Mahindra & Mahindra Financial Services Limited (also called MMFSL and Mahindra Finance), part of the Mahindra Group, today appointed Raul Rebello as its new Chief Operating Officer (COO) with immediate effect. This is after the movement of Rajnish Agarwal to Mahindra Rural Housing Finance Ltd (MRHFL).
Rebello is a career banker with nearly two decades of experience in the domain of rural banking and financial inclusion. Prior to joining Mahindra Finance, he was associated with Axis Bank Limited as EVP & Head – Rural Lending & Financial Inclusion.
Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, said, “It is our pleasure to welcome Raul to the leadership team of Mahindra Finance. As we work deep in the rural market, the next 3-4 years could really be critical with a good rural bounce back, capitalising on all emerging opportunities in the rural market. We are broad basing our management team to be able to handle all our new initiatives, to really go deeper, and make the rural market bigger for us.”
Raul Rebello, COO, Mahindra Finance, said, “I am absolutely delighted to be part of the diversified Mahindra Group and Mahindra Finance in particular. The plans we have discussed for the financial arm and its subsidiaries are challenging, yet exciting. I see significant potential in the combination of my core business expertise and MMFSL’s resident knowledge and people. I am confident that we will add considerable value together and look forward to a mutually rewarding association”.
In his nearly two decades with Axis Bank, Rebello led key businesses including farmer funding, gold loans, MSME lending, commodity loans, tractor & farm equipment lending, agri-value chain finance, microfinance (retail & wholesale) and the financial inclusion department. He also led the business correspondent channel including 15000+ partner outlets and the micro ATM channel of the bank. He played a pivotal role in increasing the banks distribution in rural and semi-urban areas through light format banking outlets, micro-ATMs and rural ecosystem partnerships.
Shanti Lal Jain assumed charge as Managing Director and Chief Executive Officer of Indian Bank on 1st September 2021.
Earlier Bank Of Baroda had announced that Shanti Lal Jain would cease to be its executive director from September 1, due to his appointment as the MD & CEO of Indian Bank for a tenure of 3 years.
Jain’s appointment is extendable based on his performance by upto two years, or till attaining the age of superannuation (i.e.January 31, 2024), the order said.
With more than 25 years of experience in banking, Jain possesses rich experience in critical portfolios. He joined Allahabad Bank in 1993 in the Middle Management cadre. As a General Manager, he has served as the Chief Financial Officer, Chief Risk Officer and headed the IT department of the Bank.
Later, he led the Mumbai team as Field General Manager (West) and was responsible for Maharashtra, Gujarat and Goa Operations having business of around Rs 50000 Crores. Prior to joining Allahabad Bank, he worked in various Industries for about 6 years.
Jain holds a Postgraduate Degree in Commerce, with Professional Qualification of Chartered Accountant, Company Secretary and CAIIB.
Non-bank lenders are eyeing the electric two-wheeler space to grow disbursements. Shriram City Union Finance is tying up with Ola Electric which recently unveiled electric scooters ranging upwards of Rs 1 lakh. Hero Electric also partnered with two-wheeler life cycle management company Wheels EMI for offering easy financing options to customers.
“We believe that electric vehicle will be a big industry few years down the line and are taking efforts to expand base,” said Y S Chakravarti, MD, Shriram City Union Finance. “We are soon inking a tie up with Ola Electric, have tied up with Hero Electric and some original equipment manufactures.”
The non-bank lender has tied up with Okinawa, Ather Energy and Ampere. The two-wheeler financing segment is 26-27 per cent of its total loan portfolio.
Hero Electric has also collaborated with Wheels EMI to offer easy financing options for the purchase of electric two-wheelers in India.
“There is demand for flexible finance options, especially from rural India, as more and more customers today are enquiring and considering electric two-wheelers as their next upgrade,” said Sohinder Gill-CEO, Hero Electric
Hero Electric currently sells over 10,000 two-wheelers every month, of which 40% comes from rural pockets of India.
India’s electric vehicle (EV) financing industry is projected to be worth Rs 3.7 lakh crore in 2030, about 80 per cent of the current retail vehicle finance industry, according to a new report. According to industry players major issues remain like financing challenges, high interest and insurance rates, low loan-to-value ratios, and limited specialized financing options.
“One of the major challenges have been around the quality of electric vehicles, if the vehicle stops running due to some quality issues, it impacts the collection of EMIs directly and there have been instances in the past that some of the financing partners had to face,” said Sumit Chhazed, Co-founder, OTO Capital which specialises in providing cost-efficient finance model for EVs.
“Another challenge is that the resale market is not yet established, hence if repossessed, it becomes difficult for financing partners to liquidate the asset at a desired value.”
New Delhi: After a strong rally, the domestic equity market took a breather on Wednesday and settled lower, thanks to profit booking in IT, financial and metal stocks. Despite favourable GDP data, benchmark indices were unable to hold on to their early gains.
The 30-share pack Sensex shed 214.18 points or 0.37 per cent to close at 57,338.21. Its broader peer NSE Nifty declined 55.95 points or 0.33 per cent to 17,076.25. Nifty scaled 17,200 mark for the first time ever. Broader markets outperformed, ending the day higher.
Midcap and smallcap stocks were high in demand. Zen Technologies ended the day on upper circuit, whereas RPG Life Science and ABB Power Products gained. The stocks part of F&O segment’s latest inclusion continued their rally.
Here is a look at some of the biggest movers and shakers of Wednesday’s session:
TOP GAINERS OF THE DAY Zen Technologies: The defence equipment maker hit upper circuit of 20 per cent to Rs 116.50, its new 52-week high as the the order book of the company stood at Rs 402.6 crore on September 1, 2021 as against Rs 191.6 crore on June 30, 2021. It bagged orders worth Rs 211 crore during July-August 2021 period.
RPG Life Science: The pharmaceutical firm soared 14 per cent to Rs 567.15 after the annual general meeting of the company where it declared a dividend of Rs 7.20 per equity share for the financial year ended March 31, 2021.
ABB Power Products and Systems India: The electricity grid equipment manufacturer was abuzz over reports of asset monetization plan, which was recently announced by the government. It settled at Rs 13 per cent higher at 2,416.45.
BF Investment: The holding company zoomed 12 per cent to Rs 385.15 after the company informed the bourses about its annual general meeting, scheduled on September 30.
Orient Paper: The paper product producer zoomed 11 per cent to Rs 32.05 on the back of reopening of schools in multiple states in India. The company is the largest producer of educational paper in the country.
Indian Energy Exchange: The spirits of the power exchange have been high ever since its inclusion in the F&O segment. Also, there are expectations on increasing bids on the exchange. It added 11 per cent before closing at Rs 560.50 for the day.
Oberoi Realty: The real estate major advanced 11 per cent to Rs 778.05 after its inclusion in the F&O segment from October 1. NSE notified its entry along with seven others.
TOP LOSERS OF THE DAY
Vikas EcoTech: The speciality chemical player hit a lower circuit of 5 per cent to Rs 2.09. The microcap has decided to increase its authorized share capital and allot share via rights issue. The company is looking to change its name.
Bank of India: The state owned lender declined over 4 per cent to Rs 63.55 after the company announced a qualified institutions placement (QIP) of 2,550 crore at an issue price of Rs 62.89 apiece.
Shree Renuka Sugars: The sugar producer shed 5 per cent, its lower circuit limit, to Rs 23.95. It continued to bleed after posting losses in the June 2021 quarter. It has fallen up to 30 per cent in the last one month despite ratings upgrades.
Gayatri Projects: BSE has sought clarification from the construction & engineering player with reference to significant movement in price to safeguard the interest of the investors. The scrip tanked over 4 per cent to Rs 48.30.
The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Canara Bank, has enrolled (cumulative) 2,25,168 accounts under Atal Pension Yojana (APY), since the introduction of this scheme, according to P Gopi Krishna, Chairman of the bank.
APY is a safety net for workers in the informal sector for getting pre-defined pension after 60 years.
Gopi Krishna said that the bank’s Chikkodi regional office has set a new record by enrolling 4,125 accounts under APY in a single day.
The Chairman added that KVGB is playing a pivotal role in implementation of social security schemes such as APY, Prime Minister Jeevan Jyothi Bhima Yojana (PMJJBY), and the Prime Minister Suraksha Bhima Yojana (PMSBY).
It has enrolled 5,47,830 policies under PMJJBY and 12,28,320 policies under PMSBY. So far, the bank has settled nearly 4,000 claims (₹80 crore) under PMJJBY and nearly 800 claims (₹16 crore) under PMSBY.
“This has helped poor families to lead life in the event of sudden death of the caretaker,” Gopi Krishna said. “The bank firmly believes that delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low-income groups is a national priority.”
The bank has 10 regional offices in its service area of nine districts including Dharwad, Gadag, Haveri, Belagavi, Vijayapura, Bagalkot, Uttara Kannada, Udupi and Dakshina Kannada.
State Bank of India (SBI) has raised Rs 4,000 crore of the Basel compliant Additional Tier 1 (AT1) bonds on Wednesday at a coupon rate of 7.72 %. This is the first AT1 Bond issuance in the domestic market post the new SEBI regulations.
“The issue garnered overwhelming response from investors with bids in excess of Rs. 10,000 crores received against a base issue size of Rs. 1,000 which is an indicator of the trust the investors place on the country’s largest Bank. This also very clearly demonstrates the maturity of the Indian Investors in their selection of Issuers for such instruments” said SBI in a release.
Based on the response, the Bank has decided to accept Rs 4,000 crores at a coupon of 7.72% . This is the lowest pricing-ever offered on such debt, issued by any Indian bank since the implementation of Basel III capital rules in 2013. The AT 1 instrument is perpetual in nature, however, it can be called back by the issuer after five years or any anniversary date thereafter.
While the Bank has AAA credit rating from local credit agencies, the AT1 offering is rated AA+, which is the highest rating in the country for these instruments in view of the hybrid and high-risk nature of these instruments.
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Mahindra & Mahindra Financial Services Ltd, today announced the appointment of Raul Rebello as its new Chief Operating Officer (COO) with immediate effect. This is post the movement of Rajnish Agarwal to Mahindra Rural Housing Finance Ltd (MRHFL).
Raul Rebello, COO, Mahindra Finance said, “I am absolutely delighted to be part of the diversified Mahindra Group and Mahindra Finance in particular. The plans which we have discussed for the financial arm and its subsidiaries are challenging, yet exciting. I see significant potential in the combination of my core business expertise and MMFSL’s resident knowledge and people. ”
Raul is a career banker with nearly two decades of extensive work in the domain of Rural banking and Financial Inclusion. Prior to joining Mahindra Finance, he was associated with Axis Bank Limited as EVP & Head- Rural Lending & Financial Inclusion.
In his nearly two decades with Axis Bank, Raul led key businesses including Farmer Funding, Gold Loans, MSME lending, Commodity loans, Tractor & Farm Equipment lending, Agri-Value chain finance, Microfinance (Retail & Wholesale) and the Financial Inclusion department.
He also played a pivotal role in increasing the Banks distribution in Rural and Semi-Urban areas through light format Banking outlets, Micro-ATMs and Rural ecosystem partnerships.
Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “It is our pleasure to welcome Raul to the leadership team of Mahindra Finance. As we work very deep into the rural market, the next 3-4 years could really be critical with a good rural bounce back. We are broad basing our management team to be able to handle all our new initiatives and make the rural market bigger for us”.
Reserve Bank of India (hereinafter referred to as RBI), New Delhi invites e-tender in two parts (part I and II) from the eligible Contractors for the above-mentioned work in its Main Office premises located at 6-Sansad Marg, New Delhi – 110001, for the period from October 01, 2021 to September 30, 2022. For details of the tender, please visit “Tenders” section at RBI’s website (https://www.rbi.org.in) and for uploading the tender please visit and register on MSTC website at https://www.mstcecommerce.com. The EMD details for the contract is mentioned under.
Estimated Annual Cost of Work (Inclusive of GST @18%)
Earnest Money Deposit (2% of Estimated Cost)
₹ 14,00,000/-
₹ 28,000/-
Please note that further Addendum / Corrigendum will only be published on RBI website.
Regional Director Reserve Bank of India New Delhi
Place: New Delhi Date: September 01, 2021
SCHEDULE OF e-TENDER (SOT) FOR PROVIDING SERVICES OF SNIFFER DOG SQUAD AT THE OFFICE PREMISES OF RESERVE BANK OF INDIA, NEW DELHI
1.
Name of the Department
Protocol and Security Cell, Reserve Bank of India, New elhi
2.
e-Tender no:
RBI/New Delhi/Estate/93/21-22/ET/125
3.
Tender Specification No.
DEL.ESTT.ADM.NO.S149/01.01.001/2021-2022
4.
e-Tender name
Service Contract for Providing Services of Sniffer Dog Squad at the office premises of Reserve Bank of India, New Delhi
Date of Tender available to the parties to download
September 01, 2021
8.
Start date of Technical Bid and Financial Bid at MSTC
September 01, 2021
9.
Date of Pre-Bid Meeting at P&S Cell, RBI New Delhi through Web-ex
September 07, 2021 (1430 Hrs)
10.
Earnest Money Deposit (EMD)
₹28,000.00 (Rupees Twenty-Eight Thousand only), by NEFT towards: Beneficiary Name: Reserve Bank of India, New Delhi Beneficiary A/c No: 186003001 IFSC: RBIS0NDPA01 (5th and 10th digits are Zeros)
11.
Last date for submission of EMD
September 21, 2021 (1200 Hrs)
12.
Last date for online submission of Technical Bid & Financial Bid
September 21, 2021 (1400 Hrs)
13.
Date & time of opening of Part-I, i.e., Technical Bid
September 21, 2021 (1500 Hrs)
14.
Date & Time of opening of Part- II, i.e., Financial Bid
September 28, 2021 (1400 Hrs); Part-II (Financial Bid) of only those bidder(s) whose Part-I (Technical Bid) is(are) found acceptable by RBI, New Delhi will be opened electronically. Such bidder(s) will be intimated regarding date of opening of Part-II (Financial Bid) through valid email given by them.
