Reserve Bank of India, Premises Department, Central Office, Mumbai had invited e-tender for Tender for Design, Supply, Installation, Testing and Commissioning of Contraband Trace Detection System with all Accessories for Bank’s Central Office Building at Fort, Mumbai, through Press Advertisement, RBI Website and MSTC Portal on October 14, 2021.
In this context, it has been decided to extend the tender further upto 03.12.2021.
The Revised Bid Close Date for the captioned e-tender is 03.12.2021 upto 2 p.m.
All terms and conditions mentioned in the tender remain unchanged.
The Reserve Bank of India (RBI) has, by an order dated November 24, 2021, imposed a monetary penalty of ₹20 lakh (Rupees twenty lakh only) on Mulamoottil Financiers Limited, Kozhencherry, Pathanamthitta District, Kerala (the company) for non-adherence with certain provisions of the directions issued by the RBI on classification of Non-performing Assets contained in “Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and RBI Directions on Raising Money through Private Placement by NBFCs-Debentures. This penalty has been imposed in exercise of powers vested in RBI under section 45 J A and the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934, taking into account the failure of the company 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 company with its customers.
Background
The statutory inspection of Mulamoottil Financiers Limited with reference to its financial positions as on March 31, 2018 and scrutiny conducted in February 2018, revealed, inter alia, non-compliance with above mentioned directions issued by RBI. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for failure to comply with the directions issued by RBI. After considering the company’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI came to the conclusion that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.
FinTechs and banks are not competitors, they are collaborators creating an ecosystem that ensures customers are getting the best of what they deserve, said Ravindra Pandey, deputy managing director and chief information officer of State Bank of India.
“We assume that fintechs have the idea, while banks have the data and trust, and both are working on how to marry these three into the absolute product,” said Pandey at a fireside chat with Amol Dethe, Editor, ET BFSI, at the 2nd edition of ET BFSI Converge.
Shedding light on how banks onboard fintechs, he said that the basic model of engagement is to nurture fintechs by having an independent technical evaluation committee, a team of bankers to evaluate the concept of the idea, handhold in journey of engagement, among refinements. Additionally, the bank year marks a certain amount of money for fintechs to develop their products. No fixed benchmark
“There can’t be a fixed benchmark for a fintech company to be able to collaborate with banks, since by nature, they represent doing things in a new and better manner. The engagement can vary from reactive sourcing, where the fintech approaches the bank or organizing talent hunts like hackathons,” Pandey said.
Highlighting the success and the extent of these collaborations, he said that since 2017, by collaborating with Singzy, there are now 11 fintechs working with SBI to create value for themselves, the bank and the ecosystem. “SBI is going all out, for instance, we are now tying up with an agriculture based fintech, and based on the satellite imagery, we can finance the consumer by knowing all about the land, which crop is what, what is the right bet etc. These are the new and fresh ideas that banks are willing to explore today,” he said.
According to Pandey, doing business with fintechs does not necessarily mean creating a new asset or a product, but improving the operational efficiency is also a major reason to collaborate. He is of the strong opinion that banks when interacting with fintech firms need to carefully listen and understand their ideas in order to start brainstorming about how to fit it into the bank’s scheme of things. “Bank’s can’t expect fintechs firms to tell them where their ideas will work and if they do, they are no more fintechs but technology companies,” he added.
Challenges faced by larger banks in collaborating with FinTechs
“Banks are no more averse to receiving news ideas, we have been here for more than 200 years and the time speaks for itself we continuously evolve outside challenges. Initial challenges due to the rules and regulation have to be there since banks are depository of the public trust and money and they cannot just whittle it away without being thorough,” Pandey said.
There are four major obstacles that might occur, first one being the resource constraints because fintechs while initiating the journey usually think that a three man team can work on the project only to realize later that they need more hands on the job. Secondly, the discontinuous nature of fintechs might become problematic, because banking is a business where if invested and integrated in the system, continuity becomes important, Pandey highlighted.
“In today’s world, no idea or technology can be built in isolation. So if their product and services are not customizable, it creates a problem. The fourth problem, which may be very peculiar to larger banks like SBI, is the scale. Sometimes the case is that we like the idea, but when it comes to our scale of operations, it falters,” he said.
Automation will become an imperative rather than a good-to-have in the next 2-3 years while hyper-personalisation will see a lot of innovations after six to eight months, according to Mahesh Ramamoorthy, Chief Information Officer, Yes Bank.
If any bank wants to get into new service or product enhancements it will need straight-through processing or zero ops. A lot of learning will come from some of the good fintech companies that have enabled themselves and have dedicated to building the scale at a very low human footprintMahesh Ramamoorthy, Chief Information Officer, YES Bank, at the Fireside Chat during ETBFSI Converge.
Hyper-personalisation
Hyper-personalisation, he said, was at a nascent stage and a lot of banks are on that journey. There are a lot used cases for hyper-personalisation such as if a customer is doing a purchase and wants money, the bank should be able to triage customer location, profile request along with banking risk and give the customer the money. Another use case is the dispute journey where the transaction could be invalid, incorrect leading to reversal. If we could service the customer using automation or give the customer the progress of the dispute giving another self-experience it would be a defining moment, he said
Saving costs
With automation banks can, on one hand, save costs on the other drive the business. It creates more availability for the customer that increases the standing of the bank in the market. Creating efficiencies in the back office leads to more business in the front office, which leads to driving growth of not just accounts but also balances, Ramamoorthy said.
Despite automation, there are instances where manual intervention is needed, such as customer queries where multiple touchpoints are needed to be addressed, the banking could pull in the information but the service would be needed to be done manually.
He said the bank is open to understanding how fintech firms create accelerated journeys, deployments, service enhancement. “We have a huge focus on partnerships. most of the automation that the fintechs have brought to the table especially when thy use latest tools there have been good learnings,” he said.
Automation’s objective is to move to zero ops, with effective means and very minimum manual intervention. identifying critical processes, to create customer experience, efficiency with a sufficient amount of risk control.
Welcome to the refurbished site of the Reserve Bank of India.
The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.
With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.
The site can be accessed through most browsers and devices; it also meets accessibility standards.
Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.
Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.
The best way you can prepare yourself to undertake a financial commitment the size of a home loan is by knowing exactly how much you will have to pay back, through the course of your loan tenor. To enable you to do so, there are many online Home Loan EMI Calculators that help you draw up a realistic repayment plan, allowing you the foresight to financially prepare for your future.
The online calculator tools are designed to ensure maximum user-friendliness, and even let you toggle with your desired interest rate, loan amount, and loan tenor – showing you many possible repayment schedules, based on what you choose.
EMIs for Different Home Loan Amounts
There are many attractive home loan options available in the market today, including that which is offered by Bajaj Housing Finance Limited, where interest rates begin from 6.70%* p.a. for salaried professionals, with a loan tenor stretching up to 30 years. Besides gaining access to a sizeable loan amount of Rs.5 Crore* and even more, EMIs start as low as Rs.645/Lakh* for those applicants who meet the eligibility criteria. If you’re interested in applying for this loan, and want to look at the tentative EMI forecast, all you have to do is use their Home Loan EMI Calculator.
To give you a better idea, the following table showcases various EMI amounts, based on the change in the principal amount and loan tenor. The rate of interest considered here is 6.8% p.a.
Particulars
Home Loan Repayment Tenor
5 Years
10 Years
15 Years
20 Years
EMI per lakh on housing loan
Rs.1,971
Rs.1,151
Rs.888
Rs.763
Total payable interest
Rs.18,241
Rs.38,087
Rs.59,737
Rs.83,298
Total payable amount
Rs.1,18,241
Rs.1,38,087
Rs.1,509,737
Rs.1, 83,298
Benefits of Using the Online Home Loan EMI Calculator
We strongly recommend using the Online Home Loan EMI Calculator before you start making formal home loan applications. Here are the benefits of using this handy tool.
1. Realistic EMI Forecast
The most prominent feature of the Online Home Loan EMI Calculator is that it gives you an accurate representation of the EMIs you will have to pay, based on the loan amount, interest rate, and loan tenor you choose to input.
It also offers a breakup of your loan amount – showing you how much you will have to pay as the principal loan sum, and how much you will have to repay as the interest on your loan.
2. Error-free Computations
When we do our own calculations manually, there is always room for human error. Why leave it to chance, when you can avail of the free services of the online Home Loan EMI calculator, to give you accurate and error-free data based on the information provided by you. This approach also gives you a heads-up as to how you need to plan your finances if you plan on seeking a home loan in the future.
How to Calculate Home Loan EMI
Using an online home loan calculator:
The online Home Loan EMI Calculator also uses the same formula to display your EMI schedule, saving you the effort of manual computation. While this gives an overview of the home loan repayment plan, it is essential to remember that actuals change in case a borrower opts for part prepayment.
Home Loan Part-Payments and EMI Changes
A borrower can make part-prepayments as many times as they wish to, within their loan tenor and their EMIs will change accordingly. The amount paid goes toward reducing the outstanding home loan amount, reducing the net home loan interest payable. In such a case, you can use the Bajaj Housing Finance Part-Payment Calculator for an estimate of the EMI and tenor savings.
Final Thoughts
Applicants can access a range of benefits with Bajaj Housing Finance Home Loan, including customized repayment facilities, fast processing, and quick approval, and external benchmark linked loans (repo rate). The home loans are designed for ultimate convenience; a user can complete the process while taking calls or responding to emails. The only time a user is required to meet someone is at the final stage in the process, where they must sign the home loan agreement and mandatory registration formalities. With a plethora of benefits, a user can now make their dream home a reality.
For investment related articles, business news and mutual fund advise
Today, the Reserve Bank of India released the sixth edition of its statistical publication titled “Handbook of Statistics on Indian States 2020-21”. Through this publication, the Reserve Bank has been disseminating wide-ranging data on the regional economies of India.
This publication follows the ‘one indicator-one table’ approach in 157 tables. It covers sub-national statistics on socio-demographics, state domestic product, agriculture, price and wages, industry, infrastructure, banking and fiscal indicators across Indian states over various time periods ranging from 1951 to 2020-21.
To make the Handbook more user friendly in terms of its portability, presentation and coverage of new items, the following changes have been introduced in the current edition of the Handbook:
In addition to the updation of the existing data series, 4 new tables have been included on the following indicators:
(i) Agriculture and Allied Activities
State-wise Storage Capacity of Foodgrains [pertains to Food Corporation of India (both own and hired) and state agencies], 2013-2020; and
State-wise Storage Capacity for Foodgrains and Utilization under Food Corporation of India for the period 2019-2021.
(ii) Social and Demographic Indicators
(iii) Infrastructure
State-wise Number of Government Hospitals in Rural and Urban Areas, including Community Health Centres (CHCs), 2019.
The electronic form of the Handbook can also be accessed on www.rbi.org.in
Comments and suggestions on the Handbook are welcome and may please be sent to the Director, Regional Economy Monitoring Division, Department of Economic and Policy Research, Reserve Bank of India, 6th Floor, Amar Building, Mumbai-400001 or please click here to send email.
Please refer to the RFP published on the Bank’s website www.rbi.org.in and MSTC portal on November 16, 2021 inviting submission of bids from eligible IRDAI licensed Insurance Companies to manage the OPD (Annual Health Checkup) Programme for employees and their spouses of Reserve Bank of India through MSTC e-tendering portal.
2. In this context, following revision is being notified:
S. No.
Section
Existing Provision
Modified Provision
1.
Section IV
Please refer to sr. no. 4 of table of Evaluation Criteria for Technical Bids
Number of employees
Number of employees as on 31-03-2021
2
Section IV
Please refer to sr. no. 7 of table of Evaluation Criteria for Technical Bids
Technology platform for administrating this programme
Provide or Facilitate Technology platform for administrating this programme.
Supporting document for above criteria (Annex 1 point 12) – If the bidder has their own technology platform they should submit only auditors certificate alternatively if they intend to use the technology platform of the associated vendors, the bidder should submit a declaration on their behalf.
Note: The selected bidder will have to arrange/submit relevant documents related to Data Confidentiality such as NDA, Encryption certification, ISO certification etc as applicable during the onboarding process.
3
Section IV
Please refer to sr. no. 8 of table of Evaluation Criteria for Technical Bids
Number of corporate clients the bidder has serviced for similar OPD health check-up programmes with coverage of at least 10,000 lives for last three financial years.
Number of corporate clients the bidder has serviced for similar OPD health check-up programmes with coverage of at least 10,000 lives for last five financial years.
Note: Amended and aligned as per the Section II: Eligibility of bidders point b)
3. All other terms and conditions of the RFP shall remain unchanged.
Chief General Manager-in-Charge Human Resource Management Department
Buoyed by the earlier performance, Sundaram Finance has raised ₹200 crore in the third tranche of its High Yield Secured Real Estate Fund within a month of its launch and targets mopping up ₹700 crore in coming days.
The fund will seek to use its focused and robust credit policy to create risk-adjusted returns and periodically distribute cash to reduce risks and provide a current income model for its investors.
Risk mitigation strategies
Karthik Athreya, Head of Strategy, Alternate Credit, said the funds have significant risk mitigation strategies that are differentiated in the market in terms of underwriting methods and diligence focus.
The real estate space is exhibiting growth — sales numbers reaching pre-Covid levels, prices remain in line in the company’s key markets and supply is managed. The growth is aided by the low interest rates offered by banks, attractive pricing, and incentives offered by developers, he said.
ESG compliance
Harsha Viji, Executive Vice-Chairman, Sundaram Finance, added, “Our focus across various investment strategies, going forward, is to also transition our portfolio into ESG compliance over the next few years, reflecting the strong vision of Sundaram Group as a responsible corporate citizen.”
The third series of AIF Cat II funds will invest in senior secured credit of real estate developers based out of South India. Fund III follows the better performance of the earlier two similar funds that raised over ₹840 crore and built a diversified asset book of 18 investments to date that are generating 18-20 per cent gross IRRs.
