Reserve Bank of India – Tenders
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Note: The firms shall pay the mandated transaction fee to MSTC payment gateway in favour of MSTC LIMITED |
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Reserve Bank of India – Speeches
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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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Reserve Bank of India – Tenders
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SCHEDULE OF TENDER (SOT)
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Reserve Bank of India – Press Releases
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The Reserve Bank of India had issued Directions to Hindu Cooperative Bank Ltd., Pathankot, Punjab, under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive DCBS.CO.BSD-IV No.D-9/12.28.311/2018-19 dated March 13, 2019, as modified from time to time, which were last extended up to October 24, 2021. The Reserve Bank of India, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub-section (2) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby, withdraws with effect from close of business on October 14, 2021, the said Directions so issued to Hindu Cooperative Bank Limited, Pathankot, Punjab. A copy of the Directive is displayed in the bank’s premises for perusal by interested members of public. (Yogesh Dayal) Press Release: 2021-2022/1048 |
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Reserve Bank of India – Press Releases
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The Reserve Bank of India (RBI) has imposed, by an order dated October 14, 2021, a monetary penalty of ₹1 lakh (Rupees One lakh only) on KNS Bank, The Kurla Nagarik Sahakari Bank Ltd., Mumbai (the bank) for contravention of Section 26-A read with section 56 of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) framed under section 26 A of the Act. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (the Act), taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Background The inspection report of the bank based on its financial position as on March 31, 2020, revealed, inter alia, that the bank had not transferred balances, in certain accounts which were unclaimed for more than ten years to Depositor Education and Awareness Fund. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with and contravention of the provisions of the Act and the directions issued under the Act, as stated therein. After considering the bank’s written reply to the Notice and oral submissions made during the personal hearing and subsequent additional submissions, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/1047 |
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Oakridge raises funds on German crowdfunding platform
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Oakridge Rooftops has raised an undisclosed amount through a German crowdfunding platform for its solar projects in India.
“Oakridge Rooftops, a leading rooftop solar power company, has raised crowd financing from Germany for its portfolio of urban solar projects in New Delhi,” a statement said.
The company did not disclose the amount of funding.
This is the first time an Indian rooftop solar company has tapped into the large European crowd financing market.
According to the statement, this fund-raise opens doors for Indian companies for more innovative sources of international financing to develop renewable energy projects in India.
The company, in collaboration with leading German crowd-funding platform Bettervest Gmbh, obtained necessary regulatory approvals from the financial regulator BAFIN to get listed for investment.
Customer-base
Oakridge has over 1,000 customers in North India, including over 400 projects in Delhi itself. The company has installed rooftop solar plants in government buildings, Delhi government schools, colleges, hospitals, industrial and commercial establishments.
Oakridge CEO Shravan Sampath said, “We are happy to be solarising a part of our Delhi solar portfolio through crowdfunding through retail investors in Germany. We have always focussed on developing niche projects and offering the best possible returns to our partners. It was nice to see the extent of interest there was in the German market for Indian projects”.
Marilyn Heib, CEO, Bettervest Gmbh said, “Oakridge is one of our premium partners in the solar space, and the Oakridge rooftops’ portfolio is also the single largest project we have ever financed until date”.
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Reserve Bank of India – Tenders
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(No. – RBI/New Delhi/Estate/93/21-22/ET/125) It has been decided with the approval of competent authority to extend bid submission end date and bid opening date. Accordingly, Important Bidding Information Summary (Page 5 of Tender Document) stands modified/amended as under:
2. All other terms and conditions of the tender remain unchanged. 3. The above clarifications/modifications/amendments shall be part of the Tender / Bid document for all purposes. All applicants are requested to apply well in advance to avoid any last minute technical issue in MSTC portal. Regional Director Date: October 14, 2021 |
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2 Stocks To Buy As Suggested By HDFC Securities For Short Term Gains
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Globus Spirits
The brokerage bets on the stock of beverage company for gains with Base Case Fair Value is Rs. 1619 band, Bull case fair value Rs. 1761 & suggested adding more on dips Rs. 1273-1297 band
To meet the government’s ambitious aim of 20% blending by 2025, the supply of grained-based ethanol must expand by 12 times from current levels, requiring India to install an extra 482 million litres of grain-based ethanol capacity over the following four years. In the face of such a severe supply shortage, Ethanol prices may continue to rise to the benefit of distillers.
Valuation & Recommendation: Globus Spirits
“Though the stock has rallied ~4x over past 6 months, we believe there’s still upside to this rally, with the caveat that the Government maintains its supportive stance on ethanol blending. We think the base case fair value of the stock is Rs 1,619 and the bull case fair value of is Rs 1,761 (18.5x Sept’23E E EPS). Investors can buy the in-stock Rs 1,454-1,482 band (15.5x Sept’23E EPS) and add more on dips to Rs 1,273-1,297 band. At LTP of Rs 1,469, it quotes at 15.4x Sept’23E EPS,” the brokerage has said.
GSL to double its capacity by FY23E to ride the ethanol wave
The brokerage believes that it prepares to ride the ethanol wave, GSL is expanding its grain-based distillery capacity from 490 KLPD to 930 KLPD over the next two years. T expects to commercialise its brownfield expansion in West Bengal (for 140 KLPD capacity) in Q3FY22, with an anticipated investment of Rs 110 Cr.
IIFL Securities
The brokerage bets on the stock of finance company for gains with Base Case Fair Value is Rs. 126 band, Bull Case Fair Value Rs.135 & suggested to add more on dips of Rs.98.
In Q1FY22, the business recorded its highest-ever quarterly client increase of 1.5 lakh.
In addition, the company has begun to receive positive feedback on its recently announced Z20 plan. We believe that the sale of Land Bank and continued increases in customer acquisition, a robust Investment Banking pipeline, and increased financial product distribution revenue, particularly from mutual funds, will be major catalysts for stock re-rating.
Valuation & Recommendation: IIFL Securities
“We expect dividend yield to improve to 3.7% in FY23E from current 2.3%. The stock is trading at a steep discount to its peers which we believe, will narrow gradually as the company has started gaining lost market share.
We feel that investors can buy IIFL Securities Limited at the LTP of Rs.112.4 (12.1xFY23E EPS) and add on dips to Rs.98 (10.5xFY23E EPS) band. We expect the Base case fair value of Rs.126 (13.5xFY23E EPS) and the Bull case fair value of Rs.135.5 (14.5xFY23E EPS) over the next 2 quarters,” brokerage has said.
According to the brokerage, a total of 7.1 million demat accounts have been opened as of Q1FY22. The gross industry ADTO (Average Daily Turnover) increased by 94 percent year over year. In FY21, retail participation’s contribution to overall turnover increased by 300 basis points. This pattern indicates that the volatility is attracting many young people who are wanting to trade/invest. In truth, India’s demographics are favourable, with low penetration, rising household savings, and expanding financial literacy, among other things.
Disclaimer
Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. The above article is only for educational purposes. Neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on a decision made.
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Indian crypto exchanges locking accounts on suspicious money laundering trades, BFSI News, ET BFSI
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Indian cryptocurrency exchanges are blocking and reporting suspicious trades on their won following concerns raised by the government agencies that the virtual currencies were used for money laundering.
The industry is looking to self-regulate at a time when the government is yet to come out with any regulations around cryptocurrencies or the way to tax them.
WazirX, one of the largest cryptocurrency exchanges in the country, recently declared the numbers in what it calls a “transparency report”.
Between April and September this year, the exchange got 377 requests from legal enforcement agencies, out of which 38 requests were from foreign law enforcement agencies.
The crypto exchange locked about 1,500 accounts.
In all, the exchange locked 14,469 accounts, although most of them were after customers asked them to stop services or there were some other payment issues.
The exchanges have always claimed that if the cryptocurrency is based on a blockchain technology, all the records are permanent and, in fact, it would be easier to discover the exact nature of the transactions.
Enforcement Directorate notice
IN July, the Enforcement Directorate (ED) in its recent notice to WazirX, has asked the crypto exchange to explain why ‘withdrawal from crypto wallets’ is not a violation of the Foreign Exchange Management Act (FEMA).
The ED notice had put a question mark on the very essence of cryptos and fundamental structure of the underlying digital ledger, blockchain, that allow holders of cryptos to freely transfer coins from their wallets to another wallet and to anyone, anywhere in the world. The agency had asked WazirX to explain transactions worth 2,790.74 crore. A trader buying Bitcoin, the most popular cryptocurrency, on WazirX stores the coin in her wallet with the exchange.
However, she can move the crypto purchased on WazirX platform to another wallet with another exchange in India or abroad, or to her private wallet which is not linked to any exchange, or directly move coins to the wallet of another person who may be located anywhere.
WazirX and a few exchanges have also received notices from the income tax department which is trying to figure out the source of earnings of the bourses and whether parts have escaped tax.
In 2019, the Financial Action Task Force — an intergovernmental organisation to combat money-laundering — had come out with the ‘Travel Rule’ that prescribes exchanges, custodians as well as wallet providers to share information on senders and recipients of cryptos.
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HC rejects Rakesh Wadhawan’s medical bail plea, BFSI News, ET BFSI
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The Bombay High Court on Thursday refused to grant bail on health grounds to jailed businessman Rakesh Wadhawan, accused of money laundering in the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case. Wadhawan, founder of Housing Development Infrastructure Limited (HDIL), was arrested by the Enforcement Directorate in 2019 in the case.
A single bench presided over by Justice Nitin Sambre said that Wadhawan’s submission that he was immediately required to be released on temporary bail on medical ground, was “not justified”.
It said that denial of medical bail was in no way a breach of Wadhawan’s fundamental right to life since he had been provided adequate medical treatment by the state prison authorities whenever required.
Wadhawan, who recently underwent a surgery for pacemaker implantation, had sought that he be released on bail so that he can seek discharge from the civic-run KEM Hospital in the city, where he is recuperating currently while in judicial custody, and shift to a private hospital while out on bail.
Wadhawan had said in his plea that he suffered from severe co-morbidities, that his immune system had been compromised after having contracted COVID-19 recently, and that he was susceptible to contracting infections and ailments while at the civic hospital due to the heavy footfall the hospital received.
He further said that the KEM Hospital did not have an ICU facility specifically meant for those suffering from cardiac issues.
State’s counsel Prajakta Shinde, however, objected to Wadhawan’s bail plea.
She pointed out that he had been provided timely and specialised medical treatment at state-run and civic hospitals by the state prison authorities from time to time since his arrest.
Shinde said the KEM Hospital authorities had themselves recommended that Wadhawan be shifted to another hospital for the pacemaker implantation surgery since the hospital didn’t have such facility. However, now that the surgery was over, Wadhawan could continue his medical treatment at KEM.
Shinde also submitted documents to show that KEM hospital was currently undergoing renovations and arrangements were being made to set up a cardiac ICU within a few weeks.
The court took note of the state’s submissions and agreed that Wadhawan had indeed been provided the “best possible” medical treatment by the state prison authorities whenever required.
“In the backdrop of aforesaid (treatment having been provided by state authorities), it cannot be inferred that right of the applicant guaranteed under Article 21 of the Constitution for having proper medical treatment in super-speciality hospital is violated,” the high court said.
“Rather, various medical treatments which are given to the applicant are proved to be life-saving at this stage. The claim put forth by the applicant that he is immediately required to be released on temporary bail on medical ground is not justified. It lacks merit and stands rejected,” it added.
The court, however, granted Wadhawan the liberty to approach the court in case of any emergency.
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