Workshop on foreign exchange

The Mysore chapter of the Institute of Company Secretaries of India has organised a workshop on foreign exchange in association with RBI, Bangalore regional office, on its premises at 125, NHCSL Layout, KRS Road here on Thursday at 10 a.m. RBI Bangalore Regional Director Uma Shankar will be the chief guest and Banking Ombudsman M. Palaniswamy will be the guest of honour at the event. There will be an awareness exhibition on foreign exchange, coin vending machines and so on at the venue on Thursday and Friday from 10 a.m. to 5.30 p.m.

HBL

Bank unions demand 5-day work-week

Bank employee unions have demanded the government to grant them a five-day work-week. A senior official of the Indian Banks’ Association (IBA) lamented that their persistent efforts to get the government to introduce five-day week have not borne fruit yet. “We wish them (other unions) luck.” Government-owned banks are in favour of five-day week. “None of the financial markets works over the weekend and even state and central government employees work five-day weeks. It’s only fair for banks to demand this,” says a senior official at a public sector bank.

DNA

May their souls rest in peace.........

Shri.D.S.Banavali died in Andheri Mumbai on February 6, 2012. He was 85 years old. He had worked as P.S to Deputy Governor Shri. Ramakrishnayya

Shri.K.K.Singh died on February 24, 2012 in Andheri, Mumbai He was Economic Assistant in the Library of the Economic Department. He was 88 years old.

- As reported by P.P.Ramachandran (via e-mail)

Down with memories............

I felt very sad on coming to know that Mr Newlay is no more. Had I known on that day I would have attended his last day. I knew him very well even when he joined RBI Chennai as a Probationary Officer in Gr A. I was working as Cl Gr II at that time. On one occasion when some employees played mischief with him, he could have easily complained against them to the Manager but instead he said to me, "Every action has an equal and opposite reaction". I did not know why he chose me to say this. May be he hoped I would counsel others not to be harsh in their attitude towards him. I had interacted with him on several occasions while in service. He used to tell me how he changed the atmosphere in CAB. Later, after retirement, we used to meet very regularly in Pune. We even had dinner at my house on occasion and again tea at his house on another. CAB invites senior retired officers whenever dignitaries visit CAB and also for dinners on many occasions. We always chose to sit together and chat. He used to talk to me very fondly. On every occasion when he came to CAB, I saw almost all employees coming and wishing him with reverence. Very soft spoken and affectionate friend to everyone. He was even present on 1st Nov last year when CAB invited all retirees for a get together and lunch. Though he was looking week, he was cheerful. As usual we sat together and chatted. I miss a good friend. I miss him terribly. May his soul rest in peace.

- P.Aravind

I worked with Mr.Newlay at the staff college--one of the finest gentlemen. His death is somewhat untimely.

- K.Kanagasabapathy

Shri Newley’s  was a warm and affectionate personality and he used to greet his colleagues with his characteristic smile and cheering words. He was open to suggestions and played his role in liberalising perks/facilities for RBI-ites when he was a JCO in PPD. He was happy that we were bringing out a book as part of the Platinum Jubilee celebrations (Mint Road Milestones: RBI At 75) and extended his best wishes and support to our team when we had met him last at CAB.

- Surendra Khot

I am shocked to know about the demise of our friend guru and a fine human being.

- P.Shyam Sunder (Shillong)

Management of govt debt should remain with RBI: Union

....“Sensitive issues such as separation of the management of Central Government's public debt from the RBI should not be hustled through by the Government without wider consultation and a national consensus,”.......

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Unburdening the RBI

....... DMO within a banking regulator can create a perverse incentive for the regulator never to allow the economy to move away from financial repression as it can achieve both objectives of low-cost funding for government and reduction in banking sector risk through a requirement like a high Statutory Liquidity Ratio (SLR) as in India. The discussion on an independent DMO in India has been in progress since RBI proposed it in RBI Annual Report, 2000-01. It said: “The separation of the functions of debt management and monetary management is regarded as a desirable medium-term objective... The separation of the two functions is expected to have significant effects on the functioning of the government securities market.........

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RBI employees body against creation of DMO

Kolkata: A section of Reserve Bank employees has opposed creation of the separate debt management office (DMO) by the government thus taking away the task of management of public debt from the hands of the apex bank. In a statement, All India Reserve Bank Employees Association general secretary Samir Ghosh said that once the RBI was bereft of the managing public debt, financially weaker states would find it difficult to sell their papers and a rate war would……………

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RBI asks banks to adopt unique customer identification

…. At a seminar organised by the Credit Information Bureau on Wednesday, RBI deputy governor Anand Sinha said, “Unique customer identification in the banking system is of paramount importance. While some banks have started the unique customer identification process, this is not present across the banking system, that is, on a shared database. This could enable borrowers to circumvent guideline risk profiles and obtain multiple facilities from banks.”……

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Banks must refer to credit reports for corporate loans too, says RBI

Banks must refer to reports issued by Credit Information Bureaus not just when sanctioning retail loans but also corporate loans. This was the message given by Reserve Bank of India Deputy Governor, Mr Anand Sinha, while speaking at a seminar in Mumbai on Wednesday.............

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India has considerable room to improve business scenario: IMF Paper

There is a considerable room to improve the business environment in India and boost the corporate investments through measures like lowering of costs and better financial access, an IMF Working Paper has said…………

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RBI raises bank rate to 9.5% for Urban Co-operative Banks

"….....it is determined that the bank rate should normally stay aligned to the MSF (marginal standing facility) rate. "Accordingly, it has been decided that with effect from the close of business of February 13, 2012, the bank rate (for UCBs) will stand increased by 350 basis points, from 6 percent per annum to 9.50 percent per annum," RBI said in a notification Wednesday………..

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RBI may soon do away with branch audit of PSU banks: Srcs

..... Now even the RBI governor in December last year had mentioned that the relevance of branch audits had significantly declined but that's largely because after the implementation of core banking system the relevance has actually declined and there is no need for branch auditors but for statutory central auditors. So, that's the reason why RBI is looking to reduce the cost for public sector banks but the final numbers on branch auditors for this fiscal has not been decided yet......

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Subbarao meets FM ahead of RBI's policy review

....Ahead of credit policy review and budget, Reserve Bank Governor D Subbarao today met Finance Minister Pranab Mukherjee and is believed to have discussed the macro-economic situation.......

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Sonia's concerns on inflation may weigh on RBI monetary policy

With Congress President Sonia Gandhi citing inflation as one of the reasons for the party's poor performance in state polls, the government may signal RBI to maintain its priority to containing price rise in the monetary policy on March 15……

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eMudhra-Watchdata to check financial frauds

Security solutions provider eMudhra today said it has entered into a partnership with Watchdata Technologies to offer banks key solutions to check financial frauds in online transactions.............

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When geography is not history

The latest national microfinance awards underline what has worked in Karnataka and not worked in Andhra Pradesh

At a time when the name of microfinance is in the mud and its financial prospects severely dented mainly because of the aberrations it developed in Andhra Pradesh, two microfinance organisations based in Karnataka have won the latest national microfinance awards for 2011………..

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India will come under pressure to raise interest rates as well

Michael Spencer, chief economist (Asia-Pacific) for Deutsche Bank AG, is a rare optimist who thinks the worst is over for the global economy. He predicts that as the world economy gradually starts recovering six months from now, the Reserve Bank of India (RBI) may take cues from global central banks and hike rates again starting 2013.............. 

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BoB, Union Bank await policy review cues to decide on rate cut

Public sector lenders Bank of Baroda (BoB) and Union Bank of India today said they would take a call on slashing interest rates in specific segments once the RBI has announced its mid-term policy review………..

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Liquidated urban bank to settle dues to depositors fully

....“Meanwhile, a proposal has been forwarded to the RBI seeking permission to enable the erstwhile bank to function as an urban cooperative society. We expect a positive response soon and are confident of getting approval,”........

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Small farmers still excluded from formal financial channels

Small and marginal farmers who constitute more than 80% of total farmer households in the country face exclusion from formal financial channels," says the Nair Committee on priority sector lending. The same report says "commercial banks have been prescribed targets since late 1960s for priority sector lending"……….

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Budget 2012: Tax sops will give impetus to banking space

Recently, the Reserve Bank of India (RBI) Governor Dr D Subbarao was quoted saying that "non-performing loans have grown and have grown quite rapidly in the second half of 2011 calendar year". With the rise in the interest rates and stress in the economic environment, the banking sector has witnessed a steep rise in the provisioning of bad and doubtful debts (NPAs). This has hit the bottom line of most banks in India……………

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Well-off villagers take liking to protein-rich food

 ….. The Reserve Bank of India, or RBI, has accepted that inflationary pressures will be present as India treads on the path to inclusive growth. "Structural sources of food price pressures persist. Changing dietary patterns with rising incomes that have contributed to inflation in protein-rich items and significant upward revisions in Minimum Support Prices (MSP) are expected to keep up the food inflation pressures," the central bank noted recently…….

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India, Pakistan keen to open up borders for trade

....On the other hand, the issue of opening of bank branches to facilitate trade between the two nations will also be an active area of discussion. Talks between the State Bank of Pakistan and the Reserve Bank of India are likely to be held in Mumbai on March 10 to discuss this issue threadbare and draw up a roadmap for opening of bank branches........

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Pink products looking pale

Although the market is abound with women-centric products, one needs to carefully read the fine print before signing on the dotted line.....

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