Month: September 2021

Reserve Bank of India – Press Releases

Press Releases

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In terms of GOI Notification F.No. 4(19)-W&M/2014 dated March 04, 2016 (SGB 2016 II- Issue date March 29, 2016) and Notification F.No. 4(7)-W&M/2016 dated August 29, 2016 (SGB 2016-17, Series II- Issue date September 30, 2016) of Sovereign Gold Bond (SGB) Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Therefore, the forthcoming due dates of premature redemption of the above tranches shall be September 29 and 30, 2021 respectively. Further, the redemption price of SGB shall be based on the simple average closing gold price of 999 purity [published by the India Bullion and Jewellers Association Ltd (IBJA)] of the week (Monday-Friday) preceding the date of redemption.

2. Accordingly, the redemption price for the premature redemption due on September 29 and 30, 2021 shall be ₹4652/- (Rupees Four thousand six hundred fifty-two only) per unit of SGB based on the simple average of closing gold price for the week September 20-24, 2021.

Ajit Prasad
Director   

Press Release: 2021-2022/945

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NPCI, YES Bank launch RuPay On-the-Go

Banking & Finance

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The National Payments Corporation of India (NPCI) has partnered with YES Bank to launch a contactless payments solutions — RuPay On-the-Go.

This was launched on Tuesday in association with fintech infrastructure partner, Neokred, and manufacturing partner- Seshaasai at the Global Fintech Festival 2021.

“RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. This innovative wearable payment solution would redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple ‘Tap, pay, go’ mechanism,” said a statement.

RuPay On-the-Go is an interoperable, open-loop solution that customers can use at RuPay contactless-enabled PoS at retail outlets and pay up to Rs 5,000 without the need to input the PIN. For payments above Rs 5,000, customers need to tap, followed by their PIN.

For online transactions, the BHIM YES Pay app provides a virtual RuPay card to customers that can be used for digital and e-commerce transactions, the statement further said.

“The wearable tech space is an integral part of driving contactless payments, and we are working toward building a secure and inclusive payments ecosystem with our partners,” said Praveena Rai, COO, NPCI.

Consumers without an existing YES Bank account can also avail of these wearables.

Anita Pai, COO, YES Bank said, “The RuPay On-the-Go smart accessories, such as keychains with tap-and-pay functionality, will enable customers to make digital payments securely, more easily and in style.”

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Jaipur invites e-Tender for Supply, Installation, Testing, Commissioning of Chilled Water cassette type and hi-wall type air conditioning units and associated piping at basement area of office Building at RBI, Jaipur. The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All the eligible firms /contractors must register themselves with MSTC Ltd through the above-mentioned website to participate in the tendering process. The Schedule of e-Tender is as follows:

a. e-Tender Name Supply, Installation, Testing, Commissioning of Chilled Water cassette type and hi-wall type air conditioning units and associated piping at basement area of office Building at RBI, Jaipur
b. e-Tender no RBI/Jaipur/Estate/129/21-22/ET/175
c. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
d. Date of NIT available to parties to download September 28, 2021 after 05.00 PM
e. Earnest Money Deposit Rs 12,200 (Rs. Twelve thousand  two hundred only) through NEFT – details as below along with the Part I / Technical – Commercial Bid. IFSC Code – RBIS0JPPA01 A/c number – 8692299
(Fifth digit in IFSC code is zero)
f. Last date of submission of EMD October 29, 2021 up to 14.00 Hrs
EMD must be reflected in our account before the last date and time (October 29, 2021 up to 14.00 Hrs) of submission of tender.
MSE firms are exempted for submitting of EMD subject to submission of relevant certificate.
g. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi September 28, 2021 after 05.00 PM
h. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid October 29, 2021 up to 14.00 Hrs
i. Date & time of opening of Part-I
(i.e. Techno-Commercial Bid)

Date & Time of opening of Part-II
(i.e. Price Bid)

 October 29, 2021 at 15.00 Hrs.

Date and time of opening of price bid will be informed separately to all the eligible bidders later.
j. Transaction Fee To be paid through MSTC Payment Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.
k. Helpline 033 40645207, 033 40609118, 033 40645316, 033 22901004, 033 22895064 and 0141-2742208.
l. E-mail for query helpdesk@mstcindia.co.in

Please note that there is no tender fees to download the tender document from Portal.

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 candidature.

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.

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Far-right cryptocurrency follows ideology across borders, BFSI News, ET BFSI

Personal Finance

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The Daily Stormer website advocates for the purity of the white race, posts hate-filled, conspiratorial screeds against Blacks, Jews and women and has helped inspire at least three racially motivated murders. It has also made its founder, Andrew Anglin, a millionaire.

Anglin has tapped a worldwide network of supporters to take in at least 112 Bitcoin since January 2017 – worth $4.8 million at today’s exchange rate – according to data shared with The Associated Press. He’s likely raised even more.

Anglin is just one very public example of how radical right provocateurs are raising significant amounts of money from around the world through cryptocurrencies. Banned by traditional financial institutions, they have taken refuge in digital currencies, which they are using in ever more secretive ways to avoid the oversight of banks, regulators and courts, finds an AP analysis of legal documents, Telegram channels and blockchain data from Chainalysis, a cryptocurrency analytics firm.

Anglin owes more than $18 million in legal judgments in the United States to people whom he and his followers harassed and threatened. And while online, he remains visible – most days, dozens of stories on the Daily Stormer homepage carry his name – in the real world, Anglin’s a ghost.

His victims have tried – and failed – to find him, searching at one Ohio address after another. Voting records place him in Russia in 2016 and his passport shows he was in Cambodia in 2017. After that, the public trail goes cold. He has no obvious bank accounts or real estate holdings in the U.S. For now, his Bitcoin fortune remains out of reach.



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Indonesia to regulate cryptocurrencies and not prohibit it like China, BFSI News, ET BFSI

Personal Finance

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The Indonesian minister for trade, Muhammad Luthfi confirmed to the local media Berita Satu about tightening cryptocurrencies regulations rather than prohibiting it like China. He said that Indonesia will focus on making cryptomarket less susceptible to illegal activities, Bitcoin.com reported

The statement from the Indonesian minister comes in the wake of stupendous growth registered by local exchanges in the first half of the year owing to the flourishing cryptocurrency market for 1 and a half years.

  • The report shows a 40 percent hike in transactions from 13 crypto exchanges in the first 5 months of 2021.
  • These crypto exchanges are regulated by the Futures Exchange Supervisory board.
  • The transaction volume reached $4.5 billion in 2020.
  • Crypto trading users also increased to 6.5 million in May 2021 from 4 million in 2020. This is more than the investors in Indonesia stock exchange (IDX) at just 5.37 million in May, according to Jakarta post.

China’s continued campaign against crypto trading and the final ban on 24th September affected Indonesian crypto prices too Currently Bitcoin, Ethereum and Dogecoin are legalized assets and commodities in Indonesia which can be traded by the citizens but can’t be used as a means of payment.

Major Indonesian exchange Luno Indonesia‘s manager expressed confidence in future growth of the customer base from the current 70,000 users.



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HC rejects bail pleas of Rana Kapoor’s wife, daughters, BFSI News, ET BFSI

Banking & Finance

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The Bombay High Court Tuesday rejected bail pleas filed by jailed banker Rana Kapoor’s wife Bindu Kapoor and their daughters Roshini and Radha Kapoor Khanna in a case of alleged fraud caused to Yes Bank Ltd (YBL).

Kapoor is the cofounder of YBL who was arrested in the said matter in March, 2020.

Justice Bharati Dangre, after hearing all the parties had posted the matter today for the pronouncement of the order. The court gave an oral in the said matter.

The Kapoors, in three identical but separate bail pleas, challenged a special Central Bureau of Investigation (CBI) court order that rejected their bail applications and remanded them to judicial custody.

The trio since then have been lodged at Byculla district jail in Mumbai.

As per the CBI, Rana Kapoor and his family members had allegedly received kickbacks of around Rs 600 crore for an investment of Rs 3,700 crore made by Yes Bank in DHFL’s debentures.

Counsels appearing for Bindu Kapoor and her two daughters argued that they have so far extended fullest cooperation to CBI and was not arrested during the investigation.

“On August 20, 2021, the trial court took cognizance of various non-bailable offences and summoned applicants to appear before it as an accused. The applicants immediately submitted to its jurisdiction by appearing personally on September 4, 2021, and moved a bail application in terms of Section 439 of CrPC,” argued counsel for the Bindu Kapoor.

However, special counsel Hiten Venegaonkar, appearing for the investigation agencies countered this argument and said that the CBI court had already considered all these submissions before rejecting the plea.

Senior Advocate Amit Desai appeared for Roshini Kapoor in the case, while Mahesh Jethmalani, senior advocate argued for Bindu Kapoor and Radha Kapoor Khanna in the case.

“The interest of the investigation agencies stand protected as the Enforcement Directorate (ED) has attached properties and bank accounts of the applicant to the tune of Rs 600 crore under various provisional attachment orders,” argued the petition filed by Radha Kapoor Khanna.

“Special Judge failed to consider that the applicant has been granted bail in the PMLA case arising out of the current FIR in the same facts and circumstances,” Khanna’s petition said.

The special court, while rejecting their bail petitions, had observed that the trio are involved in the wrongful loss of public money to the tune of Rs 4,000 crore, which belongs to the public at large, including bank depositors and shareholders.



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Deep Nishar, the man part of 36 investments, announces exit from SoftBank Vision Fund, BFSI News, ET BFSI

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Deep Nishar, a senior managing partner at SoftBank Vision Fund, announced his exit from the company today.

Nishar holds a top management post in the company, with only three executives outranking him, including Masayoshi Son, founder and chairman of SoftBank Group Corp.

In a LinkedIn post, Nishar said he would be leaving the firm at the end of the year. He has worked with the company for six years.

“I will bid adieu to my amazing team and colleagues at the end of this year. With much gratitude for the honor and privilege of serving the SoftBank family,” Nishar said in the LinkedIn post.

The reasons for his exit were not mentioned in the LinkedIn post.

Nishar is an IIT-Kharagpur alumnus, and has served on several public and private company boards, including Automation Anywhere, Cohesity and Slack.

Nishar joined SoftBank in 2015, and is based in US’ San Franciso Bay area.

With over 20 years of experience in helping build software businesses, Nishar has served as an asset to SoftBank, co-authoring 14 patents, and being involved in 36 investments, which include eight IPOs and two M&As.

Before SoftBank, Nishar played a pivotal role in LinkedIn as the site’s product head. He helped the site grow from 32 million members to 347 million, and annual revenue increased from $78 million to $2.22 billion.

Before LinkedIn, Nishar held several leadership roles at Google.

He was also the founder of enterprise software company Patkai Networks.

Apart from his strong technical background, Nishar has also been a lecturer at Stanford University.



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Reserve Bank of India – Tenders

Tenders

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Estate Office, Mumbai Regional Office, Reserve Bank of India has invited limited e-tender for “Provision of anti-skid bituminous Mastic road carpet over the internal roads at Governor Bungalow, M L Dhanukar Marg, Mumbai” through MSTC portal (www.mstcecommerce.com/eprochome/rbi).

2. The schedule of tender activities for the captioned work has been revised as under:

a. Name of the work : Provision of anti-skid bituminous Mastic road carpet over the internal roads at Governor Bungalow, M L Dhanukar Marg, Mumbai
b. E-tender Number : RBI/Mumbai/Estate/77/21-22/ET/106
c. TOE start time (Opening of Part 1 – Technical Bid) : October 04, 2021 at 12.30 PM onwards
d. Close Bid date and time : October 04, 2021 at 12.00 PM
e. Opening of Part 2 – Price Bid : If no conditions are found, Part-II (Price Bid) shall also be opened on the same day. Otherwise, the same shall be opened on a subsequent date which shall be communicated to the eligible bidders

3. The remaining timelines remain unchanged.

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Muthoot Finance launches AI-powered virtual assistant ‘Mattu’

Banking & Finance

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Muthoot Finance has joined hands with Senseforth.ai, a leader in Conversational AI technology to launch ‘Mattu’, an AI-powered virtual assistant.

Available on the website and mobile app, the intelligent assistant enables users to apply for various kinds of loans, address concerns, and perform transactions like checking account balance, paying gold loan interest, availing loan top-ups, making part payments and much more.

Customers of Muthoot Finance can chat or speak with the AI virtual assistant in both English and Hindi. This virtual assistant is also available on WhatsApp, making it very easy for users to access key services through natural human interactions.

Alexander George Muthoot, Deputy Managing Director, The Muthoot Group said, “The launch of a revamped and turbo-charged Mattu marks the beginning of a new chapter for us. This AI-powered virtual assistant offers various customer-friendly features like multi-lingual support, voice search capability, and can handle more than 250 frequently asked questions. Besides, if a user wants to speak with our customer service representative, they can do so via the virtual assistant. This is great customer convenience in current times”

Eapen Alexander Muthoot, Executive Director, The Muthoot Group said, “As a leading NBFC, technological innovations are at the core of our customer-centric approach. Mattu opens up another secure communication channel with our customers and offers a plethora of intuitive features and benefits. This is an excellent value addition for our customers and also demonstrates our commitment to the digital-first agenda at the company.”

Shridhar Marri, CEO & Co-founder of Senseforth.ai said, “The modern-day customer expects their needs to be fulfilled within seconds, without having to browse the website or visiting a branch. The launch of Mattu would eliminate buyer friction and ensure that customers of Muthoot Finance have instant access to key services on a channel of their choice.”

With the launch of this unique AI-powered Chatbot, Muthoot Finance is fast emerging as a leading lender that is persistently offering a range of tailor-made, technology-powered services bringing convenience to its customers. Recently it had launched a facility by which its gold loan customers can repay their loan or make interest payments through PayTM, Google Pay and PhonePe. There is also exciting cashback offers for online interest payments.

Muthoot Finance Gold Loan customers can also avail of loan top-ups in just a few clicks using WhatsApp. They can also get a gold loan from the convenience of their home through the Muthoot Finance Gold Loan@Home service.

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