Month: August 2021

Citibank granted IFSCA licence to set up banking unit at GIFT City, BFSI News, ET BFSI

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GIC had set up its international operations in Dubai in 2007 and had been providing reinsurance to the African continent.

Ahmedabad: US-headquartered Citibank NA has received the regulatory approval to open a banking unit at India’s only International Financial Services Centre at Gandhinagar, to carry out offshore transactions, said sources privy to the development.

This has paved the way for the first US bank to set up a branch at the Gujarat Finance Tec-City (GIFT City). “We issued a licence to Citibank on Monday to set up its IFSC banking unit at GIFT,” confirmed Dipesh Shah, development head, International Financial Services Centres Authority, the unified regulator for development and regulation of financial products, financial services and financial institutions at IFSCs.

Citibank will service both Indian and global customers from its IFSC branch. The new IFSC unit aims to undertake credit business such as execution of foreign currency loans and external commercial borrowings, working capital loans including trade finance facilities, payment/remittance as well as treasury business including borrowing and deposits, said sources.

Last year, Citibank received in-principle nod from the Reserve Bank of India for the banking unit after which it was awaiting the final nod from IFSCA to start operations.

Recently, Deutsche Bank, a global bank with presence in over 70 countries, became the first German bank to set up its IFSC banking unit at GIFT IFSC. “Global banks are finding the IFSC a great strategic opportunity to serve international clients at a very competitive cost. The IFSC is fast emerging as the preferred gateway for international financial services and is enabling many new business opportunities for global investors,” said Shah.

Leading Indian and foreign banks such as HSBC, Standard Chartered, Barclays, State Bank of India, Bank of Baroda, ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC, among others are already operating from GIFT IFSC.



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Tamil Nadu FICCI Chairman, BFSI News, ET BFSI

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It is estimated that in the first phase of the lockdown, the revenue shortfall was over 44% in Tamil Nadu’s Micro, Small & Medium Enterprises (MSME) sector and the extension of the lockdown could increase the revenue loss to 60%, said Dr. GSK Velu, Chairman FICCI TN State and Trivitron Healthcare Chairman & Managing Director.

He said the state has more than 6.89 lakh registered enterprises, accounting for 15% of the total MSMEs in the country and went on to add that the MSMEs in Tamil Nadu are caught in a peculiar situation.

“Apart from resulting in a severe shortage of working capital, the Covid-19 crisis had caused delays in payment, labour shortages, and disruptions in the supply chain,” he explained.

Velu said that the growth of healthcare manufacturing is very important for India’s economic development.He said the Indian healthcare sector is full of opportunities for medical devices and the diagnostic industry and Trivitron is one of the leading destinations that offer advanced healthcare devices, products, and facilities catering to a greater proportion of the population around the globe at the best cost without compromising the quality. The company focuses on “Make in India” which will accelerate the growth of the country’s manufacturing sector.

“Manufacturing will help in operational excellence, provide large-scale employment and this initiative will also enable a significant section of the population to get jobs and move out of poverty.

He said that through the Atmanirbhar Bharat Abhiyan, some favourable domestic manufacturing encouragement policies of the government, the domestic manufacturers stepped forward to make India self-reliant on medical devices.

“Not only Trivitron, as a medical device manufacturer but the whole industry and customers will get more relaxation and it will surely give a boost to manufacture indigenous medical devices. GST exemption is nothing but an incentive and reward for Indian manufacturers/Importers.” Velu said.

While speaking about the impact that Covid-19 has had on the lab testing industry at large, he said that the pandemic threw up a host of challenges.

“In the first phase of Covid-19, the only way to fight it is via boosting the testing, whereas in the second phase we got the vaccine to fight the Covid-19, but still the labs were on the front foot to diagnose the disease through RT-PCR and Antibody tests. So, lab testing has become very essential as we have experienced the need for more labs during the two waves. Trivitron has sold 55+ million Covid tests in the country,” he said.

He went on to add that the company is looking to increase its product lines by adding more products and technologies and is facilitating the development of custom-tailored products for developed, developing, and underdeveloped economies. Further, he said talks are on to cover the entire MENA region, which shall establish Trivitron as the only Health technology organization of Indian origin to cater to every country in the Gulf and Africa.



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SBI announces fees waiver, lower rates to commemorate Independence Day, BFSI News, ET BFSI

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State Bank of India announced concessional interest rates, waiver of processing charges on loans and higher deposit rates on specific tenures to commemorate India’s 75th Independence day.

SBI said it will waive processing fees for its car loan customers, and has offered up to 90% on-road financing for their car loans. Customers applying for a car loan through the bank’s YONO app will get a special interest concession of 25 basis points (bps). YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, the bank said.

Customers looking for gold loans will get a 75 basis point reduction in the interest rates at 7.50%. One basis points is 0.01 percentage point. No processing fees will be charged for customers applying for gold loans through the YONO app.

The bank had announced a waiver on processing fees on home loans till August 31, 2021. Its home loan starts at 6.70% per annum.

There will be no processing fees charged on personal and pension loan customers.

Frontline healthcare workers will get a 50 basis point concession on personal loans, which will soon be available for application under car and gold loans as well.

SBI is also introducing a ‘platinum term deposits’ for retail depositors giving customers an additional interest rate of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” the bank’s managing director for retail and digital banking C S Setty said in a release.



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Sa-Dhan, BFSI News, ET BFSI

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Mumbai, Aug 16 (PTI) The microfinance industry’s gross loan portfolio (GLP) marginally declined by around 4 per cent to Rs 2,14,528 crore as of June 30 this year, against Rs 2,24,205 crore as of June 20, 2020, according to a report by Sa-Dhan. Sa-Dhan is an RBI recognised self-regulatory organisation for microfinance institutions.

Despite the ongoing pandemic, the sector witnessed disbursement of Rs 25,820 crore by all lenders, though a quarter-on-quarter GLP was down 14 per cent, the quarter 1 report on the microfinance sector released by Sa-Dhan on Monday showed.

As of March 31, 2021, the GLP stood at Rs 2,49,333 crore.

On a year-on-year basis, while banks witnessed around four per cent growth in GLP, small finance banks (SFBs) saw a decline of around 14 per cent.

The highest growth in terms of GLP (y-o-y) belonged to the not-for-profit (NFP) MFIs, which clocked around 15 per cent growth, the report showed.

NBFCs witnessed around a 22 per cent decline in their GLP and NBFC-MFIs saw a dip of around 5 per cent.

“Just about when we were coming out of the impact of COVID-19, the second wave struck. Though we had higher disbursement during Q1 of the current fiscal compared to the same period of previous fiscal, the business of the sector faced major challenges with full and partial lockdowns,” Sa-Dhan’s executive director P Satish said in the report.

Small MFIs bore the major brunt as access to funds from banks was restrained, he said.

However, there has been a recovery in microfinance operations since July, Satish said.

The report said the top five states in terms of GLP are West Bengal, Tamil Nadu, Bihar, Karnataka and Uttar Pradesh.

It said there are 14 states/UTs (Lakshadweep, Kerala, Assam, Andaman & Nicobar Islands, Manipur, Meghalaya, Chhattisgarh, Mizoram, Karnataka, West Bengal, Tamil Nadu, Madhya Pradesh, Pondicherry and Nagaland) with a portfolio at risk (PAR) 30+ value higher than the industry average of 17.16 per cent.

Sa-Dhan has 229 members reaching out to 33 states/UTs and 593 districts. It includes SHG promoting institutions, MFIs (for-profit and not for profit), banks, rating agencies, and capacity building institutions.



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Gold loan business shines as economic stress grows amid pandemic, BFSI News, ET BFSI

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If you have noticed retail shops and restaurants closing down in your locality and brightly lit jeweller’s shop opening in its place off late, there is a business booming in the middle of the pandemic.

While it is not about people flocking to buy gold, but pawning and selling gold in the time of widespread economic distress brought about by Covid.

It’s not just the local jewellers that are expanding, but the organised ones are on growth mode too.

What gives?

RBI data showed that at the end of FY21, the total value of gold loans outstanding was nearly Rs 60,500 crore — up 82% on the year.

Loan demand has picked up from the beginning of July as Covid-19 cases are declining and economic activities are on the upswing with many states easing restrictions. Gold loan non-banking finance companies (NBFCs) said customer walk-ins have increased during the month.

The average ticket size of loans that customers are opting for is Rs 55,000-60,000, which are rising for many lenders, showing growing signs of distress.

Gold loan NBFCs are seeing more competition in the gold loan business in the current financial year as the special allowance given by the Reserve Bank of India to banks to take an LTV (loan-to-value) exposure against gold loan was valid till March 31, 2021. Banks had witnessed a significant growth in gold loan business due to this special allowance. On the contrary, gold loan NBFCs are allowed an LTV exposure of 75%.

Gold auctions

Mannapuram Finance auctioned Rs 404 crore in the fourth quarter, which shot up to Rs 1,500 crore in the June quarter. The auctions happen when borrowers are unable to redeem their gold and the lenders auction it to recover their loans. Mannapuram had auctioned just Rs 8 crore worth of the yellow metal in the first three quarters of FY21.

Manappuram Finance sees business picking up in the second quarter of the fiscal with the gradual unlocking of the economy. It sees a slight decline in the portfolio in the first quarter before the pick-up.

The expansion

Muthoot FinCorp has expanded its physical network by more than 100 new branches, mainly in the north, east and west regions of India, most of which were in rural and semi-urban areas. The NBFC had opened 70 branches in FY20.

Muthoot’s gold asset under management (AUM) grew at a compound annual growth rate of 12% between FY15 and FY20. In FY21, the portfolio grew 27%.

Pune-based Bajaj Finance has increased its gold loan branches from 480 to 700 in the last financial year and plans to add 100 plus branches this fiscal.

Its loan book grew 52% last year to Rs 2,300 crore while it saw an increase in ticket sizes from Rs 75,000 to Rs 85,000 last year.

Bengaluru-based Rupeek Fintech Private Ltd’s disbursals grew 2.5 times during the calendar year 2020. It has added its presence in 17 more cities, from 10 at the end of 2019.

Shriram City Union Finance is also looking to ramp up its gold financing business this financial year, changing its strategy of focusing on other loan portfolios.



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Lenders see 4% drop in microfinance loan portfolio in April-June

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NBFC-MFIs witnessed a decline of around 5%. Banks held a 44% market share in the microfinance segment at the end of June, followed by NBFC-MFIs, which held a 32% share.

Lenders saw their gross loan portfolio (GLP) in the microfinance segment fall 4% year on year (YoY) during the quarter ended June as the second wave of Covid took a toll on loan growth. Industry association Sa-Dhan said despite the ongoing pandemic, the microfinance sector witnessed a disbursement of Rs 25,820 crore by all lenders, though on a sequential basis, the GLP was down 14%. The combined GLP of microfinance institutions (NBFC-MFIs), banks, small finance banks (SFBs), not-for-profit (NFP) MFIs and other NBFCs stood at Rs 2.14 lakh crore as on June 30, down from Rs 2.49 lakh crore as on March 31, 2021.

P Satish, executive director, Sa-Dhan, said though the disbursements during Q1FY22 were higher compared to the corresponding period of FY21, the business of the sector faced major challenges amid lockdowns. “Small MFIs bore the major brunt as access to funds from banks was restrained. However, I must say that we have seen a recovery in microfinance operations since July,” Satish said.

On a Y-o-Y basis, banks witnessed around 4% growth in GLP, while SFBs saw a decline of around 14% in GLP. The highest growth in terms of GLP was seen in the NFP MFI segment, which clocked 15% growth, while NBFCs recorded a 22% decline in their microfinance GLP. NBFC-MFIs witnessed a decline of around 5%. Banks held a 44% market share in the microfinance segment at the end of June, followed by NBFC-MFIs, which held a 32% share.

Sa-Dhan said the industry average of the portfolio at risk (PAR), where repayments have been overdue for more than 30 days, stood at 17.16%. Fourteen states and Union Territories — Lakshadweep, Kerala, Assam, Andaman & Nicobar Islands, Manipur, Meghalaya, Chhattisgarh, Mizoram, Karnataka, West Bengal, Tamil Nadu, Madhya Pradesh, Pondicherry and Nagaland — have a PAR 30+ value higher than the industry average.

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Reserve Bank of India – Tenders

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Aug 17, 2021 Corrigendum – Next Generation Treasury Application (NGTA) – Issuance of RFP to shortlisted Bidders Sep 07, 2021 149 kb Aug 17, 2021 Providing Catering and Maintenance Services at the Officers’ Lounge and Dining Room (OLDR) and the Staff Canteen at Reserve Bank of India, Chandigarh Sep 13, 2021 PDF document 816 kb Aug 16, 2021 Providing Services of Sniffer Dog Squad at the office premises of Reserve Bank of India, Bhubaneswar Sep 16, 2021 PDF document 644 kb Aug 16, 2021 Renovation of 6 nos. of Class III Flats – Electrical Renovation and Rewiring work at Bank’s Staff Quarters Vidyut Marg, Bhubaneswar Sep 24, 2021 PDF document 900 kb Aug 16, 2021 Empanelment of Tailoring Firms for Stitching of Summer and Winter Uniform for Eligible Staff of Reserve Bank of India, Bengaluru Sep 06, 2021 PDF document 465 kb Aug 16, 2021 Minutes of the Pre-bid meeting – General repairs and repainting of external surface of Bank’s residential buildings, Sector 30A, Chandigarh Aug 27, 2021 PDF document 104 kb Aug 16, 2021 AMC of Plumbing and sanitary works at BMOP and residential colonies, RBI Patna Sep 06, 2021 PDF document 188 kb Aug 16, 2021 AMC of Carpentry works at Bank’s main office premises and residential colonies, RBI Patna Sep 06, 2021 PDF document 204 kb Aug 16, 2021 Supply, installation, testing and commissioning of Air Handling Unit (AHU) system at Ground Floor (Vault area) of Bank’s Main Office Building, RBI, Bhopal Sep 24, 2021 PDF document 1204 kb Aug 13, 2021 Minutes of the Pre-Bid Meeting cum Corrigendum – Digitisation of old Archival Records at Reserve Bank of India Archives, College of Agricultural Banking, Pune Aug 25, 2021 PDF document 122 kb Aug 13, 2021 Empanelment of Contractors for Civil, Electrical, Architect and Other Works, Nagpur Sep 13, 2021 PDF document 846 kb Aug 12, 2021 Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flats (VOFs), Transit Holiday Homes (THHs) and Medical Flats situated at Bhubaneswar Sep 17, 2021 PDF document 680 kb Aug 12, 2021 Supply of Bio-Degradable Garbage Bags (size 15”x22” & 21”x24”) to the RBI’s Residential colonies in Jaipur Sep 06, 2021 PDF document 657 kb Aug 11, 2021 Corrigendum – Supply, Installation, Testing and Commissioning of two X-Ray Baggage Scanner Systems for Bank’s Office Building at RBI, Jammu Aug 30, 2021 PDF document 157 kb Aug 11, 2021 Minutes of Pre-Bid Meeting – Supply of 29 Nos. IP Based CCTV cameras including life time Camera license for Existing IPCCTV System at Bank’s Main Office Building, Gomti Nagar, Lucknow Aug 24, 2021 PDF document 118 kb Aug 11, 2021 Supply, Installation, Testing & commissioning (SITC) of 320 number of 130 AH VRLA, SMF batteries with fire retardant casing for Centralized UPS (2 Sets of 2X120 KVA) installed at BMOP, RBI Patna Aug 26, 2021 PDF document 215 kb Aug 10, 2021 Minutes of the Pre-bid meeting – Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 150 kb Aug 10, 2021 Corrigendum – Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 157 kb Aug 10, 2021 Design, Supply, Installation, testing and Commissioning of UVGI System for Air Handling Units (AHUs) at Main Office Building, Reserve Bank of India, Hyderabad Sep 02, 2021 PDF document 1174 kb Aug 10, 2021 Corrigendum – Provision of Workstations and Other Office Furniture in First Floor of Bank’s Main Office Building, Guwahati Aug 20, 2021 PDF document 192 kb Aug 09, 2021 Minutes of Pre-Bid Meeting – Comprehensive Annual Maintenance Contract (CAMC) for providing Housekeeping services at Bank’s Main Office Premises (including Annex Building and Essential Staff Quarters) and Six (06) Residential Colonies Located at Chennai Aug 19, 2021 PDF document 271 kb Aug 09, 2021 Providing Integrated Facility Management Services (IFMS) at RBI, Patto Plaza, Panaji and Bank’s residential premises at Panaji Sep 03, 2021 PDF document 643 kb Aug 09, 2021 Empanelment of Car Hiring Firm / Agencies / Companies for RBSC, Chennai Sep 07, 2021 PDF document 922 kb Aug 09, 2021 Design, Supply, Installation, testing and Commissioning of 3 no’s Passenger Lifts at Main Office Building, Reserve Bank of India, Hyderabad Aug 30, 2021 PDF document 1053 kb Aug 09, 2021 Supply, Installation, Testing & Commissioning of Chiller Plant Manager for Bank’s Main Office Premises, Kolkata Sep 01, 2021 PDF document 235 kb Aug 06, 2021 Minutes of Pre-Bid Meeting – SITC of full height dual lane Turnstile at Main Office Building and full height single lane Turnstile at Additional Office Building, Reserve Bank of India, Kanpur Aug 23, 2021 PDF document 118 kb Aug 06, 2021 Empanelment of Vendors/Suppliers for Supply of Issue Department Store Items at RBI Kanpur Aug 27, 2021 PDF document 358 kb Aug 05, 2021 Design, Supply, Installation, Testing and Commissioning of 400 KVA Diesel Generator (DG) set with Acoustic enclosure and AMF panel at Bank’s Main Office Building at RBI Kanpur Sep 07, 2021 PDF document 163 kb Aug 04, 2021 Digitisation of old Archival Records at Reserve Bank of India Archives, College of Agricultural Banking, Pune Aug 25, 2021 PDF document 877 kb Aug 04, 2021 Supply of Data Entry Operators, Mumbai Aug 26, 2021 PDF document 862 kb Aug 04, 2021 Repairs and Repainting of Compound Wall, Annex Building, Scooter Parking Shed and Compound Wall at Main Office Building, RBI, Bengaluru Sep 03, 2021 PDF document 919 kb Aug 04, 2021 Supply, Installation, Testing and Commissioning of Multi zone (12 zones) Door Frame Metal Detector (DFMD) with Camera at Bank’s Main Office Building, RBI Kanpur Sep 06, 2021 PDF document 153 kb Aug 03, 2021 Conducting Energy Audit of Bank’s Office Building at Guwahati Aug 25, 2021 PDF document 715 kb Aug 02, 2021 Supply, Installation, Testing and Commissioning of 320 KVA Diesel Generator set with Acoustic enclosure and AMF panel in Bank’s Main Office Building at Chennai Sep 13, 2021 PDF document 2438 kb Aug 02, 2021 Design, Supply, Installation, Testing and Commissioning of Intelligent Analogue Addressable Fire Alarm System for Bank’s Main Office Building at Chennai Sep 13, 2021 PDF document 1487 kb Jul 30, 2021 Supply of 29 Nos. IP Based CCTV cameras including life time Camera license for Existing IPCCTV System at Bank’s Main Office Building, Gomti Nagar, Lucknow Aug 24, 2021 PDF document 670 kb Jul 30, 2021 Providing Services of Sniffer Dogs with Handlers at Reserve Bank of India, Main Office Building, Guwahati Aug 19, 2021 PDF document 1096 kb Jul 30, 2021 General repairs and repainting of external surface of Bank’s residential buildings, Sector 30A, Chandigarh Aug 27, 2021 PDF document 3128 kb Jul 29, 2021 Supply, Installation, Testing and Commissioning of two X-Ray Baggage Scanner Systems for Bank’s Office Building at RBI, Jammu Aug 30, 2021 PDF document 675 kb Jul 29, 2021 Provision of Workstations and Other Office Furniture in First Floor of Bank’s Main Office Building, Guwahati Aug 20, 2021 PDF document 1241 kb Jul 28, 2021 Addition-alteration in office area for setting up DCBR from BKC on 2nd Floor of Bank’s Main Office Building: Cabin Partitions, Gyp Board false ceiling and Internal Painting work Sep 02, 2021 PDF document 198 kb Jul 26, 2021 Supply, Installation, Testing and Commissioning of Extension of MS Pipe Line to Existing Fire Hydrant System in Open Premises at Bank’s Main Office Building, Nagpur Aug 23, 2021 PDF document 1685 kb Jul 26, 2021 Annual maintenance contract by engaging 10 electrical personnel (06 electrician & 04 helper) for maintenance of electrical installations at Reserve Bank of India, Kanpur Aug 26, 2021 PDF document 145 kb Jul 23, 2021 RFP for Outright Purchase of Office Premises in Mumbai Sep 08, 2021 PDF document 897 kb Jul 23, 2021 Renovation work in Four flats of RBI Officers’ Colony at G.S. road, Guwahati Aug 24, 2021 PDF document 2159 kb Jul 22, 2021 Annual Maintenance Contract (AMC) for Providing a Parking Attendant for parking arrangement in the Parking Areas of RBI, Main Office Building, Chandigarh Aug 19, 2021 PDF document 428 kb Jul 21, 2021 Comprehensive Annual Maintenance Contract (CAMC) for Providing Housekeeping Services to Bank’s 03 Residential Colonies Located at K.K Nagar, P.H Road and SAF-Koyambedu, Chennai Aug 19, 2021 PDF document 1733 kb Jul 21, 2021 Comprehensive Annual Maintenance Contract (CAMC) for Providing Housekeeping Services at Bank’s Main Office Premises (including Annex Building and Essential Staff Quarters), Chennai Aug 19, 2021 PDF document 1654 kb Jul 21, 2021 Comprehensive Annual Maintenance Contract (CAMC) for providing Housekeeping services to Bank’s 03 Residential Colonies Located at Anna Nagar, Besant Nagar and C.H Road, Chennai Aug 19, 2021 PDF document 742 kb Jul 20, 2021 Next Generation Treasury Application (NGTA) – Issuance of RFP to shortlisted Bidders Sep 07, 2021 PDF document 150 kb Jul 16, 2021 SITC of full height dual lane Turnstile at Main Office Building and full height single lane Turnstile at Additional Office Building, Reserve Bank of India, Kanpur Aug 23, 2021 PDF document 127 kb Jul 14, 2021 Application for Empanelment of Architects for works A) Estimated to cost upto ₹ 50 Lakh B) Estimated to cost more than ₹ 50 lakh upto ₹ 100 Lakh, Bhubaneswar Aug 23, 2021 PDF document 642 kb Jul 09, 2021 Civil Renovation Works of corridor in 1st floor of MOB, RBI Kanpur Aug 25, 2021 PDF document 204 kb Jul 09, 2021 Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 798 kb Jul 05, 2021 Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in Foreign Exchange Department, 2nd floor, Main Office Building, RBI Kanpur Aug 25, 2021 PDF document 117 kb Jul 03, 2021 Corrigendum – Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in DOS, 1st floor, Main Office Building, RBI Kanpur Aug 23, 2021 PDF document 181 kb Jul 03, 2021 Corrigendum – Renovation (Civil & Interior) of Foreign Exchange Department (FED) at 2nd floor, MOB, RBI Kanpur Aug 23, 2021 PDF document 181 kb Jun 28, 2021 Renovation (Civil & Interior) of Foreign Exchange Department (FED) at 2nd floor, MOB, RBI Kanpur Aug 23, 2021 PDF document 116 kb Jun 28, 2021 Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in DOS, 1st floor, Main Office Building, RBI Kanpur Aug 23, 2021 PDF document 100 kb

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Reserve Bank of India – Tenders

Tenders

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Aug 17, 2021 Corrigendum – Next Generation Treasury Application (NGTA) – Issuance of RFP to shortlisted Bidders Sep 07, 2021 149 kb Aug 17, 2021 Providing Catering and Maintenance Services at the Officers’ Lounge and Dining Room (OLDR) and the Staff Canteen at Reserve Bank of India, Chandigarh Sep 13, 2021 PDF document 816 kb Aug 16, 2021 Providing Services of Sniffer Dog Squad at the office premises of Reserve Bank of India, Bhubaneswar Sep 16, 2021 PDF document 644 kb Aug 16, 2021 Renovation of 6 nos. of Class III Flats – Electrical Renovation and Rewiring work at Bank’s Staff Quarters Vidyut Marg, Bhubaneswar Sep 24, 2021 PDF document 900 kb Aug 16, 2021 Empanelment of Tailoring Firms for Stitching of Summer and Winter Uniform for Eligible Staff of Reserve Bank of India, Bengaluru Sep 06, 2021 PDF document 465 kb Aug 16, 2021 Minutes of the Pre-bid meeting – General repairs and repainting of external surface of Bank’s residential buildings, Sector 30A, Chandigarh Aug 27, 2021 PDF document 104 kb Aug 16, 2021 AMC of Plumbing and sanitary works at BMOP and residential colonies, RBI Patna Sep 06, 2021 PDF document 188 kb Aug 16, 2021 AMC of Carpentry works at Bank’s main office premises and residential colonies, RBI Patna Sep 06, 2021 PDF document 204 kb Aug 16, 2021 Supply, installation, testing and commissioning of Air Handling Unit (AHU) system at Ground Floor (Vault area) of Bank’s Main Office Building, RBI, Bhopal Sep 24, 2021 PDF document 1204 kb Aug 13, 2021 Minutes of the Pre-Bid Meeting cum Corrigendum – Digitisation of old Archival Records at Reserve Bank of India Archives, College of Agricultural Banking, Pune Aug 25, 2021 PDF document 122 kb Aug 13, 2021 Empanelment of Contractors for Civil, Electrical, Architect and Other Works, Nagpur Sep 13, 2021 PDF document 846 kb Aug 12, 2021 Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flats (VOFs), Transit Holiday Homes (THHs) and Medical Flats situated at Bhubaneswar Sep 17, 2021 PDF document 680 kb Aug 12, 2021 Supply of Bio-Degradable Garbage Bags (size 15”x22” & 21”x24”) to the RBI’s Residential colonies in Jaipur Sep 06, 2021 PDF document 657 kb Aug 11, 2021 Corrigendum – Supply, Installation, Testing and Commissioning of two X-Ray Baggage Scanner Systems for Bank’s Office Building at RBI, Jammu Aug 30, 2021 PDF document 157 kb Aug 11, 2021 Minutes of Pre-Bid Meeting – Supply of 29 Nos. IP Based CCTV cameras including life time Camera license for Existing IPCCTV System at Bank’s Main Office Building, Gomti Nagar, Lucknow Aug 24, 2021 PDF document 118 kb Aug 11, 2021 Supply, Installation, Testing & commissioning (SITC) of 320 number of 130 AH VRLA, SMF batteries with fire retardant casing for Centralized UPS (2 Sets of 2X120 KVA) installed at BMOP, RBI Patna Aug 26, 2021 PDF document 215 kb Aug 10, 2021 Minutes of the Pre-bid meeting – Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 150 kb Aug 10, 2021 Corrigendum – Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 157 kb Aug 10, 2021 Design, Supply, Installation, testing and Commissioning of UVGI System for Air Handling Units (AHUs) at Main Office Building, Reserve Bank of India, Hyderabad Sep 02, 2021 PDF document 1174 kb Aug 10, 2021 Corrigendum – Provision of Workstations and Other Office Furniture in First Floor of Bank’s Main Office Building, Guwahati Aug 20, 2021 PDF document 192 kb Aug 09, 2021 Minutes of Pre-Bid Meeting – Comprehensive Annual Maintenance Contract (CAMC) for providing Housekeeping services at Bank’s Main Office Premises (including Annex Building and Essential Staff Quarters) and Six (06) Residential Colonies Located at Chennai Aug 19, 2021 PDF document 271 kb Aug 09, 2021 Providing Integrated Facility Management Services (IFMS) at RBI, Patto Plaza, Panaji and Bank’s residential premises at Panaji Sep 03, 2021 PDF document 643 kb Aug 09, 2021 Empanelment of Car Hiring Firm / Agencies / Companies for RBSC, Chennai Sep 07, 2021 PDF document 922 kb Aug 09, 2021 Design, Supply, Installation, testing and Commissioning of 3 no’s Passenger Lifts at Main Office Building, Reserve Bank of India, Hyderabad Aug 30, 2021 PDF document 1053 kb Aug 09, 2021 Supply, Installation, Testing & Commissioning of Chiller Plant Manager for Bank’s Main Office Premises, Kolkata Sep 01, 2021 PDF document 235 kb Aug 06, 2021 Minutes of Pre-Bid Meeting – SITC of full height dual lane Turnstile at Main Office Building and full height single lane Turnstile at Additional Office Building, Reserve Bank of India, Kanpur Aug 23, 2021 PDF document 118 kb Aug 06, 2021 Empanelment of Vendors/Suppliers for Supply of Issue Department Store Items at RBI Kanpur Aug 27, 2021 PDF document 358 kb Aug 05, 2021 Design, Supply, Installation, Testing and Commissioning of 400 KVA Diesel Generator (DG) set with Acoustic enclosure and AMF panel at Bank’s Main Office Building at RBI Kanpur Sep 07, 2021 PDF document 163 kb Aug 04, 2021 Digitisation of old Archival Records at Reserve Bank of India Archives, College of Agricultural Banking, Pune Aug 25, 2021 PDF document 877 kb Aug 04, 2021 Supply of Data Entry Operators, Mumbai Aug 26, 2021 PDF document 862 kb Aug 04, 2021 Repairs and Repainting of Compound Wall, Annex Building, Scooter Parking Shed and Compound Wall at Main Office Building, RBI, Bengaluru Sep 03, 2021 PDF document 919 kb Aug 04, 2021 Supply, Installation, Testing and Commissioning of Multi zone (12 zones) Door Frame Metal Detector (DFMD) with Camera at Bank’s Main Office Building, RBI Kanpur Sep 06, 2021 PDF document 153 kb Aug 03, 2021 Conducting Energy Audit of Bank’s Office Building at Guwahati Aug 25, 2021 PDF document 715 kb Aug 02, 2021 Supply, Installation, Testing and Commissioning of 320 KVA Diesel Generator set with Acoustic enclosure and AMF panel in Bank’s Main Office Building at Chennai Sep 13, 2021 PDF document 2438 kb Aug 02, 2021 Design, Supply, Installation, Testing and Commissioning of Intelligent Analogue Addressable Fire Alarm System for Bank’s Main Office Building at Chennai Sep 13, 2021 PDF document 1487 kb Jul 30, 2021 Supply of 29 Nos. IP Based CCTV cameras including life time Camera license for Existing IPCCTV System at Bank’s Main Office Building, Gomti Nagar, Lucknow Aug 24, 2021 PDF document 670 kb Jul 30, 2021 Providing Services of Sniffer Dogs with Handlers at Reserve Bank of India, Main Office Building, Guwahati Aug 19, 2021 PDF document 1096 kb Jul 30, 2021 General repairs and repainting of external surface of Bank’s residential buildings, Sector 30A, Chandigarh Aug 27, 2021 PDF document 3128 kb Jul 29, 2021 Supply, Installation, Testing and Commissioning of two X-Ray Baggage Scanner Systems for Bank’s Office Building at RBI, Jammu Aug 30, 2021 PDF document 675 kb Jul 29, 2021 Provision of Workstations and Other Office Furniture in First Floor of Bank’s Main Office Building, Guwahati Aug 20, 2021 PDF document 1241 kb Jul 28, 2021 Addition-alteration in office area for setting up DCBR from BKC on 2nd Floor of Bank’s Main Office Building: Cabin Partitions, Gyp Board false ceiling and Internal Painting work Sep 02, 2021 PDF document 198 kb Jul 26, 2021 Supply, Installation, Testing and Commissioning of Extension of MS Pipe Line to Existing Fire Hydrant System in Open Premises at Bank’s Main Office Building, Nagpur Aug 23, 2021 PDF document 1685 kb Jul 26, 2021 Annual maintenance contract by engaging 10 electrical personnel (06 electrician & 04 helper) for maintenance of electrical installations at Reserve Bank of India, Kanpur Aug 26, 2021 PDF document 145 kb Jul 23, 2021 RFP for Outright Purchase of Office Premises in Mumbai Sep 08, 2021 PDF document 897 kb Jul 23, 2021 Renovation work in Four flats of RBI Officers’ Colony at G.S. road, Guwahati Aug 24, 2021 PDF document 2159 kb Jul 22, 2021 Annual Maintenance Contract (AMC) for Providing a Parking Attendant for parking arrangement in the Parking Areas of RBI, Main Office Building, Chandigarh Aug 19, 2021 PDF document 428 kb Jul 21, 2021 Comprehensive Annual Maintenance Contract (CAMC) for Providing Housekeeping Services to Bank’s 03 Residential Colonies Located at K.K Nagar, P.H Road and SAF-Koyambedu, Chennai Aug 19, 2021 PDF document 1733 kb Jul 21, 2021 Comprehensive Annual Maintenance Contract (CAMC) for Providing Housekeeping Services at Bank’s Main Office Premises (including Annex Building and Essential Staff Quarters), Chennai Aug 19, 2021 PDF document 1654 kb Jul 21, 2021 Comprehensive Annual Maintenance Contract (CAMC) for providing Housekeeping services to Bank’s 03 Residential Colonies Located at Anna Nagar, Besant Nagar and C.H Road, Chennai Aug 19, 2021 PDF document 742 kb Jul 20, 2021 Next Generation Treasury Application (NGTA) – Issuance of RFP to shortlisted Bidders Sep 07, 2021 PDF document 150 kb Jul 16, 2021 SITC of full height dual lane Turnstile at Main Office Building and full height single lane Turnstile at Additional Office Building, Reserve Bank of India, Kanpur Aug 23, 2021 PDF document 127 kb Jul 14, 2021 Application for Empanelment of Architects for works A) Estimated to cost upto ₹ 50 Lakh B) Estimated to cost more than ₹ 50 lakh upto ₹ 100 Lakh, Bhubaneswar Aug 23, 2021 PDF document 642 kb Jul 09, 2021 Civil Renovation Works of corridor in 1st floor of MOB, RBI Kanpur Aug 25, 2021 PDF document 204 kb Jul 09, 2021 Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 798 kb Jul 05, 2021 Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in Foreign Exchange Department, 2nd floor, Main Office Building, RBI Kanpur Aug 25, 2021 PDF document 117 kb Jul 03, 2021 Corrigendum – Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in DOS, 1st floor, Main Office Building, RBI Kanpur Aug 23, 2021 PDF document 181 kb Jul 03, 2021 Corrigendum – Renovation (Civil & Interior) of Foreign Exchange Department (FED) at 2nd floor, MOB, RBI Kanpur Aug 23, 2021 PDF document 181 kb Jun 28, 2021 Renovation (Civil & Interior) of Foreign Exchange Department (FED) at 2nd floor, MOB, RBI Kanpur Aug 23, 2021 PDF document 116 kb Jun 28, 2021 Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in DOS, 1st floor, Main Office Building, RBI Kanpur Aug 23, 2021 PDF document 100 kb

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UBS Gives ‘Gold’ A Thumbs Down, Asks Investors To Square Off Their Positions In The Yellow Metal

Personal Finance

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Planning

oi-Roshni Agarwal

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After UBS Group AG, a Swiss multinational investment bank and financial services entity warned investors in bullion, to rethink their bullion strategy and holdings, gold slipped on Monday (August 16, 2021) after ending the previous week on a strong note. This is as the firm expects global economic recovery and gains in the dollar going ahead into the next year to weigh on the bullion.

UBS Gives 'Gold' A Thumbs Down, Asks Investors To Square Off Their Positions

UBS Gives ‘Gold’ A Thumbs Down, Asks Investors To Square Off Their Positions In The Yellow Metal

Earlier strong non-farm payrolls data released in the US raised bets of an earlier Fed tapering and consequent policy rate hike, which in turned dampened the appeal of the shiny metal. Consequently, gold prices in the international market crashed by a sharp quantum to below its critical level of $1800 per ounce. Nevertheless over the last week, the bullion made a decent recovery. Notably going ahead in the week, US retail sales data is due on Tuesday. Also, investors will analyze Fed Chair Jerome Powell’s speech and minutes of the last Fed meet for more clarity on the likely Fed tapering timeline.

“The message must be: if you have a tactical position, get out; if you have a strategic position, hedge it,” said Dominic Schnider, head of commodities and Asia Pacific foreign exchange at UBS Global Wealth Management CIO Office. “In a world that looks better, why would you want to hold so much insurance asset, and that simply means the market needs to balance at the lower level.”

Divided view on Price forecast for gold and silver

Gold and silver price forecast by UBS

In an exclusive TV interview with Bloomberg Schnider said, “Prices could drop closer to $1,600 an ounce, while silver may fall to $22 an ounce or lower”. Nevertheless for investment in precious metals, platinum could turn out to be a better bet owing to its higher industrial exposure, Schnider added.

Goldman Sachs price forecast for gold and silver

Another multinational investment bank entity, Goldman Sachs is rather positive on precious metals and sees gold touching levels of $2000 per ounce towards the end of 2021 on increased demand in the retail market as well as shoot-up in purchase of the yellow metal by global central banks. Also, for silver, the organisation maintains its price target of $30 per ounce, said analysts including Sabine Schels and Daniel Sharp over an email.

GoodReturns.in

Story first published: Monday, August 16, 2021, 22:42 [IST]



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Pharma Stocks To Buy: Two Pharma Stocks To Bet Now, Says ICICI Securities

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Suven Pharmaceuticals

Suven Pharma is a contract development and manufacturing organization (CDMO) that assists global life sciences and fine chemical companies with NCE development.

Suven Pharmaceuticals‘ stock, according to ICICI Securities, could rise up to 19 percent from its current market price of Rs 544, and the stock might surge up to a target price of Rs 650 from present levels.

“Suven’s share price has grown by ~1.6x over the past five years . Target Price and Valuation: We value Suven at Rs 650 with 32x P/E on FY23E EPS.

We continue to emphasize the strong execution capability and focused approach without the burden of success/failure of the innovative pipeline (now part of Suven Life Sciences),” the brokerage has said.

Key triggers for future price-performance:

  • The corporation has announced a Rs 600 crore investment – in facility upgrades, new technology adoption, and R&D relocation – that will be carried out over a two to three-year period, with long-term benefits expected.
  • Formulations has experienced excellent growth as a result of an expanded commercial basket, and has six ANDAs in the pipeline for FY22, boosting growth levers.
  • Following Covid, global innovators have increased their focus on research, which bodes well for pharma CRAMS activities, which remain a key growth driver.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals develop a global generic, speciality, and over-the-counter company in dermatology, respiratory medicine, and oncology, among other fields.

ICICI Securities expects Glenmark Pharmaceuticals stock to rise up to 18% from its current market price of Rs 575, and believes it can reach a target price of Rs 680 from present levels.

“Glenmark’s share price has de-grown by ~0.7x over the past five years. We retain our BUY rating on the stock Target Price and Valuation: We value Glenmark at Rs 680 based on SOTP valuation,” the brokerage has said.

Key triggers for future price-performance:

  • It is the market leader in dermatology in India, and it is expanding its foothold in respiratory, CVS, anti-infectives, and anti-diabetics. It has also entered the consumer health industry with two brands, Candid and Scalpe+, concentrating on Rx-OTC switch items (| 150 crore).
  • Aside from sustained product launches, traction from the newly commissioned Monroe factory in the United States will be a crucial determinant.
  • Due to cost-cutting efforts and a decrease in R&D expenses as a percentage of revenue, management anticipates margins to improve.

Disclaimer

Disclaimer

The article is informational in nature, which is taken from the brokerage report of ICICI Securities. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article.



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