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The Central Government has nominated Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India vice Shri Tarun Bajaj. The nomination of Shri Ajay Seth is effective from April 24, 2021 and until further orders. (Yogesh Dayal) Press Release: 2021-2022/111 |
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The captioned advertisement for inviting applications for “Empanelment of Suppliers/ Stockists/ Chemists for the supply of Drugs and Medicines to Reserve Bank Dispensaries at Ahmedabad” was published on April 04, 2021 in three newspapers namely Times of India, Divya Bhaskar and Rajasthan Patrika. The same was released on RBI website on April 04, 2021. The last date for submission of bids was on or before April 27, 2021 till 05:00 PM. Extension of Time: It has been decided to extend the last date for submission of applications to May 10, 2021 till 5:00 PM. The bids will be opened at 12:00 PM on May 11, 2021. All other terms and conditions mentioned in the RFE Document remain unchanged Regional Director |
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Shivalik Small Finance Bank Limited has commenced operations as a small finance bank with effect from April 26, 2021.The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Shivalik Mercantile Co-operative Bank Limited was granted an in-principle approval for transition into a small finance bank, as announced in the press release on January 6, 2020, under the “Scheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank” issued on September 27, 2018. (Yogesh Dayal) Press Release: 2021-2022/110 |
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The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934. No. of Scheduled Commercial Banks as on Current Fortnight:133 Rupambara Press Release: 2021-2022/109 |
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RBI/2021-22/24
DOR.GOV.REC.8/29.67.001/2021-22
April 26, 2021
To Commercial Banks
(as per applicability)
Madam / Sir,
Corporate Governance in Banks –
Appointment of Directors and Constitution of Committees of the Board
A Discussion Paper on ‘Governance in Commercial Banks in India’ was issued by the Reserve Bank on June 11, 2020 to review the framework for governance in the commercial banks. Based on the feedback received, a comprehensive review of the framework has been done, and a Master Direction on Governance will be issued in due course. In order to address a few operative aspects received through such feedback, it has been decided to issue instructions with regard to the Chair and meetings of the board, composition of certain committees of the board, age, tenure and remuneration of directors, and appointment of the whole-time directors (WTDs).
Applicability
2. The revised instructions would be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. In respect of State Bank of India and Nationalised Banks, these guidelines would apply to the extent the stipulations are not inconsistent with provisions of specific statutes applicable to these banks or instructions issued under the statutes. The contents of this circular must be read along with other relevant governing statutes and shall be applicable notwithstanding anything to the contrary contained in the licensing conditions, notifications, directions, regulations, guidelines, instructions, etc., issued by the Reserve Bank before the issue of this circular. The circular will not be applicable in the case of foreign banks operating as branches in India. The applicability to other commercial banks viz., Local Area Banks, Payments Banks and Regional Rural Banks will be notified separately.
Chair and meetings of the Board
3. The Chair of the board shall be an independent director. In the absence of the Chair of the board, the meetings of the board shall be chaired by an independent director. The quorum for the board meetings shall be one-third of the total strength of the board or three directors, whichever is higher. At least half of the directors attending the meetings of the board shall be independent directors.
Committees of the Board
(a) Audit Committee of the Board (ACB)
4. The ACB shall be constituted with only non-executive directors (NEDs). The Chair of the board shall not be a member of the ACB. The ACB shall meet with a quorum of three members. At least two-thirds of the members attending the meeting of the ACB shall be independent directors1. The ACB shall meet at least once in a quarter. The meetings of the ACB shall be chaired by an independent director who shall not chair any other committee of the Board. The Chair of the ACB shall not be a member of any committee of the board which has a mandate of sanctioning credit exposures. All members should have the ability to understand all financial statements as well as the notes/ reports attached thereto and at least one member shall have requisite professional expertise/ qualification in financial accounting or financial management [e.g., experience in application of accounting standards and practices, including internal controls around it].
(b) Risk Management Committee of the Board (RMCB)
5. The board shall constitute an RMCB with a majority of NEDs. The RMCB shall meet with a quorum of three members. At least half of the members attending the meeting of the RMCB shall be independent directors of which at least one member shall have professional expertise/ qualification in risk management2. Meetings of RMCB shall be chaired by an independent director who shall not be a Chair of the board or any other committee of the board. The Chair of the board may be a member of the RMCB only if he/she has the requisite risk management expertise. The RMCB shall meet at least once in each quarter.
(c) Nomination and Remuneration Committee (NRC)
6. The board shall constitute an NRC made up of only NEDs. The NRC shall meet with a quorum of three members. At least half of the members attending the meeting of the NRC shall be independent directors, of which one shall be a member of the RMCB. The meetings of the NRC shall be chaired by an independent director. The Chair of the board shall not chair the NRC. The meeting of NRC may be held as and when required3.
Age and tenure of NEDs
7. The upper age limit for NEDs, including the Chair of the board, shall be 75 years and after attaining the age of 75 years no person can continue in these positions4.
8. The total tenure of an NED, continuously or otherwise, on the board of a bank, shall not exceed eight years. After completing eight years on the board of a bank the person may be considered for re-appointment only after a minimum gap of three years.5 This will not preclude him/her from being appointed as a director in another bank subject to meeting the requirements.
Remuneration of NEDs
9. In addition to sitting fees and expenses related to attending meetings of the board and its committees as per extant statutory norms/ practices, the bank may provide for payment of compensation to NEDs in the form of a fixed remuneration commensurate with an individual director’s responsibilities and demands on time and which are considered sufficient to attract qualified competent individuals. However, such fixed remuneration for an NED, other than the Chair of the board, shall not exceed ₹20 lakh per annum6.
Tenure of MD&CEO and WTDs
10. Subject to the statutory approvals required from time to time, the post of the MD&CEO or WTD cannot be held by the same incumbent for more than 15 years. Thereafter, the individual will be eligible for re-appointment as MD&CEO or WTD in the same bank, if considered necessary and desirable by the board, after a minimum gap of three years, subject to meeting other conditions. During this three-year cooling period, the individual shall not be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly.
11. It is clarified that the extant instructions on upper age limit for MD&CEO and WTDs in the private sector banks would continue and no person can continue as MD&CEO or WTD beyond the age of 70 years. Within the overall limit of 70 years, as part of their internal policy, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD&CEO.
12. MD&CEO or WTD who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years. However, in extraordinary circumstances, at the sole discretion of the Reserve Bank such MD&CEO or WTDs may be allowed to continue up to 15 years. While examining the matter of re-appointment of such MD&CEOs or WTDs within the 12/15 years period, the level of progress and adherence to the milestones for dilution of promoters’ shareholding in the bank shall also be factored in by the Reserve Bank.
Transition Arrangement
13. While the instructions shall come into effect from the date of issue of this circular, in order to enable smooth transition to the revised requirements, banks are permitted to comply with these instructions latest by October 01, 2021. Specifically:
(i) The Chair of board who is not an independent director on the date of issue of this circular shall be allowed to complete the current term as Chair as already approved by the Reserve Bank.
(ii) Banks with MD&CEOs or WTDs who have already completed 12/15 years as MD&CEO or WTD, on the date these instructions coming to effect, shall be allowed to complete their current term as already approved by the Reserve Bank.
Yours faithfully,
(Shrimohan Yadav)
Chief General Manager
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1. e-Tenders in two parts (part-I and II) are invited for “Annual Maintenance Contract of Plumbing & Sanitary work for Bank’s Quarters located at Alipore, Salt Lake, Dumdum, Ultadanga and S.P Colony in Kolkata”. The work is estimated to cost Rs. 42,32,800/- and the Contract will be started from 10th day after the date of written order to commence work. It may be noted that validity of tender is three years (to be renewed every year based on satisfactory performance)
2. The e-tender forms will be issued only to the empanelled vendors enlisted under section-A, Trade-01, Category – IV of List of empanelled vendors for the period 2021-24.
3. e-Tender documents will be available at MSTC website i.e., www.mstcecommerce.com on 26th April, 2021 at 16:00 Hrs. This e-Tender needs to be mandatorily filled up / online submission through MSTC website i.e., www.mstcecommerce.com. Deadline for filing up and submitting the e-Tender is up to 15:00 Hrs. on 17th May, 2021. Part I of the e-Tender will be opened on 17th May, 2021 at 15:30 Hrs. Detailed guideline on the process to submit e-Tender by the vendors have been mentioned in Annexure 1 following the Schedule of Tender (SOT). After scrutiny of part I of the e-Tender document along with supporting documents, if any of the contractors is not found to possess the required eligibility, their e-Tenders will not be accepted by the Bank for further processing.
4. Filled and signed Tender documents (i.e., Part-I only) in prescribed form shall be uploaded on MSTC website. Part-I of the e-Tender will contain the Bank’s standard technical and commercial conditions for the proposed work and Tenderers’ covering letter. However, an earnest money deposit (EMD) of 84,656/- shall be paid through NEFT, details of NEFT: Beneficiary name: Reserve Bank of India, Kolkata; IFSC: RBIS0KLPA01 (Numeric Zero at 5th and 10th place from left); A/c no. 186003001. Proof of remittance with transaction number (scanned copy) shall be attached / uploaded. The bidders are also advised to send the proof of remittance with transaction number (scanned copy) to estatekolkata@rbi.org.in before 15:00 Hrs. on 17th May 2021. Part-II (Price bid) shall be opened of the eligible tenderer on a subsequent date which will be intimated to the tenderers by a system generated mail / message.
5. The applicants / Tenderers have to upload all annexure / documents mentioned in the tender through above cited website.
6. The Bank shall obtain reports on past performance of the tenderer from his clients and bankers. The Bank shall evaluate the said reports before opening of the Part – II of the tenders. If any tenderer 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 and his EMD shall be returned back to him as it is. The Bank is not bound to assign any reason for doing so.
7. The Bank is not bound to accept the lowest e-tender and reserves the right to accept either in full or in part any e-Tender. The Bank also reserves the right to reject all the e-Tenders without assigning any reason therefore.
Regional Director, West Bengal
Place: Kolkata.
Date: 26th April, 2021
| a. e-Tender no | RBI/Kolkata/Estate/476/20-21/ET/729 |
| 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. Tender Value | Rs. 42,32,800/- |
| d. Date of NIT available to parties to download (View Tender Time) | on 26th April, 2021 from 4:00 PM onwards |
| e. Pre-Bid meeting | Offline 11:00 AM, 03rd May,2021 at Estate Department, RBI Kolkata |
| f. i) Earnest Money Deposit | Rs. 84,656/- (Rupees Eighty Four Thousands Six Hundred and Fifty Six only) in the form of NEFT |
| g. Last date of submission of EMD | Till 03:00 PM on 17th May, 2021 |
| h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at (Start Bid Date & Time) www.mstcecommerce.com/eprochome/rbi |
11:00 AM on 05th May, 2021 |
| i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid (Close Bid Date & Time) | 03:00 PM on 17th May, 2021 |
| j. Date & Time of Opening of Part-I (i.e. Techno-Commercial Bid) | 03:30 PM on 17th May, 2021 |
| k. Date & Time of Opening of Part-II (i.e. Financial Bid) | Will be intimated through System generated mail/message |
| l. Transaction Fee | Charges for participation in e-procurement will be made to M/s MSTC Ltd. Through MSTC Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd. |
| m. Tender Fees for download from portal | Nil. |
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Estate Office, Mumbai Regional Office, Reserve Bank of India has invited open e-tender for “Design, Supply, Installation, Testing & Commissioning of UVGI Assembly In Air Handling Units (AHU’s) for Bank’s Mumbai Regional Office at Mumbai” through MSTC portal (www.mstcecommerce.com/eprochome/rbi) and Bank’s website 2. However, due to the prevailing extra-ordinary circumstances in the wake of Corona virus outbreak, the schedule of tender activities for the captioned work has been revised as under:
3. The remaining timelines remain unchanged. |
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Tenders are invited from reputed contractors for ‘Removal and sale of Shredded Currency Note (compressed soiled notes)/shreds Briquettes’. For full details of eligibility and for downloading the tender documents/detailed procedures for submitting application through MSTC Portal, please visit www.rbi.org.in under ‘Tenders Column’. The tender documents will be available for download from April 26, 2021. E-tender may be submitted only through MSTC Portal (https://www.mstcecommerce.com/) after registering with them. The tender shall be submitted in the ‘MSTC e-procurement portal’ before 2:00 P.M. on May 17, 2021. For any queries regarding the tender, please contact Reserve Bank of India, Issue Department, Fort Glacis, No.16, Rajaji Salai, Chennai-600001 or contact No: 044 -25381390 or by way of email to issuechennai@rbi.org.in REGIONAL DIRECTOR |
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