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In the underwriting auctions conducted on June 25, 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: 2021-2022/425 |
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The following State Governments have offered to sell securities by way of an auction, for an aggregate amount of ₹ 20,400 Cr. (Face Value).
| Sr. No. | State/ UT | Amount to be raised (₹ Cr) |
Additional Borrowing (Greenshoe) Option (₹ Cr) |
Tenure (Yrs) |
Type of Auction |
| 1 | Goa | 100 | – | 10 | Yield |
| 2 | Gujarat | 1500 | 500 | 10 | Yield |
| 3 | Jammu and Kashmir | 900 | – | 12 | Yield |
| 4 | Kerala | 2000 | – | 25 | Yield |
| 1000 | – | 35 | Yield | ||
| 5 | Maharashtra | 1000 | 500 | 10 | Yield |
| 1000 | – | 11 | Yield | ||
| 6 | Manipur | 200 | – | 10 | Yield |
| 7 | Punjab | 1000 | – | 10 | Yield |
| 1000 | – | 20 | Yield | ||
| 8 | Rajasthan | 500 | – | 5 | Yield |
| 500 | – | 10 | Yield | ||
| 1000 | – | 20 | Yield | ||
| 9 | Tamil Nadu | 1000 | – | Re-issue of 6.96% Tamil Nadu SDL 2051 issued on May 19, 2021 | Price |
| 1000 | – | Re-issue of 6.96% Tamil Nadu SDL 2056 issued on May 19, 2021 | Price | ||
| 10 | Telangana | 1000 | – | 30 | Yield |
| 11 | Uttarakhand | 700 | – | 10 | Yield |
| 12 | Uttar Pradesh | 2500 | – | 10 | Yield |
| 13 | West Bengal | 2500 | – | 7 | Yield |
| TOTAL | 20,400 |
The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 29, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on June 29, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.
In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.
For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).
Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.
The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.
The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.
The results of the auction will be announced on June 29, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on June 30, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.
The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on December 30 and June 30 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.
The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.
Ajit Prasad
Director
Press Release: 2021-2022/423
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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on June 25 2021. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:
The underwriting auction will be conducted through multiple price-based method on June 25, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction. The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities. Ajit Prasad Press Release: 2021-2022/422 |
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The Reserve Bank of India vide directive DCBS.CO.BSD-I/D-16/12.22.474/2018-19 dated June 21, 2019 had placed the Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra under Directions from the close of business on June 25, 2019 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to June 24, 2021. 2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of 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 aforesaid Directions shall continue to apply to the bank till September 24, 2021 as per the directive DOR.MON.D-18/12.22.474/2021-22 dated June 22, 2021, subject to review. 3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated June 22, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public 4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank. (Yogesh Dayal) Press Release: 2021-2022/421 |
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The Reserve Bank has launched the 2020-21 round of its annual Survey on Computer Software and Information Technology Enabled Services (ITES) Exports. The annual survey being conducted since 2002-03, collects data on various aspects of computer services exports as well as exports of information technology enabled services (ITES) and business process outsourcing (BPO). The survey results are released in the public domain besides being used for compilation of balance of payments (BoP) statistics and other uses. The survey schedule for the 2020-21 round is required to be filled in by all software and ITES/BPO exporting companies. The soft form of this survey schedule (both in Hindi and English) is available on the RBI’s website under the head ‘Forms’ (available under ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’, which can be duly filled and submitted by email July 31, 2021. The instructions are provided in FAQs and, in case of any query or clarification, kindly contact: The Director, (Yogesh Dayal) Press Release: 2021-2022/419 |
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The Reserve Bank has launched the 2020-21 round of its annual survey on ‘Foreign Liabilities and Assets of Mutual Funds and Asset Management Companies’. The survey collects information from Mutual Fund companies and Asset Management Companies on their external financial liabilities and assets as at end-March of the latest financial year. Consolidated results of the survey are released in the public domain besides being used for compilation of India’s external sector statistics. Asset Management companies (AMCs) are required to submit the annual return on Foreign Liabilities and Assets (FLA) online through the web-based portal (https://flair.rbi.org.in) by July 31, 2021. In addition, Mutual Fund companies are required to fill the survey schedule (Schedule-4), which is available on the RBI website (www.rbi.org.in → Forms → Survey) and send via e-mail by July 31, 2021. Both Hindi and English formats are available for Schedule-4 and reporting entities may use either of them. Please refer to the instructions with FAQs and in case of any query or clarification, kindly contact: The Director, (Yogesh Dayal) Press Release: 2021-2022/420 |
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RBI/2021-22/59
DOR.ACC.REC.No.23/21.02.067/2021-22
June 24, 2021
All Non-Banking Financial Companies (NBFCs)
Madam / Sir,
Declaration of dividends by NBFCs
In order to infuse greater transparency and uniformity in practice, it has been decided to prescribe guidelines on distribution of dividend by NBFCs.
Applicability
2. These guidelines shall be applicable to all NBFCs regulated by RBI1 as below:
(a) Applicable NBFCs as defined in Paragraph 2(2) of Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016; and
(b) Applicable NBFCs as defined in Paragraph 2(2) of Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016.
Effective Date
3. These guidelines shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022 and onwards.
Board Oversight
4. The Board of Directors shall, while considering the proposals for dividend, take into account the following aspects:
(a) Supervisory findings of the Reserve Bank (National Housing Bank (NHB) for HFCs) on divergence in classification and provisioning for Non-Performing Assets (NPAs).
(b) Qualifications in the Auditors’ Report to the financial statements; and
(c) Long term growth plans of the NBFC.
The Board shall ensure that the total dividend proposed for the financial year does not exceed the ceilings specified in these guidelines.
Eligibility criteria
5. NBFCs shall comply with the following minimum prudential requirements to be eligible to declare dividend:
| Table 1: Declaration of Dividend: Minimum Prudential Requirements | ||
| Sl. No. | Parameter | Requirement |
| 1. | Capital Adequacy | (a) NBFCs (other than Standalone Primary Dealers) shall have met the applicable regulatory capital requirement (refer Annex I) for each of the last three2 financial years including the financial year for which the dividend is proposed.
(b) Standalone Primary Dealers (SPDs) should have maintained a minimum CRAR of 20 per cent for the financial year (all the four quarters) for which dividend is proposed. |
| 2. | Net NPA | The net NPA ratio shall be less than 6 per cent in each of the last three years, including as at the close of the financial year for which dividend is proposed to be declared. |
| 3. | Other criteria | (a) NBFCs shall comply with the provisions of Section 45 IC of the Reserve Bank of India Act, 1934. HFCs shall comply with the provisions of Section 29 C of The National Housing Bank Act, 1987.
(b) NBFCs shall be compliant with the prevailing regulations/ guidelines issued by the Reserve Bank. The Reserve Bank or the NHB (for HFCs) shall not have placed any explicit restrictions on declaration of dividend. |
Quantum of Dividend Payable
6. NBFCs eligible to declare dividend as per paragraph 5 above, may pay dividend, subject to the following:
(a) The Dividend Payout Ratio is the ratio between the amount of the dividend payable in a year and the net profit as per the audited financial statements for the financial year for which the dividend is proposed.
(b) Proposed dividend shall include both dividend on equity shares and compulsorily convertible preference shares eligible for inclusion in Tier 1 Capital.
(c) In case the net profit for the relevant period includes any exceptional and/or extra-ordinary profits/ income or the financial statements are qualified (including ’emphasis of matter’) by the statutory auditor that indicates an overstatement of net profit, the same shall be reduced from net profits while determining the Dividend Payout Ratio.
(d) The ceilings on dividend payout ratios for NBFCs eligible to declare dividend are as under:
| Table 2: Ceilings on Dividend Payout Ratio | ||
| Sl. No. | Type of NBFC | Maximum Dividend Payout Ratio (percentage) |
| 1. | NBFCs that do not accept public funds and do not have any customer interface | No ceiling specified |
| 2. | Core Investment Company | 60 |
| 3. | Standalone Primary Dealers | 60 |
| 4. | Other NBFCs | 50 |
(e) The Reserve Bank shall not entertain any request for ad-hoc dispensation on declaration of dividend.
7. A NBFC (other than SPD) which does not meet the applicable prudential requirement prescribed in Paragraph 53 above for each of the last three financial years, may be eligible to declare dividend, subject to a cap of 10 percent on the dividend payout ratio, provided the NBFC complies with the following conditions :
(a) meets the applicable capital adequacy requirement in the financial year for which it proposes to pay dividend; and
(b) has net NPA of less than 4 per cent as at the close of the financial year.
8. As per extant regulations contained in paragraph 30 of Master Direction – Standalone Primary Dealers (Reserve Bank) Directions, 2016, in case of SPDs which have a CRAR at or above the regulatory minimum of 15 per cent during each of the quarters of the previous year, but lower than 20 per cent in any of those quarters, the dividend payout ratio shall not exceed 33.3 per cent.
Reporting System
9. NBFC-D, NBFC-ND-SI, HFC & CIC declaring dividend shall report details of dividend declared during the financial year as per the format prescribed in Annex 2. The report shall be furnished within a fortnight after declaration of dividend to the Regional Office of the Department of Supervision of the Reserve Bank/ Department of Supervision of NHB, under whose jurisdiction it is registered.
10. The relevant Master Directions shall be suitably updated.
Yours faithfully,
(Usha Janakiraman)
Chief General Manager
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NIT: RBI/Patna/Estate/499/20-21/ET/775 Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on June 01, 2021 inviting application from eligible vendors for the said work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/). The last date of submission of bids online through MSTC website was specified as 2:00 PM on June 21, 2021. Extension of Time: It is advised that the time for submission of bids has been extended to 14:00 hrs on June 28, 2021. The bids will be opened on June 28, 2021.at 15:00 Noon. All other terms and conditions mentioned in the tender remain unchanged. Regional Director |
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SCHEDULE OF TENDER
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