Month: July 2021

RBI imposes ₹1 crore penalty on Karnataka Bank

Banking & Finance

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The Reserve Bank of India (RBI) has imposed a penalty of ₹1 crore on Karnataka Bank, the lender informed the stock exchanges.

In an intimation to the stock exchanges on Wednesday, the bank said: “Pursuant to Regulation 30 of the SEBI (LODR), Regulations, 2015, we wish to inform that Reserve Bank of India (RBI), vide email dated July 7, 2021, has imposed a monetary penalty of ₹1 crore on the bank for contravention of the directions contained in RBI circular on ‘Lending to Non-Banking Financial Companies (NBFCs) and ‘Bank Finance to Non-Banking Financial Companies (NBFCs)’ while sanctioning credit facilities to M/s Infrastructure Leasing and Financial Services Ltd (IL&FS) and its group companies.”

“We further inform that as Bank had already made full loan provision, there is no other financial impact other than the penalty amount,” it said in the intimation to the stock exchanges.

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Equitas SFB’s collection efficiency improves to 83.49% in June

Banking & Finance

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In April, the bank had clocked a billing efficiency of 84.68%.

Equitas Small Finance Bank (ESFB) on Wednesday said its collection efficiency had improved to 83.49% in June, up from 77.84% in May, but declining from the April figure of 105.16%. The billing efficiency of the bank has also inched up to 69.52% in June from 66.97% in the previous month, according to the provisional figures filed by the ESFB with the stock exchanges. In April, the bank had clocked a billing efficiency of 84.68%.

MD & CEO P N Vasudevan said: “The first quarter of the year witnessed tepid repayments as most of the regions the bank operates in were under lockdown. The bank’s borrowers are largely in the informal segments, dealing in daily use products and services which were temporarily disrupted due to the Covid-19 restrictions imposed. However, during the month of June 2021, states in the west and north experienced improved collection efficiencies as lockdowns eased while southern states opened up towards the end of the month. We anticipate a sharp improvement in collections in the coming months as Covid wave two recedes.”

The bank’s gross advances grew 15% YoY in the quarter ended June to Rs 17,839 crore from Rs 15,573 crore in the corresponding quarter last fiscal year. Sequentially, the bank’s gross advances have remained flat compared to Rs 17,925 crore in Q4FY21.

Disbursements for the quarter stood at Rs 1,271 crore as against Rs 564 crore in Q1FY20, registering 125% growth. However, disbursement declined 50% in Q1FY22 from Rs 2,535 crore in Q4 FY21. Total deposits grew 45% to Rs 17,095 crore in Q1FY22 from Rs 11,787 crore in Q1FY20. Deposits were up 4% in Q1FY22 compared to Rs 16,392 crore in Q4FY21. CASA increased to Rs 6,794 crore from Rs 2,354 crore. CASA ratio was at 40% as on 30 June, 2021, as against 20% as on June 30, 2020, and 34% as on March 31,2021, it added.

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Reserve Bank of India – Notifications

Notifications

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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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PCHFL to raise up to ₹1,000 cr through NCD

Banking & Finance

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Piramal Capital and Housing Finance on Wednesday announced the issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of ₹1,000 each. “The Tranche I Issue has a base issue size of ₹200 crore with an option to retain over subscription up to ₹800 crore, aggregating up to ₹1,000 crore,” it said in a statement.

The tranche 1 issue opens on July 12 and closes on July 23 (with an option of early closure or extension). The lead managers to the NCD issue are AK Capital Services, Edelweiss Financial Services , JM Financial and Trust Investment Advisors.

PCHFL, is a wholly owned subsidiary of Piramal Enterprises . It is a non-deposit taking housing finance company, into wholesale and retail funding and is in the midst of acquiring Dewan Housing Finance Corporation Ltd (DHFL).

Also read:Piramal ties up funds from Barclays Bank, Standard Chartered for DHFL buy

Rajesh Laddha, Executive Director and Group Chief Financial Officer, Piramal Enterprises said the funds raised will be used for retail disbursement. “The retail engine is in motion. We are getting more people and expanding branches,” he told reporters.

Focus on Tier 2 and 3 towns

Jairam Sridharan, CEO, Piramal Retail Finance, said the focus of the business is on the retail segment in Tier 2 and 3 towns. This will get enhanced with the acquisition of DHFL. It is looking to focus on salaried and small business owners in these markets and offer them products such as two-wheeler and used car financing.

Commenting on the implementation of the DHFL resolution, Laddha said that multiple things are being done. He also noted that there is no regulatory bar for Piramal Group or CoC to go ahead with resolution implementation.

“We are preparing a checklist where all issues will be sorted out. How the NCDs of ₹19,000 crore will be issued and allocated within the CoC to its members. Work is on at the CoC and Administrator’s end. There are small issues with regard to merger, getting DHFL equity and NCDs delisted,” he said.

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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 orders dated July 06, 2021, monetary penalty on fourteen banks, as detailed below, for non-compliance with certain provisions of directions issued by RBI on ‘Lending to Non-Banking Financial Companies (NBFCs)’, ‘Bank Finance to Non-Banking Financial Companies (NBFCs)’, ‘Loans and Advances – Statutory and Other Restrictions’, ‘Creation of a Central Repository of Large Common Exposures – Across Banks’ read with the contents of Circular on ‘Reporting to Central Repository of Information on Large Credits (CRILC)’, ‘Operating Guidelines for Small Finance Banks’ and for contraventions of provisions of Section 19(2) and Section 20 (1) of Banking Regulation Act, 1949:

Sl. No. Name of the bank Amount of penalty
(₹ in crore)
1. Bandhan Bank Ltd. 1.0
2. Bank of Baroda 2.0
3. Bank of Maharashtra 1.0
4. Central Bank of India 1.0
5. Credit Suisse AG 1.0
6. Indian Bank 1.0
7. IndusInd Bank Ltd. 1.0
8. Karnataka Bank Ltd. 1.0
9. Karur Vysya Bank Ltd. 1.0
10. Punjab and Sind Bank 1.0
11. South Indian Bank Ltd. 1.0
12. State Bank of India 0.50
13. The Jammu & Kashmir Bank Ltd. 1.0
14. Utkarsh Small Finance Bank Ltd. 1.0

The penalties have been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1), of the Banking Regulation Act, 1949, as applicable. 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 banks with their customers.

Background

A scrutiny in the accounts of the companies of a Group was carried out by RBI and it was observed that the banks had failed to comply with provisions of one or more of the aforesaid directions issued by RBI and/or contravened provisions of the Banking Regulation Act, 1949. In furtherance to the same, Notices were issued to the banks advising them to show cause as to why penalty should not be imposed for non-compliance with the directions/contraventions of provisions of Banking Regulation Act, 1949. The replies received from the banks, oral submissions made in the personal hearings, wherever sought by the banks, and examination of additional submissions, where made, were duly considered, and to the extent the charges of non-compliance with RBI directions/contraventions of provisions of Banking Regulation Act, 1949 were sustained, RBI concluded that it warranted imposition of monetary penalty on aforementioned fourteen banks.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/499

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LTC Claim Rules Relaxed For Central Government Employees

Personal Finance

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Planning

oi-Roshni Agarwal

|

Central government employees have been allowed a privilege as all those who failed to claim their benefit pertaining to LTC or leave travel allowance by May 31, 2021 can do so yet again. For the same, the ministry of Finance’ DoE has come up with the clarification for its LTC cash voucher scheme.

LTC Claim Rules Relaxed For Central Government Employees

LTC Claim Rules Relaxed For Central Government Employees

In its notification, the ministry said to consider LTC settlement claims even beyond the due date. The office memorandum issued for the purpose by the Ministry of Finance said “Representations have been received in this Department to extend the date of settlement of bills/claims beyond 31.05.2021 in view of the situation existing due to the Covid-19 and difficulties being faced in settling the claims/bills. It has been decided that Ministries/Departments may consider settlement of those claims/purchases made on or before 31.03.2021 beyond the due date i.e. 31.05.2021.”

It is to be noted that every year, settlement of LTC claim every year is to be done by March 31 but this year in view of the pandemic the date was extended to May 31 , 2021 as per the Office memorandum dated May 7, 2021.

Last year, the centre announced LTC cash voucher scheme. Now as it was difficult for CGS to travel and avail of the LTC advantage, they were allowed to allowed to get the same via cash voucher scheme wherein they were required to submit bills the concerned department and against it receive cash.

The special cash package was extended against LTC unclaimed for a period between 2018-21. Furthermore, for making the claim, bills can be in the name of the spouse or any other family member. Worth noting purchase needs to be via online mode with GST of 12% or higher from the date of notification of the scheme i.e. October 12, 2020 till March 31, 2021.

GoodReturns.in

Story first published: Wednesday, July 7, 2021, 20:32 [IST]



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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Kanpur invites e-tender for ‘Renovation of Bank’s Officers’ Flats (4 Nos. Grade ‘A’) at Tilak Nagar, Kanpur’

The e-tendering shall be done through the e-tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All eligible and interested companies / agencies / firms must register themselves with MSTC Ltd through the above-mentioned website to participate in the e-tendering process. The Schedule of e-tender is as follows:

E-Tender No. RBI/Kanpur/Estate/16/21-22/ET/17
a) Estimated cost ₹12,23,000/- (Rupees Twelve Lacs Twenty-Three Thousand only) (Including GST @18%)
b) Mode of e-tender e-Procurement System (Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
c) Type of e-tender Limited (Only for firms empaneled with RBI, Kanpur under greater than 10 Lakh and upto 50 Lakh category of Civil Works)
d) Date of NIT available to parties to download July 07, 2021 from 07.00 PM
e) Pre-bid meeting (Offline) August 03, 2021 at 11.00 AM
Venue: Estate Department, 2nd Floor, Reserve Bank of India, Mall Road, Kanpur, Uttar Pradesh-208001
f) EMD through NEFT and upload the details on the MSTC portal. Also, intimate / forward the transaction details (UTR number) to brijesh@rbi.org.in and / or estatekanpur@rbi.org.in ₹ 24,460/- (Rupees Twenty-Four Thousand Four Hundred Sixty only) paid through NEFT / Net banking to A/c No. 186003001, IFSC RBIS0KNPA01 (See Annexure- V)
g) E-Tender Fees NIL
h) Date of Starting of e-tender for submission of on-line Techno-Commercial Bid and price Bid at http://mstcecommerce.com/eprochome/rbi August 04, 2021 from 01.00 PM
i) Last date of submission of EMD August 17, 2021 till 01.00 PM
j) Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid. August 17, 2021 till 01.00 PM
k) Date & time of opening of Part-I (i.e. Techno-Commercial Bid)
Date of opening of Part II i.e. price bid shall be informed separately		 August 17, 2021 from 03.00 PM
l) Validity of the e-tender 90 days from the date of opening of Techno-Commercial bid
m) Transaction Fee (Non-refundable) (To be paid separately by the tenderers to MSTC vide MSTC E-Payment Gateway for participating in the e-tender) ₹ 1,180/- (incl. GST @18%)

2. Intending tenderers shall pay a sum of ₹24,460/- (Rupees Twenty-Four Thousand Four Hundred Sixty only) as earnest money through NEFT to Reserve Bank of India, Kanpur.

3. Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their bids. E-tenders without EMD will not be accepted under any circumstances.

4. The Bank 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 all the tenders without assigning any reason thereof.

5. Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above and will not be published in the newspaper.

Regional Director
Reserve Bank of India
Kanpur

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Kanpur invites e-tender for ‘Provision of Modular Kitchen cabinets in Bank’s Officer’s Flats (04 Nos. Grade ‘A’) at Tilak Nagar, Kanpur’

The e-tendering shall be done through the e-tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All eligible and interested companies / agencies / firms must register themselves with MSTC Ltd through the above-mentioned website to participate in the e-tendering process. The Schedule of e-tender is as follows:

E-Tender No. RBI/Kanpur/Estate/17/21-22/ET/18
a) Estimated cost ₹7,91,000/- (Rupees Seven Lakhs Ninety-One Thousand only) (Including GST @18%)
b) Mode of e-tender e-Procurement System (Online Bid through www.mstcecommerce.com/eprochome/rbi)
c) Type of e-tender Limited
d) Date of NIT available to parties to download July 07, 2021 from 07.00 PM
e) Pre-bid meeting (Offline) August 03, 2021 at 12.00 PM

Venue: Estate Department, 2nd Floor, Reserve Bank of India, Mall Road, Kanpur, Uttar Pradesh-208001
f) EMD through NEFT and upload the details on the MSTC portal. Also, intimate / forward the transaction details (UTR number) to brijesh@rbi.org.in and / or estatekanpur@rbi.org.in ₹ 15,820/- (Rupees Fifteen Thousand Eight Hundred Twenty only) paid through NEFT / Net banking to A/c No. 186003001, IFSC RBIS0KNPA01 (See Annexure- V)
g) E-Tender Fees NIL
h) Date of Starting of e-tender for submission of on-line Bid at http://mstcecommerce.com/eprochome/rbi August 04, 2021 from 01.00 PM
i) Last date of submission of EMD August 17, 2021 till 01.00 PM
j) Date of closing of online e-tender for submission of Bid. August 17, 2021 till 01.00 PM
k) Date & time of opening of online Bid August 17, 2021 from 03.30 PM
l) Validity of the e-tender 90 days from the date of opening of online bid
m) Transaction Fee (Non-refundable) (To be paid separately by the tenderers to MSTC vide MSTC E-Payment Gateway for participating in the e-tender) ₹ 1,180/- (incl. GST @18%)

2. Intending tenderers shall pay a sum of ₹15,820/- (Rupees Fifteen Thousand Eight Hundred Twenty only) as earnest money through NEFT to Reserve Bank of India, Kanpur.

3. Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their bids. E-tenders without EMD will not be accepted under any circumstances.

4. The Bank 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 all the tenders without assigning any reason thereof.

5. Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above and will not be published in the newspaper.

Regional Director
Reserve Bank of India
Kanpur

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Max Bupa Health Insurance and Axis Bank enter into a Bancassurance partnership

Banking & Finance

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Max Bupa Health Insurance, a standalone health insurer, has entered into a bancassurance partnership with Axis Bank, the country’s third largest private sector bank. This partnership will help provide comprehensive health insurance solutions to Axis Bank’s employees and customers.

The tie-up will enable millions of Axis Bank customers across 4,500 plus branches to gain access to quality healthcare solutions through a range of health insurance products offered by Max Bupa.

Also read: FREO partners with HDB Financial Services to offer lending solutions

Max Bupa Health Insurance will offer indemnity as well as fixed benefit products, and their customisable variants to the diverse customers of the bank across the country. Axis Bank also has an existing health insurance tie-up with Aditya Birla Health Insurance.

A bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products to the bank’s customers.

Satheesh Krishnamurthy, Head – Private, Premium Banking & Third-Party Products, Axis Bank India, said in a statement, “We are happy to partner with Max Bupa to offer customisable variants of bespoke plans to our customers across the country. The health insurance products in collaboration with Max Bupa are tailored to suit the needs of every customer and ensure that our products are always at the right place, at the right time and at the right price.”

Also read: FinMin may favour CSR monies to flow into Social Impact Bonds

Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance said, “We are excited to announce our first banca partnership of this fiscal with the third largest private sector bank in India. The alliance with Axis Bank is a significant push towards our growth plan and will allow us to extend our reach to millions of Axis Bank’s customers across network, especially in these pandemic times. The alliance with Axis Bank will also fortify our position as one of the most successful partners in the BFSI domain in times to come.”

The partnership between Axis Bank and Max Bupa Health Insurance comes at a time when people recognise the significance of health insurance to cover medical emergencies. The pandemic has reinforced the need for health insurance, making it indispensable in both tier-1 as well as tier-2 and -3 cities. The focus of this alliance will be on customer-centricity, product innovation, digitisation and execution, fuelling growth for the next phase.

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Cashfree appoints Arun Tikoo as SVP of Business and Strategy, BFSI News, ET BFSI

Banking & Finance

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Cashfree, a digital payments and banking technology company, has appointed Arun Tikoo as the Senior Vice President of Business and Strategy.

With the new appointment, Cashfree plans to expand its products, merchants, partnerships, and alliances while strengthening the existing distribution network across industries. Arun will be responsible to oversee compliance, pricing, and operational setups of the new product launches.

Arun has over two decades of experience at financial institutions including SBI, Yes Bank, ICICI, and HDFC. He has onboarded startups across fintech, agritech, edutech, and e-commerce & aggregators.

Akash Sinha, CEO, and Co-Founder of, Cashfree said, “Arun Tikoo brings with him a wealth of traditional and digital banking experience. We are thrilled to have him on board. We are confident that Arun’s experience in the BFSI sector and his impressive network, built over 20 years, will propel Cashfree’s growth strategy. There are some exciting things in the pipeline at Cashfree and Arun’s expertise will be critical in helping us move swiftly in our goal of boosting digital payments in India and bringing more people into the financial ecosystem”.

The company aims to grow Cashfree’s footprint in international markets and partnerships with banks.

Arun Tikoo, SVP Business, and Strategy, Cashfree, said, “I am excited to be part of Cashfree at a pivotal growth period. Fintech is the future of the banking and payments industry. It is well-positioned to lead an overhaul of the banking industry in the next five years. As one of the fastest-growing fintech companies in India, Cashfree is poised to increase the industry’s digital footprint with its innovative offerings. My focus will be to create a clear product road map and drive Cashfree’s expansion into new geographies.”



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