Month: June 2021

SBI to issue electoral bonds at 29 branches from July 1-10

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The Centre on Tuesday announced that electoral bonds will be issued by the State Bank of India’s 29 authorised branches across the country from July 1-10.

The Electoral Bonds would be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period, an official release said. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day, the release added.

The Electoral Bonds can be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals. Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, would be eligible to receive the Electoral Bonds, the release added.

Electoral Bonds may be purchased by a person who is a citizen of India or those incorporated or established in India.

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India invites e-Tender for Electrical Rewiring & Electrical fittings Replacement Work in Connection with Renovation of 8 Flats in E Block of Reserve Bank of India Officers’ Quarters, Kowdiar at Thiruvananthapuram. This is a limited tender. Only those vendors/bidders who are empanelled as vendors with RBI for such works given below under the category of works costing up to Rs 10 lakh are eligible to participate in the tender. Bidders are advised to check with RBI regarding their eligibility for this tender before participating. The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). The Schedule of e-Tender is as follows:

SCHEDULE OF TENDER (SOT)

a. e-Tender Name Electrical Rewiring & Electrical Fittings Replacement Work in Connection with Renovation of 8 Flats in E Block of Reserve Bank of India Officers’ Quarters, Kowdiar at Thiruvananthapuram
b. e-Tender no RBI/Thiruvananthapuram/Estate/9/21-22/ET/9
c. Estimated Cost ₹ 9.88 Lakh (Including GST)
d. Mode of Tender e-Procurement System
Online Part I – Techno-Commercial Bid and Part II – Price Bid through
(www.mstcecommerce.com/eprochome/rbi)
e. Date of NIT available to parties to download 17.00 Hrs onwards on June 29, 2021
f. Pre-Bid meeting 11.00 Hrs on July 05, 2021
g. Earnest Money Deposit EMD will be collected from the successful bidder @ 2% of the value of work.
h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at
www.mstcecommerce.com/eprochome/rbi		 11.00 Hrs on July 06, 2021
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid 14.00 Hrs on July 13, 2021
j. Date & time of Opening e-Tender 15.00 Hrs on July 13, 2021
k. Transaction Fee To be paid through MSTC Payment Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.

Amendment / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above.

Regional Director for Kerala and Lakshadweep

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Reserve Bank of India – Press Releases

Press Releases

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The Result of the auction of State Development Loans for 14 State Governments held on June 29, 2021.

Table
(₹ in crore)
  GOA 2031 GUJARAT 2031* JAMMU & KASHMIR UT 2033 KERALA 2056
Notified Amount 100 1500 900 1000
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 10 10 12 35
Competitive Bids Received        
(i) No. 27 123 74 25
(ii) Amount 550 5502 2072.5 3050
Cut-off Yield (%) 6.96 6.88 7.10 7.2
Competitive Bids Accepted        
(i) No. 15 35 43 5
(ii) Amount 94.993 1842.065 870.995 999.995
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 66.62 42.7327 29.4711 49.4995
(ii) No. (2 bids) (10 bids) (9 bids) (1 bids)
Non – Competitive Bids Received        
(i) No. 6 14 6 1
(ii) Amount 5.007 157.935 29.005 0.005
Non-Competitive Price 100.22 100.13 100.44 100.14
Non-Competitive Bids Accepted        
(i) No. 6 14 6 1
(ii) Amount 5.007 157.935 29.005 0.005
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 6.9295 6.8615 7.0456 7.1889
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 100 2000 900 1000

  KERALA 2046 MAHARASHTRA 2032 MAHARASHTRA 2031** MANIPUR 2031
Notified Amount 2000 1000 1000 200
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 25 11 10 10
Competitive Bids Received        
(i) No. 61 163 126 24
(ii) Amount 6450 4783 4985 620
Cut-off Yield (%) 7.13 6.95 6.89 7.00
Competitive Bids Accepted        
(i) No. 4 53 32 16
(ii) Amount 1994.998 900 1370.47 195.995
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 99.7499 13.9319 47.0114 23.1796
(ii) No. (4 bids) (21 bids) (11 bids) (2 bids)
Non – Competitive Bids Received        
(i) No. 2 14 14 5
(ii) Amount 5.002 105.791 129.53 4.005
Non-Competitive Price 100 100.1 100.05 100.18
Non-Competitive Bids Accepted        
(i) No. 2 14 14 5
(ii) Amount 5.002 100 129.53 4.005
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – 94.526 – –
(ii) No. – (13 bids) – –
Weighted Average Yield (%) 7.13 6.9375 6.8824 6.9753
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 2000 1000 1500 200

  MEGHALAYA 2041 PUNJAB 2041*** PUNJAB 2031 RAJASTHAN 2031
Notified Amount 200 1000 1000 500
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 20 20 10 10
Competitive Bids Received        
(i) No. 16 55 80 84
(ii) Amount 950 5335.3 2465 2770
Cut-off Yield (%) 7.19 – 6.95 6.91
Competitive Bids Accepted        
(i) No. 2 – 38 21
(ii) Amount 200 – 910.897 453.494
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 92.5 – 52.8081 18.5081
(ii) No. (1 bids) – (11 bids) (8 bids)
Non – Competitive Bids Received        
(i) No. – 2 12 11
(ii) Amount – 0.051 89.103 46.506
Non-Competitive Price 100.02 0 100.19 100.13
Non-Competitive Bids Accepted        
(i) No. – – 12 11
(ii) Amount – – 89.103 46.506
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 7.1885 – 6.9237 6.8924
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 200 NIL 1000 500

  RAJASTHAN 2026 RAJASTHAN 2041 TAMILNADU 2056 TAMILNADU 2051
Notified Amount 500 1000 1000 1000
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 5 20 35 30
Competitive Bids Received        
(i) No. 54 67 23 28
(ii) Amount 3454.97 5865 1895 2595
Cut-off Yield (%) 6.24 7.13 7.2863 7.2386
Competitive Bids Accepted        
(i) No. 5 3 12 10
(ii) Amount 489.973 964.788 999.911 999.905
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 31.086 60.2993 37.9644 15.3481
(ii) No. (2 bids) (3 bids) (1 bids) (2 bids)
Non – Competitive Bids Received        
(i) No. 4 6 1 1
(ii) Amount 10.027 35.212 0.089 0.095
Non-Competitive Price 100.23 100 96.58 97.35
Non-Competitive Bids Accepted        
(i) No. 4 6 1 1
(ii) Amount 10.027 35.212 0.089 0.095
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 6.1868 7.13 7.229 7.1756
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 500 1000 1000 1000

  TELANGANA 2051 UTTAR PRADESH 2031 UTTARAKHAND 2031 WEST BENGAL 2028
Notified Amount 1000 2500 700 2500
Underwriting Notified Amount NIL NIL NIL NIL
Tenure 30 10 10 7
Competitive Bids Received        
(i) No. 31 175 76 132
(ii) Amount 3190 7359 2765 7980
Cut-off Yield (%) 7.18 6.94 6.94 6.79
Competitive Bids Accepted        
(i) No. 2 72 27 38
(ii) Amount 999.975 2344.027 666.245 2454.987
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 99.995 4.5003 11.8028 99.9957
(ii) No. (1 bids) (18 bids) (5 bids) (4 bids)
Non – Competitive Bids Received        
(i) No. 2 14 9 5
(ii) Amount 0.025 155.973 33.755 45.013
Non-Competitive Price 100.06 100.15 100.14 100.27
Non-Competitive Bids Accepted        
(i) No. 2 14 9 5
(ii) Amount 0.025 155.973 33.755 45.013
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 7.175 6.9189 6.9197 6.7402
Amount of Underwriting accepted from Primary Dealers NIL NIL NIL NIL
Devolvement on Primary Dealers NIL NIL NIL NIL
Total Allotment Amount 1000 2500 700 2500

  Total
Notified Amount 20600
Underwriting Notified Amount  
Tenure  
Competitive Bids Received  
(i) No. 1444
(ii) Amount 74636.77
Cut-off Yield (%)  
Competitive Bids Accepted  
(i) No. 433
(ii) Amount 19753.71
Partial Allotment Percentage of Competitive Bids  
(i) Percentage  
(ii) No.  
Non – Competitive Bids Received  
(i) No. 129
(ii) Amount 852.129
Non-Competitive Price  
Non-Competitive Bids Accepted  
(i) No. 127
(ii) Amount 846.287
Partial Allotment Percentage of Non-Competitive Bids  
(i) Percentage  
(ii) No.  
Weighted Average Yield (%)  
Amount of Underwriting accepted from Primary Dealers  
Devolvement on Primary Dealers  
Total Allotment Amount 20600
* Gujarat has accepted an additional amount of ₹500 crore in the 10 year Security.
** Maharashtra has accepted an additional amount of ₹500 crore in the 10 year Security.
*** Punjab has accepted NIL amount in the 20 year Security.

Ajit Prasad
Director   

Press Release: 2021-2022/442

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KG Information Systems acquires Malaysian insurtech firm AETINS

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The ₹250-crore Coimbatore-based KG Information Systems Pvt Ltd, a part of the $750-million business conglomerate KG Group, has acquired Malaysian firm AETINS Sdn. Bhd through its wholly owned subsidiary in Malaysia, KG Information Systems, for an undisclosed sum. The acquisition is a part of KGISL’s growth strategy in the InsurTech space.

Aetins, which has around 250 employees, brings a range of insurance solutions for life, general and ‘Takaful’ (Islamic insurance). It serves clients in Asia Pacific, West Asia and North Africa.

KGISL has had its market presence in the Malaysia InsurTech space since 2006 and has grown with its point of sale and claims management solution for the non-life insurance segment. The acquisition will bring core insurance product and insurance solution framework into KGISL’s product offerings and open doors to enter the wider Asia Pacific, West Asia and Africa markets covering the life, non- life and Takaful insurance segments, said a release from KGISL.

Prassadh Shanmugam, Director and CEO, KGISL, said Aetins’ core insurance products, Takaful offerings and the West Asia market are the missing pieces in KGISL’s insurance offerings. “It would have taken years for us to build this capability, so the acquisition is a perfect fit for KGISL,” he said.

Speaking to BusinessLine, Shanmugam said the acquisition would be with immediate effect. Aetins’ products and solutions will alone bring over ₹200 crore revenue for KGISL in the next couple of years.

Aetins has customers in Vietnam, Pakistan, Qatar, MENA and Cambodia. The acquisition will give access to MENA markets for KGISL, which has a good presence in the Eastern markets.

KGISL currently has 260 clients, and with its new acquisition will add 30-plus larger insurance clients. Nearly 40 per cent of the company’s revenue is from the insurance space, he said.

On plans for the next four years, Shanmugam said that KGISL plans to induct 6,000 to 8,000 employees and reach revenue of around ₹1,000 crore. The company has plans to enter the UK and US markets, he said.

“We plan for an IPO in 3-4 years with employee stock options. We will continue to look for acquisition for growth,” he said.

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3 Suitable Investments Amid Low Interest Rate And High Inflation

Personal Finance

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Investment

oi-Roshni Agarwal

|

We make investment to earn profits on them and they are rewarding when they are able to give a value enough to beat the current rate of inflation. It is in this situation that the real return from the investment vehicle is said to be positive or else it is a negative return.

3 Suitable Investments Amid Low Interest Rate And High Inflation

3 Suitable Investments Amid Low Interest Rate And High Inflation

Now amid such a situation the best escape can be equities either through the direct route or via mutual funds.

1. Liquid funds:

This can suit those investors who want to invest for a short term. Generally, investors are asked their savings accounts funds to this category of fund as this offers liquidity at par with savings accounts.

Further, the mutual fund category is considered suitable for building emergency corpus or contingency funds.

In this liquid mutual fund category of debt funds, investors’ corpus is parked in money market instruments of a shorter maturity. On an average investors can earn anyway between 4-6 percent return. But of late the returns on liquid funds have retreated lower. Also, the cost for an investor is nil here as these even don’t entail any exit load charges.

2. Equity mutual funds:

For timing the market and to offset the volatility, investors for better return for a longer investment horizon of say 5 years or more can even park their funds in equity funds. Amid a boom in the equities, the space in a year’s time have yielded returns of over 100% i.e. have doubled investors’ money in just a year. Also, a more disciplined investment route can be opted by investing via SIPs. This will not only provide the benefit of rupee cost averaging but will also lessen the impact of market volatility.

3. Gold:

This is another safe haven that from time immemorial apart from the store of value is considered as an inflation hedge. Amid resilience in the US dollar and the benchmark US yield, gold has retreated lower and so the lower rates can be capitalized on currently. Investors are advised to have a maximum of 10-15% allocation in gold. So, the best way to tap the route can be SGBs or gold ETFs

Story first published: Tuesday, June 29, 2021, 18:31 [IST]



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Reserve Bank of India – Press Releases

Press Releases

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Today, the Reserve Bank released its web publication entitled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021’ on its Database on Indian Economy (DBIE) portal (web-link: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications#!12). Based on granular account-level information, it presents various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, type of account, and interest rates. Data covering 1,26,836 branches of 88 SCBs (excluding Regional Rural Banks) are presented for bank groups, population groups and states1.

Highlights:

  • Bank branches in urban, semi-urban and rural areas recorded double-digit credit growth (Y-o-Y) in March 2021 whereas metropolitan branches, which accounted for 63 per cent of bank credit, recorded 1.4 per cent growth in credit.

  • Personal loans continued to grow at robust pace and recorded 13.5 per cent growth (Y-o-Y) in March 2021; industrial loan growth, on the other hand, remained negative during all quarters of 2020-21.

  • Credit to household sector2 rose by 10.9 per cent (Y-o-Y) and its share in total credit increased to 52.6 per cent in March 2021 from 49.8 per cent a year ago; growth in credit to the private corporate sector, however, declined for the sixth successive quarter and its share in total credit stood at 28.3 per cent.

  • Working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third of total credit, contracted during 2020-21.

  • Private sector banks recorded higher loan growth when compared to other bank groups: their share in total credit increased to 36.5 per cent in March 2021 from 35.4 per cent a year ago and 24.8 per cent five years ago.

  • Weighted average lending rate (WALR) on outstanding credit has moderated by 91 basis points during 2020-21, including a decline of 21 basis points during Q4:2020-21.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/441

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Ujjivan SFB partners with LoanTap

Banking & Finance

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Ujjivan Small Finance Bank has partnered with digital lender LoanTap to provide personal loans to salaried professionals.

“This is part of Ujjivan SFB’s API banking initiative, through which over 150 APIs are available offering fast and secure tie-ups for digital lending and digital liabilities, payments to fintechs,” it said in a statement on Tuesday.

This collaboration aims to extend the bank’s services to its customers via LoanTap’s fast and convenient platform, it further said.

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Few Ways To Avoid Hefty Bank Charges

Personal Finance

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Planning

oi-Roshni Agarwal

|

Big lenders have announced a set of changes in relation to ATM charges as well as for cheque usage. Also few days back, RBI has allowed banks to increase charges on ATM cash withdrawal beyond the free limit. Though the hike is just by Rs. 1 i.e. will be Rs. 21 from the next year, it can mean a huge levy for customers, as it shall be charged for every transaction beyond the free limit:

Few Ways To Avoid Hefty Bank Charges

Few Ways To Avoid Hefty Bank Charges

So, here are few points to note considering which bank customers can avoid heavy charges:

1. Premium account allow all such transactions for free:

There are bank accounts which generally require maintenance of AMB of Rs. 20000 and upwards and such accounts generally offer unlimited free transactions. So, if your pocket allows switching to a higher or premium category bank account, will help you get rid of all such charges. Say for instance, HDFC Bank’s Savings Max account offers free transactions at all ATMs clubbed with other benefits.

2. For merchant and other payment transactions:

If payments are to be made to some third parties instead of withdrawing funds at ATM or bank branch, you can directly remit the concerned beneficiary via your account through the various modes. Of late these modes of payment are allowed even on non-working banking days and entail no cost even. Interoperability of funds from one wallet to another and also to bank account shall also be made possible in due course.

3. Minimum balance requirement:

While salary account don’t come with such a requirement, for regular savings account, AMB requirement is in general Rs. 10000. For non-maintenance of the minimum stipulated amount you can be charged anyway between Rs. 200 – Rs. 500 plus 18 percent GST. So, try and always maintain this amount. Also, if this seems to be too much on you, get on to close all the savings bank account which you continue to maintain unnecessarily.

4. Cheque book charges:

Now as the recent SBI rule suggest that only usage of up to cheque leaflets of the bank shall be free and beyond that there will be charges levied. You can avoid such charges by paying through the digital mode wherever possible. This is also true of the demand draft that also entails the cost depending on the amount of the DD.

5. Too many cash transactions also result in charges:

Recently in a bid to push digital economy and hence transactions, too many cash transactions or cash transaction in an amount more than what is prescribed is also chargeable. Generally 4-5 cash transactions i.e. deposit and withdrawals are free, post which there are charges from Rs. 150-200 per transaction.

6. Debit cards are also chargeable:

While debit cards are misunderstood as similar to being ATM cards, the two are different as the former also allows debit transactions. Debit cards generally come with annual maintenance charge also. Annual fee may be in the range of Rs. 150-Rs. 200 depending on the type of debit card. For HNIs these charges are not there as they are offered privileged set of services.

7. SMS alerts cost :

While this is also an additional burden of Rs. 15-20 per quarter, this is a must opt for service as you are notified of all the transactions are notified to the customer’s registered mobile number.

8. For various mandates and debits if not honoured a steep penalty is chargeable:

In a case if your various mandates get dishonoured then a huge penalty shall be charged to you that can be anyway between Rs. 300- Rs. 350. Also, this is true of the bank cheque when it is not honoured.

So, if you inculcate a discipline in your various financial dealings then you can greatly reduce as well as can avoid such bank charges.

GoodReturns.in



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Axis Bank aims to fuel digital transformation with AWS, BFSI News, ET BFSI

Banking & Finance

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India’s third-largest private sector bank, Axis Bank, has selected Amazon Web Services (AWS) to accelerate its digital transformation program and meet the growing demand for its digital banking services.

As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35% and lower costs by 24%, as claimed by the bank.

Axis Bank has so far deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer (V-KYC), and WhatsApp Banking. Axis Bank also plans to migrate 70% of its on-premises data center infrastructure in the next 24 months to further reduce costs.

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

Axis Bank said it believes building a cloud-native, design-centric engineering capability is critical to its success. To achieve this, the bank has dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles.

Subrat Mohanty, Group Executive, Axis Bank said, “We continue to anticipate future trends and make investments ahead of time within our technology stack. We believe AWS will enhance our agility and resilience to manage two key features that define our digital business – rapid scale and high velocity. We aim to transition 70% of our infrastructure and applications on the cloud.”



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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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