Month: August 2021

Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/94
CO.DPSS.RPPD.No.S475/04.09.003/2021-22

August 27, 2021

The Chairman / Managing Director / Chief Executive Officer
of all banks participating in NEFT

Madam / Dear Sir,

Enhancements to Indo-Nepal Remittance Facility Scheme

The Indo-Nepal Remittance Facility Scheme (Scheme) was launched by the Reserve Bank of India in May 2008 as an option for cross-border remittances from India to Nepal, with special focus on requirements of migrant workers of Nepali origin working in India. The Scheme leverages the National Electronic Funds Transfer (NEFT) ecosystem available in the country for origination of such remittances and entails a ceiling of ₹50,000 per remittance with a maximum of 12 remittances in a year. The beneficiary receives funds in Nepalese Rupees through credit to her / his bank account maintained with the subsidiary of State Bank of India (SBI) in Nepal, i.e., Nepal SBI Bank Limited (NSBL) or through an agency arrangement.

2. A review of the Scheme has since been made and to boost trade payments between the two countries, as also to facilitate person-to-person remittances electronically to Nepal, the following enhancements are announced –

  1. Increase in the ceiling per transaction from ₹50,000 to ₹2 lakh.

  2. Removal of the cap of 12 remittances in a year per remitter.

  3. As hitherto, banks shall accept remittances by way of cash from walk-in customers or non-customers. The ceiling of ₹50,000 per remittance with a maximum of 12 remittances in a year shall, however, continue to apply for such remittances.

  4. The charges for transactions up to ₹50,000 shall continue as provided in circular DPSS (CO) No.1381/04.09.003/2008-09 dated February 09, 2009. For transactions beyond ₹50,000, the charges prescribed by SBI shall apply.

  5. The banks shall put in place suitable velocity checks and other risk mitigation procedures.

3. The enhancements are also expected to facilitate payments relating to retirement, pension, etc., to our ex-servicemen who have settled / relocated in Nepal.

4. These directions are issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007) and shall come into effect from October 01, 2021.

Yours faithfully,

(P Vasudevan)
Chief General Manager

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Reserve Bank of India – Notifications

Bank Jobs

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RBI/2021-22/93
DCM (CC) No.97527/03.41.01/2021-22

August 27, 2021

The Chairman / Managing Director &
Chief Executive Officer
(All Scheduled Commercial banks including RRBs)

Madam / Dear Sir,

Review of incentive and other measures to enhance distribution of coins

Please refer to our Master Direction DCM (CC) No.G-2/03.41.01/2021-22 dated April 01, 2021 on “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests which inter alia, provides for financial incentives of ₹25 per bag to banks for distribution of coins over the counter.

2. Keeping in view the overall objectives of Clean Note policy and to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and distribution of coins, the afore-said Scheme has since been reviewed and it has now been decided to revise the incentive being paid to the banks for distribution of coins with a major thrust on alternate avenues so as to extend the outreach. Accordingly, paragraph 2 (Incentives) Sl.No. (iii) stands revised as follows:

a) Revised scheme of incentive for distribution of coins

(i) With effect from September 01, 2021, an incentive of ₹65/- per bag for distribution of coins (instead of ₹25/- as earlier) will be paid on the basis of net withdrawal from currency chest (CCs), without waiting for claims from banks. Currency chest branch will have to pass on the incentive to the linked bank/branches for coins distributed by them on a pro-rata basis within one week from the receipt of incentives from RBI.

(ii) An additional incentive of ₹10/- per bag would be paid for coin distribution in rural and semi-urban areas on the submission of a CA / Auditor certificate to this effect.

(iii) The distribution of coins shall also be verified by RBI Regional Offices during inspection of currency chest/incognito visit to branches etc.

b) Banks to provide coins to bulk customers

Further, in terms of Paragraph 2, Sl. No. (iii) (iii) of circular ibid, banks were instructed to put in place a system of checks and balances so as to ensure that coins are distributed to retail customers in small lots and not to bulk customers.

On a review, with a view to meet the coin requirements of bulk customers (requirement of more than 1 bag in a single transaction) banks are advised to provide coins to such customers purely for business transactions. The banks may also endeavour to provide such services as part of their Board approved policy on ‘Door Step Banking’ services. Such customers should be KYC compliant constituents of the bank and the record of coins supplied should be maintained. Banks are advised to exercise due diligence to ensure that such facility is not misused.

Disbursement of coins to retail customers through counters of bank branches shall continue as hitherto.

c) Engaging Business Correspondents (BCs) for distribution of coins

Attention is invited to circulars DBOD.No.BAPD.BC.46/22.01.009/2013-14 dated September 2, 2013 and DCM (Plg) No. G 12 /10.65.03/2013-14 dated September 10, 2013, permitting banks to include distribution of coins and banknotes in the scope of activities undertaken by BCs and explore the possibility of enlisting their service for carrying out various currency management functions while addressing the last mile connectivity issues.

In this context, it is reiterated that banks should enhance the engagement of their BCs for distribution of coins to public and may also incentivise such activities as per their Board approved policy.

To ensure steady supply of coins to bulk customers and BCs for onward distribution, all banks may ensure that each of their branches maintains a minimum stock of one bag of coins in each denomination.

d) Engaging Cash in Transit (CIT) entities for distribution of coins

Attention is also invited to circular DCM (Plg) No. G – 14/10.65.03/2013-14 dated October 10, 2013 on Monetary Policy Statement for 2013-14 – Distribution of Banknotes and Coins – Alternative Avenues wherein banks were advised to explore the possibility of engaging the services of CIT entities for the purpose of distribution of banknotes and coins. It is reiterated that banks may engage CIT entities to further enhance distribution of coins to public.

3. Implementation of coin distribution measures may be commented upon by officers deputed to undertake bi-monthly and half-yearly verification as a part of internal control and supervision by the currency chest maintaining bank.

4. Senior Officers of banks on visits to currency chests and branches may be advised to specifically comment on the implementation of the above measures in their visit reports.

5. Please acknowledge receipt.

Yours faithfully,

(Subrata Das)
Chief General Manager-in-Charge

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LIC launches Ananda mobile app for agents, intermediaries

Banking & Finance

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Life Insurance Corporation of India (LIC) has launched Ananda mobile app.

“Atma Nirbhar Agents New Business Digital Application, the digital paperless solution for new business processes in LIC has now been provided a new dimension with the launch of Ananda mobile app,” LIC said in a statement.

Built on paperless KYC process using Aadhaar based e-authentication of the life proposed, the digital application is a tool for the on boarding process to get the life insurance policy through a paperless module with the help of the agent or intermediary, it further said

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Reserve Bank of India – Tenders

Tenders

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E-tender No.: RBI/Kanpur/Estate/519/20-21/ET/809

A reference is invited to the captioned e-tender no. RBI/Kanpur/Estate/519/20-21/ET/809 which was floated on June 18, 2021 “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (www.mstcecommerce.com).

2. This is to inform that, the captioned tender stands cancelled.

Regional Director
Reserve Bank of India
Kanpur

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Govt extends tenures of UBI, Central Bank of India’s executive directors, BFSI News, ET BFSI

Banking & Finance

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Public sector lenders Union Bank of India (UBI) and Central Bank of India on Friday said the government has extended tenures of their executive directors.

The terms of UBI’s executive directors — Manas Ranjan Biswal and Gopal Singh Gusain — have been extended vide a notification dated August 26, the lender said in a regulatory filing.

Biswal’s term has been extended beyond his currently notified term, which expires on February 28, 2022, till the date of his superannuation (April 30, 2022) or until further orders, whichever is earlier, Union Bank of India said.

Similarly, Gusain’s term has been extended till the date of his superannuation, (January 31, 2022) or until further orders, whichever is earlier. His term was coming to an end on September 19.

The Department of Financial Services, through a notification on August 26, has also extended the term of office of Ashok Srivastava, executive director of Central Bank of India, the lender said in a separate filing.

His term has been extended beyond January 22, 2022, till the date of his superannuation (November 30, 2022) or until further orders, whichever is earlier, Central Bank of India added.



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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Chandigarh invites e-Tender from eligible and willing firms for undertaking FIRESPOT® Self activating Automatic Fire Suppression System for Panel Protection with automatic heat/flame detecting polymer tube and UL Listed Clean Agent System certified by National Test House, Dept of Consumer Affairs, Govt. of India at Bank’s office RBI, Chandigarh. The work is estimated to cost ₹9.70 lakh.

2. This is an Open Tender. Only those firms, who are registered on MSTC portal will be able to take part in the Tender process. The tender document is available on website www.rbi.org.in for download.

3. Tender shall be submitted online in two parts. Part-I of the tender will contain the Bank’s standard technical and commercial conditions for the proposed work, which must be agreed to by the tenderers. Part-II of the tender will contain Bank’s schedule of quantities and tenderer’s price bid to be submitted online.

4. The firms fulfilling the eligibility criteria and desirous of being considered for award of the work should upload all the required documents at www.mstcecommerce.com/eprochome/rbi on or before September 27, 2021 till 11:00 AM.

5. Part-I of the tender will be opened at September 27, 2021 at 11:45 AM on MSTC website. The timeline of the tender is as follow:

A E-Tender no RBI/Chandigarh/Estate/74/21-22/ET/102
B Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through MSTC portal (www.mstcecommerce.com/eprochome/rbi)
C Estimated cost ₹9,70,000/- (Rupees Nine Lakh Seventy Thousand Only)
D Date of availability of Tender Document for download on RBI website August 27, 2021 from 11:00 AM onwards
E Pre-Bid meeting Offline: September 13, 2021 at 03:00 PM

Venue: Estate Department, 3rd Floor, Reserve Bank of India, Central Vista, Sector 17, Chandigarh- 160017
F Earnest Money Deposit (Only through NEFT) ₹19,400/- (Rupees Nineteen Thousand Four Hundred Only)

Beneficiary Name- Reserve Bank of India

IFSC: RBIS0CGPA01 (5th and 10th being zero)

Account No: 186003001
G Last date of submission of EMD September 27, 2021 till 11:00 AM
H Starting Date of e-Tender for submission of Part-I (Techno-Commercial Bid) and Part-II (Price Bid) at www.mstcecommerce.com/eprochome/rbi August 27, 2021 from 11:00 AM onwards
I Closing Date of e-tender for submission of Techno-Commercial Bid & Price Bid September 27, 2021 till 11:00 AM
J a. Date & time of opening of Part- I (Techno-Commercial Bid)

b. Date of opening of Part II (Price Bid)

 a. September 27, 2021 at 11:45 AM

b. Part II of the eligible bidders will be opened on a later date after scrutiny of documents uploaded with Part I of the tender. Date will be intimated in due course.
K Transaction Fee Payment of transaction fee through MSTC payment gateway / NEFT / RTGS in favour of MSTC LIMITED

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Reserve Bank of India – Tenders

Tenders

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Samadhan, HR Operations Division, Reserve Bank of India, Bengaluru invites e-tenders for engagement of Tax Consultant. Tax consultancy services will be regarding all taxation issues faced by our Regional Offices/Central Office Departments.

The e-tendering shall be done through the portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi) in two parts (Technical Bid & Financial Bid – in two separate .PDF files). Please refer to the RFP enclosed for further details and apply depending on your firm meeting the eligibility criteria.

2. 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. (Help document in this regard is also provided for downloading herewith)

3. It may be noted that after finalisation of internal scrutiny process the firm shortlisted and engaged as Tax Consultant shall be published on MSTC & RBI website. An engagement letter shall also be issued to the selected firm.

4. The Tenderers should register and apply through MSTC website within the stipulated timeline (September 20, 2021 at 1500 Hrs) and RBI will not entertain any request for extension of timeline. The bids received after stipulated timeframe and not fulfilling criteria shall be rejected.

5. The firm would have to abide by the guidelines furnished in the RFP document. RBI reserves the right to reject any or all the applications without assigning any reason and will not entertain any further correspondence in the matter.

6. Further, corrigendum/addendum if any, shall be issued only in MSTC Portal and RBI website.

7. The last date for uploading of the bid documents is September 20, 2021 at 15:00 hours.

General Manager

Samadhan, HR Operations Division

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5-year bumper-to-bumper insurance must for new vehicles in TN: Madras HC

Banking & Finance

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The Madras High Court has directed the Tamil Nadu Transport Secretary to ensure that new motor vehicles sold in the State from September 1 get bumper-to-bumper insurance cover, along with coverage for driver, owner, passengers and third parties, for five years.

Justice S Vaidyanathan, in an order on Wednesday, said it is mandatory for any new vehicle sold after September 1 to have bumper-to-bumper insurance every year, in addition to covering the driver, passengers and owner of the vehicle, for five years.

Thereafter, the owner of the vehicle must safeguard the interest of driver, passengers, third parties and himself or herself to avoid unnecessary liability, as there is no provision to extend the bumper-to-bumper policy beyond five years.

The order comes on an appeal filed by New India Assurance challenging a December 7, 2019, award by the Motor Accident Claims Tribunal, Special District Judge, Erode, directing the appellant/insurance company to pay the claimants ₹14.65 lakh as compensation for the death of Sadayappan alias Dhanapal due to an accident on August 3, 2016. The tribunal awarded the compensation on the grounds that the entire policy conditions had not been produced by the insurance company.

Justice Vaidyanathan said that it is saddening that when a vehicle is sold, the buyer is not clearly informed about the terms of policy and its importance. Similarly, the buyer, too, is not interested in understanding the terms and conditions of the policy, focusing more on the vehicle’s performance. When a buyer is ready to pay a huge amount for the vehicle, it is shocking they are not interested in spending a paltry sum for a policy to safeguard himself or herself and others, the order observed.

The order shall be circulated by the Transport Secretary to all insurance companies and the ‘said Officer’ must ensure it is followed scrupulously.

The matter has been listed for reporting compliance on September 30, the order said.

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PSBs may have to provide for over Rs 21,000 crore annually for family pension revision, BFSI News, ET BFSI

Banking & Finance

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Public sector banks will have to make an additional provision of over Rs 21,300 crore annually on account of a hike in family pension and higher contribution toward the National Pension System (NPS), according to a report.

A special dispensation will be sought from the Reserve Bank of India (RBI) to allow provisions over the next five years, it said.

The plan

Acknowledging that family pension for bank employees is at a paltry level, the government this week had announced that it would raise the same to 30% of the last drawn salary.

Earlier, kin of a deceased PSB employee used to get a maximum of Rs 9,284 per month as a family pension, said Department of Financial Services Secretary Debasish Panda.

“The cap has been completely removed and a uniform slab of 30% at the last-drawn salary will be entitled as family pension,” Panda told reporters here, admitting that the earlier levels were “paltry”.

NPS hike

Similarly, the ministry has also decided to increase the employer’s contribution to the New Pension Scheme (NPS) to 14% of the salary from the current 10%, he said.

Finance Minister Nirmala Sitharaman expressed her satisfaction at public sector banks’ performance in the past few years and appreciated that many of them have come out of the RBI’s prompt corrective action framework.

Panda said a dozen PSBs have become leaner and started delivering profits which have upped the investor confidence in them and made them self-dependent for capital raising.

He said that since last year, the banks have collectively raised over Rs 69,000 crore, including Rs 10,000 crore in equity, and are in the process of raising another Rs 12,000 crore at present.

As on March 31, the total number of pensioners stood at around 5.66 lakh and family pensioners at over 1.55 lakh.



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Industry welcomes RBI’s move to extend scope of tokenisation to all consumer devices

Banking & Finance

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Industry associations representing consumer tech startups and payment companies have welcomed RBI’s move to extend the scope of tokenisation from mobile phones and tablets to include all consumer devices (such as laptops, desktops, wearables, and IoTs etc).

This update comes in the background of an RBI norm that prohibits payment gateways and payment aggregators from storing customer card details. The central bank has given a deadline of January 2022 for stakeholders to comply with this norm and has worried consumer tech start-ups about its impact on consumer’s ease of payments.

Commenting on the new RBI update, IndiaTech, which is an industry association of Indian start-ups including Ola, hike, Makemytrip, and Nykaa among others, welcome the extension of tokenisation to all consumer devices.

However, Rameesh Kailasam, CEO of IndiaTech added that there will continue to be challenges should banks not extend timely support. “Such a regulation should be made mandatory for all banks, it should not be optional as is the case presently. Device tokenization does not support recurring use cases, while COF (card on file) tokens, if allowed, provides strong “merchant cardholder binding” security. Banks should ideally be mandated to do COF tokens. We also look forward to PCI DSS Level 1 (Payment Card Industry Data Security Standard) certified entities being allowed to store card data,” he said.

Further, Vishwas Patel, Chairman of Payment Council of India (PCI), which represents payment companies in India said “we welcome this initiative as facilitation in payments will have to be medium agnostic to enhance customer experience. RBI after due review has permitted this customer experience enhancing measure.”

PCI claims to be closely working with RBI on charting a roadmap of the possible solutions that would not require the industry to enter their card details every time they want to make an online purchase. PCI added that these solutions will adhere to the security checks, controls and frameworks prescribed by RBI.

The central bank’s motive to bring these rules was to guard customer data against the frequent data breach cases in tech companies. Cybercrime cases in India have grown exponentially since the pandemic. As per the data shared by Union minister of State for Home G Kishan Reddy with the Lok Sabha in March, between August 30, 2019 and February 28, 2021, 3.17 lakh cybercrime incidents were registered on National Cyber Crime Reporting Portal in India.

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