Tenders are invited by the Reserve Bank of India from IRDA licensed insurance brokers/consultant companies operating in India for engagement of insurance broker/ consultant with its Human Resources Management Department. Only those brokers who fulfill the Pre-qualification criteria are eligible to participate in this tender.
The “Request for Proposal” (RFP) for the project is available on Bank’s website (www.rbi.org.in) in Tenders Section. Interested bidders are requested to refer to the said RFP. Bids made strictly as per provisions of the RFP document should be submitted online.
a. e-Tender No.
RBI/Central Office/HRMD/79/20-21/ET/751
b. Mode of Tender
e-tendering system (online Part I – Technical Bid and Part II – Commercial Bid)
c. Date & time of NIT available to parties to download
10.00 Hrs on May 11, 2021
d. View Tender Date & Time on MSTC web portal
17:30 Hrs on May 10, 2021
e. Date & time of starting of e-Tender opening for submission of on line Technical bid and Commercial bid at www.mstcecommerce.com/eprochome/rbi
10.00 Hrs on May 11, 2021
f. Date & time of closing of online e-Tender for submission of on line Technical and Commercial bid
17.00 Hrs on June 01, 2021
g. Date & time of opening of Part I (i.e. Technical bid)
Date of opening of Part II Commercial bid shall be informed separately
Anchor investor Bay Tree India Holdings I LLC has sold over 2 per cent stake in YES Bank through open market transactions.
According to a regulatory filing, Bay Tree India Holdings I LLC, which held 7.48 per cent stake in YES Bank earlier, sold 52.15 crore shares representing 2.08 per cent of equity stake in multiple tranches between January 6 and May 6, 2021.
Post the sale, stake of Bay Tree India Holdings I LLC in YES Bank stands at 5.40 per cent.
In July 2020, YES Bank garnered ₹4,098 crore from anchor investors, a day ahead of its follow-on public offering.
Bay Tree India Holdings I, owned by Tilden Park, was the largest anchor investor, investing ₹2,250 crore in YES Bank for an allocation of 1,87,50,00,000 (7.48 per cent) shares.
The year 2020 was an exceptional year in recent history. We witnessed many abnormalities such as negative Crude Oil Prices, the steepest decline and the fastest recovery cycle in the equity market, and complete lockdown by the Central Government in the wake of the Coronavirus pandemic. These were just a few challenges amongst many others.
If we talk about the equity market, more than one Crore new Demat accounts got opened in India in 2020, and whoever invested in this year in the equity market has surely got tremendous returns out of it. However, when it comes to equity or stock market investment, it is always advisable to go through the Mutual Funds (MF) route because these funds are skillfully managed by highly qualified and experienced professionals.
The mutual fund industry has recently crossed a total Asset Under Management (AUM) of Rs 32 Trillion, and it is increasing every year. There are 41 Asset Management Companies (AMCs), and more than 1800 Funds fall under the purview of various Equity, Debt and Hybrid categories. Therefore, it is difficult for a user to select the right Mutual Fund among so many options. Although it is very difficult to predict which sector will perform the best in the coming year, we can only analyze past data and current situation and make an investment decision to invest accordingly.
Here is a snapshot of few mutual funds which has given more than 100 percent return in the last one year.
Fund Name
Category
1 Year Return (%) (As on May 10, 2021)
Net Assets (Cr)
Quant Small Cap Fund
EQ-SC
209
170
ICICI Prudential Commodities Fund
EQ-THEMATIC
191
214
Quant Infrastructure Fund
EQ-INFRA
153
10
ICICI Prudential Technology Fund
EQ-IT
126
1818
Quant Tax Plan
EQ-ELSS
129
106
Kotak Small Cap Fund
EQ-SC
124
3423
Tata Digital India Fund
EQ-IT
104
1161
Aditya Birla Sun Life Digital India Fund
EQ-IT
107
1148
Quant Active Fund
EQ-MLC
118
260
DSP Natural Resources and New Energy Fund
EQ-Energy
119
514
Quant Consumption Fund
EQ-Consumption
113
7
Data Source: www.valueresearchonline.com
Although the past performance of a mutual fund never guarantees similar future results, we can take reference of the data for analysis purpose. Almost every category in Equity Mutual Funds has performed well this year; however, IT and Metal in the sectorial funds and Small Cap in the capital segment have outperformed.
Here are some reasons to check the performance of these domains-
Information Technology (IT) – BSE IT index has given a 101 percent return in the last one year. Owing to the COVID-19 pandemic, IT stocks were in flavour, as these companies are getting mammoth deals. Owing to reasons such as an increase in the Work From Home (WFH), change in business tactics, use of Artificial Intelligence (AI), cloud, online advertising and social media, increase in internet consumption and many more, the IT sector remained an outperformer. Looking at these factors, IT stocks will remain agile during the pandemic.
Metals – BSE Metal Index has given an outstanding return of 182 percent in one year. Due to the low-interest rates, Metal demand has increased significantly across the world. As per recent data, the home sales in the USA remained the highest since 2007. Moreover, rising housing and infrastructure demand in China will further augment the metal demand. These factors are helping the metal sector to outdo this excellent performance for one more year.
Small Cap – BSE Small-Cap has displayed a fairly good performance of 99.51 percent in one year. Due to the COVID-19 challenge, a limitation in boundaries is helping the small caps companies. Owing to a new taxation system, small companies are finding it easier to fight with large companies. On account of fewer imports from China due to the cold war situation and border tussles, small cap companies are immensely benefitting.
Therefore, if you had invested in the above Mutual Funds last year at the end of April 2020, your fund would have been doubled by the end of this month. These kinds of opportunities come once in ten years. After the great recession of 2008, few mutual funds have displayed a similar kind of performance in 2009. Otherwise, in general, one should not expect more than 15-20 percent yearly return from the stock market.
Authored by Ravi Singhal, Vice Chairman, GCL Securities Limited
Disclaimer
The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell units mentioned in the article. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles.
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The Managing Director & CEO/ Chief Executive Officers All Scheduled Commercial Banks (including RRBs) Local Area Banks (LABs) Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Small Finance Banks/Payments Banks
Dear Sir/Madam,
Banking Regulation Act, 1949 – Section 26A Depositor Education and Awareness Fund Scheme, 2014 – Interest rates payable on unclaimed interest bearing deposit
2. The rate of interest has since been reviewed and it has been decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the Fund shall be 3 per cent simple interest per annum with effect from the date of this circular.
3. Accordingly, all the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1, 2018 up to May 10, 2021 and at 3 per cent with effect from May 11, 2021 till the time of payment to the depositor/claimant.
4. The other contents of the circular dated June 26, 2014 remain unchanged.
The Reserve Bank of India (RBI) is likely to delay regularising struggling state-run lenders that are under the prompt corrective action (PCA) framework as it has reservations over their capital adequacy levels.
This may derail the privatisation prospects of Indian Overseas Bank and Central Bank, which are reported to be among the four banks shortlisted by the government for privatisation.
Indian Overseas Bank (IOB), UCO Bank and Central Bank of India are currently under the stringent PCA of RBI. The RBI objection
In FY21, the government infused Rs 20,000 crore in ve banks through the instruments. Central Bank of India was the biggest beneficiary with Rs 4,800 crore, followed by Indian Overseas (Rs 4,100 crore), UCO Bank (Rs 2,600 crore).
However, the RBI has raised questions over the government’s bank capital infusion programme through non-interest-bearing bonds, according to a report.
The RBI reasons that capital infusion through bonds cannot be taken at face value and, therefore, these banks may still be short of regulatory capital, they said. In such a situation, they will continue under the PCA framework. Under the PCA regime, business restraints are imposed on struggling banks until they regain health.
The government went ahead despite RBI’s initial reservations and now the regulator has expressed serious concerns. The entire fund infusion through such bonds will then not count toward regulatory capital.
RBI is not inclined to pull these lenders out of the PCA framework based on such capital infusion and may further direct lenders to recalculate their capital adequacy ratio based on the actual value of the bonds.
The PCA status
All three banks under PCA Indian Overseas Bank, UCO Bank and Central Bank have reported net non-performing assets (NPAs) below levels that trigger PCA. However, on the proforma net NPA front, Central Bank falls short as its NNPA is 6.58% against the 6% required to be out of PCA.
Even after PCA exit, these banks may still be under RBI watch. In the case of IDBI Bank, which has committed to comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis, RBI has said the lender would be under continuous monitoring. “It has been decided that IDBI Bank be taken out of PCA framework, subject to certain conditions and continuous monitoring,” RBI had said.
Privatisation bid
Four banks on the privatisation shortlist included Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India.
Two public sector banks and one general insurance company are expected to be disinvested this year in addition to the divestment of IDBI Bank, Finance Minister Nirmala Sitharaman had announced during Budget presentation last month.
Bringing the banks out of PCA could boost their valuations in the event of privatisation.
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.
LONDON/SINGAPORE: Cryptocurrencyethereum broke $4,000 for the first time on Monday, climbing to a new peak for a third day in a row on bets it may find new uses, although some analysts said it was overvalued at current levels.
Ethereum, the second-largest coin by market capitalisation, jumped more than 6% to just below $4,175, and was last up around 2%.
It has soared this year, fuelled by expectations of wider use, based in part on its role in decentralised finance – “DeFi” – platforms that facilitate crypto-denominated lending outside traditional banking.
An upcoming technical change to its software seen as reducing its supply has also provided a boost, while new institutional investors in the crypto sector have warmed to it amid a tepid quarter so far for bitcoin.
“(Crypto has) got a lot more institutional involvement than people who haven’t followed the market believe,” said Chris Weston, head of research at brokerage Pepperstone.
“And everyone’s been in ethereum. It’s not a meme joke coin, it actually has some application use,” he added, referring to its role in DeFi.
But some analysts said ethereum’s increasing valuation was not underpinned by data of how widely it is used.
“The continued divergence of its price relative to network activity raise questions about its valuation,” J.P. Morgan analysts wrote in a report to clients dated May 7.
Factors such as the number of active digital addresses in its network would be more consistent with a price of around $1,000, the US bank said.
In the crypto world, the terms “ethereum” and “ether” have become synonymous. Technically, ethereum is the blockchain network in which applications are embedded, while ether is the token or currency that enables or drives the use of these applications.
Altcoins
Bitcoin, the largest cryptocurrency, rose to a three-week high above $59,600 on Monday. Dogecoin, a recent outperformer, stabilised after losses on Sunday after comments by Tesla Inc chief Elon Musk on the Saturday Night Live TV show, where he said it was a “hustle”.
Smaller cryptocurrencies, like Dogecoin, known as “altcoins,” have been in demand in the past few weeks, pushing bitcoin’s share of the overall $2.5 trillion digital currency market to its lowest in around two years.
Dogecoin, which began as a social media joke in 2013, is up more than 700% in the last month.
It was last trading at $0.51, after tumbling 38% in the last 24 hours on Musk’s comments. It later steadied after Musk’s commercial rocket company SpaceX said it would accept the meme-inspired cryptocurrency dogecoin as payment.
The meme-based coin has become the fourth-largest digital currency, with a market capitalisation of $69 billion, according to CoinMarketCap. It hit a record high on Thursday above $0.73.
India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI, Niti Aayog Vice-Chairman Rajiv Kumar said on Monday. While releasing a report — Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat — prepared jointly by Niti Aayog and Mastercard , Kumar said this report looks at some key sectors and areas that need digital disruptions to bring financial services to everyone.
“Technology has been transformational, providing greater and easier access to financial services. India is seeing an increasing digitization of financial services, with consumers shifting from cash to cards, wallets, apps, and UPI,” he said.
The report recommended that there is a need to strengthen the payment infrastructure to promote a level-playing field for NBFCs and banks.
It also pitched for digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs.
According to the report, there is a need to build information sharing systems, including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds.
It also pitched for enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes.
“Digitizing land records will also provide a major boost to the sector,” the report said, adding that to make city transit seamlessly accessible to all with minimal crowding and queues, there is need to leverage existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system .
Also speaking at the event, Mastercard. Asia Pacific Co-President Ari Sarker said the Covid-19 pandemic has alerted us all to the fragility of cash and the resilience of digital technologies, including digital payments.
“India has changed its operating landscape in making digital more accessible and friction free. It is one of the most advanced digital payments environment in the world. Now is the time to take our learnings and digital transformation-at-scale with speed and agility,” he said.
Niti Aayog CEO Amitabh Kant said in the post-COVID-19 era, building resilient systems and encouraging business models that could be change-makers of the future are crucial.
Kant further said India is emerging as the hub of digital financial services globally, with solutions like UPI growing tremendously and being hailed as instrumental in bringing affordable digital payment solutions to the last mile.
MUMBAI: The Reserve Bank of India has appointed Jose J Kattoor as Executive Director (ED), the central bank said in a statement on Monday.
Prior to being promoted as ED, Kattoor was heading Bengaluru Regional Office of the Reserve Bank as Regional Director for Karnataka.
He will look after Human Resource Management Department, Corporate Strategy and Budget Department and Rajbhasha Department.
Kattoor has, over a span of three decades, served in communication, human resource management, financial inclusion, supervision, currency management and other areas in the Reserve Bank.
He holds a post-graduate qualification from Institute of Rural Management, Anand, Bachelor of Law from Gujarat University, and Advanced Management Program (AMP) from Wharton School of Business, Pennsylvania, besides having earned professional qualifications, including Certified Associate of Indian Institute of Banking and Finance (CAIIB).
The Reserve Bank on Monday came out with modified guidelines that allow sound private sector banks to undertake government business, whether at the Centre or in states. According to the modified norms, scheduled private sector banks, which are not under the Prompt Corrective Action (PCA) framework of the RBI, can undertake government business after executing an agreement with the central bank.
“Scheduled private sector banks, not having agency banking agreement with RBI, but intend to handle government agency business, may be appointed as agents of RBI upon execution of an agreement with RBI.
“This will be subject to the condition that the concerned bank is not under PCA framework or moratorium at the time of making the application or signing of the agreement with RBI,” the central bank said in a notification.
It may be mentioned that the Finance Ministry in February 2021 had lifted the embargo imposed in September 2012 on further allocation of government business to private sector banks.
In view of the lifting of the embargo, the RBI has decided to revise the framework for authorising Scheduled Private Sector Banks as agency banks of RBI for conduct of government business.
The notification further said existing private Sector agency bank with whom RBI already has agency banking agreement and who are authorised to do government agency business may continue to do these government agency businesses for Central and/or State Governments without taking any fresh approval from the central bank.
It also said once RBI authorises a bank for any government business, separate approval from RBI with regard to mode (physical or e-mode) and area of operations is not required and the same will be decided by the CGA (for Central Government) or the Finance Department of the State Government, keeping the RBI informed in the matter.
