Month: June 2021

RBL Bank has updated its FD interest rates; check the new rates here

Personal Finance

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Investment

oi-Vipul Das

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RBL Bank’s fixed deposit (FD) interest rates are recently modified and are now effective as of June 1, 2021. The bank offers a variety of fixed deposit alternatives, including tax-saving FDs, to both normal and elderly people, with maturities ranging from 7 days to 20 years. RBL Bank now offers 3.25 per cent on deposits maturing in 7-14 days, 4.00 per cent on deposits maturing in 15-45 days, and 4.25 per cent on deposits maturing in 46-90 days, following the recent modification.

RBL Bank has updated its FD interest rates; check the new rates here

On FDs maturing in 91 days to 180 days, 4.75 per cent interest is offered, and on deposits maturing in 180 days to 240 days, 5.25 per cent interest is provided. RBL Bank pays 5.50 per cent interest on deposits with a maturity period of 241 to 364 days. RBL Bank pays 6.10 per cent on deposits kept for a period of 12 months or less than 36 months. RBL Bank offers a 6.30 per cent interest rate on three- to five-year FDs. The bank is now offering a 6.00 interest rate on FDs maturing in 60 months to less than 120 months and 120 months to 240 months. RBL Bank provides 0.50 per cent higher rates to senior customers than to the general public. Senior folks will now get interest rates ranging from 3.75 per cent to 7.00 per cent following the adjustment.

RBL Bank FD Rates (Below Rs 3 Cr)

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 3.25% 3.75%
15 days to 45 days 4.00% 4.50%
46 days to 90 days 4.25% 4.75%
91 days to 180 days 4.75% 5.25%
181 days to 240 days 5.25% 5.75%
241 days to 364 days 5.50% 6.00%
12 months to less than 24 months 6.10% 6.60%
24 months to less than 36 months 6.10% 6.60%
36 months to less than 60 months 6.30% 6.80%
60 months to 60 months 1 day 6.50% 7.00%
60 months 2 days to less than 120 months 6.00% 6.50%
120 months to 240 months 6.00% 6.50%
Tax Savings Fixed Deposit (60 months) 6.50% 7.00%
Source: RBL Bank, W.e.f. 1 June 2021

Story first published: Friday, June 4, 2021, 8:51 [IST]



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Banks bulk up in Hong Kong as China business overshadows politics, BFSI News, ET BFSI

Banking & Finance

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HONG KONG – Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city’s unique position as a financial gateway to China is outweighing concerns about Beijing’s tightening grip over it.

Goldman Sachs Group Inc, Citigroup Inc, UBS AG and other banks are each hiring hundreds of people in the city this year, adding substantially to their existing ranks.

Citigroup, for example, has said it is bulking up its staffing by 1,500 people, including additional headcount and replacements in 2021, double the number of people it hired a year ago.

It has about 4,000 people in the city. A Goldman spokesman said the bank, which has about 2,000 people in Greater China, expects hiring in Hong Kong to be up 20% this year.

The Securities and Futures Commission, Hong Kong’s market regulator, is seeing a rebound in licenses it issues for people involved in asset management, securities and other financial activities, according to data on its website.

The total number of licenses it issued was up 1.7% at the end of March, compared with nine months earlier, and just shy of an all-time peak in 2019.

“Hong Kong has some unique advantages, and it will remain the gateway for many of our local and global clients to access China,” said Kaleem Rizvi, Head of Citi’s Asia-Pacific corporate bank.

Many financial companies slowed hiring last year, after protests against Chinese rule and a new security law imposed on the city to crush dissent by Beijing, as well as the coronavirus pandemic, six bankers, recruiters and other industry executives said.

The increased hiring plans of some major players show that they are now willing to live with the political risks.

“Everyone in the business community I have spoken with welcomes the peace and stability now, compared with the chaos of 2019,” said Weijian Shan, chairman and chief executive of Hong Kong-based private equity group PAG.

To be sure, politics remains contentious and unsettling for some finance professionals, some bankers have said. Some expatriate financial workers have left or considered leaving Hong Kong, along with thousands of residents of the former British colony.

Hong Kong police have asked some banks to hand over account details of opposition activists and politicians arrested under a stringent national security law imposed by Beijing, and the government has threatened jail time for bankers handling assets belonging to media tycoon Jimmy Lai frozen under the new law.

Hong Kong’s financial regulators declined to comment on banks’ hiring plans or some bankers’ disquiet about the political tightening.

CLOSE TO CHINA

Bankers and other financial services professionals interviewed by Reuters said much of the lure of being in Hong Kong comes from the city’s close ties to China and the business it brings.

That business is booming. Flows via the stock connect schemes linking Hong Kong with the Shanghai and Shenzhen exchanges rose to record highs in the first quarter of 2021.

Companies, mostly from mainland China, raised more money through Hong Kong listings in the first five months of this year than they did in the same period of the last four years combined, Refinitiv data shows.

Mergers and acquisitions in Greater China are the highest since 2018.

Anthony Fasso, Asia Pacific chief executive of global asset manager PineBridge Investments, said Hong Kong was adapting to the new realities.

“We believe that Hong Kong will remain a globally competitive international city at the doorstep of one of the largest and fastest growing economies in the world,” Fasso said.

HIRING SPREE

Besides Goldman and Citigroup, Swiss bank UBS hired 200 people in the year through March, which consisted of 20 new full-time staff compared to seven in the previously financial year, a spokesman said.

The bank took on 100 contractors and 80 graduates in the year to March. It was the highest number of graduate recruits to join UBS in more than 10 years. The bank has 2,500 people based in Hong Kong.

HSBC Holdings Plc has said it plans to add 400 staff in Hong Kong this year, part of its plan to recruit 5,000 people in the next five years in the region to wealth management in Asia.

Lok Yim, Hong Kong chief executive of Deutsche Bank AG, said the German bank was also planning on making further strategic hires, after a first quarter that had been its strongest in years.

“We are probably two to three times as busy now as we were late last year,” said Olga Yung, regional director at recruitment firm Michael Page in Hong Kong.



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S&P, BFSI News, ET BFSI

Banking & Finance

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Credit losses for Asia-Pacific banks could reach $585 billion by 2022, or nearly double the pre-Covid level raising credit costs for banks, according to S&P Global.

The credit costs of the Indian banking system may rise to 2.4 per cent by March 2022, compared to a base case of 2.2 per cent, according to the S&P report, “Intervention Worked: Credit Losses Set To Decline For Most Asia-Pacific Banks”.

“In India and Indonesia, where banks have suffered higher asset distress in recent years, the credit losses are set to trend closer to our expected long-term average in the coming years,” said S&P.

Moratorium cushions blow

S&P said moratoriums on loan repayments–together with fiscal, monetary, and policy support–have helped cushion the blow to borrowers in Asia-Pacific from the Covid outbreak and containment measures.

Credit losses are set to fall across most Asia-Pacific banking systems over the next two years, partly because targeted assistance to stretched borrowers will likely continue in many places until pandemic-related challenges substantially abate.

S&P forecasts that credit losses will remain well below its expected long-term average in most countries despite last year’s economic hardship. Credit losses encompass provisioning for expected bad loans, and generally precede charge-offs, the actual write-down of loans that detract from the balance sheet allowances for credit losses

Extended troubles

S&P said the effect of Covid on credit costs in the country will be extended over several years.

“Given the scale of the supports to banks and borrowers, downside risks will stay elevated.

“Besides moratoriums and fiscal support, temporary lenient regulatory and accounting treatment of stressed borrowers will also be lifted over time. And new waves of Covid remain a threat,” it said.

S&P said Asia-Pacific banks should safely avoid a ‘cliff effect’ even as extensive relief measures are progressively removed.

The report said while China‘s banks has taken much of its pandemic-related pain up front, with large credit losses reported in 2020, the fallout is not quite over.

Given the vast size of the country’s banking system, this translates into big numbers, it said.

The report discussed forecast credit losses for the 12 larger banking systems in Asia-Pacific: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea, Taiwan, and Thailand.



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Indian banks do balancing act between green commitments and coal financing, BFSI News, ET BFSI

Banking & Finance

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Indian banks have to delicately balance between the renewable energy commitments and funding coal-fired power projects that are required for growth. On the other hand, global banks’ green financing is outpacing fossil fuel activity.

India may build new coal-fired power plants as they generate the cheapest power, according to a draft electricity policy in February, despite growing calls from environmentalists to deter the use of coal.

“While India is committed to add more capacity through non-fossil sources of generation, coal-based generation capacity may still be required to be added in the country as it continues to be the cheapest source of generation,” the NEP draft read.

This may put more pressure on local banks to fund such ventures, after having suffered a bout of bad loans on power plants in the last decade.

SBI faces pressure

State Bank of India faces pressure from its global investors like BlackRock but also needs to finance coal projects to electrify more homes

International investors are increasingly restricting support to companies involved in extracting or consuming coal, yet nearly 70% of India’s electricity comes from coal plants and demand for power is set to rise as the economy recovers from the blows of the pandemic.

BlackRock and Norway’s Storebrand ASA, both of which hold less than 1% in the bank, raised their objections over the past year. Amundi SA divested its holdings of the lender’s green bonds because of the bank’s ties to a controversial coal project in northern Australia. State Bank of India hasn’t decided whether to help finance the Carmichael mine for Adani Ports Ltd, whose main shareholder is Indian billionaire Gautam Adani, following mounting pressure from climate activists and investors, Bloomberg reported in April.

SBI has been boosting the share of loans to the clean energy sector and it approved three times more loans to solar projects in the nancial year that ended in March than to the overall thermal sector.

That’s because there was hardly any demand for new loans from fossil-fuel producers last year.

The lender’s loans to the power sector stood at Rs 1.86 lakh crore or 7.3% of the total at the end of March with Rs 31,920 crore of loans to renewable energy.

In India, the shift away from coal will take time. Millions of citizens remained without power months after Modi’s planned deadline to electrify every home passed two years ago. The environment ministry earlier this year further delayed anti-pollution guidelines for power plants that use the fuel.

Global banks surge

Funding for global energy is at a tipping point. Green bonds and loans from the global banking sector so far this year exceeded the value of fossil financing for the first time since the clinching of the Paris Agreement at the very end of 2015.

Since the clinching of the Paris Agreement, the global banking sector has underwritten more than $3.6 trillion of bonds and loans for the fossil-fuel industry. No bank has done more–or taken more in fees–than JPMorgan Chase in the past five-plus years.

The same constellation of banks has originated more than $1.3 trillion of green bonds and loans to support climate-friendly projects over the same period. No bank has done less than Wells Fargo, which has arranged the lowest proportion of green financing relative to fossil fuel among the world’s largest lenders.

But the biggest surprise of all is that high finance may have just shifted into a new era. Led by underwriting from firms including JPMorgan and Citigroup, green bond sales and loans this year are outpacing new fossil finance activity for the first time since the Paris Agreement was announced at the very end of 2015.

The transformation in the capital markets–if it lasts–indicates that the world’s largest banks may finally be getting behind the movement towards a low-carbon future. It also may be a sign that financial giants are seeing an advantage to green projects from a profit-and-loss standpoint.



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Reserve Bank of India – Tenders

Tenders

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1. e-tenders are invited for Supply, Installation, Testing & Commissioning (SITC) of 164 number of 12 V, 120 Ah VRLA, SMF batteries with fire retardant casing for Centralized UPS installed at Reserve Bank of India, Bhubaneswar from OEM (Original Equipment Manufacturer) or their authorized dealer. The work is estimated to cost of ₹19 lakhs (Rupees Nineteen lakh including GST) and is to be completed within 30 Days. 2. Only from OEM or their authorized dealer who have minimum 5 years of experience in the field of work of similar nature (i.e. experience of Supply, installation, Testing & commissioning (SITC) of FR batteries and have executed three or more similar works individually costing not less than 40% of the estimated cost “OR” two works costing not less than 50% of the estimated cost “OR” one work costing not less than 80% of the estimated cost during the last 5 years(calculated from date of NIT) and have a minimum yearly turnover of 100% of the estimated cost during the last 3 years, and have full-fledged service setup either at Bhubaneswar / nearby place/ city are eligible for tender. 3. The OEM or authorized dealers will have to invariably furnish, at the time of applying for participation in e-tender, the following information in documents to satisfy the Bank about their eligibility for participating in the tendering process. (a) Composition of the firm Full particulars (whether contractor is an individual, or a partnership firm, or a company etc.) of the composition of the firm of contractors in detail should be submitted along with name(s) and address(es) of the partners, copy of the Articles of Association / Power of Attorney /any other relevant document. (b) Work experience & Completion of similar works of specified value during the specified period. Copies of detailed work order indicating date of award, value of work awarded, time given for completion of the work, etc. and the corresponding completion certificates indicating actual date of completion and actual value of executed similar works enclosed in the proof of work experience.     The details along with documentary evidence of previous experience, if any, of carrying out works for the Reserve Bank of India at any centre should be given. (c) Creditworthiness of the Contractor & their Turnover during the specified period. Copies of the Income Tax Clearance Certificates / Income Tax Assessment Orders along with the latest final accounts of the business of the contractor duly certified by a Chartered Accountant should be enclosed as proof of their creditworthiness and turnover for last 3 years. (d) Service Set-up Certificate from the manufacturers / any other valid document in support of having a full-fledged service setup at the desired place should be enclosed. (e) Name(s) & address(es) of the Bankers and their present contact executives Written information about the names and addresses of their bankers along with full details, like names postal addresses, e-mail, IDs, telephone (landline and mobile) nos. fax nos., etc., of the contact executives (i.e. the persons who can be contacted at the office of their banker by the Bank in case it is so needed) should be furnished. (f) Details of bank accounts Full particulars of their bank accounts, like account No., type, when opened, etc., should be given. (g) Name (s) & Address (es) of the Clients and their present contact executives Written information about the names and addresses of at least 2 of their clients along with full details viz. telephone (landline and mobile nos.), fax nos., etc., of the contact executives (i.e. the persons who can be contacted at the office by the Bank in case it is so needed) should be furnished. (h) Details of completed works The Client-wise names of work(s), year(s) of execution of work(s), awarded and actual cost(s) of executed work(s), completion time stipulated in the contract (s) and actual time taken to complete the work (s), name(s) and full contact-details of the officer / authorities / departments under whom the work (s) was / were executed should be furnished. 4. In the event of intending tenderers’ failure to satisfy the Bank; the Bank reserves the right to refuse issuance of tender forms / documents to them. 5. e-tenders in prescribed form shall be submitted in two parts. Part-I of tender will contain the Bank’s standard technical and commercial conditions for the proposed work, tenderers’ covering letter, tenderers’ additional conditions, if any, and the EMD (Earnest Money Deposit) of ₹38,000 (Rupees Thirty Eight Thousand Only) should be submitted through NEFT transfer to A/C No-186004001, Reserve Bank of India, IFSC Code-RBIS0BBPA01 (5th & 10th character is zero), Branch Name – Bhubaneswar or by a demand draft issued by a Scheduled Bank in favour of ‘Reserve Bank of India, Bhubaneswar’ or in the form of an irrevocable bank guarantee issued by a scheduled bank in the Bank’s standard proforma which is available in the tender-form along with pre-Qualification documents. The documents pertaining to EMD should be scanned and uploaded with the pre- Qualification documents. No tender will be accepted without EMD. 6. The tenderers are advised to submit the Client Certificate as per enclosed Pro forma (Annex-V of the tender document) from at least two of their clients for whom they have carried out eligible works in terms of eligibility (Pre-qualification) criteria described in the notice inviting application / tenders in a sealed envelope / cover. Client Certificate shall be accepted by the applicant / tender inviting authority of Reserve Bank of India only when the same are signed by an official of the rank of Superintendent Engineer or equivalent in respect of a Government / Semi Government organization or a PSU and only when they are supported by adequate proof of payment received by the tender for the work done by them. The client certificate issued by the private organization shall also accompany Tax Deducted at source (TDS) certificate. Applications / tenders received without the specified certificates in specified format shall be rejected and the Bank shall have the right to independently verify the submitted certificates. 7. The tenderers are advised to submit the banker’s certificate from their banker / bankers as per (Annex-IV of the tender document). Such certificate shall be addressed to the application / Tender inviting Authority of the Reserve Bank of India and shall be submitted along Part-I of the tender. 8. The schedule of e-tender (SoT) is as follows Sl no Activity Particulars i e-Tender No RBI/Bhubaneswar/Estate/497/20-21/ET/769 ii Mode of Tender e-Procurement System
(Online Part-I-Techno-commercial Bid and Part-II-Price Bid through: https://www.mstcecommerce.com/eprochome/rbi) iii Estimated Cost ₹ 19,00,000 lakh (Rupees Nineteen lakh Including GST) iv Date of NIT (along with complete tender) available to parties to download – tender Activation on portal-tender LIVE for all June 03, 2021 at 6:00 pm onwards v Date of Pre-Bid meeting at Estate Cell, RBI Main Building, Bhubaneswar (offline) June 28, 2021 at 11:00 AM vi Earnest Money Deposit ₹ 38,000 (Rupees Thirty Eight Thousand Only) vii Last date of submission of EMD in the Estate Department of RBI, Bhubaneswar July 13, 2021 up to 2:00 PM viii Start Bid date-date of Starting of e-tender for submission of online Techno-Commercial Bid and price Bid at https://www.mstcecommerce.com/eprochome/rbi June 29, 2021 at 2:00 PM ix Transaction fees Charges for participation in e-procurement will be made to M/s MSTC Ltd. Through MSTC Gateway/NEFT / RTGS in favour of MSTC Limited as advised by M/s MSTC Ltd. x Close Bid Date: Date of closing of online e-tender for submission of techno-Commercial Bid & Price Bid July 13, 2021 up to 2:00 PM xi Part I Bid opening date July 13, 2021 up to 3:00 PM xii Part II Bid opening date Shall be informed separately to parties xiii The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part of any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof.

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Extension of Last Date of Submission – Renovation work in Four flats of RBI Officers’ Colony at G.S. road, Guwahati

Tenders

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e-Tender No. RBI/Guwahati/Guwahati/17/20-21/ET/727

The captioned tender was published on April 27, 2021. It is informed that the last date for submission has been extended to June 17, 2021 till 14:00 hours. All the terms and conditions mentioned in the tender remain unchanged.

Regional Director, North Eastern States

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G-Sec market sees mild rally despite two papers devolving on PDs at the auction

Banking & Finance

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The government securities (G-Sec) market on Thursday saw a mild rally despite the Reserve Bank of India (RBI) devolving two G-Secs on primary dealers (PDs) at the auction.

The RBI devolved about 98 per cent and 28 per cent of the notified amount at the auction of 2026 GS (Coupon: 5.63 per cent) and 2050 GS (6.67 per cent), respectively, on PDs.

Marzban Irani, Chief Investment Officer – Fixed Income, LIC Mutual Fund, said the mild rally in the secondary market was surprising, considering that RBI devolved two G-Secs on PDs.

He opined that the central bank would have supported the secondary market through G-Sec purchases.

The 5.63 per cent GS 2026 rallied 11 paise to close at ₹100.30 (previous closing price: ₹100.19), with its yield thawing about 3 basis points to 5.55 per cent (5.58 per cent). Bond price and yields are inversely related and move in opposite directions.

Devolvement

As against the notified amount of ₹11,000 crore at the auction of the 2026 G-Sec, the RBI devolved ₹10,735.76 on PDs.

As against the notified amount of ₹7,000 crore at the auction of the 2050 G-Sec, the RBI devolved ₹1,944.791 on PDs.

The other two papers —Floating Rate Bond (2033/ notified amount: ₹4,000 crore) and 2035 GS (6.64 per cent/notified amount: ₹10,000 crore) — sailed through at the auction, with greenshoe amount of ₹2,610.213 crores being accepted in the case of the 2035 GS.

Irani said RBI may announce a bigger Government Securities Acquisition Plan (G-SAP) for the second quarter to support the yields as the Government may need to borrow more to compensate States’ revenue loss arising from shortfall in tax collection due to the pandemic.

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City Union Bank hopes to maintain better asset quality in FY22 amid second wave blues

Banking & Finance

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Leading old private sector lender City Union Bank hopes that FY22 will not be as bad as FY21 and credit growth this fiscal for the bank could be in the mid- to high-single digit if the economic environment and Covid second wave behaved like last year.

“Though the impact of the second wave is much higher in terms of infection and mortality, its impact on bank’s growth and other parameters may not be as bad as it saw in the first wave. I do not say that we will be seeing milk and honey flowing, but it looks like now things are not as bad as the same time last year,” N Kamakodi, Managing Director & CEO, told the Q4FY21 earnings conference call.

The bank’s credit growth in first wave hit-FY21 was 7 per cent and the slippage ratio to closing advances was at 3.01%.

He said the adverse impact of the second wave on the growth and slippages would definitely be there, but it may not be as bad as the first wave. FY21 almost ended like what we thought during the beginning of the year, and we hope FY22 will not be as bad FY21. It should be slightly better, he added.

At the same time, the total lockdown in three States particularly in Tamil Nadu where CUB has the bulk of its operations, the collection efforts are dampened and some impact on the collections are there. There are no property sale transactions as government registration departments are closed. Hence, the bank expects to see some spike, but overall slippages will be slightly better than FY21.

“We expect even though for the year as a whole the slippage may be slightly lower than whatever we saw in FY21, the slippages could be front loaded may be in the first one or two quarters and we will be seeing things getting eased up once the lockdown is removed,” Kamakodi said.

The bank expects its gross and net NPA to be lower than FY21 amid some quarterly spikes.

ECLGS scheme

In FY21, the major credit growth came from jewel loan and extension of facility to ECLGS scheme. Of the ECLGS scheme under ECLGS 1, 2, and 3, it disbursed ₹2,096 crore for an exposure of about ₹10,445 crore constituting about 5.63 per cent of the advances.

“We expect a further sanction of about ₹200 crore from ECLGS 3.0 scheme. The government guaranteed ECLGS scheme 1, 2 and 3, in fact most of the credit of MSMEs and also non-MSME sector and businesses have started generating surplus. This has also resulted in improving capital adequacy ratio as the disbursement to the ECLGS scheme attracts no risk weight and is guaranteed by the government,” said Kamakodi.

The total restructured portfolio for MSME account on March 31, 2021 stood at ₹1,849 crore and overall percentage restructured account constituted about 4.99 per cent.

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IndusInd tanks after order against Hinduja Bank resurfaces, BFSI News, ET BFSI

Banking & Finance

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New Delhi: Shares of IndusInd Bank tanked as much as 7 per cent intraday on Thursday after year-old reports of the Cayman Island Monetary Authority resurfaced, spooking investors. The reports mentioned about cancelling Hinduja Bank‘s licence.

Shares of the private lender plunged 7 per cent to Rs 964.75 by midday on Thursday. However, it later recovered from day’s low to trade at Rs 1,007, dow 2 per cent, at 1.50 pm (IST). BSE sensex was trading at 203.07 points, or 0.39 per cent, up at 52,052 at that time.

Multi-industry conglomerate Hinduja group are the promoters of IndusInd Bank, and it also controls the Geneva-headquartered Hinduja Bank.

In the May 2020 order, the Cayman Islands Monetary Authority (CIMA) had cancelled the Hinduja Bank’s permit, citing rule violations and governance issues. The CIMA said the bank had failed to prepare adequate anti-money laundering policies.

The violations included non-compliance to money laundering rules, appointment of directors and disclosure of certain details in connection with the sale of shares of the bank, the report said.

The CIMA order added that Hinduja Bank could not maintain a minimum net worth and failed to submit its audited financial statements.

Promoters hold 16.55 per cent stake in IndusInd. As on March 31, 2021, Indusind International Holdings held 12.61 per cent and Indusind Limited held 3.94 per cent.

In a communication to stock exchanges, IndusInd Bank denied reports that said bank is a subsidiary of Hinduja Bank calling it “malicious, untrue and baseless.”

The Hinduja Bank became a Swiss-regulated entity in 1994 after being established in 1978. The bank operates in many places around the world, including Dubai, London, Paris, New York, Chennai, Mumbai, Mauritius and Cayman Islands, it said.



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Reserve Bank of India – Tenders

Tenders

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Event No. RBI/Mumbai/Estate/422/20-21/ET/659

Prebid meeting for the above tender was scheduled on May 31st, 2021 at 12:00 Noon online through Cisco WebEx platform and following vendors participated in the meeting,

The participants were welcomed by Estate Cell, BKC, Mumbai and from Bank’s side Shri. B Dhal, GM (Tech.), Shri. I B Khobragade, DGM (Tech.), Shri. Ajit Bobhate, Manager (Tech.), Shri Y R Sonawane, AM(Elect.), Shri Navin Kumar, JE (Elect.), Smt. Soniya Gangurde, Manager (Adm.), Smt. Shubhada Paluskar, AM(Adm.) and Shri. Aman Mishra, Assistant have attended the said online meeting. The meeting took place in conducive manner and general discussion on the tender took place.

2. Vendors requested to make the redundancy options as either Active – Stand by or Active- Active mode working servers.

* It is clarified that Active–Active Or Active / Active-Hot Stand By redundancy mode servers (without compromising the basic functionality of the system as specified in the tender) is also acceptable.

3. Vendors raised query about providing 32 party conference bridge without using any 3rd party Hardware.

* It is clarified that IP PABX system should support 8 party Basic Conference and 24 party Conference bridge without using any 3rd party Hardware.

4. One of the vendor, M/s Progility Technologies Pvt. Ltd. requested to include their make namely ‘‘Unify’’ with assurance that their make comply with all the tender requirements.

* It is clarified that equivalent brand shall be acceptable subject to meeting Bank’s specifications / standards as detailed in the tender.

5. All other terms and conditions of the tender shall remain same.

The meeting has ended with thanks to all concerned.

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