Reserve Bank of India – Press Releases
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Author: root
Reserve Bank of India – Tenders
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E-tender no. RBI/Guwahati/Guwahati/3/21-22/ET/44 Bidders are instructed to take note of the following corrigendum to Part I (Techno – Commercial Bid): I. Change in EMD clause: Earnest Money Deposit (EMD) of Rs.27,450/- (Twenty Seven Thousand Four Hundred and Fifty Only) is to be submitted by all bidders in the form of Demand Draft/ Bank Guarantee as per Annexure I for EMD in favor of Reserve Bank of India, Guwahati to be delivered in physical form at Estate Department, 4th floor, Reserve Bank of India, Guwahati. ‘Or’ Deposited through NEFT in favour of Reserve Bank of India, Guwahati in A/c No. 8692299 & IFSC Code: RBIS0GWPA01. Please mention your company name in NEFT transaction” Note: Acknowledgement for payment of EMD should be uploaded in the MSTC portal to qualify for participation in Part I of tender. II. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date & Time) is extended up to 02:00 P M on August 30, 2021. |
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Reserve Bank of India – Press Releases
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Reserve Bank of India – Press Releases
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In the underwriting auctions conducted on August 20, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Ajit Prasad Press Release: 2021-2022/717 |
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Reserve Bank of India – Press Releases
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The Reserve Bank of India issued All Inclusive Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka, vide Directive DoS.CO.UCB-South/Dir.1/1849/10.01.023/2020-21 dated February 18, 2021, the validity of which is up to August 19, 2021. 2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DoS.CO.UCB-South/Dir.1/1849/10.01.023/2020-21 dated February 18, 2021, issued to Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive DoS.CO.UCB-South/Dir.1/1849/10.01.023/2020-21 dated February 18, 2021, the validity of which is up to August 19, 2021, shall continue to apply to the bank for a further period of six months from August 20, 2021 to February 19, 2022, subject to review. 3. Other terms and conditions of the Directive under reference shall remain unchanged. (Yogesh Dayal) Press Release: 2021-2022/716 |
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Reserve Bank of India – 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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Shanti Lal Jain appointed MD and CEO of Indian Bank
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Shanti Lal Jain has been appointed Managing Director and Chief Executive Officer of Indian Bank for three years, a Personnel Ministry order issued on Thursday said. Jain is currently Executive Director (ED), Bank of Baroda.
The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Jain as Managing Director & Chief Executive Officer in lndian Bank for a period of three years with effect from the date of assumption of office on or after September 1, 2021, it said.
Jain’s appointment is extendable based on his performance by upto two years, or till attaining the age of superannuation (i.e.January 31, 2024), the order said.
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PhonePe to use $50 million Tencent funding for overseas acquisition
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PhonePe plans to use the $50 million funding received from Chinese conglomerate Tencent for its overseas acquisition and to support its Singapore office operations, according to a source close to the development. While all PhonePe employees are based in India, the company has a small team in Singapore looking after legal and M&A proceedings, the source added.
Tencent has acquired a minority (1.8 per cent) stake in PhonePe as part of the company’s $700 million funding round which was announced in December 2020. PhonePe has been in talks to acquire content and app discovery platform Indus OS (registered name – OSLabs) for $60 million since May 2021. However, the deal could not be completed because of the objection raised by existing investors, Affle Global and Ventureast. The existing investors value Indus OS at $90 million, while PhonePe had offered to acquire about 90 per cent stake in the company for $60 million. Since then the deal has been in a legal tussle.
“The case is expected to be closed in a few months. Companies had a court hearing a few months back and they both also participated in an extraordinary general meeting (EGM) in July, which was mandated by the Singapore High Court,” the source told BusinessLine. In July 2021, Affle Global claimed to have gotten a favourable ruling from Singapore HC. However, PhonePe refuted the claim at that time and said that no final ruling has come out yet.
“In addition to IndusOS, PhonePe had also acquired MapMyIndia in the past. This acquisition is being used to power the PhonePe store feature which helps users discover nearby stores. It is similar to Google Maps but it is built for the local audience,” the source added.
Synergies
Indus OS has built Indus App Bazaar which has a portfolio of 4 lakh localised Indian apps, making it an Indian alternative to platforms like Google PlayStore and AppStore. PhonePe is looking to integrate the Indus App Bazaar in PhonePe Switch, which hosts m-sites (mobile sites) for a variety of apps like Myntra, Zivame, Grofers, Netmeds etc.
The Indus OS acquisition can potentially strengthen the super app ambitions of PhonePe. Currently, PhonePe has expanded into a majority of verticals encompassing all things money. It allows users to send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold, which enabled users to buy 24-karat gold on its platform.
Since then, the company has launched several mutual funds and insurance products like tax-saving funds, liquid funds, international travel insurance, and Corona Care, a dedicated insurance product for the Covid-19 pandemic among others. PhonePe also launched its Switch platform in 2018, enabling users to place orders on 600 apps directly from within the PhonePe mobile app. PhonePe claims to be accessible at 20 million merchant outlets across 12,000 towns and 4,000 talukas nationally.
PhonePe is also the market leader in terms of UPI transactions. The NPCI data for the month of July 2021 showed that the company holds about 46% per cent of the market share by transaction volume. Media reports have claimed that PhonePe’s Indian competitor Paytm is also planning to launch its super app by the end of this year.
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Depositors of PMC Bank still await clarity on withdrawals
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Nearly two years since it was placed under directions by the Reserve Bank of India, depositors of Punjab and Maharashtra Cooperative Bank (PMC Bank) continue to face uncertainties over when they will access their savings.
Depositors are waiting for more clarity on when they would withdraw more funds after the DICGC Bill’s passage and want to know how they will be repaid amidst plans for the formation of a small finance bank.
About 1 lakh depositors of PMC Bank are expected to benefit from the amendments to the Deposit Insurance and Credit Guarantee Corporation Act under which account holders will get up to ₹5 lakh within 90 days of the RBI imposing a moratorium on the bank.
Plight of high-value depositors
However, it is estimated that about 43,000 high-value depositors will still be unable to withdraw their full savings, with many of them being senior citizens.
These high-value depositors account for about 85 per cent of the deposits in the bank.
“We believe that the amendment has been passed, but there is not any information on when we can withdraw funds. So, there is no real benefit to account holders at present,” said Revadhar Tiwari, an account holder with PMC Bank.
Many are planning to visit their bank branches to understand when they can withdraw more funds.
According to sources, the issue is also being discussed on Whatsapp groups of PMC Bank depositors, and many have also been raising the question on social media like Twitter.
The issue of full repayment of savings is the main concern.
“Depositors are eager and awaiting the modality of the payments as how the RBI will give them their hard-earned money. We want a clear formula on how the depositors above ₹5 lakh would be paid. We expect that the savings of all the depositors along with the accrued interest will be returned and urge the RBI Governor to announce that each and every retail depositor’s money would be protected,” said Chander Purswani, President, PMC Depositors Forum.
RBI had, on June 18, 2021, granted “in-principle” approval, valid for 120 days, to Centrum Financial Services Ltd to set up a small finance bank. Once the SFB is floated, PMC Bank would be merged into it.
The bank has been under All Inclusive Directions of the RBI from the close of its business on September 23, 2019, which has been extended till December 31, 2021. At present, the deposit withdrawal limit for PMC Bank has been capped at ₹1 lakh.
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Government notifies law to shed holding in public sector general insurance company
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President Ram Nath Kovind has given his assent to a bill to amend the General Insurance Business (Nationalisation) Act. This will facilitate bringing down government’s equity below 51 per cent in a public sector general insurance company
Govt moves to shed stake in a general insurance co
Titled, the ‘General Insurance Business (Nationalisation) Amendment Act, 2021’, the new law has brought in three amendments. First one aims “to omit the proviso to section 10B of the Act so as to remove the requirement that the Central Government holds not less than 51 per cent. of the equity capital in a specified insurer”. The second one will insert a new section 24B “providing for cessation of application of the Act to such specified insurer on and from the date on which the Central Government ceases to have control over it.” And the third one will insert “a new section 31A providing for liability of a director of specified insurer, who is not a whole-time director, in respect of such acts of omission or commission of the specified insurer which has been committed with his knowledge and with his consent.”
According to the objectives of the bill, with a view to provide for greater private participation in the public sector insurance companies and to enhance insurance penetration and social protection and better secure the interests of policy holders and contribute to faster growth of the economy, it has become necessary to amend certain provisions of the Act.
LIC divestment: It’s like killing the golden goose
The new law is seen as a move to implement the budget announcement on privatisation of one of the public sector general insurance companies. However, Finance Minister Nirmala Sitharaman has repeatedly said that the new law is not for privatisation. “What we are trying to in this is not to privatise, we are bringing some enabling provision so that the Government can bring in public participation, the common people’s participation in the general insurance companies,” she had said while introducing the bill during just concluded Monsoon session of the Parliament.
Further she mentioned that general insurance companies in the private sector have greater penetration, as they raise more money from market and therefore give a better premium for insuring public and also have innovate packages. “Whereas public general insurance companies are not able to perform because they are always short of resources,” Sitharaman said.
As on date, there are four general insurance companies in the public sector – National Insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd and the United India Insurance Company Ltd. Now, it is not yet known that in which one of them, the government will lower its shareholding.
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