Reserve Bank of India – Tenders
[ad_1]
Read More/Less
|
SCHEDULE OF TENDER (SOT)
|
[ad_2]
Month: October 2021
Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
|
The Reserve Bank of India had issued Directions to Hindu Cooperative Bank Ltd., Pathankot, Punjab, under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DCBS.CO.BSD-IV No.D-9/12.28.311/2018-19 dated March 13, 2019, as modified from time to time, which were last extended up to October 24, 2021. The Reserve Bank of India, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub-section (2) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby, withdraws with effect from close of business on October 14, 2021, the said Directions so issued to Hindu Cooperative Bank Limited, Pathankot, Punjab. A copy of the Directive is displayed in the bank’s premises for perusal by interested members of public. (Yogesh Dayal) Press Release: 2021-2022/1048 |
[ad_2]
CLICK HERE TO APPLY
Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
|
The Reserve Bank of India (RBI) has imposed, by an order dated October 14, 2021, a monetary penalty of ₹1 lakh (Rupees One lakh only) on KNS Bank, The Kurla Nagarik Sahakari Bank Ltd., Mumbai (the bank) for contravention of Section 26-A read with section 56 of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) framed under section 26 A of the Act. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (the Act), taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Background The inspection report of the bank based on its financial position as on March 31, 2020, revealed, inter alia, that the bank had not transferred balances, in certain accounts which were unclaimed for more than ten years to Depositor Education and Awareness Fund. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with and contravention of the provisions of the Act and the directions issued under the Act, as stated therein. After considering the bank’s written reply to the Notice and oral submissions made during the personal hearing and subsequent additional submissions, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/1047 |
[ad_2]
CLICK HERE TO APPLY
Oakridge raises funds on German crowdfunding platform
[ad_1]
Read More/Less
Oakridge Rooftops has raised an undisclosed amount through a German crowdfunding platform for its solar projects in India.
“Oakridge Rooftops, a leading rooftop solar power company, has raised crowd financing from Germany for its portfolio of urban solar projects in New Delhi,” a statement said.
The company did not disclose the amount of funding.
This is the first time an Indian rooftop solar company has tapped into the large European crowd financing market.
According to the statement, this fund-raise opens doors for Indian companies for more innovative sources of international financing to develop renewable energy projects in India.
The company, in collaboration with leading German crowd-funding platform Bettervest Gmbh, obtained necessary regulatory approvals from the financial regulator BAFIN to get listed for investment.
Customer-base
Oakridge has over 1,000 customers in North India, including over 400 projects in Delhi itself. The company has installed rooftop solar plants in government buildings, Delhi government schools, colleges, hospitals, industrial and commercial establishments.
Oakridge CEO Shravan Sampath said, “We are happy to be solarising a part of our Delhi solar portfolio through crowdfunding through retail investors in Germany. We have always focussed on developing niche projects and offering the best possible returns to our partners. It was nice to see the extent of interest there was in the German market for Indian projects”.
Marilyn Heib, CEO, Bettervest Gmbh said, “Oakridge is one of our premium partners in the solar space, and the Oakridge rooftops’ portfolio is also the single largest project we have ever financed until date”.
[ad_2]
CLICK HERE TO APPLY
Reserve Bank of India – Tenders
[ad_1]
Read More/Less
|
(No. – RBI/New Delhi/Estate/93/21-22/ET/125) It has been decided with the approval of competent authority to extend bid submission end date and bid opening date. Accordingly, Important Bidding Information Summary (Page 5 of Tender Document) stands modified/amended as under:
2. All other terms and conditions of the tender remain unchanged. 3. The above clarifications/modifications/amendments shall be part of the Tender / Bid document for all purposes. All applicants are requested to apply well in advance to avoid any last minute technical issue in MSTC portal. Regional Director Date: October 14, 2021 |
[ad_2]
CLICK HERE TO APPLY
2 Stocks To Buy As Suggested By HDFC Securities For Short Term Gains
[ad_1]
Read More/Less
Globus Spirits
The brokerage bets on the stock of beverage company for gains with Base Case Fair Value is Rs. 1619 band, Bull case fair value Rs. 1761 & suggested adding more on dips Rs. 1273-1297 band
To meet the government’s ambitious aim of 20% blending by 2025, the supply of grained-based ethanol must expand by 12 times from current levels, requiring India to install an extra 482 million litres of grain-based ethanol capacity over the following four years. In the face of such a severe supply shortage, Ethanol prices may continue to rise to the benefit of distillers.
Valuation & Recommendation: Globus Spirits
“Though the stock has rallied ~4x over past 6 months, we believe there’s still upside to this rally, with the caveat that the Government maintains its supportive stance on ethanol blending. We think the base case fair value of the stock is Rs 1,619 and the bull case fair value of is Rs 1,761 (18.5x Sept’23E E EPS). Investors can buy the in-stock Rs 1,454-1,482 band (15.5x Sept’23E EPS) and add more on dips to Rs 1,273-1,297 band. At LTP of Rs 1,469, it quotes at 15.4x Sept’23E EPS,” the brokerage has said.
GSL to double its capacity by FY23E to ride the ethanol wave
The brokerage believes that it prepares to ride the ethanol wave, GSL is expanding its grain-based distillery capacity from 490 KLPD to 930 KLPD over the next two years. T expects to commercialise its brownfield expansion in West Bengal (for 140 KLPD capacity) in Q3FY22, with an anticipated investment of Rs 110 Cr.
IIFL Securities
The brokerage bets on the stock of finance company for gains with Base Case Fair Value is Rs. 126 band, Bull Case Fair Value Rs.135 & suggested to add more on dips of Rs.98.
In Q1FY22, the business recorded its highest-ever quarterly client increase of 1.5 lakh.
In addition, the company has begun to receive positive feedback on its recently announced Z20 plan. We believe that the sale of Land Bank and continued increases in customer acquisition, a robust Investment Banking pipeline, and increased financial product distribution revenue, particularly from mutual funds, will be major catalysts for stock re-rating.
Valuation & Recommendation: IIFL Securities
“We expect dividend yield to improve to 3.7% in FY23E from current 2.3%. The stock is trading at a steep discount to its peers which we believe, will narrow gradually as the company has started gaining lost market share.
We feel that investors can buy IIFL Securities Limited at the LTP of Rs.112.4 (12.1xFY23E EPS) and add on dips to Rs.98 (10.5xFY23E EPS) band. We expect the Base case fair value of Rs.126 (13.5xFY23E EPS) and the Bull case fair value of Rs.135.5 (14.5xFY23E EPS) over the next 2 quarters,” brokerage has said.
According to the brokerage, a total of 7.1 million demat accounts have been opened as of Q1FY22. The gross industry ADTO (Average Daily Turnover) increased by 94 percent year over year. In FY21, retail participation’s contribution to overall turnover increased by 300 basis points. This pattern indicates that the volatility is attracting many young people who are wanting to trade/invest. In truth, India’s demographics are favourable, with low penetration, rising household savings, and expanding financial literacy, among other things.
Disclaimer
Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. The above article is only for educational purposes. Neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on a decision made.
[ad_2]
CLICK HERE TO APPLY
Indian crypto exchanges locking accounts on suspicious money laundering trades, BFSI News, ET BFSI
[ad_1]
Read More/Less
Indian cryptocurrency exchanges are blocking and reporting suspicious trades on their won following concerns raised by the government agencies that the virtual currencies were used for money laundering.
The industry is looking to self-regulate at a time when the government is yet to come out with any regulations around cryptocurrencies or the way to tax them.
WazirX, one of the largest cryptocurrency exchanges in the country, recently declared the numbers in what it calls a “transparency report”.
Between April and September this year, the exchange got 377 requests from legal enforcement agencies, out of which 38 requests were from foreign law enforcement agencies.
The crypto exchange locked about 1,500 accounts.
In all, the exchange locked 14,469 accounts, although most of them were after customers asked them to stop services or there were some other payment issues.
The exchanges have always claimed that if the cryptocurrency is based on a blockchain technology, all the records are permanent and, in fact, it would be easier to discover the exact nature of the transactions.
Enforcement Directorate notice
IN July, the Enforcement Directorate (ED) in its recent notice to WazirX, has asked the crypto exchange to explain why ‘withdrawal from crypto wallets’ is not a violation of the Foreign Exchange Management Act (FEMA).
The ED notice had put a question mark on the very essence of cryptos and fundamental structure of the underlying digital ledger, blockchain, that allow holders of cryptos to freely transfer coins from their wallets to another wallet and to anyone, anywhere in the world. The agency had asked WazirX to explain transactions worth 2,790.74 crore. A trader buying Bitcoin, the most popular cryptocurrency, on WazirX stores the coin in her wallet with the exchange.
However, she can move the crypto purchased on WazirX platform to another wallet with another exchange in India or abroad, or to her private wallet which is not linked to any exchange, or directly move coins to the wallet of another person who may be located anywhere.
WazirX and a few exchanges have also received notices from the income tax department which is trying to figure out the source of earnings of the bourses and whether parts have escaped tax.
In 2019, the Financial Action Task Force — an intergovernmental organisation to combat money-laundering — had come out with the ‘Travel Rule’ that prescribes exchanges, custodians as well as wallet providers to share information on senders and recipients of cryptos.
[ad_2]
CLICK HERE TO APPLY
HC rejects Rakesh Wadhawan’s medical bail plea, BFSI News, ET BFSI
[ad_1]
Read More/Less
The Bombay High Court on Thursday refused to grant bail on health grounds to jailed businessman Rakesh Wadhawan, accused of money laundering in the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case. Wadhawan, founder of Housing Development Infrastructure Limited (HDIL), was arrested by the Enforcement Directorate in 2019 in the case.
A single bench presided over by Justice Nitin Sambre said that Wadhawan’s submission that he was immediately required to be released on temporary bail on medical ground, was “not justified”.
It said that denial of medical bail was in no way a breach of Wadhawan’s fundamental right to life since he had been provided adequate medical treatment by the state prison authorities whenever required.
Wadhawan, who recently underwent a surgery for pacemaker implantation, had sought that he be released on bail so that he can seek discharge from the civic-run KEM Hospital in the city, where he is recuperating currently while in judicial custody, and shift to a private hospital while out on bail.
Wadhawan had said in his plea that he suffered from severe co-morbidities, that his immune system had been compromised after having contracted COVID-19 recently, and that he was susceptible to contracting infections and ailments while at the civic hospital due to the heavy footfall the hospital received.
He further said that the KEM Hospital did not have an ICU facility specifically meant for those suffering from cardiac issues.
State’s counsel Prajakta Shinde, however, objected to Wadhawan’s bail plea.
She pointed out that he had been provided timely and specialised medical treatment at state-run and civic hospitals by the state prison authorities from time to time since his arrest.
Shinde said the KEM Hospital authorities had themselves recommended that Wadhawan be shifted to another hospital for the pacemaker implantation surgery since the hospital didn’t have such facility. However, now that the surgery was over, Wadhawan could continue his medical treatment at KEM.
Shinde also submitted documents to show that KEM hospital was currently undergoing renovations and arrangements were being made to set up a cardiac ICU within a few weeks.
The court took note of the state’s submissions and agreed that Wadhawan had indeed been provided the “best possible” medical treatment by the state prison authorities whenever required.
“In the backdrop of aforesaid (treatment having been provided by state authorities), it cannot be inferred that right of the applicant guaranteed under Article 21 of the Constitution for having proper medical treatment in super-speciality hospital is violated,” the high court said.
“Rather, various medical treatments which are given to the applicant are proved to be life-saving at this stage. The claim put forth by the applicant that he is immediately required to be released on temporary bail on medical ground is not justified. It lacks merit and stands rejected,” it added.
The court, however, granted Wadhawan the liberty to approach the court in case of any emergency.
[ad_2]
CLICK HERE TO APPLY
Tax Saving Fixed Deposits: Top 5 Private Sector Banks With Higher Interest Rates
[ad_1]
Read More/Less
Investment
oi-Vipul Das
|
Without a doubt, fixed deposits are the most secure investment for both short and long-term financial goals. However, by making a fixed deposit for a 5-year lock-in period, both regular and senior citizens can claim tax benefits on investments of up to Rs 1.5 lakhs under Section 80C of the Income Tax Act, 1961. This implies that, in addition to meeting your 5-year financial target, you may also claim tax benefits on your deposits or can be claimed as tax-saving fixed deposits. The lock-in term in tax saving deposits implies that your deposit will be locked in for 5 years and you will not be able to make premature withdrawals, which is the sole concern you need to be careful of. Amid declining interest rates, here are the top 5 private sector banks that are offering higher interest rates to both regular and elderly citizens who wish to earn substantial returns on their tax-saving deposits of 5 years.
Note: The interest rates on tax-saving fixed deposits of 5 years are marked in bold.
Yes Bank
Yes Bank promises an interest rate of 6.25 percent to the general public and 7.00 percent to senior people for both senior citizens on tax-saving fixed deposits. The bank’s most current FD rates are as follows.
| Period | Regular Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| 7 to 14 days | 3.25% | 3.25% |
| 15 to 45 days | 3.50% | 3.50% |
| 46 to 90 days | 4.00% | 4.00% |
| 3 months to | 4.50% | 4.50% |
| 6 months to | 5.00% | 5.03% |
| 9 months to | 5.25% | 5.32% |
| 1 year | 5.75% | 5.88% |
| 18 Months to | 6.00% | 6.14% |
| 3 Years to | 6.25% | 6.40% |
| 5 Years to | 6.50% | 6.66% |
| Source: Bank Website, W.e.f 5th August, 2021 |
RBL Bank
RBL Bank is now offering an interest rate of 6.30 percent to regular customers and 6.80 percent to senior people on tax-saving deposits of less than Rs 2 Cr. The bank’s most current interest rates on domestic, NRO, NRE and Flexi Fixed Deposits are as follows.
| Period | Regular Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 240 days | 5.00% | 5.50% |
| 241 days to 364 days | 5.25% | 5.75% |
| 12 months to less than 24 months | 6.00% | 6.50% |
| 24 months to less than 36 months | 6.00% | 6.50% |
| 36 months to less than 60 months | 6.30% | 6.80% |
| 60 months to 60 months 1 day | 6.30% | 6.80% |
| 60 months 2 days to less than 120 months | 5.75% | 6.25% |
| 120 months to 240 months | 5.75% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 6.30% | 6.80% |
| Source: Bank Website, W.e.f. September 01, 2021 |
IndusInd Bank
IndusInd Bank offers a 5-year Indus Tax Saver Scheme with an interest rate of 6.00 percent for regular customers and 6.50 percent for senior people. On fixed deposits of less than Rs 2 crore, the bank is currently guaranteeing the following interest rates.
| Period | Regular Interest Rates In % | Senior Citizen Interest Rates In % |
|---|---|---|
| 7 days to 14 days | 2.5 | 3 |
| 15 days to 30 days | 2.75 | 3.25 |
| 31 days to 45 days | 3 | 3.5 |
| 46 days to 60 days | 3.25 | 3.75 |
| 61 days to 90 days | 3.4 | 3.9 |
| 91 days to 120 days | 3.75 | 4.25 |
| 121 days to 180 days | 4.25 | 4.75 |
| 181 days to 210 days | 4.6 | 5.1 |
| 211 days to 269 days | 4.75 | 5.25 |
| 270 days to 354 days | 5.5 | 6 |
| 355 days to 364 days | 5.5 | 6 |
| 1 year to below 1 Year 6 Months | 6 | 6.5 |
| 1 Year 6 Months to below 1 Year 7 Months | 6 | 6.5 |
| 1 Year 7 Months to below 2 Years | 6 | 6.5 |
| 2 years to below 2 years 6 Months | 6 | 6.5 |
| 2 years 6 months to below 2 years 9 Months | 6 | 6.5 |
| 2 years 9 months upto 3 years | 6 | 6.5 |
| Above 3 years upto 61 months | 6 | 6.5 |
| 61 months and above | 5.5 | 6 |
| Indus Tax Saver Scheme (5 years) | 6 | 6.5 |
| Source: Bank Website, W.e.f. July 23rd, 2021 |
DCB Bank
DCB Bank currently offers a 5.95 percent interest rate on 5-year tax-saving fixed deposits to ordinary customers and a 6.45 percent interest rate to senior people. DCB Bank offers the following interest rates to depositors on Resident Indian Fixed Deposits of less than Rs 2 Cr.
| Period | Regular Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| 7 days to 14 days | 4.35% | 4.85% |
| 15 days to 45 days | 4.35% | 4.85% |
| 46 days to 90 days | 4.35% | 4.85% |
| 91 days to less than 6 months | 5.05% | 5.55% |
| 6 months to less than 12 months | 5.45% | 5.95% |
| 12 months | 5.55% | 6.05% |
| More than 12 months to less than 15 months | 5.30% | 5.80% |
| 15 months to less than 18 months | 5.50% | 6.00% |
| 18 months to less than 700 days | 5.50% | 6.00% |
| 700 days | 5.95% | 6.45% |
| More than 700 days to less than 36 months | 5.50% | 6.00% |
| 36 months | 5.95% | 6.45% |
| More than 36 months to 60 months | 5.95% | 6.45% |
| More than 60 months to 120 months | 5.95% | 6.45% |
| Source: Bank Website, With effect from 17th August 2021 |
Bandhan Bank
Bandhan Bank promises an interest rate of 5.25 percent to regular customers and 6.00 percent to senior citizens on tax-saving fixed deposits of less than Rs 2 crore. The most recent fixed deposit interest rates of the bank are given below.
| Period | Regular Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to Less than 2 months | 3.50% | 4.25% |
| 2 months to less than 3 months | 3.50% | 4.25% |
| 3 months to less than 6 months | 3.50% | 4.25% |
| 6 months to less than 1 year | 4.50% | 5.25% |
| 1 year to 18 months | 5.50% | 6.25% |
| Above 18 months to less than 2 years | 5.50% | 6.25% |
| 2 years to less than 3 years | 5.50% | 6.25% |
| 3 years to less than 5 years | 5.25% | 6.00% |
| 5 years to up to 10 years | 5.00% | 5.75% |
| Source: Bank Website, W.e.f. June 7, 2021 |
Story first published: Thursday, October 14, 2021, 17:19 [IST]
[ad_2]
CLICK HERE TO APPLY
Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
|
Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:
The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount. The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 20, 2021, during the below given timings:
Results will be announced on the day of the auction. Payment by successful bidders to be made on Thursday, October 21, 2021. Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125). Ajit Prasad Press Release: 2021-2022/1046 |
[ad_2]