Reserve Bank of India (RBI) Governor D. Subbarao will hold pre-policy consultations with trade bodies and credit rating agencies at Mumbai on October 17. The second quarter review of monetary policy 2012-13 will be released by the central bank on October 30.......
Read - HBL
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
Sunday, September 30, 2012
Multi-state co-op society can't take over state co-op society: HC
......"Section 17 of the Multi-State Cooperative Societies Act does not permit or empower a Multi-State Cooperative Society to take over any cooperative society," the court observed in its order. "This aforesaid fact is also confirmed by the Reserve Bank of India in its Circular dated February 2, 2005, saying that there are no specific provision in the State Acts or the Central Act for the merger of a cooperative society under the State Acts with that under the Central Act," it added.......
Economy, banking system and borrowers
......Higher the CRR ratio, lesser will be the available funds with the banks, hence the banks will start increasing the offering rates on the fixed deposits to mobilise capital, which in turn will have an effect on the lending rates. Then why does RBI increase the CRR rates? With excess money at its disposal, due to lower CRR rates, banks will start running larger loan books which could increase the default rates (NPA). To curb such instincts, the RBI puts a leash by increasing the CRR.......
The continuing power of banks
August 2012 marked five years since the global financial crisis erupted on an unsuspecting world, bringing substantial and continuing human misery in its wake. It also marked the transition of Raghuram Rajan from part-time honorary advisor to the prime minister to a full-time position as Chief Economic Advisor to the government, based in the ministry of finance.......
Nigerian national held for duping a Assam resident
......Finally last week Haq received another call a week ago from the fraudster demanding for more Rs45,000 the final processing fees to be paid to the Reserve Bank of India (RBI) in BKC. "The caller informed me to meet a person in Kurla (west) on Septembet 25 and hand over the money to the person which will be paid as processing fees to the RBI to collect the cheque of Rs4.2 crore," Haq told the police.......
.......Haq got panicked when he didnot receive any calls. Finally on Thursday Haq and his brother decided to visit RBI BKC office to enquire about the progress of his jackpot. "The RBI officials informed Haq he had been victim of Nigerian Fraud. On seeing a nervous Haq, the auto rickshaw driver brought him to police station and lodged complaint," said a Kurla police officer.......
आरबीआई के नाम पर फर्जी एसएमएस
......रिजर्व बैंक ने इस तरह के एसएमएस के प्रति नागरिकों को सतर्क रहते हुए कहा है कि वे ऐसे एसएमएस पर ध्यानन दें और अपनी कोई भी डिटेल्स या इन्टरनेट बैकिंग अकाउंट इन एसएमएस नंबर या ई - मेल पर फॉवर्ड न करें।रिजर्व बैंक की प्रवक्ता सुश्री अल्पना किल्लावाला ने ऐसी अनेक शिकायतों के आने और ऐसे एसएमएस को ' फेक 'बताते हुए एक प्रेस विज्ञप्ति जारी कर यह कहा है कि ऐसे सभी एसएमएस उनके द्वारा नहीं भेजे गए हैं......
Read - Navbharat Times
Adnan Sami moves high court to buy flat in Delhi
NEW DELHI: In an unusual request, Pakistani singer Adnan Sami has approached the Delhi high court seeking clearance to purchase property in the capital. Sami wants the court to strike down a Reserve Bank of India circular that prohibits persons of certain nationalities, including Pakistanis, from buying immovable property in India without its prior permission. Justice Rajiv Shakdher, seeing prima facie merit in Sami's argument, earlier this week issued notice to the Centre and the RBI and sought a response........
HDFC Bank bats for review on CRR quantum
The controversy over the relevance of Cash Reserve Ratio (CRR) has resurrected with HDFC Bank, India's second biggest private sector lender pitching for a review on quantum of deposits that banks need to park with the Reserve Bank of India (RBI). "Some amount of CRR is necessary but the quantum can be examined. Also, it is necessary to review if we have to pay interest on CRR. Most countries have CRR in place but a lower amount”, HDFC Bank's managing director Aditya Puri told Business Standard on the sidelines of a press meet here.........
Wrong diagnosis
......The government’s disappointment was mirrored by P Chidambaram’s remark that ‘the response of the RBI on 30th October will be far (more) supportive of growth.’ Chidambaram was undoubtedly trying to forestall a slide in investor confidence, but coming from the finance minister this was only a hair short of an ultimatum. Will Subbarao heed it? Or will he dig his heels in and set out to demonstrate the RBI’s independence as he did in July? The policy statement shows that he has left himself with ample room to do either, for it states ‘the stance of monetary policy (in October) will be conditioned by careful and continuous monitoring of the evolving growth-inflation dynamic.’ This obfuscatory language cloaks a simple dictum-the RBI will lower interest rates only if, in its assessment, inflationary pressures decline significantly in the next six weeks. ......
Read...........
Hysteria on NPAs unwarranted: Aditya Puri
......"We don't need any hysteria on NPAs (non-performing assets). While it is okay to raise concern on growing NPAs, we must realize that the Indian banks are well capitalized unlike the failed banking system of developed nations. The banking industry is growing year-on-year at the rate of 17-20% with healthy balance sheets”......
Education loan campaign on October 13
......The district administration would host an education loan campaign at the Collectorate here on October 13 targeting students pursing higher education such as graduate and postgraduate courses in professional and technical disciplines. All the banks are expected to take part in the campaign. Even students who have already joined the courses are eligible to avail educational loans as the banks would reimburse the first-year fees. The announcement was made at the District Level Review Committee meeting of Bankers at the Madurai Collectorate on Wednesday......
Read - The Hindu
Govt to give 2% interest subsidy on farm loans: RBI
......"In pursuance of this announcement, government of India will provide interest subvention of 2 % p.a. to public sector banks in respect of short-term production credit up to Rs.3 lakh during the year 2012-13," the Reserve Bank of India (RBI) said on Friday in a notification. "This amount of subvention will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks for the repayment of the loan, whichever is earlier, subject to a maximum period of one year."......
India's current account deficit shrinks by 24% in April-June
......The Reserve Bank of India data released on Friday showed India ran a balance of payments surplus of $0.5 billion in the April-June quarter, versus a deficit of $5.7 billion in previous three months. In the June quarter last year, India had posted a $5.4 billion surplus......
Clarification
The Reserve Bank of India (RBI) plans to introduce cheque truncation system (CTS) and not cheque transaction system as reported in these columns on Wednesday under the caption “Cheque clearance through email’.......
Are teaser loans beneficial to customers?
.......We have to appreciate RBI for their role as one of the best market regulators in the world. Despite the developed economies of the world reeling under one of the worst financial crisis, RBI has managed to keep our country’s financial system in good health with its bold moves and cracking the whip in times of crisis.
Kelkar & co wants PAN made must for all e- transactions
.......The government appointed panel to suggest a roadmap for fiscal consolidation has recommended a comprehensive review of the Direct Taxes Code Bill and bringing in more services in the tax net. The Kelkar Committee also recommended amendment to the law to make quoting PAN or the UID mandatory in all electronic transactions including bank accounts, fixed deposits with banks, salary payments and immovable property transactions, irrespective of the the amount or level of transaction. Online verification of PAN could be made mandatory for high value transactions to reduce use of black money, it said........
Fake Notes: Can’t Bank on Banks
.......A shocked Parmar explained that she withdrew the money from the ATM of a nationalized bank just a few hours ago. The cashier, unmoved by the entreaties, cited the Reserve Bank of India (RBI) guidelines and Parmar had to forgo the money. Parmar’s not a one-off case and with no provisions for compensation, it is the common man who has to bear the brunt. The RBI too feels that it is a problem with no solution in sight. “There is no policy on replacing the fake currency if it comes out from an ATM. It is difficult to prove that this note has come out of a particular teller machine,” an RBI official said........
Read.........
Fake notes flood Indian banks, put government on alert
.......The RBI, Home Ministry, security and intelligence agencies of the states concerned, along with the Central Bureau of Investigation (CBI), are working in tandem to thwart the illegal activities of the syndicates reportedly behind the proliferation of fake Indian currency notes (FICN). A special FICN coordination group has also been formed by the Home Ministry to share intelligence information among the different security agencies of the central government and the states to stop the circulation of the fake notes and arrest those behind it........
Read..........
SBI tops ATM expansion in non-metro cities
Unlike other banks, the State Bank of India (SBI) is expanding its ATM network in non-metro and semi-urban centers, faster than expansion in the metros, an ASSOCHAM analysis of the banking data showed........
Friday, September 28, 2012
The growth-inflation conundrum - K Kanagasabapathy
Subbarao calls for inclusive growth
......"Growth has no legitimacy if the bottom of the pyramid gets behind...it can be destabilising if the growth is not inclusive," Subbarao said at the 13th LK Jha Memorial Lecture organised by the central bank here this evening.......
Inclusivity essential to growth, says Subbarao
......“Inclusive growth is a very deeply emotive issue,” the Governor underlined. He pointed out that there are two conflicting views when it comes to sharing of the benefits of growth. While the one view has it that the gains would “trickle down” to the least common denominator, the other view is a much more vociferous and activist which asks for interventions for the sharing of the gains. The comments from the RBI Governor come as “inclusive growth” has become a buzzword in government, business and academic circles in the country. Those in support say a decade of high growth of over 8 percent has not resulted in tangible effect on the ground like poverty alleviation and human development indices.
Exhibition on history of RBI
Hyderabad, Sept. 23:
Newibition,’ a history of the Reserve Bank of India over the last 75 years, will open to public from Monday. The pictoral depiction along with news reports and writings, will be open to the public up to October 12. RBI Hyderabad, as part of its financial literacy initiatives, has organised Newsibition. It will be held at the bank’s annexe building in the city, according to a press release. The admission to the event will be free. Timings will be between 10.30 a.m. to 5.30 p.m. on all working days excluding Saturday, Sunday and holidays. The rich contents should be informative and of substantive educative value to specially the young, said A.S. Rao, Regional Director of the bank, in the release.
HBL
Part of inflation has been suppressed: Dr Subir Gokarn
......We have right through this period been making the distinction between what is measured and what is suppressed. To an extent our assessment of inflation situation does take into account the fact that some of inflation is suppressed because prices that should be paid for certain products are not being paid.......
Read - ET
IRCTC Mobile included in RBI inter-banking payment
......The NPCI has enabled such companies as IRCTC, Reliance Mutual Funds, Dish TV, Shoppers Stop, and SpiceJet with inter-bank mobile payment services, and all a user needs to do is download a mobile banking app to their smartphone enter the seven digit ID and Mobile PIN that are provided by the bank......
Unclaimed funds in banks
Huge amounts of funds are lying unclaimed and are in inoperative in many banks. The Reserve Bank of India ( RBI) should issue a directive that all banks may inform their customers/ depositors about their funds lying for years together. After the expiry of time- bound period, all unclaimed funds should be transferred to a special fund at RBI from where it may be claimed afterwards by claimants either directly from RBI or through concerned banks.
- Subhash Chandra Agrawal (FPJ)
Interest on savings bank deposits may fall
......“It doesn’t look like savings bank deposit rates would start falling in a hurry. The falling interest rate cycle has just begun. RBI has cut rates once and it seems reluctant to cut again. If we have a prolonged slowdown in the economy, we may see rates falling. It depends on how economic growth pans out,” ......
Is The Boom In Banking Industry Really Fruitful
......As a result of development and growth in the industry, the banking industry has come up with several job opportunities for the people. The interests of the foreign ventures into our banking industry have given rise in several necessary job profiles which needs man power. These job opportunities are not limited to just one category of banking industry but available for both the sectors of private banking as well as public banks. RBI being the apex court of the Indian banking industry, today a majority of job opportunities comes from here for handling their policies and managing the internal system effectively. RBI recruitment are very much in demand. Apart from this, the experts from banking industry have predicted that RBI recruitment 2013 demand is going to cover a total of 30 -40% of banking job opportunities in the coming years.......
Read........Applications invited for RBI CHAIR PROFESSOR
...... Chair Professor is expected to undertake research in the relevant field and publish papers in international / national refereed journals based on his/her research. Selected candidate may opt to teach in Institute’s academic and executive education programmes. Chair Professorship is initially awarded for three years; it may be extended by another three years.......
Read.......
Financing viable MSME NPA units is a national priority
The Reserve Bank of India (RBI) is now considering relaxation of NPA (non-performing assets) norms for housing projects. Earlier, the NPA norms were relaxed for infrastructure loans. But the MSMEs (micro, small and medium enterprises) which are the worst sufferer of the revision of NPA norms from 180 days of default to 90 days of default are still reeling under such predicament.......
Indian Bank CMD Bhasin appointed IBA Deputy Chairman
T M Bhasin, Chairman and Managing Director of Indian Bank, has been appointed Deputy Chairman of of the Indian Banks Association (IBA), an apex body of public sector, private sector and foreign banks in the country.....
Banks convert Rs.500 crore of Basix’s debt into equity
......“It makes sense for Basix to take the CDR route as banks have converted a large part of debt into equity. If CDR didn’t happen, Basix would not have survived,” said Santosh Singh, analyst at Espirito Santo Securities Ltd. “However, the fact remains that CDR is only a temporary relief and they will have to recover money from the ground.” Late last year, the Reserve Bank of India (RBI) had framed regulations to govern the sector. According to RBI norms, MFIs with more than Rs.100 crore of loans must operate with a margin of 10%. The government is also in the process of finalizing national regulations for the sector.
Yes Bank to launch a broking subsidiary 'Yes Securities'
Yes Bank has received Reserve Bank of India approval to set up a broking subsidiary, Yes Securities Private Ltd. This subsidiary will have a capital of about Rs20 to 25 crore. The broking business will compliment our retail liabilities and wealth management proposition,'' said Rana Kapoor MD & CEO Yes Bank. It would bring granularity in our current and saving account base. The focus would be on retail broking,''.......
‘Private banks imprudent lenders to DCHL’
State-run lenders led by Canara Bank allege irresponsible lending by some banks contributed to ongoing crisis
......If the borrower fails to repay a bank’s loan, all lenders in the consortium are forced to classify the loan as bad and set aside money for it. But this does not happen under multiple lending. According to Raman, under current Reserve Bank of India (RBI) norms, major lenders to the same borrower should share information. State-run bankers raised this issue with financial services secretary D.K. Mittal and RBI Deputy Governor Subir Gokarn in separate meetings last week, according to bankers familiar with the development. Analysts blame indiscriminate diversification for the crisis at DCHL. The company ventured into areas such as aviation and book retail besides bidding $107 million for Deccan Chargers in 2008.......
Consumers are taken in by insurance hardsell
......The RBI, IRDA, SEBI and PFRDA (Pension Fund Regulatory Development Authority) are major stakeholders in the financial literacy programme. But each stakeholder tends to act in isolation. Insurance mis-selling within bank premises is not controlled by the RBI (on the ground that it is in no way involved in the selling process). The IRDA is supposed to act in such cases, despite the number of occasions when insurance is bought under bank pressure. If a bank branch is like a country, then an insurance wing operating out of a bank branch is like a foreign consulate located in that country. A country cannot remain silent on any irregularities in visa issuance by the foreign consulate located within its boundaries. The RBI should also note that the fee income of banks is paid by banking customers. It is not because of insurance they visit the bank branch, but because of their banking needs.......
Read - HBL
Thursday, September 27, 2012
If you go by their ad, YV Reddy could become the next governor of Bank of England
......To begin with, there is no nationality specification. The ad does not say that the governor would have to be a British citizen. Which means, in theory, that central bankers or senior finance professionals from other countries could also head the Bank of England. For example, YV Reddy, Usha Thorat or Montek Singh Ahluwalia could, if they wished, become serious contenders. Another striking feature, at least by Indian standards, is how early the British government is going about finding a new governor. In India, even for the most senior positions, advance succession planning is taboo. The incumbent would be on extension for months or the post would be vacant for years before the relevant selection process gets completed. ......
How Rao made Manmohan India’s ‘accidental reformer
‘One Rank, One Pension’ a continuing process: Ministry
......The sources said the overall aim of the package was to cover the gap in a phased manner. It was the third time the government increased pensions of ex-servicemen after the Sixth Pay Commission recommendations had been implemented in 2008. “Every ex-serviceman has benefitted from this latest exercise, which has several measures aimed at enhancing the pension of pre-2006 persons below other ranks (PBORs) pensioners and family pensioners.” This would benefit about 13 lakh pensioners, the total cost entailed being Rs. 1,400 crore......
My View on "Updation of Pension for RBI retirees"
The latest affidavit confirms Bank’s intention to stand by the March 1992 circular committing updation of pension as and when salaries of serving employees are revised. The technical hurdle created by GOI at some stage is sought to be removed by amendment to RBI Pension Regulations, 1990 approved by Central board and forwarded to GOI in October 2011. One hopes this gets sorted out fast and the already approved revision of Family Pension is given effect to fast. Another plea I would like to make to the Governor is to be merciful and grant some reasonable rise in the Ex-Gratia paid to pre-1986 retirees (youngest among them would be nearing 85 now). This institution can afford these costs.
M G Warrier
Egg-proofing inflation
The new Chief Economic Advisor Raghuram Rajan’s argument that inflation is being fuelled by people who have become rich and are demanding food products such as milk, eggs and meat rather than cereals (Business Line, September 26) may be right theoretically, but his solution will help only the rich, in whose household budget food items have low share. The more immediate priority should be to address the impact of price rise on the majority of Indians who spend more than 70 per cent of their earnings on food, shelter and healthcare.
M.G. Warrier (HBL)
Banks Plan Common Job Interviews
20 lenders may give Institute of Banking Personnel Selection the interview mandate; SBI will not be part of it
It may become a lot easier to get a job at nationalised banks. Banks are planning to have a common interview that could open up opportunities in one go in many banks for candidates, who now have to give multiple interviews for jobs in various banks. Public sector banks, which recruit about 30,000-40,000 people a year on an average, expect to save time and cost once this common interview becomes a reality. As many as 20 banks are expected to give the mandate to Institute of Banking Personnel Selection, or IBPS, to conduct the common interview on their behalf.......
OUTSOURCING OF BANK JOBS – BENEFITS AND RISKS
Nowadays, we very often hear about outsourcing of bank jobs in India. What are their implications and intricacies? What are the benefits accruing and risks involved, if we encourage it? Why do the Trade Unions oppose it tooth and nail? Why are the Government of India, Reserve Bank of India and Indian Banks Association very particular about outsourcing of bank jobs?..........
Read........
Read........
It is a fake money, Honey!
......RBI spokesperson Alpana Killawala said, “Counterfeit notes land up at the RBI from sources such as banks and individuals who come to exchange money. “But central banks all over the world try to stay ahead of forgers; introducing plastic notes is an effort in that direction.”......
Cheque clearance through email
Reserve Bank of India General Manager M. Dash on Tuesday said that the bank was taking banking technology to new heights by introducing a unique system of cheque clearances through email. Speaking at an awareness programme on payment of taxes of the State government through e-mode, Mr. Dash said the mail system for cheque clearances was already introduced in Hyderabad on a pilot basis this year and it was proposed to cover the entire State by the end of next year. As the first step, the RBI had involved 20 banks based in Hyderabad for the mail-aided cheque transactions.......
Read - The Hindu
‘Adhesive man’ glues technique to daily life
......“Prime Minister Indira Gandhi was not impressed by the colour of the note we presented and asked us to go to the RBI Governor. But surprisingly, Dr Manmohan Singh okayed the note within seconds.” ......
Now, ATMs that scan your hand to shell out cash
TOKYO, SEP 26:
Forgot your ATM card at home? No worries, this Japanese machine will scan your hand and give cash. A regional bank in Japan on Wednesday started operating ATMs for cash withdrawals, deposits and balance inquiries that do not require plastic cards but instead identify account holders by scanning their hands.......
Making the case for Financial Literacy – Understanding and Addressing Challenges
......Many institutions such as FINO tried to fill this gap, including, which provides a “last-mile” or doorstep banking service through their BC network to clients who don’t have access to formal banks. Despite this effort, low levels of literacy and financial awareness are still impediments to NPFFI goals. Therefore, RBI initiated ‘Project Financial Literacy’ to disseminate information about financial services and products to groups including rural and urban poor, which was undertaken by many institutions using the classroom based FE format, though this format has inherent challenges:......
Read....
Microfinance India – State of the Sector Report 2011
ACCESS Development the publisher of the Microfinance India – State of the Sector Report has made it’s latest annual report available for free download. The 2012 Microfinance India report will released later this year at the 9th Microfinance India Summit 2012.
Agriculture back in focus as growth estimate gets downgraded by banks
......From Morgan Stanley to Citigroup to Standard Chartered and the Reserve Bank of India, nearly every other bank has downgraded India's growth estimate citing a possible poor farm output which is compounded by the global uncertainty owing to the sovereign crisis. It is a reflection of the hard reality that agriculture, notwithstanding its low contribution to the GDP, will remain significant enough for the overall growth just because of the sheer population that it supports......
RBI to take up deposit-to-equity proposals by UCBs
The Reserve Bank of India will consider financial restructuring proposals of stressed urban co-operative banks (UCBs) involving conversion of deposits into equity or debt instruments. This move comes as financially stronger banks are unwilling to acquire weak UCBs, where the deposit erosion is large. In such situations, restructuring of the liabilities (deposits) of the weak UCB may be a viable proposition, said the RBI......
RBI may hold rate in Oct policy
......
"In the last two years, we have been able to bring down the rate of inflation but I admit that inflation is still high and it should come down further,” RBI governor Subbarao said at a function in Himachal Pradesh yesterday. Market participants said while RBI will be keen to support growth, a rate cut is not imminent and the central bank will continue to infuse liquidity so that credit flow to the productive sector is not hampered.......
Banks entice customers to buy gold with special schemes
Despite the RBI discouraging consumers from buying gold, banks under its purview are enticing consumers with schemes to buy gold. For example, SBI group banks, including State Bank of Hyderabad and State Bank of Travancore, have devised special loan schemes to buy gold. These banks have tied up with over 37 jewellery retail brands across the country “of a certain standing” and offer loans to buy gold jewellery from these shops. The jewellery will be deposited with the bank till the consumer pays off the loan.......
RBI allows NRIs to pick-up shares, debentures at face value
......"It has been decided that in cases, where non-residents (including NRIs) make investment in an Indian company in compliance with the provisions of the Companies Act..., such investments may be made at the face value subject to their eligibility to invest under the FDI scheme," RBI said in a circular.......
India yet to see any fallout from QE3, says RBI's Gokarn
......Answering a question from Business Standard on the sidelines of the annual India Investment Forum in New York, Deputy Governor Subir Gokarn said: “To the extent that they have an impact on domestic dynamics, either on growth or inflation, that’s something we’ve got to take into account.”......
Barclays to shut three branches in India
......However, it is not yet known whether the bank will have to face some regulatory issues as the closure of branches are located in non-metro areas. Typically the Reserve Bank of India (RBI) allows a foreign bank to open an urban branch once it opens a rural/semi-urban branch and vice versa. The source said all the factors would have been taken into account before the announcement, but conceded that the wishes of RBI, which has been persistent in taking banking to the hinterland, may have prompted the opening of branches in such places.......
RBI extends deadline for mandatory forex clearing to January 1
The Reserve Bank of India has asked the local currency market association to defer the deadline for mandating that lenders route their forward trades through a domestic clearing house by three months, market participants told Reuters. The new Jan. 1 deadline gives players time to iron out concerns that some foreign banks have over terms such as potential default liability exposures and capital charges in settling at the clearing house......
Read - ET
I don’t know if the economy has bottomed out: Rajan
......What is your outlook for inflation?
Core inflation, which the RBI (Reserve Bank of India) generally looks at, is in the 5-5.5% range; with some help it can be brought below 5%. What has proved harder so far is the CPI (consumer price inflation) which includes substantial food elements, which have been on an upward trajectory, where the supply-side constraints are significant. ......
Bank credit trails services boom
......This highlights the somewhat lopsided flow of credit to the service sectors, prompting the Reserve Bank of India to now lay fresh emphasis on the need for banks to go into the interiors — to nondescript towns and cities — and expand credit linkage in those areas. The added incentive being that providing loans to these segments, particularly for productive purposes, could also help in addressing the issue of retail inflation.......
NBP approaches RBI to open up branches in India
The National Bank of Pakistan (NBP) has formally approached the Reserve Bank of India (RBI) for the opening of two branches in India with a view to facilitate trade between the two countries, sources in the banking industry told The News on Tuesday.......
Read.........
Wednesday, September 26, 2012
4 years at the helm
Reserve Bank of India Governor D Subbarao, who took charge of the central bank in September 2008, amid the global financial crisis, has completed four years. Here are some of the areas which he would like to focus before his two-year extension comes to an end in September 2013..........
RBI to launch core banking solution portal
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General Manager, Reserve Bank of India, Hyderabad, M Das,h speaking at the ‘Awareness campaign for popularising e-payment initiative’ workshop held at Rajahmundry on Monday |
Reserve Bank of India General Manager Mr. M. Dash has said that the bank is going to launch core bank solution portal from next month from which banks, government departments and even customers can do e-banking through this portal. Addressing awareness campaign for promoting e-tax initiatives to different bankers of Rajahmundry on Monday, Mr. Dash said bankers have to bring awareness among the public on e-receipts, e-products and more utilisation of e-banking services.......
KLE team heads to zonal finals of RBI quiz
......Uma Shankar, Regional Director, RBI, gave away prizes to the winners. She expressed her happiness over the quality of participation. She said that the competition was held to create financial awareness among youngsters.
Urmi school wins Vadodara round of RBI quiz
......Nearly 800 students from the participating schools had turned out to cheer their respective teams. Participants took home gift vouchers, besides a certificate of participation, along with an informative booklet on the RBI and a memento, awarded by Reserve Bank's Regional Director for Gujarat, Sudarshan Sen.
Former SBI chairman, OP Bhatt on panel to hunt for new Irda chief
Former State Bank of India chairman OP Bhatt has been appointed on a panel that will assist in the search for the next chief of Insurance Regulatory and Development Authority, a move that signals Bhatt's return to the establishment. Bhatt was at odds with the Reserve Bank of India on several issues when
he headed the country's largest lender from 2006 to 2011, but with the
change of guard at North Block, he seems to be back in favour.......
Updation of Pension for RBI retirees
I hope our Governor, whose sympathy for our case has been appreciated and voiced by all the serving and retired employees, does this quickly. He could perhaps tell the FM that once a favourable decision is taken, the Mumbai High Court could be informed of the decision by the Retired Employees Association, who had approached the court against the withdrawal of the Pension upgradation granted in the past upto a certain period, as well as the Bank and the Government and and submit to the court for withdrawal of the petition. Ministry of Law, Government of India, on whose advice perhaps the matter is being allowed to remain with the Mumbai High Court, should not have any objection to this move.
- A. Chandramouliwaran, Former Executive Director
Read - Bank's affidavit - Sent by L.R.Parab (via e-mail)
Read - Bank's affidavit - Sent by L.R.Parab (via e-mail)
Beware, the message is not from RBI
Playing officials of the RBI, cheats are on prowl in Jammu Kashmir. They send SMS messages to gullible people telling them that they have won prizes.......
Fraudulent tax refund mails in circulation
......The fraud mail originates from the 'tax refund department', bears the address 'service@incometaxindia.in' and has a subject line which says 'tax refund notification alert'. The language and format of the mail is strikingly similar to any formal correspondence from the I-T department. It addresses the receiver of the mail as 'Dear valued taxpayer' and goes on to say that you are "qualified for a refund which could run into as much as Rs 50,000". The mail asks the reader to 'click' on the hyperlink to place a tax-refund request. The hyperlink opens to the homepage of the RBI, but the website address panel shows www.chatbordel.de. The page asks for bank name, ATM number, ATM PIN number, CVV number, card expiry date and transaction password.......
CRR has merits, asserts Gokarn
.......“The CRR is an instrument with multiple attributes. It is a tool to manage liquidity, which is often an end in itself, but can also have monetary implications,”......
Bank review meet held
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| Dominic Presentation MLA inaugurating the DLRC meeting in Kochi. Lead District Manager KR Jayaprakash, RBI Assistant General Manager KJ Joseph, Union Bank of India Deputy General Manager S Jayamohan Nayar, District Collector PI Sheik Pareeth and NABARD representative Thrivikraman are also seen |
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Banks in the district are going ahead with the process of Meaningful Financial Inclusion. The survey conducted by Kudumbasree Mission revealed that there are nearly 20 percent adults in the district without bank accounts. Ward-wise campaigns by banks to open accounts are progressing. Banks will also offer remittance services and micro-insurance policies. The process is expected to be completed by the end of October 2012......
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