Month: May 2021

Fintech start-up LenDenClub turns profitable in Q4 of FY21

Banking & Finance

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Three-year-old fintech start-up LenDenClub, a peer-to-peer lending platform, has disbursed loans worth nearly ₹600 crore in FY21, up from ₹60 crore in the previous fiscal and has turned profitable in Q4 of FY21.

The company is eyeing a five-fold growth in the next two years and aims to disburse ₹1,200 crores worth of loans in FY22.

The company has provided loans to over 1,30,000 unique borrowers and cumulatively 3,60,000 loans, primarily to young salaried professionals. It processes over 25,000-30,000 loan applications and disburses about 15,000 loans every month. The P2P lender currently has a user base of over 15 lakh borrowers and 4.5 lakh lenders on its platform.

Business growth

“At LenDenClub we have grown 1,000 per cent y-o-y and 43 per cent of our customers are repeat customers who rely on us during their tough times. Even amidst the pandemic, we identified the consistency in the investment flow and business grew exponentially. We have seen a considerable growth with respect to all aspects of our business – be it business numbers, headcount/manpower, geographic reach etc. As a company we are growing very fast, thanks to our collaborative team efforts, and became profitable in FY20-21. Our sustainable focused approach has helped us become the first P2P lending company in the industry to turn profitable as on Q4, 2021,” Bhavin Patel, CEO and co-founder, LenDenClub told BusinessLine.

“We believe that the current year will also witness muted growth in the first quarter and then grow exponentially over the next three quarters,” he said.

Recently, LenDenClub also became the first P2P lending company to integrate with Google Pay, going live on its platform, allowing customers to borrow and lend seamlessly, along with making payments. Additionally, the fintech lender has expanded its flagship digital lending platform InstaMoney pan-India.

Financial inclusion

From its presence in seven States, the company has expanded its offering to borrowers from over 19,000 pin-codes. This has benefited population living in rural regions not covered by banks especially, in the small ticket loan category of up to ₹10,000. The company has one of the lowest NPAs in the digital lending space of 3.95 per cent.

LenDenClub aims at fostering financial inclusion and in serving the marginalised, low-income groups and credit-starved MSMEs. The company hopes to scale up disbursement volumes to ₹500 crore on a month-on-month basis by FY23-24, while working towards becoming one of the top lending institutions in the country.

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IndiaTech.org whitepaper proposes defining cryptos as digital assets

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Industry association IndiaTech.org has proposed defining cryptos as digital assets and not currencies similar to other assets such as gold, stocks, or marketable securities.

The proposal is part of a whitepaper released by the association, which includes five key points aimed at providing regulatory clarity to crypto assets and exchanges in the country.

“Several countries such as the US, Australia have taken a very similar approach and have defined crypto assets as property,” the whitepaper has recommended.

It has also proposed introducing a system for registering Indian registered or founded cryptocurrency exchanges in the country.

The association has recommended permitting innovative uses of crypto by businesses and creating specific safeguards to protect retail investors from token issuance.

Taxation proposals

It has also called for a clear framework for taxing cryptos in the country.

“Enable taxation (direct and indirect) to treat crypto assets just as other current assets (but not cash), permit disclosures and regulate import which would result in additional revenue generation,” said the whitepaper.

It has also proposed putting in place checks and balances through well-defined reporting mechanisms, accounting standards and mechanisms to counter suspicious activities and transactions.

Regulatory system

Further, IndiaTech.org has suggested self-regulation for the industry based on a code of conduct that is framed in line with the government’s aim of safeguarding consumers as well as ensuring financial stability.

“The foremost need today is for this sector to be granted the much-needed regulatory clarity that it has been seeking. We are hopeful that the government will work with the industry to regulate the sector and that a progressive approach is adopted while doing so,” said Rameesh Kailasam, CEO, IndiaTech.org.

The whitepaper comes at a time when the government has been looking at banning cryptocurrencies in the country.

“More than being a replacement to fiat currencies, crypto by nature is a strong digital asset, a store of value,” said Sumit Gupta, Co-Founder and CEO, CoinDCX.

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PayU sees a three-fold jump in transactions to $100 billion in three years

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PayU, online payments service provider and Prosus’ fintech arm, is expecting a three-fold-jump in GMV (gross merchandise value) to $100 billion over a three-year-period.

The GMV refers to the total value of transactions carried out through PayU platforms and products.

An increase in adoption in digitisation and payment solutions by small merchants along with rising popularity of e-commerce players and their ‘sale days’ are seen as major growth drivers in a pandemic-led new normal.

ACI Worldwide, in a recent report, indicated more than 70.3 billion real-time payments transactions were processed globally in 2020 — a surge of 41 per cent compared to the previous year.

This comes as the Covid-19 pandemic dramatically accelerated trends away from cash and cheques towards greater reliance on real-time and digital payments. The report said India retained top spot with 25.5 billion real-time payment transactions. By 2024, share of real-time payments volume in overall electronic transactions will exceed 50 per cent. This will touch 71.7 per cent by 2025.

PayU to offer Google Pay tokenised payment flow for merchants

Rise in transactions

According to Anirban Mukherjee, CEO, PayU India has doubled transactions growth rate over the last two years.

A PayU Insights report says the number of UPI transactions grew by 288 per cent and expenditure through UPI saw a 331 per cent uptick between 2019 and 2020. Payments in segments like indoor entertainment (subscription of OTT and so on), online training and upskilling courses, retail, e-commerce and financial services (insurance, etc) saw a jump; while travel and dining witnessed a dip.

Digitisation and automation of lending process would be the key going forward, says PayU Finance CEO

“Digital payments are witnessing an accelerated growth and the pandemic has pushed these trends upwards. Moreover, in the online sale days that took place across e-tailers like Flipkart eight out of top 11 merchants settled their transactions through PayU. There has been increased adoption across small merchants and 15X growth in transactions and settlement in this segment. So over a three year period, a three-fold-jump in GMV to $ 100 billion looks very much possible, even if there is a slight dip in momentum,” he told BusinessLine.

PayU earns primarily from service fees based on transaction volumes and values; subsricption charges by merchants and so on.

Omnichannel presence

Mukherjee adds that PayU is also increasing its omni-channel presence as it looks to provide contactless payment solutions to customers both in-store and online, through methods like QR, PoS, and others.

PayU is also expanding scope of its alternative digital credit solutions like LazyPay; and offerings under buy now-pay later or personal loan options are being increased.

The presence of Wibmo, a digital payment security firm and mobile payment technology platform, that PayU acquired in 2019 is being ramped up.

“We are currently profitable in the core payment business; while investments are on in the other verticals like LazyPay or Wibmo,” he added.

The company is also eyeing acquisitions, strategic partnerships and investments into a broader ecosystem spanning payments, credit and other digital financial services

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4 Investments That Offer Tax Free Interest Income In India

Personal Finance

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1) Public Provident Fund

The interest earned on the Public Provident Fund or PPF as it is called is completely free from tax. Apart from this the PPF also qualifies for tax benefits under Sec80C of the Income Tax Act. This is a very popular investment scheme because of these two tax benefits that they offer. Apart from this the interest on the PPF are much better than almost all large nationalized banks in the country. The PPF currently offers an interest rate of 7.10 per cent per annum.

The one drawback of the PPF is that it has a lock-in period, however, that helps an individual to build a corpus at a later stage.

2) Tax Free Bonds

2) Tax Free Bonds

A few years ago there were many government owned institutions who were allowed to raise money through tax free bonds. Some of these were HUDCO, REC, PFC, Indian Railways Finance Corporation etc.

The interest earned from these bonds is completely tax free in India. However, investors may ask a pertinent question on where to buy these bonds from? Presently, they are listed on the stock exchanges. For example, the 8.65% IRFC Tax Free Bond offers an interest rate of 8.65%, however, you need to buy the same at a price of Rs 1,290, which means the yields drop.

Another thing is that the liquidity of these bonds is not to great.

3) ULIPs

3) ULIPs

Unit Linked Insurance Plans are another set of investments, where the income earned is tax free in the hands of investors. They do also provide insurance at 10 times the premium paid. However, the returns are not too great, as a lot of money is allocated to administrative, mortality charges etc. Investors have a choice of placing their money in equity schemes or debt schemes.

There is a lock-in period of 5 years and in some cases it could be more and that varies depending on the mutual fund. Over the years, these schemes have achieved reasonable popularity.

4) Interest on savings bank account to the tune of Rs 10,000

4) Interest on savings bank account to the tune of Rs 10,000

The interest on savings bank account does not attract income tax if the interest earned during the course of the year is Rs 10,000 across all savings bank accounts of an individual. So investors can plan accordingly. One of the problems with this investment is that the interest rates are very low. One needs to place the money in either small finance banks or banks like Indusind Bank, where the interest rates on the savings account is 6% for balances above Rs 10 lakhs.

About the author: Sunil Fernandes has spent 26 years covering business and finance in India and abroad. Sunil has worked with frontline daily newspapers including Hindustan Times, Deccan Herald and Gulf Times. He has also worked with investment magazines like Dalal Street Investment Journal and Oman Economic Review. His forte remains stocks, mutual funds and tax planning.



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Goldman offers new Bitcoin derivatives to Wall Street investors, BFSI News, ET BFSI

Personal Finance

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By Matthew Leising

Goldman Sachs Group Inc. is wading deeper into the $1 trillion Bitcoin market, offering Wall Street investors a way to place big bets.

The investment bank has opened up trading with non-deliverable forwards, a derivative tied to Bitcoin’s price that pays out in cash. The firm then protects itself from the digital currency’s famous volatility by buying and selling Bitcoin futures in block trades on CME Group Inc., using Cumberland DRW as its trading partner. Goldman, which still isn’t active in the Bitcoin spot market, introduced the wagers to clients last month without an announcement.

“Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities,” said Max Minton, Goldman’s Asia-Pacific head of digital assets. The new offering is “paving the way for us to evolve our nascent cash-settled crypto-currency capabilities.”

Goldman Sachs, which restarted a trading desk this year to help clients deal in publicly traded futures tied to Bitcoin, said in March it was also close to offering private wealth clients additional vehicles to bet on crypto prices. But the push into forwards dramatically increases its capacity to help big investors take positions. The partnership with Cumberland underscores the bank’s willingness to work with outside firms to help it do so, according to people familiar with the matter, speaking on the condition they not be identified.

For years after its creation in 2009, Bitcoin was shunned by Wall Street banks, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon once threatening to fire any of his traders caught buying and selling the digital currency. While Dimon later softened his tone, the banking world has long seen Bitcoin as a plaything for criminals, drug dealers and money launderers.

But client interest and Bitcoin’s astronomical price gains — reaching a high of almost $65,000 in April — have turned many bankers around, with Morgan Stanley making a Bitcoin trust product available to its customers and JPMorgan working on a similar offering.

“Goldman Sachs serves as a bellwether of how sophisticated, institutional investors approach shifts in the market,” said Justin Chow, global head of business development for Cumberland DRW. “We’ve seen rapid adoption and interest in crypto from more traditional financial firms this year, and Goldman’s entrance into the space is yet another sign of how it’s maturing.”

Banks are still wary of the regulatory challenges of holding Bitcoin outright. As derivatives settled with cash, the products Goldman Sachs is offering don’t require dealing with physical Bitcoin. In a similar way, the Morgan Stanley and JPMorgan trusts give customers access to vehicles tracking Bitcoin’s price while using a third party to buy and hold the underlying digital asset.

Goldman Sachs may next offer hedge fund clients exchange-traded notes based on Bitcoin or access to the Grayscale Bitcoin Trust, one of the people said.

“The crypto ecosystem is developing rapidly,” Chow said. “There is progress being made in offering ETFs, new custody providers coming online and optimism that regulatory efforts are coming into focus. It’s a great time to be in the space.”



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 3,68,563.30 3.22 0.01-5.30
     I. Call Money 12,367.03 3.24 1.90-3.50
     II. Triparty Repo 2,30,138.85 3.22 3.10-3.40
     III. Market Repo 1,23,039.62 3.22 0.01-3.45
     IV. Repo in Corporate Bond 3,017.80 3.48 3.35-5.30
B. Term Segment      
     I. Notice Money** 710.35 3.20 2.50-3.40
     II. Term Money@@ 125.00 – 3.25-3.45
     III. Triparty Repo 205.00 3.20 3.20-3.20
     IV. Market Repo 625.00 2.33 1.50-2.90
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Thu, 06/05/2021 1 Fri, 07/05/2021 3,69,084.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Thu, 06/05/2021 1 Fri, 07/05/2021 0.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,69,084.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 23/04/2021 14 Fri, 07/05/2021 2,00,017.00 3.47
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       5,573.71  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,12,361.29  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,81,445.29  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 06/05/2021 5,37,641.79  
     (ii) Average daily cash reserve requirement for the fortnight ending 07/05/2021 5,38,082.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 06/05/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 09/04/2021 7,12,322.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad
Director   
Press Release : 2021-2022/174

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SBI MD, BFSI News, ET BFSI

Banking & Finance

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State-run lenders will take a lead in creation of the bad bank, but the sick asset resolution platform needs the support of private banks and other lenders to be successful, State Bank of India Managing Director Swaminathan J said on Thursday. If all lenders come on board, the National Asset Reconstruction Company (NARC) announced in the budget will be able to aggregate 100 per cent of a sick company’s outstanding loans, which shall ultimately lead to better resolution of the asset quality stress for all.

The government is yet to announce the specific contours of the NARC or the bad bank and has also only said that it is willing to provide some sovereign guarantee to help the platform.

“For this model to succeed, it cannot just be mostly for public sector banks. Yes, they will take a lead role in this but as we understand at this point of time, NARC will be all encompassing. It will take into account PSBs, private sector banks and for that matter any financial institution which has an exposure to the identified account,” Swaminathan said, speaking at an online seminar.

The present set of over two dozen ARCs have not been able to achieve decent numbers on debt aggregation and get stuck under 40 per cent in many cases, which has a bearing on the final resolution as well, he said.

“This ARC (the bad bank), since it is mandated and backed by the government, it is going to be a smoother affair in terms of all the banks deciding together to transfer the entire asset. Which means that the aggregation is going to be near 100 pc and there is going to be an AMC structure. So, together, we expect this to be a winning formula,” the confident SBI executive said.

“We are ‘very close’ for the bad bank to be a reality” and added that the dual structure of being both an asset reconstruction company as well as an asset management company will be of help, he said.

At present, financial industry stakeholders are being reached out to gauge their interest and one of the entities will take the lead once the potential shareholders are in place.

The lead bank or financier will have a stake of over 100 per cent, and apply to the RBI for licence to operate as an ARC, he said, stressing that funding or capital is not a problem for the bad bank.

The bad bank will operate on the prevalent 15:85 structure, where only 15 per cent will be paid as cash and the rest would be security receipts, he said, adding that this model will ensure that the fund initial fund requirements are not very high.

He said there is a group within the country’s largest lender working out a slew of modalities, including the potential assets which can be transferred to the NARC, capital required etc.

One of the unanswered aspects which will eventually get solved is the ways to put a value to the government guarantee which will ride alongside the security receipts.

Explaining the ways of working, he said NARC will offer a specific price for an asset to the banks and await the nod from the joint lenders forum to go ahead with a resolution. Once the amount is quoted, the lenders can reach out to other ARCs in the system and NARC will have the opportunity to revise its bid as well, he said, adding that there is a scope for price discovery.

A majority of lenders will have to be on board before the asset is transferred to NARC, he said, adding that the definition of ‘majority’ is likely to be the one as done by the Insolvency and Bankruptcy Code.



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PSBs form ‘Alliance’ to provide door step banking, BFSI News, ET BFSI

Banking & Finance

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Public sector banks (PSBs) have come together to form a new company in an attempt to take banking services to the doorsteps of their customers as they battle the challenges posed by the Covid 19 pandemic.

The new company called PSB Alliance Pvt Ltd will engage banking correspondents on behalf of the 12 public sector banks under a common standard operating precedure (SoP) to provide financial and non financial services directly to customer homes.

Former State Bank of India (SBI) chief general manager and deputy CEO of Reliance Jio Payments Bank, Rajinder Mirakhur has been appointed as CEO of the new company.

“Currrently, different PSBs engage different banking correspondents (BCs) for their doorstep banking services. With this company we are hoping to provide resources which can be used by all PSBs at a low cost,” Mirakhur told ET.

Currently eleven non financial services like pick up of cheques, request for an account statement, request for income tax documents like TDS certificates, delivery of payorders etc can done through this facility. Customers can also request a digital life certificate. Cash withdrawal is the only financial service currently provided. PSB customers can request the services through the web, mobile app or phone after an OTP based verification process.

Customers will have to pay a fee of about Rs 88 per service including GST. A part of this fee will go to the vendor providing the service and rest to the bank.

“We are still finalising the model to scale up. We can either hire different BCs and use their technology and manpower or create our own application to be used pan India by all BCs servicing PSBs which will create standardisation and ensure all can plug into the system, which is more feasible,” Mirakhur said.

Two service providers, Atyati Technologies and Integra Microsystem have already been hired by PSB Alliance as service providers.

PSB Alliance has a capital base of Rs 14 crore and has emerged out of another PSB promoted company Cordex India which was formed in 2010 to study operational risk in banks. The articles of association of Cordex were changed to include door step banking services on 29 April when it received approval from the registrar of companies as PSB Alliance.

Besides public sector banks, two private sector lenders IDBI Bank and ICICI Bank were also shareholders in Cordex but will surrender their stake in favour of PSBs.

“This entity is now one promoted by PSBs but all individually hold less than 10%. Each PSB has deputy one person as employee of this company right now and we will see how much personnel we need going forward,” Mirakhur said.

Bankers said the model provides banks with various benefits besides cost savings.

“It gives us economies of scale, collective bargaining and polling of resources. But most of all it gives us a collective knowledge pool which will help us to benefit from each others experiences,” said Rajkiran Rai, MD at Union Bank of India.

Bankers are hoping that by providing some services at homes they can wean away customers from branches which will help reduce the risk of spreading infections and free staff from routine work to focus on revenue earning opportunities.



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Fincare SFB to file IPO papers this week, BFSI News, ET BFSI

Banking & Finance

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Mumbai: Bengaluru-based Fincare Small Finance Bank will file its draft red herring prospectus (DRHP) with the market regulator Sebi for an initial public offer (IPO) this week.

The issue size is said to be in the range of Rs 1,200-Rs 1,400 crore and would comprise of a fresh issue and offer for sale by the existing shareholders, according to market sources. Fincare SFB backed by investors such as True North, TA Associates, Tata Opportunities Fund and SIDBI, is the latest small finance bank (SFB) to announce plans to go for initial public offering.

ICICI Securities, Axis Capital, and Ambit Capital are the book running lead managers for the issue.

TPG-backed Jana Small Finance Bank, ESAF Small Finance Bank and Utkarsh Small Finance Bank have already filed DRHP with the regulator for IPOs and are expected to hit the market over the next couple of months.

Fincare SFB was one of the 10 micro finance institutions that received RBI permission to convert into a small finance bank. Under RBI norms, SFBs are required to list within three years of reaching a net worth of Rs 500 crore and Fincare SFB has to list before September 2021 as per RBI rules for small finance banks.

SFBs were in the limelight recently as RBI has decided to allow the classification of priority sector lending for loans given by small finance banks to micro-finance institutions (MFI) for on-lending to individuals. The decision has been taken to address the liquidity issues amid the severe Covid crisis. SFB stocks like Ujjivan Small Finance Bank and Equitas Small Finance Bank have been performing well on the bourses on the back of strong investor interest in the sector.



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Reserve Bank of India – Tenders

Tenders

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Sr. No. Details Date/Time of Tender Event
a. e – Tender no. RBI/Nagpur/Estate/481/20-21/ET/738
b. Mode of Tender e- Procurement system
(online Part-I – Techno Commercial Bid and Part-II- Price Bid through
www.mstcecommerce.com/eprochome/rbi)
c. Estimated Cost Rs. 15.5 Lakh
d. Date of NIT available to parties to download 11.00 AM of 07/05/2021 onwards
e. View tender Date & Time on MSTC Web Portal 11.00 AM of 07/05/2021 onwards
f. Pre – Bid Meeting Online (WebEx) at 11:00 AM on 25/05/2021***
Venue- Estate Department, Dr. Raghavendra Rao Road, Civil lines, RBI, Nagpur- 440 001
g. Earnest Money Deposit EMD of Rs. 31,000/- by following mode
1) Through NEFT, may be credited in RBI A/c.No.-8714295, IFSC Code: RBIS0NGPA01(5th &10th digit is zero) or
2) By Demand Draft in favor of Reserve Bank of India, payable at Nagpur or
3) Irrevocable Bank Guarantee issued by a scheduled Bank in the prescribed format.
h. Bid Open Date – Date of starting of e- Tender for submission of on line Techno Commercial Bid and Price Bid at www.mstcecommerce.com/eprochome/rbi 04:00 PM of 07/05/2021
i. Bid Close Date – Date of Closing of online e- tender for submission of Techno- Commercial Bid and Price- Bid. 02:00 PM of 03/06/2021
j. a. Tender open Date:-
Date & Time of opening of Part-I
(i.e. Techno- Commercial Bid).
b. Part-II Price Bid:- Date of opening of part II
(i.e. price bid shall be informed separately).		 03:00 PM of 03/06/2021Date of opening of Price bid shall be informed separately after completion of evaluation of Part I of the tender
k. Tender Close Date Till 02.00 PM of 03.06.2021
*** Tenderers desirous of attending online WebEx meeting should inform or send queries by 16:00 Hrs of 24/05/2021 to sunilphadke@rbi.org.in and estatenagpur@rbi.org.in.

Regional Director
Reserve Bank of India, Nagpur

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