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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




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.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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RBI lifts Prompt Corrective Action restrictions on UCO Bank, BFSI News, ET BFSI

Banking & Finance

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FILE PHOTO: The Reserve Bank of India seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui

The Reserve Bank of India today lifted Prompt Corrective Action (PCA) restrictions on UCO Bank, after the Board of Financial Supervision reviewed the financials of the bank, the central bank said in a statement.

The central bank said UCO Bank provided a written commitment that it would comply with the norms of Minimum Regulatory Capital, Net Non Performing Assets and Leverage ratio on an ongoing basis.

UCO Bank will, however, be continuously monitored by the RBI.

Earlier in June, UCO Bank Managing Director Chief Executive Officer AK Goel said that he was hopeful that the central bank would lift PCA restrictions on the bank.

PCA is triggered when banks breach regulatory norms such as return on asset, minimum capital, among others.

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Kanpur invites Tenders in Part-I and Part-II for “Conducting Electrical Safety Audit in Bank Premises at Reserve Bank of India Kanpur”, the estimated cost of which is ₹1,06,200/- (Inclusive of 18% GST). The work is to be completed within a period of 30 days from 10th day of issue of work order and the final report should be submitted within 12 days thereafter.

Tender forms are available at 2nd Floor, Estate Department, Reserve Bank of India, Mahatma Gandhi Road, Kanpur, Uttar Pradesh – from 08.09.2021 to 29.09.2021 or it can be downloaded from our Website www.rbi.org.in. (https://rbi.org.in/Scripts/BS_ViewTenders.aspx). Tender Forms will have to be submitted in a sealed cover at 2nd Floor, Estate Department, Reserve Bank of India, Mahatma Gandhi Road, The Mall, Kanpur up to September 29, 2021 by 01:00 PM.

The Bank reserves the right to accept or reject any or all Tenders without assigning any reason thereof.

Tender for “Conducting Electrical Safety Audit in Bank premises at Reserve Bank of India, Kanpur”
Tender Issue Date 08.09.2021
Last Date & Time of submission 29.09.2021 till 13:00 Hrs.
Opening Date & Time of Tender Part-I 29.09.2021 at 15:00 Hrs.

Regional Director
Reserve Bank of India
Kanpur

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Reserve Bank of India – Tenders

Tenders

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It has been decided with the approval of competent authority to extend bid submission end date and bid opening date. Accordingly, Calendar of Events (Page 4 of Tender Document) stands modified/amended as under:

Existing Amended
Last Date for Submitting Applications and Opening of Quotations September 06, 2021 (Mon) Last Date for Submitting Applications and Opening of Quotations September 13, 2021 (Mon)
Opening of Technical Bid and Issue of Draft Empanelment List September 06, 2021 (Mon) Opening of Technical Bid and Issue of Draft Empanelment List September 13, 2021 (Mon)

2. All other terms and conditions of the tender remain unchanged.

3. The above clarifications/modifications/amendments shall be part of the Bid document for all purposes.

Regional Director
Reserve Bank of India
Bengaluru

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on September 09, 2021, Thursday, as under:

Sl. No. Notified Amount
(₹ crore)		 Tenor (day) Window Timing Date of Reversal
1 3,50,000 15
(September 10, 2021 being a holiday) 		10:30 AM to 11:00 AM September 24, 2021
(Friday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Ajit Prasad
Director   

Press Release: 2021-2022/828

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Top 5 UPI Apps In August; PhonePe Tops The List

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Planning

oi-Sneha Kulkarni

|

In terms of transaction volume and value, PhonePe continues to lead the UPI ecosystem over competitors such as Google Pay and Paytm in August.

According to figures given by the National Payments Corporation of India, PhonePe processed 1,622.95 million or 1.6 billion transactions worth Rs 3,01,644.80 crore in August. During that time, Google Pay received 1234.75 million (Rs 2,44,453.05 crore) in payments.

Top 5 UPI Apps In August; PhonePe Tops The List

In August, as United Payments Interface (UPI) transactions continued to rise, digital payments company PhonePe achieved a new high, surpassing Rs 3 lakh crore in transaction amounts for the first time.

With 1.62 billion transactions, PhonePe accounts for 45 percent of UPI volume and 47 percent of UPI value, with Rs. 3.01 lakh crore in transactions.

Transactions on Google Pay, the second-largest participant, increased from 1.11 billion in July to 1.24 billion in August. Google Pay’s value market share increased from 34.45 percent in July to 38 percent in August, with transactions totaling Rs 2.44 lakh crore. The app had a 35 percent volume market share.

Peer-to-peer (P2P) and peer-to-merchant (P2M) transactions totaled 1,945.80 million and 1609.74 million, respectively, in UPI’s 3.55 billion transactions valued Rs 6,39,116 crore.

In August, PhonePe had 45.64 percent of the UPI market share, while Google Pay had 34.72 percent. PhonePe and Google Pay had 45.94 percent and 34.45 percent market share in the UPI ecosystem, respectively, in the preceding month.

WhatsApp, a Facebook-owned app, registered 0.5 million transactions worth Rs 44.70 crore, indicating that new entrants in the UPI market are still underperforming. Because more people were allowed to join WhatsApp in the last few months, it was expected to grow.

It’s also worth mentioning that in August, PhonePe was India’s most popular fintech app. During the month, PhonePe had 9.5 million downloads across the Play Store and App Store, followed by Google Pay with 7 million and Paytm with 6.1 million, according to Sensor Tower data.

UPI Apps Transactions in Millions Market Share
PhonePe 1,622.95 45.64%
Google Pay 1,234.75 34.72%
Paytm 423.63 11.91%
Amazon pay 60.67 1.7%
BHIM 26.33 0.74%

Story first published: Wednesday, September 8, 2021, 17:41 [IST]



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Reserve Bank of India – Tenders

Tenders

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(E-tender No. RBI/Lucknow/HRMD/10/21-22/ET/118)

A pre-bid meeting regarding the E-tendering for Procurement of Medicines for Dispensaries of RBI, Lucknow was held on September 04, 2021 at 12:00 PM. The meeting was conducted online through Cisco Webex. The meeting was attended by following:

Sr. No. Name Status
1 Soloman & Co. Not present
2 K C Pharmaceuticals Not present
3 Sheel Pharmaceuticals Utkarsh Parolia
4 Sagar Distributors Dr. Krishna Kumar
5 Truemed Chemists and Druggists Varun Anand
6 Apollo Pharmacies Ltd. Alok Singh and Amir Rai
7 Official from MSTC portal V N Singh
8 Reserve Bank of India Mohan Rawat (DGM, CES/ HRMD)
Markandeya Chaturvedi (AGM, CES)
Sonal Sinha (AM, CES)
Anurag Srivastava (Sr. Asst., CES)
Ravi Tripathi (Assistant, CES)

Following discussions took place in the pre-bid meeting: –

1. Shri Markandeya Chaturvedi, AGM apprised the vendors about the possible instance/ situation that if all the vendors quote same discount rate, then the Vendor who has first quoted the said rate in the MSTC portal will be declared the H1 bidder. It was also explained to them that the decision to award the contract to any bidder in above situation rests with the Regional Director, Lucknow.

2. The significance of negative sign in the discount rate column (price bid) of MSTC portal was apprised to the vendors by the Official from MSTC Shri V.N.Singh. He said that the MSTC portal is designed w.r.t. L1 bidders, so a negative sign is put in the discount column.

3. Shri Alok Singh from M/s Apollo Pharmacy and Dr. Krishna Kumar from M/s Sagar Distributors enquired whether list of medicines will be shared with them before placing the bid or not. AGM, CES informed that they will confirm with Central Office (CO) and share the details with vendors at the earliest.

4. Shri Utkarsh Parolia from M/S Sheel Pharmaceuticals enquired whether FDR can be taken in place of Bank Guarantee or not as mentioned in RFQ document. AGM, CES informed that as of now, there is no such provision.

5. Shri Varun Anand from Truemed Chemists and Druggists enquired about the helpline number of MSTC. The MSTC representative Shri V N Singh provided his contact details and MSTC, NRO helpline number.

6. Shri Alok Singh from Apollo Pharmacy enquired about the portal fees charged by RBI. In reply to the question, Shri V N Singh, MSTC, explained to the vendors that the fees required for E-tendering process is charged by MSTC portal and not by RBI.

7. Representative of M/S Sheel Pharmaceuticals enquired whether GST certificate will be provided by the end of financial year or not. AGM, CES replied that the same will be confirmed from the concerned section.

8. The representative from M/S Sagar Distributors enquired that in case they are not selected for the said contract whether EMD will be returned to them or not. AGM, CES responded whether the contract goes to the vendor or not, the EMD deposited by the vendors will be returned.

9. AGM, CES informed the vendors that they have been empanelled for the period April 2021 to March 2024 and advised them to comply to the guidelines and terms and conditions mentioned in the RFE and RFQ documents.

10. AGM, CES and MSTC representative advised all the vendors present at the meeting not to wait for the last date for quoting their respective price bids to avoid any last-minute issues.

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Axis Bank Alters Interest Rates On FD: Check Latest Rates Here

Personal Finance

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Investment

oi-Vipul Das

|

Axis Bank, one of the leading private sector banks of India has recently revised interest rates on its domestic fixed deposits and NRI fixed deposits. Axis Bank offers various types of deposit schemes to its customers such as Express FD, Fixed Deposits, Recurring Deposits, Tax Saver Fixed Deposit, Fixed Deposit Plus, and Auto Fixed Deposit. With a minimum deposit amount of Rs 5,000 online and Rs 10,000 via visiting the nearest bank branch, one can open a fixed deposit account at Axis Bank and can enjoy the benefits like flexible tenure ranging from 7 days to 10 years, online account opening service, competitive interest rates, automatic roll-out facility, premature withdrawal facility, reinvestment deposit option to earn more interest rates, transfer of deposit, additional interest rates for senior citizens and much more. Following the most recent adjustment as of date 03.09.2021, Axis Bank is offering the below-listed interest rates on FDs.

Axis Bank Interest Rates On Regular Deposits

Axis Bank Interest Rates On Regular Deposits

For an amount of less than Rs 2 Cr and after the most recent adjustment on interest rates on FD, Axis Bank is offering the following interest rates on fixed deposits to regular citizens.

Tenure Regular FD Rates In %
7 days to 14 days 2.50
15 days to 29 day 2.50
30 days to 45 days 3.00
46 days to 60 days 3.00
61 days to less than 3 months 3.00
3 months to less than 4 months 3.50
4 months to less than 5 months 3.50
5 months to less than 6 months 3.50
6 months to less than 7 months 4.40
7 months to less than 8 months 4.40
8 months to less than 9 months 4.40
9 months to less than 10 months 4.40
10 months to less than 11 months 4.40
11 months to less than 11 months 25 days 4.40
11 months 25 days to less than 1 year 4.40
1 year to less than 1 year 5 days 5.10
1 year 5 days to less than 1 year 11 days 5.15
1 year 11 days to less than 1 year 25 days 5.10
1 year 25 days to less than 13 months 5.10
13 months to less than 14 months 5.10
14 months to less than 15 months 5.10
15 months to less than 16 months 5.10
16 months to less than 17 months 5.10
17 months to less than 18 months 5.10
18 months to less than 2 years 5.25
2 years to less than 30 months 5.40
30 months to less than 3 years 5.40
3 years to less than 5 years 5.40
5 years to 10 years 5.75
Source: Axis Bank, W.e.f. 03.09.2021

Axis Bank Interest Rates On FD For Senior Citizens

Axis Bank Interest Rates On FD For Senior Citizens

Upon the most recent adjustment made by the bank on its deposit schemes, Axis Bank offers the following interest rates to senior citizens for a deposit amount of less than Rs 2 Cr.

Tenure Senior Citizen FD Rates In %
7 days to 14 days 2.50
15 days to 29 day 2.50
30 days to 45 days 3.00
46 days to 60 days 3.00
61 days to less than 3 months 3.00
3 months to less than 4 months 3.50
4 months to less than 5 months 3.50
5 months to less than 6 months 3.50
6 months to less than 7 months 4.65
7 months to less than 8 months 4.65
8 months to less than 9 months 4.65
9 months to less than 10 months 4.65
10 months to less than 11 months 4.65
11 months to less than 11 months 25 days 4.65
11 months 25 days to less than 1 year 4.65
1 year to less than 1 year 5 days 5.75
1 year 5 days to less than 1 year 11 days 5.80
1 year 11 days to less than 1 year 25 days 5.75
1 year 25 days to less than 13 months 5.75
13 months to less than 14 months 5.75
14 months to less than 15 months 5.75
15 months to less than 16 months 5.75
16 months to less than 17 months 5.75
17 months to less than 18 months 5.75
18 months to less than 2 years 5.90
2 years to less than 30 months 6.05
30 months to less than 3 years 6.05
3 years to less than 5 years 6.05
5 years to 10 years 6.50
Source: Axis Bank, W.e.f. 03.09.2021

Axis Bank Interest Rates On NRE Deposits

Axis Bank Interest Rates On NRE Deposits

For a deposit amount of less than Rs 2 Cr, the below-listed are the interest rates on Non-Resident External (NRE) deposits of Axis Bank which are in force from 03.09.2021.

Sr No. Period Interest Rates In % (p.a.)
1 1 year to less than 1 year 5 days 5.10
2 1 year 5 days to less than 1 year 11 days 5.15
3 1 year 11 days to less than 1 year 25 days 5.10
4 1 year 25 days to less than 13 months 5.10
5 13 months to less than 14 months 5.10
6 14 months to less than 15 months 5.10
7 15 months to less than 16 months 5.10
8 16 months to less than 17 months 5.10
9 17 months to less than 18 months 5.10
10 18 months to less than 2 years 5.25
11 2 years to less than 30 months 5.40
12 30 months to less than 3 years 5.40
13 3 years to less than 5 years 5.40
14 5 years to 10 years 5.75
Source: Axis Bank, W.e.f. 03.09.2021

Story first published: Wednesday, September 8, 2021, 17:25 [IST]



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Banking Stock To Buy For 33% Returns From Broking Firm Sharekhan

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Retail to be the driving force for IndusInd Bank, says Sharekhan

Sharekhan expects IndusInd Bank to address challenges through a combination of better strategy and execution and prudent disclosure with focus on reducing risk, etc.

“While for the near term, asset quality will be a monitorable, we expect pessimism to gradually ease over the medium term. Factors such as the bank’s willingness to recognise stress upfront in any loan segment before it becomes challenging to manage and its strategy to build adequate provisions or counter cyclical buffers if the business is risky will be cushions for the long term,” says the brokerage.

Net interest margins to be at 4 to 4.1%, says the brokerage

Net interest margins to be at 4 to 4.1%, says the brokerage

“Our constructive view on IndusInd Back is backed by its demonstrated strong asset-quality performance (for most period in recent years, except in the near past), along with improved capital levels (Tier-1 at 16.9%). Near term challenges continue, but we expect advances growth and credit cost to normalise in FY2023E, given improving macro conditions and the bank’s stated stance to front-load provisions. We expect net interest margins to be at 4.0-4.1% for the medium term, supported by its improving liability franchise,” the brokerage has said,

Reasonable on valuations

Reasonable on valuations

According to Sharekhan, IndusInd Bank IB currently trades at 1.6x/1.4x/1.3x its FY2022E/FY2023E/FY2024 book value, which is reasonable. The bank’s well-capitalised balance sheet and provision buffer are cushions for profitability.

“We believe the growth outlook is improving. Moreover, improving corporate exposure and low expected restructuring pipeline indicate that credit cost is manageable, and business normalcy is expected to resume in FY2022E. We opine the bank is in an improved position vis-à-vis its balance sheet and valuations are reasonable. While near-term asset quality will be a key monitorable, we believe the outlook is improving for the bank. We maintain Buy on the stock with an unchanged PT of Rs. 1,340,” the brokerage has said.

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only and has been taken from the report of Sharekhan. Be careful while investing as the Sensex has now crossed 58,000 points.



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Govt appoints 10 merchant bankers for managing LIC IPO, BFSI News, ET BFSI

Banking & Finance

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The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country’s largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said.

“Government has finalised the book running lead managers and some other advisors for the IPO of LIC,” DIPAM Secretary Tuhin Kanta Pandey tweeted.

The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC).

The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is September 16.

Actuarial firm Milliman Advisors LLP India has already been appointed to assess the embedded value of LIC ahead of the IPO, which is likely in the January-March quarter of 2022.

The government is also mulling allowing foreign investors to pick up stakes in the country’s largest insurer LIC. As per Sebi (Securities and Exchange Board of India) rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer.

However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.

The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India.

The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government.

“The potential size of the IPO is expected to be far larger than any precedent in Indian markets,” the department had said.

The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March).

So far this financial year, Rs 8,368 crore has been mopped up through minority stake sales in PSU and the sale of SUUTI (Specified Undertaking of the Unit Trust of India) stake in Axis Bank.



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