looking forward to developing new wealth management products and disruptions in Pune. We continue our vision to leverage technology to lower costs for our consumers and provide a solid, innovative and stable platform. We need solid engineering talent to ensure we meet our ambitions.”

“Pune is famous for its high-quality education and offers a great talent pool along with good infrastructure & great weather. We believe Pune is poised to become an innovation hub for fintech and was a natural choice for Paytm Money’s expansion plans,” added Sridhar.

The company aims to achieve over 10 million users and 75 million yearly transactions in FY’21 with the majority of users from small cities and towns. Its recently launched products include equity broking, IPO, ETF & FNO. Headquartered and operating from Bengaluru, it has a current team of over 300 members.

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