Reserve Bank of India – Tenders

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1. Reserve Bank of India invites competitive e-tenders/ e-bids for Reserve Bank of India invites competitive e-tenders/ e-bids for Supply, Installation, Testing and Commissioning (SITC) of 120 Nos. Sealed Maintenance Free (SMF), Valve regulated Lead Acid batteries (12 V, 150 AH) having Fire retardant casing at Bank’s Office Building at Bandra Kurla Complex in Mumbai from eligible bidders as per the specified pre-qualification criteria. The work is estimated to cost of ₹16 Lakhs and the contract duration shall be 12 weeks from the 14th day of work order.

2. The Earnest Money Deposit (EMD) shall be submitted in the form of Demand Draft or NEFT. The Demand Draft shall be submitted in sealed cover addressed by name to Shri Ajay Michyari, Regional Director, Reserve Bank of India, Bandra Kurla Complex, Mumbai – 400051 so as to reach Estate Office, Bandra Kurla Complex, Reserve Bank of India, Mumbai – 400051 up to 2.00 PM on October 11, 2021 superscribed as “EMD Supply, Installation, Testing and Commissioning (SITC) of 120 Nos. Sealed Maintenance Free (SMF), Valve regulated Lead Acid batteries (12 V, 150 AH) having Fire retardant casing at Bank’s Office Building at Bandra Kurla Complex in Mumbai. Online tenders will be available for viewing /downloading by all firms till 02:00 PM on October 11, 2021.

3. All the Pre-Qualification papers shall be submitted by hard copy or e-mail on or before September 16, 2021 till 05.00 PM. The same shall be examined by the Bank and the eligible participants shall be intimated accordingly.

4. The firms which do not comply with the following pre-qualification criteria and/or do not submit EMD will not be considered for opening of their tender Part-II (Price Bid):

a) Only OEM or its Authorized dealer with valid Authorization certificate having minimum 5 years of experience in the field of undertaking similar work viz. Supply, Installation, Testing and Commissioning (SITC) of Sealed Maintenance Free (SMF), Valve regulated Lead Acid batteries having Fire retardant casing. The similar work should have been completed on or before March 31, 2016.

b) The intending bidder must have executed successfully “Supply, Installation, Testing and Commissioning (SITC) of Sealed Maintenance Free (SMF), Valve regulated Lead Acid batteries (having Fire retardant casing” during last five years ending on March 31, 2021 as under:

(a) Three works each costing not less than 40% of Rs. 16 Lakh

OR

(b) Two works each costing not less than 50% of Rs. 16 Lakh

OR

(c) One work costing not less than 80% of Rs. 16 Lakh

c) Minimum yearly turnover of 100% of the estimated cost during last 3 financial years ending March 31, 2021, supported by audited financial statements.

d) Should furnish solvency certificate issued by applicant’s Banker for the estimated cost of work.

5. In addition to above, intending bidders shall also submit following details and supporting documents along with PQ papers for Bank’s examination:

(a) Composition of the firm Full particulars (whether contractor is an individual, or a partnership firm, or a company etc.,) of the composition of the firm of contractors in details should be submitted along with name(s) and address(es), of the partner’s copy of the Articles of Association/ Power of Attorney/other relevant document.
(b) Work experience & Completion of similar works of specified value during the specified period Copies of the detailed work orders indicating date of award, value of awarded work, time given for completing the work etc. and the corresponding completion certificates indicating actual date of completion and actual value of executed similar works should be enclosed in proof of the work experience. The details along with documentary evidence of previous experience, if any, of carrying out works for the Reserve Bank of India at any Centre, should also be given.
(c) Turnover Audited financial statements for last three financial years i.e. 2018-19, 2019-20 and 2020-21 along with a certificate of Chartered Accountant indicating the turnover for these financial years.
(d) Credit worthiness of the contractor and their turnover during the specified period Copies of the Income Tax Clearance Certificates/Income Tax Assessment Orders along with the latest final accounts of the business of the contractor duly certified by a Chartered Accountant should be enclosed in proof of their creditworthiness and turnover for last three years.
(e) Name(s) and address(es) of the Bankers and their present contact executives Written Information about the names and addresses of their bankers along with full details, like names, postal addresses, e-mail IDs, telephone (landline and mobile) nos., fax nos., etc. of the contact executives (i.e. the persons who can be contacted at the office of their bankers by the Bank, in case it is so needed) should be furnished.
(f) Details of bank accounts Full particulars of their bank accounts, like account no. type, when opened etc., should be given.
(g) Name(s) and address(es) of the Clients and their present contact executives Written information about the names and addresses of their clients along with full details, like names, postal addresses, e-mail IDs, telephone (landline and mobile) nos., fax nos. etc., of the contact executives (i.e. the persons who can be contacted at the office of their clients by the Bank in case it is so needed) should be furnished.
(h) Details of completed works (Annex D) The client-wise names of work(s), year(s) of execution of work (s), awarded and actual cost (s) of executed work (s), completion time stipulated in the contract (s) and actual time taken to complete the work (s), Name(s) and full contact-details of the officers/authorities/departments under whom the work(s) was/were executed should be furnished.
(i) Details of Service setup Full fledged service setup should be available for the specified job either at Mumbai or at nearby city/place wherefrom required quality after sales services can be regularly provided.
(j) Details of registration and copies of registration certificate/ documents for PAN
GST
Office of Labour Commissioner, if applicable

6. In the event of intending bidder’s failure to satisfy the Bank; the Bank reserves the right to not allow him to participate in tendering process.

7. A pre-bid meeting (off-line mode) of the intending bidders will be held on October 01, 2021 at 03.00 PM at Estate Office, BKC, Reserve Bank of India, Mumbai. The duly filled in tender documents shall be uploaded on MSTC site till 2.00 PM on October 11, 2021. No further clarifications/queries will be entertained after the pre-bid meeting.

8. (a) Tender forms can be downloaded for viewing from the website www.mstcecommerce.com w.e.f. August 26, 2021 from 05.00 PM.

(b) EMD of ₹ 32,000/- (Rupees Thirty Two Thousand only) in the form of NEFT or DD issued by a scheduled Bank should be submitted on or before 2.00 PM on October 11, 2021.

(c) Tenderers shall submit all the information and the documents as mentioned in the tender.

After examination, if any of the bidder is not found to possess the required eligibility, their tenders will not be accepted by the Bank for further processing.

9. Part I of the tenders will be opened on-line at 3.30 PM on October 12, 2021 in the presence of the authorized representative of the bidders who choose to be present. Part-II (Price bid) shall be opened of the eligible bidders on a subsequent date which will be intimated to the eligible bidders in advance.

10. The applicants/tenderers have to upload

  1. Client’s certificate as per format given in the tender from their clients for whom they have carried out “eligible works” in terms of the eligibility (Pre-qualification) criteria explained in this notice.

  2. Banker’s certificate as per format given in the tender from their banker/bankers.

The client’s certificate shall be accepted only when the same is signed by an official of the rank of Executive engineer/Superintendent Engineer or equivalent in respect of a Government/Semi Government organization or a PSU and only when they are supported by adequate proof of payment received by the contractor for the work done by him. The client’s certificate issued by the private organizations shall also accompany Tax Deducted at Source (TDS) certificates. Applications/tenders uploaded without the above certificates may be rejected. The Bank shall have the right to independently verify these certificates.

The Bank shall evaluate the said reports before processing the tenders and opening of price bid of the tenders. If any bidder is not found to possess the required eligibility for participating in the tendering process at any point of time and/or his performance reports received from his clients and/or his bankers are found unsatisfactory, the Bank reserves the right to reject his offer even after opening of Part-I of the tender. The Bank is not bound to assign any reason for doing so.

11. 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.

12. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject all the tenders without assigning any reason there for.

Regional Director

Mumbai :
Date :


Schedule of Tender (SOT)

Name of Work: Supply, Installation, Testing and Commissioning (SITC) of 120 Nos. Sealed Maintenance Free (SMF), Valve regulated Lead Acid batteries (12 V, 150 AH) having Fire retardant casing at Bank’s Office Building at Bandra Kurla Complex in Mumbai
a. E-Tender NO RBI/Mumbai/Estate/78/21-22/ET/107
b. Mode Of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi
c. Estimated cost of work ₹ 16 Lakhs (Rupees Sixteen lakhs only)
d. Date of NIT available to parties to download (View Tender Time) August 26, 2021 from 05:00 PM onwards
e. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid (Start Bid Date and Time) www.mstcecommerce.com/eprochome/rbi August 26, 2021 from 05:00 PM onwards
f. last date of submission of Pre-qualification documents September 16, 2021 till 05.00 PM
g. Schedule of Off line pre-bid meeting of eligible bidders only. October 01, 2021 at 03.00 PM at Estate Office, BKC, Reserve Bank of India, Mumbai
h. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date and Time) October 11, 2021 till 2.00 PM
i. Date & time of opening of Part-I (i.e. Techno-Commercial Bid) October 12, 2021 from 3.30 PM onwards
j. Date and Time of Opening of Part II (Price Bid) Shall be intimated to the eligible bidders subsequently
k. Earnest Money Deposit (EMD) ₹ 32,000/- (Rupees Thirty Two Thousand only) by NEFT or in the form of DD on or before 2:00 PM on October 11, 2021.

The DD shall be submitted in sealed cover addressed by name to Shri Ajay Michyari, Regional Director, Bandra Kurla Complex, Reserve Bank of India, Mumbai -400051 so as to reach Estate Office, BKC, Reserve Bank of India, Mumbai- 400051

NEFT Details
A/c No – 04861436223
IFSC CODE – RBIS0MBPA04
(5th & second from last digit are zero)

l. Last date of submission of EMD 32,000/- (Rupees Thirty Two Thousand only) October 11, 2021 till 2.00 PM
m. Transaction Fees
(To be paid in consultation with MSTC preferably one day prior to the final date of submission)
Rs. 1000/- plus GST @18%
To be paid through MSTC payment Gateway/ NEFT/RTGS in favour of MSTC Ltd.

Regional Director

Mumbai :
Date :

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Three MDs and ten EDs of various PSU banks get term extensions

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The Appointments Committee of the Cabinet (ACC) gave its nod for the extension of terms of three serving Managing Director and CEOs and ten Executive Directors in various public sector banks.

The three MD and CEOs who got tenure extensions include Ch SS Mallikarjuna Rao of Punjab National Bank, Atul Kumar Goel of UCO Bank and AS Rajeev of Bank of Maharashtra.

While Mallikarjuna Rao’s term has been extended till January 31 next year, the term of office of Anil Kumar Goel has been extended for two years till November 1, 2023. A S Rajeev’s tenure has been extended by two years till December 1, 2023.

The EDs who received extension for two years beyond their currently notified term expiry date are Ajay Khurana (Bank of Baroda), A Manimekhalai (Canara Bank) and PR Rajagopal (Bank of India).

The other seven EDs whose term have been extended till the date of their superannuation are Sanjay Kumar (Punjab National Bank), Gopal Singh Gussain (Union Bank of India), Vikramaditya Singh Khichi (Bank of Baroda), Shenoy Vishwanath Vittal (Indian Bank), Vijay Dube (Punjab National Bank), Alok Srivastava (Central Bank of India) and Manas Ranjan Biswal (Union Bank of India ), according to an executive order issued by the Department of Personnel and Training.

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‘CFOs should keep eye on long-term strategy, adapt to short-term situations’, BFSI News, ET BFSI

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CFOs have to play a major role during the pandemic in their organisations and be ready from the technology and business perspectives.

All eyes are on the P&L projections and the growth expectations from the businesses. With various factors that have come out of the pandemic, I would imagine that CFOs are at the centre with all the strategies that organizations are playing right now, Sudeep Bhatia, Group CFO, Lendingkart, said at the panel discussion CFOs’ View: Building Pandemic-Proof Balance Sheet at ETBFSI Summit.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

“For CFOs, the major focus has moved more towards a strategist, acting as a catalyst. How you can adapt to every day. Making sure you are ready from a technology and business perspective,” Upma Goel, CFO, Ujjivan Small Finance Bank, said.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

Adapting to new normal

Niraj Shah, CFO, HDFC Life said in these times, flexibility and agility is something that comes to the fore, and that’s something that a CFO needs to prepare the organization for.

Investing ahead of the time, and being agile, to try and adapt to the changing customer preferences because of the changing environment, he said.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

The RBI and GOI have taken multiple steps and interventions with every step, and, therefore, all the financial institutions, and all other organizations as well, had to adapt to the situations very fast, Bhatia of Lendingkart said.

Every business will be affected in a different way. Given the situation, and we adjust to that, but just in principle it’s about keeping sights on your long-term strategy, at the same time, adapting, to the short-term situations, Shah said.

Emphasising the need to have a fine balance to make effective use of the liquid cash, Goel of Ujjivan SFB said, “We cannot afford at this point of time not to have the liquidity and wait for the real demand. Demand has started picking up”

The challenges

The Covid pandemic has been the most serious challenge to financial institutions in nearly a century and CFOs need to maintain our distribution and recovery channels open, despite the social distancing advice by the supervisory and compliance function, said G S Agarwal, CFO, Shriram Housing Finance.

'CFOs should keep eye on long-term strategy, adapt to short-term situations'

‘The struggle to manage between these things and keep your balance sheet and P&L intact has been the biggest challenge. Also, to do the compliances remotely sitting remotely without any paperwork, without any physical signatures has been quite challenging, he said.

Customer requests and expectations have grown multifold. “I haven’t seen this kind of customer engagement before even from the existing customer base. This is because they need support from the organization as well,” Bhatia of Lendingkart said.



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RBI appoints Ajay Kumar as ED

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The Reserve Bank of India (RBI) has appointed Ajay Kumar as Executive Director (ED) with effect from August 20.

Prior to being promoted as ED, Kumar was heading RBI’s New Delhi Regional Office as Regional Director.

As ED, he will look after Department of Currency Management, Foreign Exchange Department and Premises Department. The RBI now has 13 EDs.

Kumar has, over a span of three decades, served in foreign exchange, banking supervision, financial inclusion, currency management and other areas in the Reserve Bank.

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LnD Pool launches certificate programme in banking and insurance

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LnD Pool, a Kochi-based startup, has launched a unique certificate programme — The Certificate in Bancassurance Channel Management — to address the skill gap in the Banking, Financial Services and Insurance (BFSI) sector.

The certificate programme is offered in association with BFSI Sector Skill Council of India. BFSI Sector Skill Council of India (BFSI SSC) is the assessing and certifying body under the National Skill Development Corporation (NSDC) and Ministry of Skill Development & Entrepreneurship (MSDE).

The program is open to young working professional, fresh graduate/ PG or final year student who are interested in banking and insurance careers. The pedagogy is relevant to professionals working in both BFSI as well as other sectors viz. FMCG/FMCD/ automobile /pharma/ paint etc. who are looking for career opportunities in BFSI sectors in India and abroad. The job roles open in banks, insurance, broking and other financial services companies include Relationship Managers, Front line Sales Managers, Area Managers, Territory managers etc.

Besides upskilling existing professionals working in the BFSI sector, the course prepares fresh pass outs as well as students to be industry ready and also offer placement assistance.

Started out earlier this year in Jan 2021 as an online platform, LnD Pool is engaged in connecting trainers/ speakers/resource persons with BFSI organizations and educational institutions. Currently, more than 130+ subject matter experts/resource persons have signed up on its platform as Members.

The admission for the Certificate in Bancassurance Channel Management is open with an easy, online enrolment process. For further details visit the link https://Lndpool.com/bancassurance-channel-management/

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SBI Balanced Advantage Fund Records Huge Inflow During NFO: Should You Invest?

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Fund facts:

Scheme: An open ended dynamic asset allocation plan

Benchmark- CRISIL Hybrid 50+50 – Moderate Index TRI

Exit Load

NIL – If units purchased or switched in from another scheme of the Fund are redeemed or switched out up to 10% of the units (the limit) purchased or switched on or before 1 year from the date of allotment

1% of the applicable NAV – If units purchased or switched in from another scheme of the Fund are redeemed or switched out in excess of the limit on or before 1 year from the date of allotment

NIL – If units purchased or switched in from another scheme of the Fund are redeemed or switched out after 1 year from the date of allotment

Application Amount

Rs. 5000/- and in multiples of Rs. 1 thereafter

Additional Purchase: Rs. 1000/- and in multiples of Rs. 1 thereafter

Features of the SBI Balanced Advantage fund:

Features of the SBI Balanced Advantage fund:

1. Optimal asset allocation: Various parameters are accounted for to determine the accurate mix of assets for fund deployment. The assets are equity, for the purpose of making arbitrage gains as well as in fixed income assets.

2. Lower liquidity: Dynamically managed Debt and Arbitrage portion of the scheme helps in reducing the volatility when the equity market become unfavourable.

3. Complete flexibility: Investors can choose between 0-100% in debt or equity

4. SWP (A) facility: the fund comes with an option that allows withdrawal of some fixed portion of the investment or specified amount to get regular cash flow.

Who should invest in SBI Balanced Advantage Fund?

Who should invest in SBI Balanced Advantage Fund?

Risk averse equity investor class with an investment horizon of a minimum of 3 years and chasing capital appreciation and wealth creation need to target such funds. The fund also typically adjusts between equity and debt allocation in view of the market momentum, so those of you who don’t want to actively track your investment can take peace by investing in this SBI fund.

Portfolio creation in the fund

Portfolio creation in the fund

Here the fund’s portfolio is constructed using these 3 points:

1. Valuations- Here relative valuation are given a higher importance and so equity valuation are compared to debt valuation across markets and time. When equities are seeming to be expensive, more of the funds are channelized into debt and vice-versa.

2. Sentiment: To arrive at a better asset allocation and here the sentiment index is developed which considers several factors such as market internals, positioning etc. These factors provide a sense of where we are positioned in the fear to greed spectrum. When the mood is depressing, more of allocations are made into equity and in the other case when it is devouring, most of it is allocated to debt.

3. Earnings outlook: Earnings outlook is also given a due weightage to arrive at the selection of stocks.

Conclusion:

Conclusion:

For reducing the volatility and to yield optimal returns through automatic adjustment between equity and debt, the fund aims to provide offer optimal risk-reward ratio. So, risk averse investors who do not have a high penchant for risk can take an exposure into this fund and at the same time can get higher flexibility with their equity or debt allocation.



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Reserve Bank of India – Press Releases

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The Payments Infrastructure Development Fund (PIDF) Scheme was announced by the Reserve Bank on January 5, 2021. The objective of the scheme was to encourage deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states.

The Reserve Bank has now decided to include street vendors identified as part of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as beneficiaries under the PIDF Scheme. As hitherto, the street vendors in tier-3 to tier-6 centres will continue to be covered under the Scheme.

This decision to expand the targeted beneficiaries under the PIDF scheme will provide fillip to the Reserve Bank’s efforts towards promoting digital transactions at the grass root level.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/747

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Few takers for restructuring under RBI’s Resolution Framework 2.0: Crisil

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There are only a few takers for the debt restructuring facility offered by the Reserve Bank of India (RBI) under its Resolution Framework 2.0 amid demand recovery, according to a Crisil Ratings survey of about 4,700 companies rated by it.

Crisil Ratings’ investment grade rated corporates have shown resilience amid the pandemic and hardly anyone is planning to avail restructuring 2.0.

Sub-investment grade

In fact, the survey shows that as much as 95 per cent of those opting for, or are inclined to seek restructuring, belong to the sub-investment grade rating category.

Within the sub-investment grade companies, four out of five are rated in the ‘B’ or lower rating categories, clearly indicating that only companies with weak credit quality are exploring restructuring, the credit rating agency said.

Crisil cautioned that any weakening of sentiment around recovery, and a likely third wave leading to fresh curbs on economic activity, will influence more companies to seek restructuring 2.0.

“This could be especially true for the smaller ones that typically experience more stress. Greater clarity will emerge closer to the September 30, 2021, deadline set by the RBI for invoking the restructuring plan,” it said.

Crisil emphasised that these are preliminary readings from the survey, and may not be reflective of the inclination among those not rated by it.

In particular, most of the micro and small enterprises in India are unrated, it added.

Resolution Framework 2.0

The RBI had, on May 5, 2021, announced the Resolution Framework 2.0 for Covid related stressed assets of individuals, small businesses and micro, small and medium enterprises (MSMEs) with aggregate exposure of up to ₹25 crore.

This facility is available provided the aforementioned entities had not availed benefits under any of the earlier restructuring frameworks (including Resolution Framework 1.0 dated August 6, 2020), and were classified as standard accounts as on March 31, 2021.

Referring to the RBI raising the aggregate debt threshold under Resolution Framework 2.0 to ₹50 crore from ₹25 crore on June 4, 2021, the agency said, “This increase in threshold led to about two-thirds of the Crisil-rated mid-sized companies becoming eligible for the restructuring 2.0 scheme.”

Corporates give restructuring option a miss

Crisil opined that the fact that only a handful of companies are exploring the restructuring option could be reflective of a relatively improved business outlook accompanying a pick-up in economic activity in the aftermath of the pandemic’s second wave.

Subodh Rai, Chief Ratings Officer, Crisil Ratings, said, “The quick recovery in demand after moderation during the second Covid-19 wave, and sanguinity around economic growth have led corporates to give the restructuring option a miss.

“The more localised and less stringent nature of curbs/restrictions during the second wave has meant relatively lower disruption in business activities compared with the first wave. So the muted response is par for the course.”

Nitin Kansal, Director, Crisil Ratings, said, “Most of the companies that have opted for, or are contemplating restructuring 2.0 belong to the low-to-medium resilience sectors such as hospitality, educational services, textiles, construction and gems and jewellery.

“Demand recovery in some of these remains uncertain because of the continuing overhang of the pandemic.”

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Binomo: Can Become The Next Big Thing In Modern Investing?

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Investment

oi-Sneha Kulkarni

|

The phrase “trading” simply refers to the process of exchanging one item for another. We normally think of this as the process of trading commodities for money, or just buying something.

It’s the same approach when it comes to trading in the financial markets. Consider the case of a stock trader. They are, in fact, purchasing shares (or a small portion of a corporation). When the value of those shares rises, they profit by reselling them at a greater price. This is how trading works.

Individuals can analyse whether the price of assets will be higher or lower in a given period of time using various modern investing mechanics.

Binomo: Can Become The Next Big Thing In Modern Investing?

Binomo is a cutting-edge trading platform that caters to both novice and experienced traders. It is the modern way to trade online. All of Binomo’s traders use a customized trading platform. The platform implements the SSL protocol to encrypt and secure all data, ensuring that your payments remain safe at all times. This is one of the most effective online trading platforms for learning and earning additional income.

What is Binomo?

Binomo is an online trading platform for individuals who seek to increase their income while learning professional trading abilities. It is an online trading platform that emphasizes trading transparency. Under no circumstances would Binomo defraud a trader.

Is Binomo a reliable platform?

The International Financial Commission recognizes it as true, and safe in India. Verify My Trade has given it a certificate for high-quality trades. Traders can investigate evaluations of the broker on the internet through forums like Quora for more verification.

Binomo is safe and secure, both on the website and in the app, as proven by several positive trader reviews and comments. Binomo was also named the best trading platform at the FE Awards in 2015 and the IAIR Awards in 2016. It also answers the question of whether or not the Binomo investment is genuine.

Binomo: Can Become The Next Big Thing In Modern Investing?

What types of accounts does Binomo offer?

Binomo traders can choose from four different account tiers. These different accounts are specified based on the amount of funding you put into the platform, like with many other online platforms. This implies that increasing your tier does not involve any additional fees or program participation; all you have to do is increase the amount you deposit to alter your account type over time. The four types of account are;

  • Standard Account
  • Gold Account
  • VIP account
  • Demo Account

How to register and log in to Binomo?

It is a user-friendly website registering with Binomo:
Step 1 Visit Website www.binomo.com.
Step 2: Login page and click the “Sign in” option.
Step 3: Enter a valid email address and a password
Step 4: Choose a currency for your account – You can’t change it after registration.
Step 5: Read the Client Agreement and Privacy Policy and click on accept
Step 6: Click on “Create account”
Step 7: Sign in using the email and password created.

Binomo: Can Become The Next Big Thing In Modern Investing?

How to get training on Binomo?

A Binomo demo account is a fantastic way for traders to learn the fundamentals. It provides a training budget of $1000. Binomo offers customers training and a demo account where they can learn how to trade without putting their capital at stake. Go to Binomo’s Help Center, which is similar to Wikipedia and contains hints and FAQs.
Despite the fact that Binomo offers a variety of trading techniques, no strategy can guarantee a perfect trade result. To create accurate projections and earn extra funds, trading necessitates a thorough examination of the market. Contests can be found on www.binomo.com, and traders can enter them. To join and get empowerment for further trading, look for the trophy icon.

How does the trading platform work?

Binomo accepts a variety of deposit options. Investments can be made in India via deposit methods such as NetBanking, UPI, Paytm, Indian exchangers, or GooglePay. Binomo does not charge a withdrawal fee, some charging $31 for each bank transfer.
Funds can be withdrawn from Binomo using the same payment systems that were used to deposit it, and it can take anywhere from a few minutes to three days or more, depending on the account status and payment method.

How to make a deposit and withdrawal on Binomo?

Depositing funds is a straightforward procedure. All you need to do is click the yellow Deposit funds button and fill out the required information. The Deposit button may be found on the main Binomo website. It can be found in the upper right corner of the website. Here is the minimum amount you must deposit. The money will be automatically converted if you are using a different currency.

Step Select Payment and Country

You will then be routed to a page where you must select your country’s name and payment method. If you decide to deposit funds with a card, be sure it is current and has your name. It must also handle international internet transfers.

Enter the amount

Depending on the card you’re using, enter the amount you’re depositing. Manually enter the number or select one of the pre-defined financial items on the left side. You can also gain VIP status on Binomo if you deposit $1,000 or more

Following that, you will be prompted to enter your card information, including the card number, expiration date, CVC code, and cardholder name. Click the Confirm and pay button.

Transaction confirmation

A new page will appear, prompting you to enter the 3D secure code in order to assure the safety of your internet transmission. As a one-time authorization password, it will be emailed to your mobile device.

If you have problems with authorization, you should contact your bank to activate this feature.

In a new window, you’ll see a confirmation of the transaction’s successful completion. The deposited funds will be immediately available for trading on the Binomo platform.

How to Withdraw Funds From Binomo?

You must be logged into your Binomo account to use this feature. In the top-right corner of the platform, click on your profile symbol. Then select “Cashier.”

You will be led to a page where you can make a withdrawal request. Choose the “Withdraw Funds” tab. Then you’ll have to decide how much money you want to transfer and how you want to withdraw it. The final step is to click the yellow “Withdrawal Request” button.

Payout amount

There is a minimum withdrawal amount of $10/€10 or its equivalent in your country’s currency. However, in some countries, a reimbursement for a smaller amount might be requested. Contact the Binomo support team to confirm the minimum withdrawal amount in your area.

Withdrawal method

It is recommended that you utilize the same method that you used to make the original investment. It also depends on the payment method. This will help the entire procedure go more smoothly. Either a bank card or an electronic wallet can be used.

Binomo: Can Become The Next Big Thing In Modern Investing?

What are the pros and cons of the Binomo app?

Pros of trading in Binomo;

  • The app is customer-friendly and straightforward to use.
  • It is quite easy for customers with hectic schedules to trade while on the go.
  • Beginners can use a demo account to practice trading with virtual funds for free.
  • A large number of educational resources, such as videos and tutorials, are available to help beginners become acquainted with the program.
  • The platform provides tournaments with appealing conditions for various accounts.
  • Online customer service is available 24 hours a day, seven days a week.
  • There is no withdrawal commission.
  • Available in a variety of languages.
  • For traders in India, the minimum deposit amount is relatively modest – merely $5.
  • Traders can learn how to forecast using strategies and analytic tools.

Cons of trading in Binomo;

  • Some payment methods are not accessible.
  • There are a limited number of assets to pick from (70+).
  • Not supported in some countries.
  • It is impossible to block your account on your own – you must visit the website or contact the support service.
  • Only after depositing funds may you participate in tournaments via the app.

Binomo Mobile App

On Google Play/AppStore, look for the Binomo logo to find the mobile app, download it, and log in. On Android and iOS, Binomo offers a free app for investing and trading. There is no Binomo program or app for computers (both Windows and Mac). Log in using the website’s desktop version.

How to contact customer service?

Customers can contact Binomo for help through a variety of methods, the most popular of which being live chat. Live assistance is offered immediately through the Binomo platform, so traders don’t have to open a new window to talk to the support team about their questions and issues.
A backup email support service is also available, with a response time of typically 24 hours: support@binomo.com

It should be noted that trading carries the risk of capital loss!



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Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos, BFSI News, ET BFSI

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The pandemic has forced the brokerage industry to reassess all the business models and their respective go-to-market strategies, which is leading to either an extreme or a moderate disruption, said Bhawna Agarwal Country Head, India – Strategy & Growth, Enterprise Group, HPE India.

“One common theme across all business adoption or acceleration of digital is that it has become completely pervasive. So, all across the section of clients for us, especially the stock brokers, we’re adopting this fast digital way of interacting as well as investing,” she said at the panel discussion on Brokerages Fighting Disruption Digitally at ETBFSICXO

Rising expectations

Sandeep Bhardwaj, CEO, IIFL Securities feels that after using Netflix or Amazon, people don’t differentiate between a banking application or a broking application. “They feel like a broking apps should be like that. This is where it becomes challenging for any brokerage to bring that experience. UI, UX gives millennial users an experience of their taste,” he said.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
The whole ecosystem we’re working on for catering to the needs of the new generation needs everything to be faster, quicker, better and simpler, said Jaideep Arora, CEO, Sharekhan.

“Our entire digital platform team has an average age of 26 years, so when they know for whom they are making a product, they end up creating the same scenario for them. So that is what we are trying to do to get that seamless experience,” Bhardwaj of IIFL Securities said.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
A lot of data is being used to really understand how we give the right advice to the right customer in the best manner possible. So basically there’s a digital innovation happening in the account opening onboarding process, said Arora.

“Mixing behavioural science with the technology to leverage is what the entire solution is all about at the end of the day. How we create a user experience, leveraging AI and ML will define the user lifecycle throughout his life,” said Bhardwaj.

Collaboration with FinTechs

Digital is all about collaboration with FinTechs. Rather than building everything in-house and spending money, it’s all about collaborative work. So it becomes far easier to implement those solutions which are readily available, says Bhardwaj.

Having a very collaborative opensource and working with FinTechs and even smart customers and coming with a lot of solutions can help the whole system, and it will be a win-win across the industry, said Arora of Sharekhan.

Millennial users want Netflix, Amazon experience in broking apps, says brokerage honchos
“In this ecosystem, the learning is that you are not alone, you have to collaborate with FinTechs, you need to have rich API’s, engage with other partners and customers as well. You have to cover all aspects of digital transformation at all levels and really immerse into it, and then you truly grow. This is what our belief is,” he said.



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