PIDF corpus at ₹614 crore

Banking & Finance

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The corpus of the Payments Infrastructure Development Fund (PIDF) stands at ₹613.89 crore. Over 2.45 lakh physical devices and more than 55.36 lakh digital devices were deployed for payment acceptance under the PIDF by September-end 2021.

“Contribution to the PIDF is made by the Reserve Bank, authorised card networks and card issuing banks; the corpus currently stands at ₹614 crore,” the Reserve Bank of India said on Tuesday in a status update on the scheme.

RBI’s contribution

Of this amount, while the RBI has contributed ₹ 250 crore, authorised card networks have contributed ₹153.72 crore and card issuing banks have put in ₹210.17 crore.

The PIDF Scheme, operationalised by the RBI from January 1, 2021, subsidises deployment of Points of Sale infrastructure (physical and digital modes) in Tier-3 to Tier-6 centres and north-eastern States of the country.

From August 26 this year, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi in Tier-1 and Tier-2 centres are also covered.

In terms of deployment of payments acceptance devices, 98,504 physical devices and 20,46,075 digital devices were deployed in Tier 3 and 4 centres. Another 84,968 physical devices and 30,47,750 digital devices were deployed in Tier 5 and 6 centres.

Physical devices include PoS, mobile PoS, GPRS, PSTN or Public Switched Telephone Network and digital devices include inter-operable QR code-based payments such as UPI QR, Bharat QR.

In the north-eastern States, 18,449 physical devices and 2,42,145 digital devices were deployed while under the PM SVANidhi Scheme, 44,021 physical devices and 2,00,708 digital devices were deployed.

PIDF will be operational for three years from January 1, 2021 and may be extended for two more years depending upon the progress. It aims to increase payments acceptance infrastructure by adding 30 lakh touch points – 10 lakh physical and 20 lakh digital payment acceptance devices every year.

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Maveric Systems to hire 1,200

Banking & Finance

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Maveric Systems, a global banking technology transformation company, plans to hire around 1,200 employees over the next 12 months amidst a spike in digital adoption by banks and financial institutions since the onset of the Covid-19 pandemic.

“The scale up this year has been very intense. In March, we started with about 2,000 people (only delivery team) and we are likely to end up with 3,200 employees by March 2022. Out of this, 800 people have already been recruited in the first half and 400 people are likely to be recruited in the next half,” said Ranga Reddy, Global CEO, Maveric Systems.

“For the next financial year, we might need another 800-1,000 people. So, between now and September 2022, we would be adding 1,200 people,” he added.

Started in 2000, Maveric Systems is a banking-only focused technology transformation company with a specialisation on retail, corporate banking and wealth management segments.

Budget for IT

Reddy said banks typically have two types of budgets for IT : ‘Change the bank budget’ which are strategic in nature involving investments in technological transformation and ‘Run the bank budget’, which are investments in technology to run day-to-day operations. Currently, 75 per cent of Maveric’s revenue comes from the strategic side while ‘run the bank’ solutions account for the remaining.

“The major difference between large IT competitors and Maveric is that 75 per cent of our team is capable of doing transformation whereas in large IT firms, 75 per cent of people are capable of running the bank operations,” Reddy said.

The choice to focus on the strategic side of the bank paid off as the Covid-19 pandemic accelerated the pace of digital adoption by banks and financial institutions.

“Last financial year and this year, we have grown at 40 per cent CAGR. We have the potential to grow at a CAGR of 30 per cent year-on-year for the next 3 years organically without acquiring new customers,” Reddy said.

The company estimates to close the current fiscal with ₹520 crore in revenue and projects a revenue of about ₹640 crore for the next fiscal based on current projections and demand from customers.

Maveric categorises its customers into strategic accounts (comprising top 15 global banks), key accounts (regional banks) and fintechs with a revenue contribution of 50 per cent, 40 per cent and 10 per cent respectively.

Maveric Systems has presence across 15 countries with regional delivery capabilities in Bengaluru, Chennai, Dubai, London, Poland, Riyadh and Singapore. It plans to foray into the European market in March 2022.

“We are preparing for a new game to acquire more key accounts in Europe. Come March, we will enter Europe with client acquisition as a focus. We would like to add three more strategic accounts and six more key accounts all coming from Europe,” he added.

Currently, it has five strategic accounts, six key accounts and five fintechs.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). 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, 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 (i) not adhered to prudential inter-bank (Gross) exposure limit, (ii) not complied with the prudential inter-bank Counter Party limit and (iii) no system in place to identify suspicious transactions in contravention of/ non-compliance with the directions issued by RBI on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). 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 the directions.

After considering the bank’s replies, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1205

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Reserve Bank of India – Press Releases

Press Releases

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In terms of GOI Notification F.No. 4(16)-W&M/2016 dated October 20, 2016 (SGB 2016-17, Series III- Issue date November 17, 2016) of Sovereign Gold Bond (SGB) Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Therefore, the forthcoming due date of premature redemption of the above tranche shall be November 17, 2021. Further, the redemption price of SGB shall be based on the simple average closing gold price of 999 purity [published by the India Bullion and Jewellers Association Ltd (IBJA)] of the week (Monday-Friday) preceding the date of redemption.

2. Accordingly, the redemption price for the premature redemption due on November 17, 2021 shall be ₹4860/- (Rupees Four thousand Eight hundred Sixty only) per unit of SGB based on the simple average of closing gold price for the week November 08-12, 2021.

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1204

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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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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India (hereinafter referred to as RBI), New Delhi invites e-tender in two parts (part I and II) from the eligible auditor for the above-mentioned work in its Main Office premises located at 6-Sansad Marg, New Delhi – 110001. For details of the tender, please visit “Tenders” section at RBI’s website (https://www.rbi.org.in) and for uploading the tender please visit and register on MSTC website at https://www.mstcecommerce.com. The EMD details for the contract is mentioned under.

Estimated Cost of Audit
(Inclusive of GST @18%)		 Earnest Money Deposit
(2% of Estimated Cost)
₹ 82,600/- ₹ 1,652/-

Please note that further Addendum / Corrigendum will only be published on RBI website.

Regional Director
Reserve Bank of India,
New Delhi

Place: New Delhi
Date: November 16, 2021

1. Tender name Electrical Safety Audit in Main Office Buildings of Reserve Bank of India, New Delhi
2. Mode of Tender Website through https://www.rbi.org.in
3. Estimated value of tender (including Taxes) Rs 82,600 Lakh (Rupees Eighty Two Thousand Six Hundred only)
4. Uploading the information on Bank Website November 16, 2021
5. Earnest Money Deposit (EMD) ₹1,652.00 (Rupees One Thousand Six Hundred Fifty-Two only), by NEFT towards:
Beneficiary Name: Reserve Bank of India, New Delhi
Beneficiary A/c No: 186003001
IFSC: RBIS0NDPA01 (5th and 10th digits are Zeros)
6. Last date for submission of EMD On or before December 08, 2021 (1200 Hrs)
7. Last date for downloading of Tender December 08, 2021 (1200 Hrs)
8. Last date for submission of Tender December 08, 2021 (1400 Hrs)
9. Date & Time of opening of Part- I, i.e., Techno Commercial Bid Bid December 08, 2021 (1500 Hrs);

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J&K L-G Manoj Sinha, BFSI News, ET BFSI

Personal Finance

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Jammu and Kashmir Lieutenant Governor Manoj Sinha on Tuesday said investments in the Union Territory are expected to reach Rs 35,000 crore by December 2021 and proposals for Rs 25,000-crore funding have already been received. Sinha highlighted the key reforms and steps taken for managing the UT’s economy during COVID-19, its growth potential and focus areas, besides putting across issues that require consideration by the Union government during interaction with Finance Minister Nirmala Sitharaman, in a meeting chaired by her.

Highlighting the steps taken for growth in the economy, the lieutenant governor said ”the investment in J&K is expected to reach Rs 35,000 crore by December 2021 and proposals for Rs 25,000 crore have already been received”. He said that land has been approved for proposals worth Rs 1,700 crore. ”Out of 6,000 acres of land earmarked for the development of industrial estates, 3,000 acres have already been identified.”

On the steps taken for managing the economy, the lieutenant governor said a holistic package of Rs 1,353 crore was announced during last year for inclusive growth by which 3.44 lakh account of borrowers involving Rs 750 crore were benefitted by an interest subvention of 5 per cent under business revival. The Union finance minister held interactions with chief ministers, finance ministers of all states and lieutenant governors of UTs via virtual conference, with a view to enhance the investment climate in the country and to step up investment, infrastructure, and growth through a consultative process in the post-pandemic world. Speaking on the tourism sector, Sinha outlined that the J&K Tourism Policy 2020 has been notified to boost the sector.

He said the tourist footfall has increased manifold in the UT during winter months. From 1,935 tourists in June 2020, the number has increased to 12,82,572 in September 2021, he added. Sinha also observed that the tax collection has shown significant growth and resilience and the UT is expecting to achieve the targets of the GST and excise collection over the remaining period of the year. Elaborating on the key focus areas of the UT, the Lt Governor said that after the democratic decentralisation in the spirit of 73rd and 74th constitutional amendment Act, 14 sectors have been identified for investment at a large scale with special focus on tourism and employment.

He said export promotion for agricultural and horticulture products, revival of handicraft and traditional art in J&K, development of heritage sites and enhancing pilgrimage tourism, and sports infrastructure improvement, among others, are priorities. Sinha added that under the Mission Youth, first-of-its-kind initiative, focus is being laid on livelihood generation, education and skill development, counseling, financial assistance, sports, and recreation with 4,500 youth clubs under process of establishment.

Moreover, under Mumkin, 250 vehicles have been distributed among eligible youth for their sustainable livelihood in transport sector, and 200 women applicants have been facilitated for generating their livelihood via Tajeswani scheme, he said. The lieutenant governor also put forth the challenges and issues faced by the UT, including resource gap, higher cost of delivery of services due to unique topography.

He also highlighted the issue of pending approvals of tourism projects under the Prime Minister’s Development Package (PMDP). He highlighted that J&K has been number one in the country for enforcing reforms in expenditure management and account of each penny is available in public domain. The funds are being spent after following all the norms.



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Reserve Bank of India – Press Releases

Press Releases

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The Result of the auction of State Development Loans for 06 State Governments held on November 16, 2021.

Table
(Amount in ₹ crore)
  KARNATAKA 2031 KARNATAKA 2023 MADHYA PRADESH 2041 TAMILNADU 2029
Notified Amount 1000 1000 2000 1000
Tenure 10 2 20 8
Competitive Bids Received        
(i) No. 175 35 88 122
(ii) Amount 11351 6580 7910.25 8480
Cut-off Yield (%) 6.9 4.74 6.99 6.71
Competitive Bids Accepted        
(i) No. 6 4 5 7
(ii) Amount 900 989.807 1948.992 963.88
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 81.25 44.9839 61.7815 42.5371
(ii) No. (5 bids) (2 bids) (4 bids) (2 bids)
Non-Competitive Bids Received        
(i) No. 13 4 3 7
(ii) Amount 114.003 10.193 51.008 36.12
Non-Competitive Price (₹) 100.02 100.01 100.01 100.09
Non-Competitive Bids Accepted        
(i) No. 13 4 3 7
(ii) Amount 100 10.193 51.008 36.12
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage 87.717 – – –
(ii) No. (13 bids) – – –
Weighted Average Yield (%) 6.8972 4.7334 6.9887 6.6953
Total Allotment Amount 1000 1000 2000 1000

  TELANGANA 2043 UTTAR PRADESH 2031 WEST BENGAL 2037 Total
Notified Amount 1000 2500 1500 10000
Tenure 22 10 16  
Competitive Bids Received        
(i) No. 65 156 98 739
(ii) Amount 4700 11475.5 7175 57671.75
Cut-off Yield (%) 6.99 6.93 6.98  
Competitive Bids Accepted        
(i) No. 2 21 7 52
(ii) Amount 951.729 2287.795 1437.97 9480.173
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 63.4486 36.8126 89.754  
(ii) No. (2 bids) (12 bids) (6 bids)  
Non-Competitive Bids Received        
(i) No. 4 14 8 53
(ii) Amount 48.271 212.205 62.03 533.83
Non-Competitive Price (₹) 100 100.06 100.01  
Non-Competitive Bids Accepted        
(i) No. 4 14 8 53
(ii) Amount 48.271 212.205 62.03 519.827
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – –  
(ii) No. – – –  
Weighted Average Yield (%) 6.99 6.9215 6.979  
Total Allotment Amount 1000 2500 1500 10000

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1203

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0) vide press release dated April 15, 2021. The objective of RRA 2.0 is to review the regulatory instructions, removing redundant and duplicate instructions, reduce the compliance burden on Regulated Entities (REs) by streamlining reporting structure, revoking obsolete instructions and wherever possible obviating paper-based submission of returns. It was also envisaged that the RRA will engage internally as well as externally with all regulated entities and other stakeholders to facilitate this process. The RRA has also constituted an Advisory Group representing the REs under the chairmanship of Shri Swaminathan J., Managing Director, State Bank of India.

2. RRA has been engaging in extensive consultations with both – internal as well as external stakeholders, on review of the regulatory and supervisory instructions for their simplification and ease of implementation. Based on these consultations and the suggestions of the Advisory Group, the RRA has recommended withdrawal of 150 circulars in the first tranche of recommendations.

3. The notifications containing the list of specific instructions recommended for withdrawal is being issued separately.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1202

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PMC Bank: Proposed scheme of amalgamation could be a test case for RBI

Banking & Finance

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The proposed amalgamation of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank with the newly floated Unity Small Finance Bank could be a test case for the Reserve Bank of India (RBI) regarding its approach towards how individual depositors with deposits up to ₹2 crore and those with deposits of ₹2 crore and above can be dealt with when it comes to withdrawal of money.

The Scheme being put together by the central bank is expected to be placed in public domain in a week or so for suggestions and objections from members, depositors and other creditors of transferor bank (PMC Bank) and transferee bank (Unity SFB).

As per Reserve Bank of India (Interest Rate on Deposits) Directions, 2016, a “Bulk Deposit” means a single Rupee term deposit of ₹2 crore and above for Scheduled Commercial Banks (excluding Regional Rural banks) and Small Finance Banks.

So, a deposit of up to ₹2 crore is considered as a “Retail Deposit”.

The question uppermost on individual depositors’ (under the bulk deposit category) mind is whether the central bank will treat retail deposit and individual bulk deposit on an equal footing vis-a-vis withdrawal.

Phased withdrawal

Chander Purswani, President, PMC Depositors’ Forum, said the Scheme should clearly specify the threshold up to which individual deposits can be freely withdrawn and how deposits beyond this threshold can be withdrawn in a phased manner over, say, 3-5 years.

City Co-op Bank wants to emulate PMC Bank for reconstruction

Further, interest accrued on individual depositors’ deposits, be it retail or bulk, should be allowed to be withdrawn in toto.

He underscored that PMC Bank depositors have suffered over the last 26 months amid the Covid-19 pandemic as deposit withdrawal has been capped at ₹1 lakh of the total balance in their account(s) during the entire period that their Bank is under RBI’s Directions.

What this means is that depositors, especially senior citizens (who usually depend on interest earnings to meet monthly expenses), had to make do with only ₹3,846 a month over the last 26 months.

PMC Bank’s resolution could become a template for rescuing other weak UCBs

Purswani assessed that after taking into account deposit withdrawals of up to ₹1 lakh, PMC Bank has about 1.42 lakh depositors with deposits of over ₹1 lakh. Of this, there are about 43,000 depositors, including individuals, trusts, cooperative societies, etc, with deposits of over ₹5 lakh.

DICGC, a wholly-owned subsidiary of RBI, had upped the limit of insurance cover for depositors in the insured banks fivefold to ₹5 lakh per depositor with effect from February 4, 2020.

Individual depositors, including those with large deposits, need an assurance that they can systematically withdraw their money from Unity SFB, the Forum’s chief said.

Limited period incentive

He opined that the Scheme could also incorporate a limited period incentive, whereby PMC Bank depositors can earn higher interest rate over the card rate so that they are encouraged to keep the deposits with Unity SFB.

PMC Bank came to grief as its high exposure to real estate company HDIL turned non-performing.

The central bank red-flagged the fraud/financial irregularities in the bank and manipulation of its books of accounts.

Last month, RBI granted banking licence to Unity SFB, which has been established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on SFB business in India.

RBI had accorded “in-principle” approval to CFSL, which is a wholly-owned subsidiary of Centrum Capital Ltd, on June 18, 2021, to set up an SFB.

The “in-principle” approval was in specific pursuance to CFSL’s February 2021 offer in response to PMC Bank’s November 2020 Expression of Interest (EoI) notification.

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