Month: June 2021

It’s a bank, PMC will be part of, it’s not takeover, says Centrum’s Jaspal Bindra, BFSI News, ET BFSI

Banking & Finance

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For Jaspal Bindra, who headed Standard Chartered Bank’s Asia operations in his 40s, the road back to banking is a challenging one. Bindra, who exited StanChart to turn entrepreneur by acquiring a stake in Centrum in 2016, will have to build a bank by merging operations of a failed local cooperative, a non-banking finance company and a new age digital lender.

For Bindra, who has been pursuing a bank licence for some time, the RBI’s quest for a white knight for Punjab and Maharashtra Cooperative Bank (PMC) provided that opportunity. The RBI has granted Centrum 120 days to convert itself into a bank with fintech player BharatPe as an investor who will merge its payment business with the bank. “We are seeing it as a bank which PMC will be a part of and not a takeover. We are capitalising it abundantly so that we will have room to do other things and PMC’s operations will not dominate the new bank,” said Bindra.

“As against the Rs 200-crore minimum capital required for a small finance bank, we are committing to bringing in Rs 900 crore in the first year and we have further committed Rs 900 crore from both of us. In all, we are committing Rs 1,800 crore,” said Bindra. He added that currently the partners are self-sufficient for capital and funds would be raised only at a later day.

Bindra agrees that PMC Bank has a large hole in its books which Centrum examined in January before making the bid. It is not yet clear to what extent the hole will get filled as the Deposit Insurance and Credit Guarantee Corporation would pay out depositors only after the RBI invokes Section 45 of its Act which has the same effect as a bankruptcy resolution and does not leave scope for any additional payments outside the plan notified by the government.

Both Centrum and Bharat Pe will have to follow RBI’s diktat and undertake all financial businesses within the new bank and not in group companies. This means that the bank will begin with Centrum’s sizeable loan book and BharatPe’s large payment business.

“The PMC loan book is wholesale which is not part of our business, and this will be a runoff. This will not exist in our future as we want to be a pure digital play with over 85% of business being done on the digital platform. The offline presence will be for only those segments of society without digital access,” said Bindra.

The government notification will also determine the terms for the staff of PMC Bank. “For PMC staff we will have to see what comes in the government notification. For our existing staff, we are going to choose the best person between Centrum, BharatPe and the market. We are going to plan talent for the longer term. It does not mean that there will be layoffs as there will be jobs outside the bank for Centrum and BharatPe,” said Bindra.

While there is no guarantee that customers will retain their deposits once the new bank opens its doors, Bindra sees value in the retail deposit franchise. “The branch network is relevant from deposit collection point. They were quite exceptional in their service quality, and we will be happy to have the staff as a valuable addition to the group. They have Finacle which is a leading software platform,” said Bindra. Besides the amalgamation of unlikely partners, the PMC resolution is an experiment at several levels. This is the first time that the RBI is using the lure of a bank licence to refloat a failed bank. This would also be the first time that an old-world business is being moved onto a digital system.



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RBI has taken steps to smoothen impact of second COVID wave, says Deputy Governor Jain, BFSI News, ET BFSI

Banking & Finance

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Asserting that the second wave of COVID-19 has posed some challenges, RBI Deputy Governor M K Jain on Friday said both the central bank and the government have taken steps to mitigate its impact. He also said the domestic banking system is strong, as per the preliminary data for the quarter ended March 2021.

“I am happy to inform that the banking sector was in strong position when COVID-19 hit…the preliminary data suggest that in terms of CRAR that has been improved upon, the profitability has been improved upon, provision coverage ratio that has also been improved over the previous year, and the gross NPA as well as net NPA has come down,” he said.

Jain was addressing a virtual conference organised by the India International Centre (IIC) and Research & Information System for Developing Countries (RIS).

Observing that the COVID-19 second wave has some challenging aspects, he said both the RBI and the government are dealing with this and taking steps to smoothen the impact on the financial system.

The central bank has announced a slew of measures in the last two months to help flow of credit to the desired sectors and maintain adequate level of liquidity in the system.

Earlier this month, RBI kept its benchmark interest rate unchanged in view of elevated level of retail inflation.

Jain said the RBI strives to ensure financial resilience of banks and NBFCs by prescribing a set of micro prudential norms like minimum capital requirements.

To maintain resilience, he said, the RBI has asked financial entities to undertake stress tests at regular intervals and accordingly take risk mitigation measures.

Jain further said the financial system, both in India and overseas, is witnessing rapid shifts in the operating environment due to changing competitive landscape, automation and increasing regulatory supervisory expectations.

The Reserve Bank of India has put in place various regulations to improve the governance in banks and make them more resilient, he emphasised.

“In addition, banks have also made improvements in the risk management capacities. Yet, the changing operating and risk environment requires banks to be vigilant, strong and agile so as to identify risks early and absorb the shocks and be able to adapt to the newer ground realities.

“I am hopeful that banks and other financial institutions in India will rise to the challenge, continue to demonstrate the resilience and be able to contribute to a USD 5 trillion economy and beyond,” he said.

Talking about the link between financial system and climate resilience, Jain said while insurance companies directly face the climate risk, banks are also required to take into account such risks more seriously.

In addition to mitigating operational risk arising out of climate extremes, he said there is a need for the financial system to move towards green financing, keeping in mind the development requirement of the country.

“While as of now RBI has not come out with any regulatory prescriptions, but we are evaluating all those aspects and then at the appropriate time after evaluating all the things a call may be taken,” he said.



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Assam govt to waive MFI loans for poor women: CM Himanta Biswa Sarma

Banking & Finance

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Assam Chief Minister Himanta Biswa Sarma on Friday said that he was committed to his election promise of providing relief and incentives to poor women who had taken loans from various Micro Finance Institutions (MFIs).

The government has been holding continued discussions with MFIs, following which the outstanding loan amount has been brought down to ₹8,250 crore from 12,500 crore and this will benefit 22 lakh poor and deprived women of the State, the Chief Minister said at a press conference here.

The outstanding loan has come down as MFIs had flouted the norms set by the Reserve Bank of India (RBI) and these include giving a loan of over ₹1.25 lakh to one group or giving more than one loan to one person or group, he said.

During discussions, it was decided that any loan amount over ₹1.25 lakh would be waived and if there are four outstanding loans against an individual, the fourth loan’s principal and interest amount will be waived, Sarma said.

These measures have brought down the outstanding amount and will go a long way in helping the poor and needy women.

“I had said in all my elections meetings, while campaigning for the BJP, that the loan waiver relief will be for the poor women and not for the middle class or the rich”, he said.

Three groups

The State government has decided to categorise the borrowers in three groups with the first being those women who are paying the loans regularly, he said.

“These women should continue to do so that their CIBIL score is not affected and the government will reward these prompt payers with a one-time incentive,” he said.

The second category are those women who have an overdue, meaning that those who were paying regularly but now has an overdue as they have stopped paying after they heard that the loans will be waived.

“I appeal to this category of women to resume repaying their loan and the goverment will repay the overdue amount,” he said.

In the third category, are those women who have no plans to take any further loans or engage in any further activity and the government will provide them with full relief.

The women taking full waiver will, however, not be able to take any further loans in the future.

Altogether 26 lakh customers with 45 lakh bank accounts have taken loans from 40 lenders with 53 per cent of this amount lent by banks, 22 per cent by Non-Banking Finance Companies (NBFCs) and microfinance institutions, 26 per cent by small finance banks and 16 per cent by regular NBFCs.

The Chief Minister had decided to set up a committee to study the financial implications of waiving off the loans in the first cabinet meeting of the new Council of Ministers held on May 11 with Guwahati Development Department Minister Ashok Singhal as the Chairman and Principal Secretary of Finance and Panchayat and Rural Development as members.

The Chief Minister had directed the committee to prepare a package to provide relief to maximum poor women who had taken loans and are facing immense miseries.

It has been decided that only those loans will be considered which were taken before December 31, 2020 and those with family income of ₹1 lakh, paying income tax, owning four-wheelers or any other such guidelines set by the RBI will not be considered for waiver of loans.

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RBI paves way for Punjab & Maharashtra Cooperative Bank’s revival

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The RBI said on Friday the nod to CFS had been given specifically with regard to the latter’s response to the expression of interest (EoI) from PMC Bank on November 3, 2020.

By Ankur Mishra

With the Reserve Bank of India (RBI) having given Centrum Financial Services an in-principle nod to set up a small finance bank (SFB), a solution to the troubles of Punjab & Maharashtra Cooperative (PMC) Bank, seems to be in sight. The RBI said on Friday the nod to CFS had been given specifically with regard to the latter’s response to the expression of interest (EoI) from PMC Bank on November 3, 2020.

CFS and BharatPe had put in a bid to acquire the co-operative lender and the acquisition is expected to go through soon after CFS wins a licence. Should it go through it would be the third lender, in recent times, to be rescued after Yes Bank and Lakshmi Vilas Bank.

PMC Bank posted a net loss of Rs 6,835 crore in FY20, reporting a negative net worth of Rs 5,850.61 crore as per the bid document. In September 2019, PMC Bank was put under charge of an RBI-appointed administrator after some financial irregularities were detected.

The regulator had superseded the board and capped withdrawals by customers. At the time, PMC’s exposure to real estate firm HDIL was over Rs 6,500 crore or 73% of its total loan book of Rs 8,880 crore. HDIL was promoted by Rakesh Wadhawan and his son Sarang Wadhawan and a CBI inquiry was initiated into dealings between PMC and HDIL.

Initially, the RBI had allowed depositors to withdraw Rs 1,000, but that was later raised to Rs 1 lakh per account. At the end of March 2020, PMC’s total deposits were of the order of Rs 10,727.12 crore while the advances were Rs 4,472.78 crore. The gross non-performing assets (NPAs) stood at Rs 3,518.89 crore. The bank’s share capital is Rs 292.94 crore.

PMC had invited eligible investors to revive it and received four responses. RBI governor Shaktikanta Das had confirmed that three investors submitted their final offers for the resolution of the crisis ridden lender. Investors need to bring in the capital to enable the bank to achieve the mandated minimum capital to risk weighted assets ratio (CRAR) of 9%. However, investors may explore the option of restructuring a part of deposit liabilities into capital instruments, the EoI document said.

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Reserve Bank of India – Tenders

Tenders

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Please refer the tender notice for the captioned RFP published on the Bank’s website www.rbi.org.in on December 11, 2020, inviting Request for proposal (RFP) from firms/ companies to provide comprehensive consultancy services for the proposed work.

2. The following sections of the RFP have been revised and the modified provisions are as under:

Section Existing Provision Revised Provision
4.44.3 Insurance The consultant shall indemnify and keep the Bank indemnified against all risks during the entire period of implementation of the project against any claims, demands, actions for proceedings that may be made or initiated against the Bank or that may be suffered by the Bank by reason of anything done by the consultant pursuant to any work done by them towards the project.

Before commencing establishment of ABPC and on-site support, it shall be obligatory to the consultant to obtain at his cost, all necessary and relevant insurance cover for appropriate value and which shall remain valid till end of stabilisation period and on-site support respectively, for the requirements, such as, but not limited to:

a. Accident/s to staff, engineers, consultants, supervisors and others

b. Professional Liability Insurance for all professionals like Architects, Structural Consultants, Electrical Consultants, automation consultants etc. who shall be engaged by the Consultant for designing the ABPC. The insurance cover shall be a minimum of 100% of the consultancy charges.

The above mentioned policies shall be in joint names mentioning the Bank’s name first and a copy of the same shall be submitted to the Bank before commencement of execution of work. Alternatively, an endorsement on the policy in favour of the Bank may be provided in the Performance Liability Insurance policy where the ABPC project and all the consortium partners are covered. No adjustments in the consultancy charges or on-site support charges shall be made for providing insurance.

The consultant shall indemnify the RBI and keep the Bank indemnified during the entire period of implementation of the project against any damage, expense, liability, loss or claim which the RBI might incur, sustain or be subjected to, which is attributable to any defect in the design of the ABPC facility (including technical and automation design), or any other work done towards this project by the Consultant and/or any person acting on behalf of the consultant including its employees or sub-consultants.

At the time of signing of the contract and commencement of on-site support, as applicable, it shall be obligatory to the consultant to obtain at his cost, all necessary and relevant insurance cover for appropriate value issued only from an insurance company operating in India and which shall remain valid till end of stabilisation period/ on-site support, as applicable for the requirements but not limited to:

a. Accident/s of staff, engineers, consultants, sub-consultants, supervisors and others

b. Professional Liability Insurance (PLI) for designing and execution of the ABPC project. The insurance cover shall be a minimum of 100% of the consultancy charges excluding on-site support and shall be valid till stabilization period.

c. Commercial General Liability for any injury / property damage sustained during execution and stabilization of the project.

The above mentioned policies shall be in joint names mentioning the Bank’s name first and a copy of the same shall be submitted to the Bank before commencement of work. In case of PLI, where such joint policy cannot be provided, an endorsement on the policy in favour of the Bank may be provided in the Professional Liability Insurance policy where the ABPC project and all the consortium partners are covered. No adjustments in the consultancy charges or on-site support charges shall be made for providing insurance.

4.44.4 Professional Indemnity Bond The consultant shall, at the time of signing the contract, submit a signed Professional Indemnity Bond covering the design of the ABPC for a value equal to 100% of the Consultancy charges. This Bond shall be valid up to the service life of the facility. A format of the bond is provided in Form M. The consultant shall, at the time of signing the contract, submit a signed Professional Indemnity Bond covering the design of the ABPC for a value equal to 100% of the Consultancy charges This Bond shall be valid up to 10 years after stabilization of the facility. A format of the bond is provided in Form M.
Draft Contact Clause 2.10
Standard of Care		 The consultant shall observe the highest standard of care and considering the significance, exclusive and unique scope of work, the standard of duty shall be special. Considering the significance, exclusive and unique scope of work, the Consultant shall observe the highest standard of skill and care.

3. The following provision has been added in the RFP at Section V: Conditions of Contract at para 5.34 as follows and, accordingly, existing para 5.34 is now revised as para 5.35.

5.34 LIMITATION OF LIABILITY

(A) Consultant’s Liability –

(i) In case of any damage or loss to the property of any person, directly or indirectly attributable to negligence or misconduct on the part of the Consultant or on the part of any person or firm acting on behalf of the Consultant, the Consultant would be liable to make good the damage/ loss irrespective of the amount.

(ii) In all other cases, the Consultant’s liability would not exceed, the total contract value or the proceeds the Consultants may be entitled to receive from any insurance maintained by the Consultant to cover such a liability, whichever is higher.

(B) Bank’s liability

The liability of the Bank (whether in contract, tort, negligence, strict liability in tort, by statute or otherwise) for any claim in any manner related to the consultancy services shall be limited to the amount of fees remaining to be paid to the Consultant.

5.35 All decisions taken by the Bank regarding this Tender (as mentioned in this Tender Document) shall be final & irrevocable.

4. The existing Form M has been modified and the revised form is given in Annex.

5. It is further advised that Consultant is expected to both plan and supervise the execution of the project and obtaining all statutory approvals and NOCs are part of the scope of work of the consultant. It is reiterated that, Price Adjustment in the costs shall be made only for the milestones and addition / deletion / modification/ deferrals derived from the milestones, carried out during the ‘contract period’. The ‘contract period’ shall mean ‘original scheduled completion period till completion of stabilisation period’ (as in the Project Report approved by the Bank) and/or authorised extension/s granted to cover the period/s of hindrance/s on account of force majeure conditions taken together under reckoning / delays beyond the control of the consultant.

6. It is clarified that all other terms and conditions of the RFP shall remain unchanged. This shall also be part of the RFP document.

Chief General Manager-in-Charge,
Department of Currency Management,
Central Office,
Reserve Bank of India,
Mumbai 400 001.

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Reserve Bank of India – Press Releases

Press Releases

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item 2020 2021 Variation
Jun. 12 Jun. 4 Jun. 11 Week Year
1 2 3 4 5
4 Loans and Advances          
4.1 Central Government – – – – –
4.2 State Governments 6516 11235 10380 -855 3864
* Data are provisional.

2. Foreign Exchange Reserves
Item As on June 11, 2021 Variation over
Week End-March 2021 Year
₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn.
1 2 3 4 5 6 7 8
1 Total Reserves 4442085 608081 25066 3074 223132 31097 591611 100437
1.1 Foreign Currency Assets 4116135 563457 21216 2567 191967 26764 560823 94721
1.2 Gold 278330 38101 3790 496 30607 4220 26714 4927
1.3 SDRs 11048 1512 -2 -1 184 27 22 59
1.4 Reserve Position in the IMF 36572 5011 62 11 374 86 4052 730
*Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item Outstanding as on Jun. 4, 2021 Variation over
Fortnight Financial year so far Year-on-year
2020-21 2021-22 2020 2021
1 2 3 4 5 6
2 Liabilities to Others            
2.1 Aggregate Deposits 15313124 145961 388031 199611 1415263 1357601
2.1a Growth (Per cent)   1.0 2.9 1.3 11.3 9.7
2.1.1 Demand 1730240 35181 -141154 -130952 182323 254391
2.1.2 Time 13582883 110780 529184 330564 1232940 1103210
2.2 Borrowings 242490 -2207 -22171 -1535 -62292 -44778
2.3 Other Demand and Time Liabilities 600722 29951 -64398 -55885 10399 61445
7 Bank Credit 10843448 12226 -116291 -106061 602667 588878
7.1a Growth (Per cent)   0.1 –1.1 –1.0 6.2 5.7
7a.1 Food Credit 89976 -687 33919 28722 8079 4293
7a.2 Non-food credit 10753472 12913 -150210 -134783 594588 584585

6. Money Stock: Components and Sources
(₹ Crore)
Item Outstanding as on Variation over
2021 Fortnight Financial Year so far Year-on-Year
2020-21 2021-22 2020 2021
Mar. 31 Jun. 4 Amount % Amount % Amount % Amount % Amount %
1 2 3 4 5 6 7 8 9 10 11 12
M3 18768268 19096038 162254 0.9 579354 3.4 327769 1.7 1901141 12.3 1716720 9.9
1 Components (1.1.+1.2+1.3+1.4)                        
1.1 Currency with the Public 2752971 2878270 15798 0.6 194741 8.3 125300 4.6 412274 19.3 333781 13.1
1.2 Demand Deposits with Banks 1984261 1854844 35367 1.9 -142219 -8.2 -129417 –6.5 187279 13.3 259371 16.3
1.3 Time Deposits with Banks 13983686 14313042 109659 0.8 518397 4.1 329356 2.4 1284292 10.8 1120630 8.5
1.4 ‘Other’ Deposits with Reserve Bank 47351 49881 1430 3.0 8436 21.9 2530 5.3 17295 58.3 2938 6.3
2 Sources (2.1+2.2+2.3+2.4-2.5)                        
2.1 Net Bank Credit to Government 5810192 5985157 162004 2.8 607353 12.2 174965 3.0 865017 18.4 417442 7.5
2.1.1 Reserve Bank 1099686 1108321 83122   191353   8636   177549   -75224  
2.1.2 Other Banks 4710506 4876836 78881 1.6 416000 10.5 166329 3.5 687468 18.6 492666 11.2
2.2 Bank Credit to Commercial Sector 11610235 11494044 9721 0.1 -140775 -1.3 -116191 –1.0 636481 6.2 596175 5.5
2.2.1 Reserve Bank 8709 1964 529   -6370   -6745   -2002   -4832  
2.2.2 Other Banks 11601526 11492081 9192 0.1 -134405 -1.2 -109445 –0.9 638483 6.2 601008 5.5

8. Liquidity Operations by RBI
(₹ Crore)
Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabi lisation Scheme OMO (Outright) Long Term Repo Opera tions& Targeted Long Term Repo Opera tions# Special Long-Term Repo Operations for Small Finance Banks Special Reverse Repo£ Net Injection (+)/ Absorption (-) (1+3+5+ 6+9+10+ 11+12-2- 4-7-8-13)
Repo Reverse Repo* Variable Rate Repo Variable Rate Reverse Repo Sale Pur chase
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Jun. 7, 2021 – 398908 – – 52 – – – – – – – – -398856
Jun. 8, 2021 – 383929 – – 0 – – – – – – – – -383929
Jun. 9, 2021 – 378913 – – 0 – – – – – – – – -378913
Jun. 10, 2021 – 367572 – – 0 – – – – – – – – -367572
Jun. 11, 2021 – 362304 – – 27 – – – – – – – – -362277
Jun. 12, 2021 – 2304 – – 11 – – – – – – – – -2293
Jun. 13, 2021 – 1699 – – 111 – – – – – – – – -1588
* Includes additional Reverse Repo and additional MSF operations (for the period December 16, 2019 to February 13, 2020)
# Includes Targeted Long Term Repo Operations (TLTRO) and Targeted Long Term Repo Operations 2.0 (TLTRO 2.0) and On Tap Targeted Long Term Repo Operations. Negative (-) sign indicates repayments done by Banks.
& Negative (-) sign indicates repayments done by Banks.
£ As per the Press Release: 2021-2022/177 dated May 07, 2021, as an additional incentive Banks are eligible to park their surplus liquidity up to the size of the COVID loan book under a special 14-day reverse repo window to be conducted on each reporting Friday at a rate which is 25 bps lower than the repo rate.

The above information can be accessed on Internet at https://wss.rbi.org.in/

The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762).

Time series data are available at https://dbie.rbi.org.in

Ajit Prasad
Director   

Press Release: 2021-2022/396

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Reserve Bank of India – Tenders

Tenders

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(Only through e-procurement)

RBI/Mumbai/Others/32/20-21/807

1. Reserve Bank of India, Protocol & Security Establishment, Mumbai Regional Office, Mumbai (RBI/Bank) invites E-tenders in two parts (Part I- Pre-Qualification Criteria & Part II- Price Bid) from FMS Companies Firms/Pest Control Agencies/Firms “E-TENDER FOR c”. The interested vendors must register themselves on the MSTC portal for participating through e-tendering. The period of contract will be from date of award of work (issue of the work order) up to March 31, 2022 as per laid down contractual obligations (The Tender along with the prices shall remain valid initially for a period of 3 months from the date of opening of Pre-Qualification Criteria). The work is estimated to cost Rs. 2,00,00,000/- (Rupees Two Crore only) inclusive of all applicable taxes, cess and any other statutory levy (inclusive of GST).

2. The Pre-Qualification papers super scribed as “ANNUAL MAINTENANCE CONTARCT OF PEST CONTROL & SANITIZATION SERVICES AT BANKS RESIDENTIAL COLONIES AND OFFICES OF RESERVE BANK OF INDIA, MUMBAI.” addressed by name to Shri. Ajay Michyari, Regional Director, Reserve Bank of India, shall be submitted to AGM (Admin) P & SE, Fort Office Mumbai latest by 12.07.2021 till 02:00 PM for Bank’s examination. Alternatively, the scanned copy of all the PQ document may be forwarded to mail id: ssdhongade@rbi.org.in, ugmundhe@rbi.org.in and sumitandure@rbi.org.in latest by 12.07.2021 till 02:00 PM. However those firms who have forwarded the scanned copies through mail has to submit the original copies of PQ documents personally/by courier on or before 12.07.2021 by 02:00 PM.

3. The Earnest Money Deposit (EMD) of Rs. 4,00,000/- (Rupees Four lakh only) may be remitted through NEFT or furnish the Bank Guarantee in respect of the said amount. The Bank Guarantee (from Scheduled Commercial Bank) submitted towards Earnest Money deposit has to be valid for the validity period of the tender plus additional 45 days. Documentary evidence in support of remittance shall be submitted in sealed cover addressed to The Regional Director, Reserve Bank of India, Protocol and Security Establishment, Mumbai-400 001 so as to reach P&SE Office up to 2:00 PM on 26/07/2021 super scribing as “EMD for ANNUAL MAINTENANCE CONTARCT OF PEST CONTROL & SANITIZATION SERVICES AT BANKS RESIDENTIAL COLONIES AND OFFICES OF RESERVE BANK OF INDIA, MUMBAI”.

4. Online tenders will be available for viewing /download from 11.00 AM on 21/06/2021 from the website www.mstcecommerce.com.

5. A pre-bid meeting (off-line mode) of the intending Tenderers will be held on 19/07/2021 at 11.00 AM.

6. Place of Pre-Bid meeting:

Protocol & Security Establishment, Reserve Bank of India, Mumbai Regional Office, First Floor, Main Building, SBS Road, Fort, Mumbai- 400001.

7. Place, Time and date before which written queries for Pre-bid meeting must be received:

Protocol & Security Establishment, Reserve Bank of India, Mumbai Regional Office, First Floor, Main Building, SBS Road, Fort, Mumbai- 400001 by 05:00 PM on or before 18/07/2021.

8. The duly filled in tender documents shall be uploaded on MSTC site. (Date of Starting of online submission Part- II of e-tender from 19/07/2021 at 11:00 AM and Date of closing of online submission Part-II of e-tender is 26/07/2021 up to 03:00 PM)

9. Part II of the tenders will be opened on-line at 4.00 PM on 26/07/2021. The authorised representative, if desire, may be present at the opening of tender.

10. RBI 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 any or all the tenders without assigning any reason thereof.

Regional Director

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated June 17, 2021 a monetary penalty of ₹10.00 lakh (Rupees Ten lakh only) on The Manjeri Co-operative (Urban) Bank Ltd. No.1726, Manjeri, Malappuram District, Kerala (the bank) for contravention of / non-compliance of certain provisions of the directions issued by RBI contained in the Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs dated July 1, 2015 and the circular on Management of Advances – UCBs dated July 1, 2015. The penalty has been imposed on the bank in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (AACS) taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank was conducted by RBI based on its financial position as on March 31, 2020. The Inspection Report, revealed, inter alia, contravention of / non-compliance with the directions issued by Reserve Bank of India (RBI) on “Income Recognition, Asset Classification, Provisioning and Other related matters” and on “Management of Advances – UCBs”. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s written reply and the oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with the extant RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/395

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated June 18, 2021, a monetary penalty of ₹6.00 lakh (Rupees Six Lakh only) on the Parwanoo Urban Co-operative Bank Limited, Parwanoo (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD.(PCB) MC No.12/09.14.000/2015-16 dated July 01, 2015 on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and the Master Circular DCBR.CO.BPD.(PCB) MC No.13/13.05.000/2015-16 dated July 01, 2015 on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, non-adherence with/violation of the aforesaid directions, viz., non-identification of NPAs, wrong classification of assets, inadequate provisions made due to wrong classification of assets and non-adherence to exposure norms in case of individual borrowers and group of borrowers. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for violation of the said directions.

After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-adherence with /violation of RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/394

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Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendment of one entry

Notifications

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RBI/2021-22/57
DOR.AML.REC.22/14.06.001/2021-22

June 18, 2021

The Chairpersons/ CEOs of all the Regulated Entities

Madam/Dear Sir,

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List: Amendment of one entry

Please refer to Section 51 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on May 10, 2021, in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).”

2. In this regard, Ministry of External Affairs (MEA) has now forwarded the following Press Release issued by the United Nations Security Council (UNSC) Committee established pursuant to Resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities regarding changes in the List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of UNSC resolution 2368 (2017), and adopted under Chapter VII of the Charter of the United Nations.

Note SC/14555 dated 17 June 2021 regarding addition of one individual QDi.429 Name: 1: MOHAMMAD 2: ALI 3: AL HABBO] in UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List.

The UNSC press release concerning amendments to the list is available at
URL: https://www.un.org/securitycouncil/sanctions/1267/press-releases

3. Updated lists of individuals and entities linked to ISIL (Da’esh), Al-Qaida and Taliban are available at:
http://www.un.org/securitycouncil/sanctions/1267/aq_sanctions_list
https://www.un.org/securitycouncil/sanctions/1988/materials

4. The details of the sanctions measures and exemptions are available at the following
URL: https://www.un.org/securitycouncil/sanctions/1267#further_information

5. As per the instructions from the Ministry of Home Affairs (MHA), any request for delisting received by any Regulated Entity (RE) is to be forwarded electronically to Joint Secretary (CTCR), MHA for consideration. Individuals, groups, undertakings or entities seeking to be removed from the Security Council’s ISIL (Da’esh) and Al-Qaida Sanctions List can submit their request for delisting to an independent and impartial Ombudsperson who has been appointed by the United Nations Secretary-General. More details are available at the following
URL: https://www.un.org/securitycouncil/ombudsperson/application

6. In view of the above, REs are advised to take note of the aforementioned UNSC communication and ensure meticulous compliance.

Yours faithfully,

(Vivek Srivastava)
General Manager

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