Friend, philosopher and guide no more..........

I regret to inform you about the sad demise of Shri S. K. Newlay yesterday night after a brief illness. He retired as Principal  CAB Pune in October 2000. Before that he had worked in various capacities in our Bangalore, Chennai, Guwahati, Hyderabad and DBOD Central Office. He had also worked  as Faculty Member in RBI Staff Training College, Chennai. I had the  opportunity of working very closely with him in Hyderabad and CAB Pune.  He was my neighbour and my friendship with him continued even after retirement . We used to meet almost daily and go for a walk . He had a very pleasing personality endowed with pleasing manners. I have lost a very dear friend, philosopher and guide. May his soul rest in peace. Let Almighty give strength to his family to bear the loss. He is survived by his wife and 2 sons. 

As reported by R.M.Deole, Ex-Chief General Manager

06-3-2012

‘Set up specialised Institutes for Commerce’

.......The celebrations also include an international seminar on MSME sector along with programmes and workshops on strategies for survival and growth of MSME in the globalised era, tribal entrepreneurship, inclusive growth through financial inclusion and issues and challenges of industrialisation. Chief general Manager of RBI, Mumbai, RN Mishra, Utkal University Vice-Chancellor Prof PK Sahoo, Dean and Head of Commerce department Prof KB Das were present.

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Indians abroad can now file online RTI application

The first step to seek online information from the government under the Right To Information Act has been taken. Banking regulator, the Reserve Bank of India, has allowed sale of electronic postal orders to Indian citizens living abroad through their credit and debit cards. "The facility will be used only for payment of fees under the RTI Act," says an order issued by RBI...............

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Now, common written exam for recruitment to RRBs

.....The National Bank for Agriculture and Rural Development will coordinate and supervise the selection process. The common examination is aimed at reducing the time, multiplicity of selection process and bringing uniformity in the selection process........

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Make grievance redress mechanism simpler, RBI tells banks

.....To make the mechanism more effective, the RBI has advised banks to ensure that the principal nodal officer appointed under the Banking Ombudsman Scheme is of a sufficiently senior level, not below the rank of a General Manager.........

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Counterfeit Currency: Threat to India’s Internal Security

…..Apart from security, fake currency poses huge socio-economic problem. Its impact on general crime on society is serious as more and more educated unemployed youth are attracted towards the counterfeit racket. In short, this can be dubbed as a dangerous facet of ‘economic terrorism’ confronted by India.......

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Switch banks, but not just for a higher savings rate

…..Now, higher returns act as a huge incentive for customers to switch banks. However, should it be the sole criterion? Not always, say financial planners, though it is an important parameter. Here are some factors you need to take into account before taking the call.........

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Women at top @work: India 30th on list

Women account for over 30 per cent of total workforce of India Inc, but their presence is very low at less than 7 per cent when it comes to the board-level positions at the Indian companies, a survey has found..................

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IDBI Bank launches online retail G-Sec portal

.....Pursuant to RBI’s desire that government bonds and securities should be made a popular mode of investment for retailers, the bank has taken the lead and launched the Samriddhi G-Sec portal for the purpose......

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Sharad Pawar to take up issue of cooperative banks facing closure with FM

……………."Notices have been given to over 70 district central cooperative banks (by RBI) that there licences would be withdrawn if they do not complete recoveries by March 30, 2012 and improve their financial health,"...................

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Economics: Pre-Crisis Consensus vs. Post-Crisis Confusion

………..Overall there is much to do and understand in central banking and monetary policy.  A shift in on single objective central bank to multiple objective central bank is going to be a major challenge.  RBI Governor Dr.D.Subbarao recently called RBI  a full service central bank as it manges so many functions together – inflation manager, public debt manager, bank regulator, external stability manager etc.  It will be interesting to see the direction central banks take going forward………………..

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‘Pact with RBI saves JK `200 cr’

The state government today claimed that its pact with Reserve Bank of India for overdraft after switching from J&K Bank has enabled it to avoid an expenditure of Rs 200 crore on the interest payments............

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Spare the RBI. Smart money will fix rupee’s fall

With the rupee dipping to a one-month low, the headless chicken have come out squawking again, pleading for the RBI to intervene to shore up the Indian currency. Evidently, they haven’t learnt the lesson from 2011, when the rupee fell by 2011 because of heightened risk aversion in global currency markets, but retraced some of those losses earlier this year on the back of strong portfolio inflows, and a revival of the risk-on trade.………

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RBI rejects Rs 5,000 crore loans by ICICI Bank, Axis Bank and HDFC Bank to commodity traders

………..The RBI, during its inspection of banks' books, found that some private sector lenders, which do not have access to rural areas where farmers could be loaned, have provided funds to those who trade in commodities, they said. This does not fall under the definition of priority sector, the RBI has ruled..................

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Mauritius top destination for Indian investments

"...........integration of the Indian economy with the rest of the world is evident not only in terms of higher level of FDI inflows but also in terms of increasing level of FDI outflows," RBI Deputy Governor H R Khan said recently at the Bombay Chamber of Commerce & Industry in Mumbai..........

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RBI for closer monitoring of outward FDI flows

......“On the flip side at times the underlying motive could be to create opacity through a labyrinth of structures for reasons unjustified on business grounds or from the point of view of home country’s interest. Hence, there is a need to have a greater clarity in our approach in this regard,” RBI Deputy Governor HR Khan said..............

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RBI shouldn't relax rates till it's sure inflation is under control: Pronab Sen

……Inflation has started easing. If RBI starts relaxing prematurely, and inflation goes up again, it will be much more difficult to correct, as inflationary expectations will move up. It takes a lot of time to drive the expectations down, but these can revive into an inflationary mode very easily. You have to wait until you are pretty much sure that you completely wiped out all inflationary expectations. We are not there yet; we are not even close........

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RBI may further reduce CRR: Chanda Kochhar

The country's largest private sector lender ICICI Bank today said its expects the Reserve Bank to further reduce CRR and release more liquidity into the system, at its monetary policy review later this month............

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RBI deputy Gokarn says still room for CRR cut

…………."When the space opened up for CRR cut, we used it," he said. "That space still exists, and so if we think it is appropriate we will use it.".............

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Room for a CRR cut, reduction in SLR not practical, says Gokarn

………..Gokarn said open market operations (OMOs) had limited capacity to address the liquidity deficit, which was quite large. “The market absorption capacity also has to be taken into account.“If SLR holdings were close to the limit, a reduction in the SLR would have been useful. Now, there is no practical value to it,” he said, adding skewed excess SLR was not a concern, as banks with surplus liquidity were lending to needy banks through the call money market.………..

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