Greater Kashmir
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Wednesday, March 21, 2012
Subbarao meets J & K Governor
RBI holds outreach programme at village Surara
Jammu, Mar 20: Reserve Bank of India, Jammu conducted an outreach programme today at Surara village in Samba district of Jammu and Kashmir as part of its financial inclusion and awareness drive. Dr. D Subba Rao, Governor of RBI graced the occasion. Among others Mushtaq Ahmed, Chairman and CEO, J&K Bank Mubark Singh district Development Commissioner, Samba M. Rajeshwar Rao, Banking Ombudsman, Delhi and J&K State S.C Rabra, Chief General manager NABARD, other senior government officials and bankers attended the programme. A large number of villagers including women senior citizens, MNREGA beneficiaries, farmers, teachers and students also attended the programme, an official statement said. The Governor visited to the stalls/pavilions set up by various SHGFs/NGOs, NABARD, Government Departments, RRB, J&K Bank and RBI a the venue showcasing their products and services. J&K Bank extended facilities of exchange of torn and soiled notes to the residents. The Governor RBI also interacted with residents and enquired about the problems and difficulties faced by them in getting banking facilities. He advised bankers to take effective steps for redressal of the problems raised by the SHGs, NGOs and the residents. The Governor RBI also interacted with the school students from Government Middle School, Surara and Government High School Nichla Surara. Dr. Subbarao impressed upon them the importance of financial literacy and highlighted important functions of RBI, and features of genuine currency notes were also explained to the students. The programme was inaugurated in presence of a large gathering. K.K. Saraf, Regional Director, RBI Jammu in his welcome address highlighted the objective of holding the financial literacy programme in the village. Addressing the gathering Governor RBI touched upon the important functions of RBI viz. issuing and managing currency, controlling inflation through formulation of monetary policy, expanding outreach and banking awareness deposit insurance scheme, etc. He highlighted the facilities of no frills account’, General Credit Card, Kissan Credit Cards and overdraft facilities against these accounts and also explained the BC model and mobile Banking scheme through which the above banking facilities could be availed. He advised the villagers to avail the services offered by different banks and to harness the natural potential available in the village and thereby improve their economic condition.
RBI will respond to market demand, if needed: Subbarao
……"this campaign for the financial inclusion is a shake campaign, this is done by the public sector banks, private sector banks and foreign banks soon". "So the idea is that every bank must participate, all the banks are doing this, how they do this, we left it to them", he said adding "there are various banks to prepare the financial inclusion plans which are discussed and approved in the boards and then are recommended"…….
Read................RBI Not Looking to Internationalize Use of Rupee
……His comments come amid concerns that the central bank could go back on its long-term aim to make the rupee fully convertible--a requirement for its internationalization--if the risk of the local currency's depreciation escalates.......
Read................Finance Minister meets the Directors of the RBI Central Board
.....The Union Finance Minister was addressing the customary post-Budget meeting of the Central Board of the Reserve Bank of India held in New Delhi today. Besides Dr. D. Subbarao, Governor of the Reserve Bank, Deputy Governors Dr. K.C.Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri Harun R. Khan of the Reserve Bank attended the meeting.......
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Cheques valid for 3 months from April 1
BANGALORE: Bankers' cheques and other monetary instruments will have only a three-month validity beginning April 1, 2012, instead of the existing six months, a Reserve Bank of India (RBI) communique has said. The change is a consequence of an RBI notification on November 4, 2011. Cheques, drafts and pay orders will have a validity for three months from the date they've been drawn. Those having cheques and other monetary instruments with six-month validity before April 1 will have to remit them before this date, when the expiry of the validity will be reduced to three months. After April 1, these instruments will be valid subject to their adherence to the new 3-month rule.
TOI
Small savings set to fetch higher returns
There is finally some good news for individuals in a season of duty hikes and provident fund rate cut. The government is raising interest rate on small savings schemes such as National Savings Certificate (NSC) and post office deposits by 20-50 basis points…………….
Read.............SBI 'banking' on alternative channels
….“Following the recent slowdown in the world and domestic economy, the MSME sector has been affected and the need of hour is to diversify their product line and markets,”…….
Read.............'No immediate steps for rupee convertibility on capital account'
...............“On internationalisation of the rupee, I don’t really see it at this point of time an explicit, strategic objective.... I think the focus, at least in the short- to medium-term policy on capital account management, is gradual liberalisation, though with cognisance and action to mitigate the risks.”.................
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RBI rejects Dhanlaxmi Bank's priority sector waiver request
The Reserve Bank of India (RBI) has turned down Dhanlaxmi Bank's plea for a one-time waiver of priority sector lending target as tight liquidity forces it to rework its balance sheet, said two people familiar with the development………
Read.............RBI extends deadline for micro-lenders' provisioning
.... “Taking into account the difficulties faced by the MFI sector and the representation received from these, it has been decided to defer the implementation of asset classification and provisioning norms for NBFC-MFIs to April 1, 2013,” the Reserve Bank of India (RBI) said……..
Read............Pressure mounts on RBI to cut key rates
A few banks may even move ahead and cut loan rates before RBI announces its monetary policy on 17 April. Pressure is mounting on the Reserve Bank of India (RBI) to cut its key policy rates even as it keenly watches the inflation trajectory in Asia’s third largest economy. On Monday, at the central board meeting of RBI in Delhi, finance secretary R.S. Gujral hinted that the government wants the central bank to lower its policy rates......
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PSBs to miss farm lending target?
.......According to guidelines issued by the Reserve Bank of India on lending to the priority sector, banks are required to achieve a target of 18% of the total credit towards agriculture. The finance ministry has also asked banks to show specific reasons for not being able to achieve the set targets.......
Read - Hindustan Times
Read - Hindustan Times
RBI: Budget proposals will check inflation
MUMBAI: The Reserve Bank of India on Tuesday supported Finance Minister Pranab Mukherjee's budget proposals and said it would help in moderating inflation that is hovering at 6- 7%. " Food prices are going to play a role as we have some stabilisation and even softening, either because of monsoon in the short term or because of initiatives of the government made quite explicit in the budget that would also help to contain inflation...," RBI Deputy Governor Subir Gokarn said. Asked if the RBI has enough monetary headroom in the light of hardening global crude oil prices, he said, " space is the question of how prices itself evolves. I think its not a meaningful thing in terms of global crisis in which commodity prices remains so firmly and so rigid."
FPJ
Amid year-end rush, banks scramble for bulk deposits
.........The cash crunch is partly due to market borrowings by the Union government and the RBI interventions in the foreign exchange markets since December to contain the rupee volatility.
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Panel to advise sector-specific cure for NPAs
..... The committee will have representation from the finance ministry, the Reserve Bank of India and some banks. The government has already indicated that containing bad assets will be an important parameter while evaluating the performance of the top brass in state-run banks.........
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Disclosing FII, NRI investments is must, says RBI
...... The Reserve Bank of India has said that companies will have to mandatorily informed the central bank when FII/NRI/PIO investments in them reach sectoral cap or statutory limit…..
Read..........Global financial crisis impacted India significantly: RBI
........ "The global financial crisis impacted India significantly, notwithstanding the sound banking system, negligible exposure of banks to sub-prime assets and relatively well-functioning financial markets," RBI Deputy Governor Anand Sinha said……..
Read............ Ethos of our economy
Regardless of our attaining a seven per cent GDP growth rate in the current year, the stark fact is that the innards of the Indian economy aren't working in the way they should. This is precisely what the central message of The Economic Survey for the current financial year projects, something which cannot make anyone with the nation's well-being in mind, happy...............
Read - HBL
Read - HBL
A week of confused policymaking
......The RBI's mid-quarter review of monetary policy did not surprise by its preference for the status quo on the repo rates. Operating within the narrow objectives of price stability, its actions were predictable, if disappointing, for those in the organised economy who hold rising interest rates responsible for a decline in investor sentiments. So do some policymakers. But what cannot be forgotten is that a tight money policy has checked one of the drivers of growth, real-estate, from overheating the economy. For the RBI, inflation still haunts the economy, a view that other policy players share reluctantly, eager as they are to show that their fiscal and legislative initiatives have worked to pull back its relentless climb.......
Read - HBL
Read - HBL
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