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3 Equity Mutual Funds With Upto 60% Returns & 5-Star Ratings, Should You Invest?

Personal Finance

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UTI Flexi Cap Fund

This fund has a 5-star rating from Value Research and CRISIL. It has generated a whopping 61% returns in 1-year. However, you should not read too much into returns, given the fact that markets have rallied in the last 1-year following a collapse in the first half of last year after the Covid outbreak.

The UTI Flexi Cap Fund as the name suggests invests in companies with different market capitalizations, so to that extent the fund manager of the mutual fund scheme has the flexibility.

UTI Flexi Cap Fund is managed by Ajay Tyagi and has assets under management of almost Rs 18,000 crores. SIPs in the fund are not too expensive and can be started with a sum of Rs 1,000 every month. Markets are expected to consolidate at these levels and if earnings done catch-up there could be a sharp downturn. It is therefore advisable to go for SIPs, as you can average the cost should the markets take a turn for the worse. UTI Flexicap has a lot of holdings in the financial sector and the performance of the fund would be linked to the economy, as banking stocks are a proxy for the economy.

Mirae Asset Largecap Fund

Mirae Asset Largecap Fund

Before we suggest the Mirae Asset Largecap fund, we would like to inform readers once again that markets are clearly overpriced and hence you need to be cautious. The market-cap to GDP ratio has touched 105, against a historical average of 79 and on other parameters like price to earnings multiples for Nifty companies are also expensive. Hence, the best way to invest is through SIPs.

Mirae Asset Largecap Fund is a fund that invests its money in largecap stocks. It has been rated 5-star by Value Research, Morningstar and CRISIL. The 1-year returns from the fund is a whopping 51% over the last 1-year, and the 5-year returns are16% on an annualized basis. For investors who want to stay invested for a long period of time this is a good bet. Ideally, large cap equity funds can generate good returns over a long period of time like 5-years, but it is hard to predict where the markets would be 5-years from now.

Mirae Largecap Fund has holdings in stocks like Infosys, HDFC Bank, ICICI Bank, Reliance Industries and Axis Bank.

Axis Bluechip Fund

Axis Bluechip Fund

This fund is an eternal favorite of most analysts. The fund has been rated as 5-star by CRISIL, Value Research and Morningstar. In fact, Axis Bluechip Fund has given a returns of 44% in the last 1-year and the 5-year returns from the fund is 16% on an annualized basis.

Investors can look at investing in the fund through the Systematic Investment Plan route as a lumpsum investment is full of risks. The expense ratio of the fund is around 1.77%.

Over the years the fund has augmented good collections and now its assets under management are a huge Rs 28,000 crores. The top 10 stocks of the fund account for 65% of the portfolio, which means the investment in stocks is very concentrated around its top 10 holdings, which includes names like Infosys, HDFC Bank, Bajaj Finance, ICICI Bank and Tata Consultancy Services.

A SIP can be started in the fund with a sum of Rs 500 and 6 cheques.

Disclaimer

Disclaimer

Mutual fund investment is subject to risk associated with the stock markets and hence investors need to be very careful. Neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on a decision to buy into the schemes based on the above article.



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Fullerton India appoints Rahul Bhardwaj as CIO, BFSI News, ET BFSI

Banking & Finance

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Fullerton India Credit Company Limited (Fullerton India), a leading Non-Banking Financial Company, today announced the appointment of Rahul Bhardwaj as their Chief Information Officer and Head of Operations & Customer Service. He will be reporting to Pavan Kaushal, Chief Operating Officer.

Bhardwaj re-joins Fullerton India from Jio Payments Bank, where he was a part of the founding team and led the operations for Jio Payments Bank and Reliance Payments Solutions Ltd. During his 25 years work experience, Bhardwaj has worked with leading financial and technological institutions such as ICICI Bank, Aptech Internet and Globus Stores.

Bhardwaj was previously with Fullerton India for 11 years, where he held leadership positions in multiple roles, heading Operations, Customer Service and Technology. He played a key role in strategizing, designing and implementing the first full suite of technology applications at the company. During his role in Operations, Rahul led the creation of a regional structure and instituted a metrics-driven delivery culture.

Speaking on the appointment, Shantanu Mitra, CEO and MD, Fullerton India, said, “On behalf of the Fullerton India family, we are delighted to welcome back Rahul. Rahul has previously been with us for over a decade and helped the company grow immensely, while holding multiple leadership roles. We are certain he will draw from his past experiences in the industry and add value with his ideas to strengthen and help lead Fullerton India’s business and technological transformation during his tenure.”

“I am delighted to be back at Fullerton India. It had been an enriching and rewarding experience working for this organization. Through my current role, I look forward to not just enhancing the company’s Ops and Tech space but to take it to the next level of Digitization and business growth by deepening our technology adoption and expanding our digital footprints. We hope that this transformation will help us reach our customers more effectively and serve them better,” Bhardwaj said.



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RBL Bank taps Visa to issue credit cards as RBI barred Mastercard from issuing new cards, BFSI News, ET BFSI

Banking & Finance

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Private lender, RBL Bank has entered into an agreement with Visa Worldwide Pte Limited (Visa) to issue credit cards on the Visa payment network.

The bank informed the exchanges about the agreement with Visa as RBI had barred Mastercard from issuing new cards due to non-compliance of data storage norms.

RBL Bank in the exchange notificiation said, “We await further information from Mastercard on RBI’s supervisory action. RBL Bank currently issues credit cards on the Mastercard network only. The debit and prepaid cards issued by the Bank are already enabled on other payment networks in addition to the Mastercard network.”

The bank said the integration with Visa will take another 8-10 weeks post which they will start issuing credit cards on Visa’s payment network. It’s current run rate of approximately 100,000 new credit card issuances per month could potentially be impacted till the integration with Visa gets over and regulatory clarity on the Mastercard network.

The bank currently has 3 million credit card customers and is the fifth largest credit card issuer in the country with roughly 5% market share.

On July 14, RBI had directed Mastercard to not issue any new cards on its network from July 22 onwards over non-compliance with data storage norms.

Mastercard said in a statement that it was disappointed with the stance taken by the regulator.

The payment giant in the statement said, “Mastercard is fully committed to our legal and regulatory obligations in the markets we operate in. Since the issuance of the RBI directive requiring on-soil storage of domestic payment transaction data in 2018, we have provided consistent updates and reports regarding our activities and compliance with the required stipulations. While we are disappointed with the stance taken by the RBI in their communication dated July 14, we will continue to work with them to provide any additional details required to resolve their concerns. Building on our considerable and continued investments in India, we remain committed to working with our customers and partners in advancing on the Government’s Digital India vision.”



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Biggest U.S. banks smash profit estimates as economy revives, BFSI News, ET BFSI

Banking & Finance

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By Michelle Price

WASHINGTON – The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.

Wells Fargo & Co, Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses.

That was beyond analyst estimates of about $24 billion combined, compared with $6 billion in the year-ago quarter.

Consumer spending has climbed, sometimes beyond pre-pandemic levels, while credit quality has improved and savings and investments have risen, the banks said.

Thanks to extraordinary government stimulus and loan repayment holidays, feared pandemic losses have not materialized. A national vaccination roll-out has allowed also Americans get back to work and to start spending again.

Sizzling capital markets activity has also helped the largest U.S. banks, with Goldman Sachs Group Inc reporting a $5.35 billion profit, more than double its adjusted earnings a year ago.

“The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising,” Citigroup Chief Executive Officer Jane Fraser said.

That was reflected in a pick-up in consumer lending.

For example, JPMorgan said combined spending on its debit and credit cards rose 22% compared with the same quarter in 2019, when spending patterns were more normal.

Spending on Citi-branded credit cards in the United States jumped 40% from a year earlier, but with so many customers paying off balances its card loans fell 4%.

Citigroup Chief Financial Officer Mark Mason said the bank expects more customers to go back to their pre-pandemic pattern of carrying revolving balances as government stimulus programs wind down later this year.

Wells Fargo posted a 14% gain in credit-card revenue compared with the second quarter of 2020, due to higher point-of-sale volume. Revenue was up slightly on the first quarter, the bank said.

“What we’re seeing is people starting to spend and act more in a way that seems more like it was before the pandemic started and, certainly on the consumer side, spending is up quite a bit, even when you compare it to 2018,” Wells Fargo chief financial officer Mike Santomassimo told reporters.

While loan growth is still tepid, which is usually bad for bank profits, there were signs that demand is creeping back.

Excluding loans related to the U.S. government’s pandemic aid program, loan balances at Bank of America, for example, grew $5.1 billion from the first quarter.

“Deposit growth is strong, and loan levels have begun to grow,” Bank of America CEO Brian Moynihan said in a statement.

JPMorgan, the country’s largest lender, on Tuesday reported profits of $11.9 billion compared with $4.7 billion last year.

Citigroup’s second-quarter profit rose to $6.19 billion, up from $1.06 billion last year, while Bank of America’s profit jumped to $8.96 billion from $3.28 billion.

Wells Fargo posted a profit of $6 billion compared with a loss of $3.85 billion last year, which was largely related to special items.

While the results indicate good news for consumers and businesses, low interest rates, weak loan demand and a slowdown in trading will probably weigh on results going forward, analysts said.

The U.S. Federal Reserve is staying the course, with an inflation target of 2% and no plans to tighten monetary policy by, for instance, raising interest rates, Fed Chair Jerome Powell said in prepared remarks for a congressional appearance on Wednesday.

That suggests banks will have to deal with low rates for an extended period of time.

(Reporting by Michelle Price; additional reporting by Noor Zainab Hussain, David Henry and Matt Scuffham; Editing by Lauren Tara LaCapra and Nick Zieminski)



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Microfinance sector hit as defaults surge in pandemic

Banking & Finance

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Small loan specialists in India that typically cater to people without bank accounts are facing a jump in pandemic-related defaults that could force some of them out of business, industry experts warn.

Loans overdue by 30 days are expected to reach 14-16 per cent of all so-called microfinance loans in the immediate aftermath of the second Covid-19 wave sweeping India, said Krishnan Sitaraman, senior director at credit rating agency Crisil.

That’s higher than 6-7 per cent in March, before the second wave took hold, and also above the 11.7 per cent reached in March 2017 after the demonetisation drive — an attempt to boost digital transactions and crack down on undeclared money that also hit microfinance lenders hard.

ALSO READ MFIs need bold policy support

“Older loans that were taken in 2019 or early 2020 are at a higher risk of defaults and they form about 60-65 per cent of the loanbook for lenders,” said Harsh Shrivastava, former head of the Microfinance Institutions Network, an association representing the sector in India.

Rahul Johri, chair of Vector Finance, a microfinance firm that provides loans to small enterprises, said many support measures brought in by the government had only helped larger institutions, while smaller players had struggled.

“It has become an existence issue for several small and mid-sized microfinance institutions as business has been severely impacted and collections are down,” said Johri.

Loan collection efficiency across the total loan pool has fallen to about 70 per cent from a peak of nearly 95 per cent in March, analysts say, indicating a potential build up in stress.

The gross loan portfolio of India’s microfinance lenders stood at ₹2.6-lakh crore ($35 billion) as of March 31, according to Crisil.

ALSO READ NBFC-MFIs: Sector sees nearly 25% decline in FY21

Bumpy road ahead

Despite the short-term challenges, some remain bullish on the sector and expect it to bounce back if an anticipated third wave is not so severe.

“About 55 per cent of the market is still untapped which means there is huge market opportunity … so things will look up soon,”said Johri.

But for now, many smaller microfinance firms are struggling.

Such companies, typically with loan books of less than ₹5-lakh crore ($67 million), have also seen their cost of funds rise by 100-150 basis points as banks and companies have become less willing to lend to them, said one industry executive, speaking on condition of anonymity.

Some microfinance firms have had to scale back capital raising plans due to tepid interest from investors, said the heads of two firms that have been looking to raise funds.

As smaller players falter, some have stopped paying salaries, or incentives to employees in recent months, they added, asking not to be identified due to the sensitivity of the matter.

“We are now only getting basic salaries, incentives have completely stopped in the last few months as collections are down,” said a collection agent.

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Global big banks plot back-to-office plans as vaccines roll out, BFSI News, ET BFSI

Banking & Finance

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The biggest banks in the world plan to re-open their offices, emboldened by aggressive vaccination drives and falling COVID-19 cases in major financial hubs, after sending most employees home early last year to help stem the spread of the coronavirus.

Banks globally are adopting different methods to ensure a successful back-to-office plan including hybrid working models and vaccination drives.

Here is the state of play with back-to-office plans in various regions:

UNITED STATES

Wells Fargo & Co

The bank said in March it plans to start bringing workers back to its offices after Labor Day due to the increasing availability of vaccines. The company is evaluating whether to allow certain businesses or functional subgroups in the U.S. to return to the workplace before Labor Day.

Goldman Sachs Group Inc

The bank planned to bring U.S. employees back to the office by mid-June.

JPMorgan Chase & Co

The largest U.S. bank will bring its employees in the United States back to the office on a rotational basis from July and plans to maintain a 50% occupancy cap during the return-to-office phase.

The bank also plans to step up the return of all of its employees in England to working at least part of their week in its offices from June 21.

Citigroup Inc

CEO Jane Fraser said in a memo in March that post-pandemic, most of the employees would be able to work in a “hybrid” setting, allowing them to work from home for up to two days a week.

Morgan Stanley

The bank’s chief executive officer, James Gorman, said if most employees are not back to work at the bank’s Manhattan headquarters in September, he will be “very disappointed”.

Gorman said his bank’s policy will vary by location, noting the firm’s 2,000 employees in India will not return to offices this year.

The bank’s staff and clients will not be allowed to enter its New York offices if they are not fully vaccinated, according to a source familiar with the matter. Employees, clients, and visitors will be required to attest to being fully vaccinated to access the bank’s offices in New York and Westchester, the source said.

Bank of America Corp

The lender expects all of its vaccinated employees to return to the office after Labor Day in early September, and will then focus on developing plans to bring back unvaccinated workers to its sites, Chief Executive Officer Brian Moynihan told https://bloom.bg/3gyALn3 Bloomberg News in an interview.

UNITED KINGDOM

Barclays

CEO Jes Staley has said the bank will adopt a hybrid working model and will reduce its real estate footprint but maintain its main offices in London and New York.

HSBC Holdings

HSBC has said it plans to cut its global office footprint by around 40% as it moves to a hybrid working model for most employees. The lender moved 1,200 call center staff in Britain to permanent home working contracts, Reuters reported in April, going further than some rivals in cementing changes to working patterns.

Lloyds Banking Group

Britain’s biggest domestic bank is hoping to resume office-based trials and experiments with around 5,000 of its staff this summer, once government restrictions allow. The lender has said it plans to cut 20% of its office space over two years.

Standard Chartered

StanChart said it will make permanent the flexible working arrangements introduced during the pandemic, and that it could cut a third of its office space in the next three to four years.

NatWest

CEO Alison Rose has said the bank is likely to adopt a hybrid working model, but has stressed offices will remain important as a place to bring people together to collaborate.

GERMANY

Deutsche Bank

Deutsche Bank in London plans to bring more staff back from June 21, assuming the city’s lockdown restrictions are loosened, according to a person with knowledge of the matter.

Germany’s largest lender has also told its investment bankers in the U.S. that it expects them to resume working from office no later than Labor Day, according to a memo seen by Reuters. The bank earlier said it was following a regional approach to the pandemic and return to the office issues, reflecting the different situations in individual countries.

SWITZERLAND

Credit Suisse

Credit Suisse in July 2020 launched a global program evaluating various work-from-home options, which are expected to shape its post-pandemic working models. It has been monitoring and adapting work arrangements since launching work-from-home globally in March 2020, taking into account local guidelines.

UBS

UBS Chairman Axel Weber in May said flexibility would remain part of work arrangements at Switzerland’s biggest bank going forward, where roles allow. Return to office plans vary from region to region, in accordance with local government guidelines.

CANADA

Royal Bank of Canada, the country’s largest lender, is exploring a flexible and hybrid work arrangement to bring its employees back to the office, Chief Executive Officer David McKay said.

Source: Company statements, memo, sources (Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru, Iain Withers and Lawrence White in London, Tom Sims in Frankfurt and Oliver Hirt in Zurich, and Matt Scuffham and Elizabeth Dilts Marshall in New York; Editing by Anil D’Silva and Ramakrishnan M.)



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Creating new money has downsides: RBI governor Shaktikanta Das

Personal Finance

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He strongly rebutted the notion that a sharper and sustained focus on the yield curve might be eating away at the central bank’s principal mandate, which is, inflation-targetting.

By KG Narendranath & Shobhana Subramanian

Direct financing of the government’s fiscal deficit by the central bank or creation of new money is fraught with several downsides, Reserve Bank of India (RBI) governor Shaktikanta Das said on Wednesday. The RBI’s role as the general government’s debt manager has only helped quicken the transmission of monetary policy during the pandemic period as lower funding rates co-existed with plenty of liquidity, Das said in an exclusive interview with FE.

The governor strongly rebutted the notion that a sharper and sustained focus on the yield curve might be eating away at the central bank’s principal mandate, which is, inflation-targeting.

Asked if the RBI had lately become a little more tolerant towards higher bond yields – at the last auction held on Friday, it set the cut-off yield for 10-year government securities (G-secs) at 6.1% after keeping it at below 6% for several months –, he said, “We’ve never had any fixation that the yield should be 6%, but some of our actions might have conveyed that impression. We are only interested in orderly evolution of the yield curve and market expectations seem to be converging with this approach.”

The RBI is seen by many as currently being burdened with its subsidiary function of meeting the government’s borrowing requirements, which were of an unprecedented order of Rs 21-22 lakh crore in FY21 and are likely to be of a similar magnitude in the current financial year also. Of course, it has so far ensured that the Centre and state governments have raised these funds from the market in an uninterrupted manner and at low costs.

Experts have said RBI may want to print money in order to monetise the fiscal deficit instead, since given the huge revenue shortfalls, even a far-larger-than-usual borrowing programme of the government isn’t producing any meaningful fiscal stimulus. Das said: “This (creating new money to finance deficit) was done away with as part of the economic reforms … and it was further repudiated when the FRBM Act was enacted.”

In 2020-21, the government’s borrowing costs were the lowest in 16 years, and private sector borrowing costs too substantially reduced, spurring economic activity, the governor said, adding that financial stability too was ensured across the board. “Housing loans have been available at all-time low rates for quite some time, facilitating a pick-up in the construction sector despite the second Covid wave”.

According to Das, the current spike in inflation was by and large transitory in nature and inflation could moderate by the third quarter. “What is transitory in nature needs to be watched very carefully. Any hurried or hasty action could completely pull down the economy, at a time when the revival is nascent and hesitant,” he said, when asked how serious a threat the unfolding inflation posed to the growth-supportive bias in the conduct of monetary policy. Many analysts have seen a build-up of price pressures in the economy, as inflation reading came above the upper band of the RBI’s target of 4+/-2%, for the second successive month in June.

Stating that the current inflation was largely influenced by “supply-side factors”, he cited the prices of diesel and petrol, including the Centre’s and states’ taxes on the two auto fuels. The governor reiterated that the Centre and states would do well to take more measures to soften the pace of inflation.

Asked whether the government’s reported plan to stand guarantor to the security receipts to be issued by the National Asset Reconstruction Company (bad bank), while acquiring stressed loans from banks, amounted to an untenable bailout of the banks, Das said internationally too, whenever there was systemic clean-up of bad assets, the sovereign played such important roles. “The US government came out with the policy of Troubled Asset Relief Program after the global financial crisis. There are other such examples from other countries. Coming to India, what is important is that this ARC framework that is being put into place should be driven by market principles. There are two aspects to it. One, the price at which the stressed assets would be transferred by the banks to the ARC should be linked to the market prices, based on fair assessments of the value. Second, when the ARC would want to dispose of the assets, it should again be driven by market principles”.

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Reserve Bank of India – Tenders

Tenders

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Jul 16, 2021 Electrical Installation Work in connection with Renovation of Community Hall in Reserve Bank of India Staff Quarters at Osborne Road at Bengaluru Aug 17, 2021 525 kb Jul 16, 2021 Minutes of Pre-bid Meeting – Supply, installation, testing & commissioning (SITC) of 160 KVA Diesel Generator Set with AMF Panel and Acoustic Enclosure for R.B.I Shillong Jul 23, 2021 PDF document 160 kb Jul 16, 2021 Cancellation of Non-Deposit taking NBFC license and Cancellation of CoRs during August 2020 – June 2021, Hyderabad Jul 26, 2021 PDF document 162 kb Jul 16, 2021 SITC of full height dual lane Turnstile at Main Office Building and full height single lane Turnstile at Additional Office Building, Reserve Bank of India, Kanpur Aug 23, 2021 PDF document 127 kb Jul 16, 2021 Annual Maintenance Contract for Carpentry works in Reserve Bank of India, Main Office Premises and RBI Officers’ Quarters, G.S. Road, Guwahati Aug 12, 2021 PDF document 776 kb Jul 15, 2021 Part renovation work in Two flats of Bank’s senior officers’ colony, Dhanastra, Mumbai Aug 06, 2021 PDF document 196 kb Jul 15, 2021 DSITC of Microprocessor Based Security Alarm System for Bank’s Main Office Building, Reserve Bank of India, Kanpur Aug 17, 2021 PDF document 126 kb Jul 14, 2021 Application for Empanelment of Architects for works A) Estimated to cost upto ₹ 50 Lakh B) Estimated to cost more than ₹ 50 lakh upto ₹ 100 Lakh, Bhubaneswar Aug 23, 2021 PDF document 642 kb Jul 14, 2021 Minutes of Pre-bid Meeting – Annual Maintenance Contract for Operation and Maintenance of Wet Riser system for Bank`s Main office building & Amar building at Fort, RBI, Mumbai Jul 22, 2021 PDF document 175 kb Jul 13, 2021 Request for Proposal to engage media buying/advertising agency/ies, Mumbai Aug 02, 2021 PDF document 483 kb Jul 12, 2021 Selection of Venders for Scientific Preservation of Paper Records at the RBI Archives, College of Agricultural Banking, Pune Aug 02, 2021 PDF document 593 kb Jul 09, 2021 Civil Renovation Works of corridor in 1st floor of MOB, RBI Kanpur Aug 25, 2021 PDF document 204 kb Jul 09, 2021 Providing Facilities Management Services (Washroom Cleaning) at Office Buildings of Reserve Bank of India, Mumbai Aug 18, 2021 PDF document 798 kb Jul 08, 2021 Minutes of Pre-bid Meeting – Installation and Maintenance of Coffee/Tea Vending Machines for supply of Coffee/Tea in the Bank’s Premises, Ahmedabad Jul 22, 2021 PDF document 156 kb Jul 08, 2021 Corrigendum – Installation and Maintenance of Coffee/Tea Vending Machines for supply of Coffee/Tea in the Bank’s Premises, Ahmedabad Jul 22, 2021 PDF document 258 kb Jul 08, 2021 Minutes of Pre-bid meeting – Appointment of Structural Consultant for Design Check, Seismic Analysis and Supervising Repair, Rehabilitation & Retrofitting works of Bank’s Main Office Building (MOB) and its Annexe building, Ahmedabad Jul 23, 2021 PDF document 192 kb Jul 08, 2021 Corrigendum – Supply, installation, testing & commissioning (SITC) of 160 KVA Diesel Generator Set with AMF Panel and Acoustic Enclosure for R.B.I Shillong Jul 23, 2021 PDF document 182 kb Jul 07, 2021 Renovation of Bank’s Officers’ Flats (4 Nos. Grade ‘A’) at Tilak Nagar, Kanpur Aug 17, 2021 PDF document 103 kb Jul 07, 2021 Provision of Modular Kitchen cabinets in Bank’s Officer’s Flats (04 Nos. Grade ‘A’) at Tilak Nagar, Kanpur Aug 17, 2021 PDF document 179 kb Jul 07, 2021 Annual Maintenance Contract for Plumbing and Sanitary Works at RBI Officers’ Colony, Christian Basti, GS Road, Guwahati Jul 28, 2021 PDF document 936 kb Jul 06, 2021 Corrigendum – Opening of RFP documents – Request for Proposal (RFP) for engagement of Consultant for Comprehensive Consultancy Services for establishment of Automated Banknote Processing Centre (ABPC) Jul 20, 2021 PDF document 77 kb Jul 06, 2021 Empanelment for supply of sufficient number of fully covered closed cash vans/ closed vehicles for transport and delivery of coins, Thiruvananthapuram Jul 27, 2021 PDF document 172 kb Jul 05, 2021 Annual Maintenance Contract for Plumbing & Sanitary works and Operation & Maintenance of Pump-Motor set in Bank’s Main Office Premises (MOP) & Staff Quarters, Vidyut Marg (SQVM) at Bhubaneswar, Odisha Aug 13, 2021 PDF document 1754 kb Jul 05, 2021 Annual Maintenance Contract for Plumbing & Sanitary works and Operation & Maintenance of Pump-Motor set in Officers’ Quarters, Nayapalli (OQNP) and Staff Quarters, Baramunda (SQBM) at Bhubaneswar, Odisha Aug 13, 2021 PDF document 939 kb Jul 05, 2021 Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in Foreign Exchange Department, 2nd floor, Main Office Building, RBI Kanpur Aug 25, 2021 PDF document 117 kb Jul 05, 2021 Corrigendum – Last date for submission of bids – ABPC – Request for Proposal (RFP) for engagement of Consultant for Comprehensive Consultancy Services for establishment of Automated Banknote Processing Centre (ABPC) Jul 20, 2021 PDF document 78 kb Jul 05, 2021 Consultant for Review of Supervisory Models – Issuance of RFP to shortlisted consultants Jul 26, 2021 PDF document 124 kb Jul 05, 2021 Corrigendum – Electrical Renovation of 16 Nos. of Class III Flats in KNSQ, Reserve Bank of India, Kanpur Jul 26, 2021 PDF document 176 kb Jul 04, 2021 Empanelment of Suppliers/ Stockists/ Chemists/ Dealers for supply of Drugs & Medicines to Dispensaries of Reserve Bank of India at Various location in Guwahati Aug 01, 2021 PDF document 225 kb Jul 03, 2021 Corrigendum – Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in DOS, 1st floor, Main Office Building, RBI Kanpur Aug 23, 2021 PDF document 181 kb Jul 03, 2021 Corrigendum – Renovation (Civil & Interior) of Foreign Exchange Department (FED) at 2nd floor, MOB, RBI Kanpur Aug 23, 2021 PDF document 181 kb Jul 03, 2021 Corrigendum – Renovation of Bank’s Staff Quarters (16 Nos. Class III) at Kidwai Nagar, Kanpur Jul 26, 2021 PDF document 181 kb Jul 03, 2021 Supply, Installation, Testing, Commissioning of the Micro Processor based Security Alarm system for the Banks Main office Building at Jaipur Jul 26, 2021 PDF document 1669 kb Jul 02, 2021 Tender for Sale of Bank’s Car (Hyundai Creta SK 01 PB 2292), Gangtok Aug 09, 2021 PDF document 167 kb Jul 02, 2021 Minutes of Pre-Bid meeting & Corrigendum – Providing Integrated Facility Management Services (IFMS) at College of Agricultural Banking (CAB), Reserve Bank of India, Pune Jul 22, 2021 PDF document 183 kb Jul 02, 2021 Electrical Renovation Works for 4 Nos. of Grade ‘A’ officer flats at TNOQ Officer’s Quarters, RBI Kanpur Aug 05, 2021 PDF document 121 kb Jul 02, 2021 Construction of RCC underground sump and Elevated Service Reservoir at Bank’s Telankhedi Road Staff Quarters, Nagpur Jul 30, 2021 PDF document 2049 kb Jul 01, 2021 Construction of Office Building for RBI at Atal Nagar, Naya Raipur, Chattisgarh Jul 23, 2021 PDF document 103 kb Jul 01, 2021 Supply, installation, testing & commissioning (SITC) of 160 KVA Diesel Generator Set with AMF Panel and Acoustic Enclosure for R.B.I Shillong Jul 23, 2021 PDF document 606 kb Jul 01, 2021 Supply, Installation, testing and Commissioning of 160 no’s SMF batteries of 120 AH capacity each for Centralised UPS System at Reserve Bank of India, Hyderabad Jul 22, 2021 PDF document 1022 kb Jun 28, 2021 Renovation (Civil & Interior) of Foreign Exchange Department (FED) at 2nd floor, MOB, RBI Kanpur Aug 23, 2021 PDF document 116 kb Jun 28, 2021 Design, fabrication, supply and fixing of open office modular workstation furniture with M.S. framework in DOS, 1st floor, Main Office Building, RBI Kanpur Aug 23, 2021 PDF document 100 kb Jun 28, 2021 Supply Installation Testing & Commissioning of electrical works in proposed FED Area, RBI Kanpur Jul 29, 2021 PDF document 122 kb Jun 28, 2021 Corrigendum – Providing Integrated Facility Management Services (IFMS) at College of Agricultural Banking (CAB), Reserve Bank of India, Pune Jul 22, 2021 PDF document 97 kb Jun 24, 2021 Annual Maintenance Contract for various types of Fire Extinguishers for Central Office Building at Fort, Mumbai Jul 22, 2021 PDF document 384 kb Jun 23, 2021 Electrical Renovation of 16 Nos. of Class III Flats in KNSQ, Reserve Bank of India, Kanpur Jul 26, 2021 PDF document 121 kb Jun 22, 2021 Conducting of Electrical Safety Audit at Bank’s Main and Additional Office Building, Nagpur Jul 22, 2021 PDF document 237 kb Jun 21, 2021 Comprehensive Annual Maintenance Service Contract for Operation & Maintenance of Sewage Treatment Plant installed at Staff Quarters, Baramunda Aug 02, 2021 PDF document 997 kb Jun 21, 2021 Providing Integrated Facility Management Services (IFMS) at College of Agricultural Banking (CAB), Reserve Bank of India, Pune Jul 22, 2021 PDF document 1212 kb Jun 18, 2021 Annual Maintenance Contarct of Pest Control & Sanitization Services at Banks Residential Colonies and Offices of Reserve Bank of India, Mumbai Jul 26, 2021 PDF document 775 kb Jun 18, 2021 AMC of Direct telephone lines (including Hot lines) and Intercom Lines provided in Bank Main Office Premises and all Residential Colonies (CLOQ, TNOQ & KNSQ), Kanpur Jul 27, 2021 PDF document 136 kb Jun 18, 2021 Renovation of Bank’s Staff Quarters (16 Nos. Class III) at Kidwai Nagar, Kanpur Jul 26, 2021 PDF document 221 kb Jun 15, 2021 Annual Maintenance Contract for Operation and Maintenance of Wet Riser system for Bank`s Main office building & Amar building at Fort, RBI, Mumbai Jul 22, 2021 PDF document 2045 kb

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Reserve Bank of India – Notifications

Notifications

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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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Trustees must get unit-holders’ consent before winding up a scheme, rules SC

Banking & Finance

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The Supreme Court on Wednesday held that trustees of a mutual fund scheme have to take the consent of the unit-holders, who have invested their money, before deciding to wind up the scheme or prematurely redeeming the units.

Trustees cannot give themselves the air of “domain experts” and treat unit-holders as “lay persons” whose consent is not necessary before winding up.

“The argument that the unit-holders are lay persons and not well-versed with the market conditions is to be rejected. Investments by the unit-holders constitute the corpus of the scheme. To deny the unit-holders a say debilitates their role and right to participate,” a Bench of Justices S. Abdul Nazeer and Sanjiv Khanna observed in a judgment.

The Bench was hearing an appeal by Franklin Templeton Trustee Services Private Limited on the winding up of its six mutual fund schemes. The judgment harmoniously interprets Regulation 18(15)(c) with Regulation 39 (2) (a) of the Securities and Exchange Board of India (Mutual Funds) Regulations of 1996.

Regulation 18 mandates that trustees seek the consent of the unit-holders, while Regulation 39 allows a close-ended mutual fund scheme to be wound up if the trustees give that opinion. The latter Regulation is silent about getting unit-holders’ consent.

The Supreme Court opted for a middle path between the two Regulations. “The Principle of Harmonious Construction should be applied in the context of the Regulations in question… This would mean the opinion of the trustees would stand, but the consent of the unit-holders is a pre-requisite for winding up,” Justice Khanna observed.

The court said that unlike the trustees of a mutual fund scheme, unit-holders may not be domain experts. But they are “discerning investors who are perceptive and prudent”.

“…Thus, the contention that the trustees, being specialists and experts in the field, their decision should be treated as binding and fait accompli has to be rejected,” Justice Khanna wrote.

Like shareholders

The court compared unit-holders of a mutual fund scheme with the shareholders of a company. “The waterfall mechanism under the Companies Act, or the Indian Bankruptcy Code, gives primacy to the dues of the creditors over the shareholders. Identical is the position of the unit-holders… the argument that unit-holders should be treated pari passu with the creditors is far-fetched,” the court noted.

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