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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Chandigarh invites e-Tender from eligible and willing firms for undertaking FIRESPOT® Self activating Automatic Fire Suppression System for Panel Protection with automatic heat/flame detecting polymer tube and UL Listed Clean Agent System certified by National Test House, Dept of Consumer Affairs, Govt. of India at Bank’s office RBI, Chandigarh. The work is estimated to cost ₹9.70 lakh.

2. This is an Open Tender. Only those firms, who are registered on MSTC portal will be able to take part in the Tender process. The tender document is available on website www.rbi.org.in for download.

3. Tender shall be submitted online in two parts. Part-I of the tender will contain the Bank’s standard technical and commercial conditions for the proposed work, which must be agreed to by the tenderers. Part-II of the tender will contain Bank’s schedule of quantities and tenderer’s price bid to be submitted online.

4. The firms fulfilling the eligibility criteria and desirous of being considered for award of the work should upload all the required documents at www.mstcecommerce.com/eprochome/rbi on or before September 27, 2021 till 11:00 AM.

5. Part-I of the tender will be opened at September 27, 2021 at 11:45 AM on MSTC website. The timeline of the tender is as follow:

A E-Tender no RBI/Chandigarh/Estate/74/21-22/ET/102
B Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through MSTC portal (www.mstcecommerce.com/eprochome/rbi)
C Estimated cost ₹9,70,000/- (Rupees Nine Lakh Seventy Thousand Only)
D Date of availability of Tender Document for download on RBI website August 27, 2021 from 11:00 AM onwards
E Pre-Bid meeting Offline: September 13, 2021 at 03:00 PM

Venue: Estate Department, 3rd Floor, Reserve Bank of India, Central Vista, Sector 17, Chandigarh- 160017
F Earnest Money Deposit (Only through NEFT) ₹19,400/- (Rupees Nineteen Thousand Four Hundred Only)

Beneficiary Name- Reserve Bank of India

IFSC: RBIS0CGPA01 (5th and 10th being zero)

Account No: 186003001
G Last date of submission of EMD September 27, 2021 till 11:00 AM
H Starting Date of e-Tender for submission of Part-I (Techno-Commercial Bid) and Part-II (Price Bid) at www.mstcecommerce.com/eprochome/rbi August 27, 2021 from 11:00 AM onwards
I Closing Date of e-tender for submission of Techno-Commercial Bid & Price Bid September 27, 2021 till 11:00 AM
J a. Date & time of opening of Part- I (Techno-Commercial Bid)

b. Date of opening of Part II (Price Bid)

 a. September 27, 2021 at 11:45 AM

b. Part II of the eligible bidders will be opened on a later date after scrutiny of documents uploaded with Part I of the tender. Date will be intimated in due course.
K Transaction Fee Payment of transaction fee through MSTC payment gateway / NEFT / RTGS in favour of MSTC LIMITED

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Reserve Bank of India – Tenders

Tenders

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Samadhan, HR Operations Division, Reserve Bank of India, Bengaluru invites e-tenders for engagement of Tax Consultant. Tax consultancy services will be regarding all taxation issues faced by our Regional Offices/Central Office Departments.

The e-tendering shall be done through the portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi) in two parts (Technical Bid & Financial Bid – in two separate .PDF files). Please refer to the RFP enclosed for further details and apply depending on your firm meeting the eligibility criteria.

2. All eligible and interested companies/agencies/firms must register themselves with MSTC Ltd. through the above-mentioned website to participate in the e-tendering process. (Help document in this regard is also provided for downloading herewith)

3. It may be noted that after finalisation of internal scrutiny process the firm shortlisted and engaged as Tax Consultant shall be published on MSTC & RBI website. An engagement letter shall also be issued to the selected firm.

4. The Tenderers should register and apply through MSTC website within the stipulated timeline (September 20, 2021 at 1500 Hrs) and RBI will not entertain any request for extension of timeline. The bids received after stipulated timeframe and not fulfilling criteria shall be rejected.

5. The firm would have to abide by the guidelines furnished in the RFP document. RBI reserves the right to reject any or all the applications without assigning any reason and will not entertain any further correspondence in the matter.

6. Further, corrigendum/addendum if any, shall be issued only in MSTC Portal and RBI website.

7. The last date for uploading of the bid documents is September 20, 2021 at 15:00 hours.

General Manager

Samadhan, HR Operations Division

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5-year bumper-to-bumper insurance must for new vehicles in TN: Madras HC

Banking & Finance

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The Madras High Court has directed the Tamil Nadu Transport Secretary to ensure that new motor vehicles sold in the State from September 1 get bumper-to-bumper insurance cover, along with coverage for driver, owner, passengers and third parties, for five years.

Justice S Vaidyanathan, in an order on Wednesday, said it is mandatory for any new vehicle sold after September 1 to have bumper-to-bumper insurance every year, in addition to covering the driver, passengers and owner of the vehicle, for five years.

Thereafter, the owner of the vehicle must safeguard the interest of driver, passengers, third parties and himself or herself to avoid unnecessary liability, as there is no provision to extend the bumper-to-bumper policy beyond five years.

The order comes on an appeal filed by New India Assurance challenging a December 7, 2019, award by the Motor Accident Claims Tribunal, Special District Judge, Erode, directing the appellant/insurance company to pay the claimants ₹14.65 lakh as compensation for the death of Sadayappan alias Dhanapal due to an accident on August 3, 2016. The tribunal awarded the compensation on the grounds that the entire policy conditions had not been produced by the insurance company.

Justice Vaidyanathan said that it is saddening that when a vehicle is sold, the buyer is not clearly informed about the terms of policy and its importance. Similarly, the buyer, too, is not interested in understanding the terms and conditions of the policy, focusing more on the vehicle’s performance. When a buyer is ready to pay a huge amount for the vehicle, it is shocking they are not interested in spending a paltry sum for a policy to safeguard himself or herself and others, the order observed.

The order shall be circulated by the Transport Secretary to all insurance companies and the ‘said Officer’ must ensure it is followed scrupulously.

The matter has been listed for reporting compliance on September 30, the order said.

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PSBs may have to provide for over Rs 21,000 crore annually for family pension revision, BFSI News, ET BFSI

Banking & Finance

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Public sector banks will have to make an additional provision of over Rs 21,300 crore annually on account of a hike in family pension and higher contribution toward the National Pension System (NPS), according to a report.

A special dispensation will be sought from the Reserve Bank of India (RBI) to allow provisions over the next five years, it said.

The plan

Acknowledging that family pension for bank employees is at a paltry level, the government this week had announced that it would raise the same to 30% of the last drawn salary.

Earlier, kin of a deceased PSB employee used to get a maximum of Rs 9,284 per month as a family pension, said Department of Financial Services Secretary Debasish Panda.

“The cap has been completely removed and a uniform slab of 30% at the last-drawn salary will be entitled as family pension,” Panda told reporters here, admitting that the earlier levels were “paltry”.

NPS hike

Similarly, the ministry has also decided to increase the employer’s contribution to the New Pension Scheme (NPS) to 14% of the salary from the current 10%, he said.

Finance Minister Nirmala Sitharaman expressed her satisfaction at public sector banks’ performance in the past few years and appreciated that many of them have come out of the RBI’s prompt corrective action framework.

Panda said a dozen PSBs have become leaner and started delivering profits which have upped the investor confidence in them and made them self-dependent for capital raising.

He said that since last year, the banks have collectively raised over Rs 69,000 crore, including Rs 10,000 crore in equity, and are in the process of raising another Rs 12,000 crore at present.

As on March 31, the total number of pensioners stood at around 5.66 lakh and family pensioners at over 1.55 lakh.



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Industry welcomes RBI’s move to extend scope of tokenisation to all consumer devices

Banking & Finance

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Industry associations representing consumer tech startups and payment companies have welcomed RBI’s move to extend the scope of tokenisation from mobile phones and tablets to include all consumer devices (such as laptops, desktops, wearables, and IoTs etc).

This update comes in the background of an RBI norm that prohibits payment gateways and payment aggregators from storing customer card details. The central bank has given a deadline of January 2022 for stakeholders to comply with this norm and has worried consumer tech start-ups about its impact on consumer’s ease of payments.

Commenting on the new RBI update, IndiaTech, which is an industry association of Indian start-ups including Ola, hike, Makemytrip, and Nykaa among others, welcome the extension of tokenisation to all consumer devices.

However, Rameesh Kailasam, CEO of IndiaTech added that there will continue to be challenges should banks not extend timely support. “Such a regulation should be made mandatory for all banks, it should not be optional as is the case presently. Device tokenization does not support recurring use cases, while COF (card on file) tokens, if allowed, provides strong “merchant cardholder binding” security. Banks should ideally be mandated to do COF tokens. We also look forward to PCI DSS Level 1 (Payment Card Industry Data Security Standard) certified entities being allowed to store card data,” he said.

Further, Vishwas Patel, Chairman of Payment Council of India (PCI), which represents payment companies in India said “we welcome this initiative as facilitation in payments will have to be medium agnostic to enhance customer experience. RBI after due review has permitted this customer experience enhancing measure.”

PCI claims to be closely working with RBI on charting a roadmap of the possible solutions that would not require the industry to enter their card details every time they want to make an online purchase. PCI added that these solutions will adhere to the security checks, controls and frameworks prescribed by RBI.

The central bank’s motive to bring these rules was to guard customer data against the frequent data breach cases in tech companies. Cybercrime cases in India have grown exponentially since the pandemic. As per the data shared by Union minister of State for Home G Kishan Reddy with the Lok Sabha in March, between August 30, 2019 and February 28, 2021, 3.17 lakh cybercrime incidents were registered on National Cyber Crime Reporting Portal in India.

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Fintech start-ups give Indian teens a taste of financial freedom

Banking & Finance

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From a nine-year-old buying Kindle e-books to a 15-year-old investing in a cryptocurrency — a host of fintech start-ups are helping Indian teenagers make independent transactions.

Companies like Junio, FamPay, and YPAY have launched prepaid cards for teenagers (below 18 years), which allow them to do online transactions without setting up their own bank accounts or asking their parents for bank OTPs.

Digital buy

“For all the work that I do in a week, my mom rewards me with a monetary incentive on the app.

“These could be tasks like helping her with household chores, doing well in a school test, etc,” says Rahul Dadlani, a 14-year-old from Mumbai, who has been using Junio for four months now.

Co-founded by former Paytm senior vice-president Shankar Nath and Ankit Gera, Junio is a kids-focussed smart card that lets them make digital and physical purchases.

The task-based rewards system started in the Dadlani family only after they got introduced to the Junio app. Rahul’s father Rajiv told BusinessLine: “On top of the task-based incentives, we also give bonus to our kids if they don’t splurge and are able to save a certain amount.” Till now, Rahul has managed to save about ₹4,000 and hopes to have enough to buy a new phone soon.

In addition to teaching financial literacy to children, such fintech products have also made life easier for working parents. Delhi NCR-based Surbhi Gupta, who works for a venture capital firm, says how her older son has been using a prepaid card for teen products called YPAY.

“At the beginning of the month, when I am doing all the bill payments, I simply recharge YPAY like any other digital payment. Then, for at least two weeks, I am assured that he will not nag me for online purchases.”

Pre-paid cards

Founded by Navneet Gupta, YPAY also offers prepaid cards available on its app, making it convenient for teenagers to make both online and offline payments.

Nita Chawla, a Mumbai-based entrepreneur whose son Rushil uses FamPay, is happy that she does not have to trust her teenage son with her credit-cards. “It makes my life easier because I can monitor his money transactions better. The moment you give cash to kids you don’t know what they will do with it. But, here, all the transactions are accounted for.”

FamPay was founded by two IIT-Roorkee graduates, Kush Taneja and Sambhav Jain, while they were still in campus. Like similar products, FamPay’s numberless prepaid card allows minors to make online and offline payments.

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EMIs rising as consumers sit on cash

Banking & Finance

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Mumbai-based communication professional Chirag can well afford an iPhone 11, paying upfront. However, he opted to buy it through a six-month EMI (equated monthly instalment) scheme.

Ditto for Harshita, an employee in the financial services sector, who recently purchased a two-wheeler, a refrigerator and an LED TV — all on EMI schemes.

The purchasing behaviour of Chirag and Harshita reflects the mindset shift of a growing number of Indian consumers, who are opting for EMIs or ‘buy now pay later’ (BNPL) schemes.

The pandemic-induced economic uncertainty, job loss and pay cuts have forced them to look for options that will help them conserve cash.

Ezetap, a digital payments company, recorded a 220 per cent (year-on-year) growth in the EMI volumes in July 2021 compared to February 2020.

“The ability to process EMIs through different form factors like credit card, debit card, point of sale and NBFC channels, the general consumer preference for EMIs during pandemic times, and the growing preference for BNPL options among millennials and Gen Z consumers are the key factors driving EMIs,” says Bhaskar Chatterjee, Head of Products at Ezetap.

Digital drive

In a report, ‘The (Covid) Era of Rising FinTech’, full-stack financial solutions company Razorpay said that digital transactions have grown 80 per cent from the first 250 days of lockdown (March 25 to November 29, 2020) to the next 250 days (November 30, 2020 to August 6, 2021).

“With increased adoption of online payments by businesses, all modes of payments saw an increase in usage during these 500 days. Newer payment methods like pay later and cardless EMI also saw a steady growth of 220 per cent and 207 per cent, respectively, indicating consumers’ growing demand for affordable payment options,” the company said. According to National Payments Corporation of India (NPCI) digital payments statistics, the monthly NACH debit of recurring payments (includes recurring payments EMI, Insurance premium, etc.) has jumped from 41.36 million transactions worth ₹35,351.11 crore in April 2020 to 57.73 million transactions worth ₹61,303.46 crore in July 2021.

“Covid has impacted cashflows for almost everyone. They are holding on to as much liquidity as possible, which is evident from their reliance on EMIs,” Amit Kumar, Founder, GalaxyCard, said.

Banks have also been launching a slew of BNPL products. While ICICI Bank offers pay-later services on its app, Axis Bank recently launched a new BNPL product, focussed on new-to-bank customers, through its subsidiary Freecharge.

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Covid health claims near Rs 30,000 crore for this fiscal so far, BFSI News, ET BFSI

Personal Finance

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Even as fears of third wave mounts, Covid related health claims in the first five months of this fiscal have crossed the claims for the entire fiscal 2021.

About 23,64,957 Covid claims were reported on a cumulative basis by August 18, of Rs 29,949.9 crore. About 19,66,595 claims worth Rs 18,325.4 crore of the claims received have been settled, according to general industry data.

On a year-to-date (YTD) basis (April-July), insurers saw their premiums rise 15.49 per cent to Rs 64,607.25 crore, against Rs 55,939.85 crore in the year-ago period.

While Covid-related claims have come down recently, claims for routine surgeries and hospitalisation are rising.

Rising premiums

With rise in claims, premiums are also on the upswing.

Health insurance premiums have been main driver of non-life insurance industry since the commencement of Covid-19 pandemic as firms have recorded 19.46-per cent year-on-year (YoY) growth in premiums in July.

In July, about 33 non-life insurers garnered premiums of Rs 20,171.15 crore, against Rs 16,885 crore in the same month last year.

The health segment recorded 34.2 per cent growth during April-July this year, which is much higher than 9.9% a year ago, when there were country-wide restrictions.

A number of insurers are also looking at raising prices for health products to bridge the losses.

The YTD premium growth of standalone health insurers continued to be higher than industry average in YTD FY22, indicating that retail premiums are growing faster than group business as standalone health insurers derive most of their premiums from retail segment.

The government schemes have also been a significant factor in the growth as these premiums reached Rs 2,906 crore for the YTD July FY22 versus premiums of Rs 806 crore for a similar period last year.

Growth and losses

While general insurers grew 12.9 per cent on a year on year basis between April and July, standalone health insurers reported a 46.1 per cent growth in premium in the same period on an annual basis.
Of the three listed private life insurers-SBI Life Insurance and HDFC Life Insurance reported lower profits for the April-June quarter while ICICI Prudential Life Insurance reported a loss on account of rise in Covid claims.



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5 Best UTI Equity Mutual Fund SIPs To Consider

Personal Finance

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UTI Flexi Cap Fund Direct

UTI Flexi Cap Fund Direct-Growth had assets under management (AUM) of Rs. 20,922 crores, making it a medium-sized fund in its category. The fund’s expense ratio is 1.1 percent, which is greater than the expense ratios charged by most other Multi Cap funds.

UTI Flexi Cap Fund Direct-Growth returns have been 60.70 percent over the last year. It has had an average yearly return of 17.71 percent since its inception.

The SIP of Rs. 10,000 per month for ten years with Rs. 6 lakh investment will be worth Rs.11.05 lakh.

A flexicap fund is unrestricted in its ability to invest a portion of its assets in any market cap. A flex-cap fund helps investors to broaden their horizons across companies with varying market capitalizations, thereby reducing risk and volatility. Diversified equities funds and multi-cap funds are two more names for them.

The Financial, Healthcare, Technology, Services, and Chemicals sectors account for the majority of the fund’s holdings. In comparison to other funds in the category, it has less exposure to the Financial and Healthcare industries.

UTI Long Term Equity Fund Direct

UTI Long Term Equity Fund Direct

UTI Long Term Equity Fund Direct-Growth manages a total of 2,046 crores in assets (AUM). The product charges a 1.33 percent expense ratio, which is more than most other ELSS funds.

The 1-year returns for UTI Long Term Equity Fund Direct-Growth are 52.32 percent. It has had an average yearly return of 15.52 percent since its inception.

An open-ended equity fund that invests at least 80% of its assets in equity-related securities. Its goal is to help members get a tax break under Section 80C of the Income Tax Act while also providing them with growth opportunities. The SIP of Rs. 10,000 per month for ten years with an Rs. 6 lakh investment will be worth Rs.9.91 lakh.

UTI Nifty Index Fund

UTI Nifty Index Fund

The Nifty Index Fund Direct-Growth manages assets of 4,353 crores (AUM). The fund’s expense ratio is 0.2 percent, which is lower than the expense ratios charged by most other Large Cap funds.

The 1-year returns for UTI Nifty Index Fund Direct-Growth are 46.46 percent. It has returned an average of 13.48 percent per year since its inception.

The scheme aims to invest in stocks of firms that make up the Nifty 50 Index in order to attain a passive investment return comparable to the Nifty 50 Index. The SIP of Rs. 10,000 per month for ten years with a Rs. 6 lakh investment will be worth Rs.9.51 lakh.

Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., and Housing Development Finance Corpn. Ltd. are the fund’s top five holdings.

UTI Mastershare Direct

UTI Mastershare Direct

The fund’s expense ratio is 1.03 percent, which is greater than the expense ratios charged by most other Large Cap funds. UTI Mastershare Direct-Growth manages a total of 8,580 crores in assets (AUM).

The 1-year returns on UTI Mastershare Direct-Growth are 48.05 percent. It has generated an average yearly return of 15.01 percent since its inception.

The plan aims to achieve long-term financial appreciation by investing primarily in large-cap equity and equity-related instruments. The NAV of UTI Mastershare Fund for Aug 25, 2021 is 195.46. The SIP of Rs. 10,000 per month for ten years with a Rs. 6 lakh investment will be worth Rs.9.68 lakh.

UTI Value Opportunities Fund

UTI Value Opportunities Fund

UTI Value Opportunities Fund Direct-Growth manages assets of Rs 6,305 crores (AUM). The fund charges a 1.29 percent expense ratio, which is more than most other Value Oriented funds.

The 1-year returns on UTI Value Opportunities Fund Direct-Growth are 51.01 percent. It has had an average yearly return of 14.09 percent since its inception. An opportunities fund invests in companies, industries, or investing topics where the fund manager sees potential for growth.

The majority of the money in the fund is invested in the financial, technology, healthcare, automotive, and services industries. The SIP of Rs. 10,000 per month for ten years with a Rs. 6 lakh investment will be worth Rs.9.84 lakh.

5 Best UTI Equity Mutual Fund SIPs To Consider

5 Best UTI Equity Mutual Fund SIPs To Consider

Fund Name 3-year Return (%) 5-year Return (%)
UTI Flexi Cap Fund Direct-Growth 18.70% 18.42%
UTI Long Term Equity Fund Direct-Growth 16.29% 15.53%
UTI Mastershare Direct-Growth 14.52% 15.19%
UTI Nifty Index Fund Direct-Growth 13.50% 15.16%
UTI Mid Cap Fund Direct-Growth 18.02% 14.99%

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell stocks, gold, currency or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor.



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