Rare coins donated to RBI Museum

Chennai, March 30: The Reserve Bank of India has released an information brochure showcasing a few of the 138 rare antique coins donated from the collection of late M. R. Jambunathan by his daughter Ms Indira Anantharam Iyer. Jambunathan was a vedic and upanishad scholar who published books in English and Tamil. The collection includes coins encompassing various regions and time periods. The particularly rare coins include the ancient ones issued by the Cholas, Cheras and other Southern Kingdoms dating back to AD 250. The collection also included a few coins of Tipu Sultan of Mysore, the Mysore Wodeyars and the Hyderabad Nizams. Coins issued by the French and British East India Companies were also donated as part of the collection. The coins will be on display at the Reserve Bank of India Monetary Museum, Mumbai. “The collection has added to the value of the Museum and will attract notice of both scholars as well as lay enthusiasts,” said the RBI Governor, Dr D. Subbarao.

HBL

RBI Governor Duvvuri Subbarao: Mindful of credibility of action for foreign exchange intervention

The Reserve Bank of India is mindful of the credibility of its actions, robustness of foreign exchange reserves and inflation situation while taking a decision on intervention in the foreign exchange market, Governor Duvvuri Subbarao said on Friday………

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GST can help contain inflation: Subir Gokarn

...."The GST is going to make a huge difference in the way the government is going to manage its finances. And as it comes into play, it will be a critical reform in terms of catalysing growth.  
"This is because it will help contain government finances and help take off demand pressures that, as we have seen, has been contributing to inflation over the past few years," RBI Deputy Governor Subir Gokarn said.
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Globalisation double-edged sword for India: Subbarao

….."In a globalised world, the challenge for us is to accelerate growth and make it inclusive, as we are a poor country in terms of per capital income and other social indicators though we have a large economy at an aggregate level," Subbarao told business school graduates of the Indian Institute of Management-Bangalore (IIM-B) at its 37th annual convocation address……..

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RBI favours dynamic provisioning norms

,,,,,The RBI said that the present provisioning policy has several drawbacks, including the rate of standard asset provisions has not been determined based on any scientific analysis or credit loss history of Indian banks.,,,,,,

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May their souls rest in peace……

I deeply regret to advise you of the passing away of two of our friends. Many of you would have worked with them closely.

1. Shri Dipchand J. Sabhnani  passed away on 21st March 2012, in Mumbai. He was born on 2nd March 1940 and worked in RBI  from 21/12/1960 to 31/3/2000.  He retired as Assistant Manager from DEAP.  He was a  very genial person, who sported a perennial smile. He is mourned by a wide circle of friends and well-wishers.

2. Shri.K.Neelakandan, fell victim to a massive heart attack and passed away in Trichur on  22rd March 2012 in Trichur where he had settled down after his retirement. He retired as DGM  from Trivandrum Office. He worked in RBI  for over 35 years and was 72 years at the time of death.

 - P.P.Ramachandran (via e-mail)

'Fake' currency notes recovered from ATM

..... These notes were being referred to the RBI and the Nasik Printing press for verification, Superintendent of Police K. Raghuram Reddy said......

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23 NBFCs operating in State without RBI nod: Govt

GUWAHATI, March 30 – There are 109 non-government financial institutions operating in the State. They are registered with the Reserve Bank of India (RBI) and working as Non-Banking Finance Companies (NBFCs). But the RBI has granted permission to none of these companies to collect people’s money as deposits…………….

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Non-event Budget leaves all the hard work for Subbarao

……Not an easy to-do list for an RBI governor with limited options in hand and a government which keeps insisting he must cut rates despite New Delhi not lending him even a semblance of a helping hand.

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Govt indecisive on cooperative banks' revival plan

.....Sources said that there was no consensus on the proposal to pump Rs 203 crores in Jammu Central Cooperative Bank (JCCB) and Anantnag Cooperative Bank to make way for both of them to get license of Reserve Bank of India (RBI)……..


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RBI penalises Siddhi Co-operative Bank of Ahmedabad

….RBI had issued a Show Cause Notice to the bank in response to which the bank submitted a written reply and after considering facts of the case, bank’s reply and personal submissions in the matter, RBI came to the conclusion that the violations were substantiated and warranted imposition of penalty.

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All banks to remain open till 5 pm tomorrow

….The Reserve Bank has directed private and public sector banks to remain open on March 31, 2012, with a view to facilitate accounting of all government transactions for the current financial year (2011-12)……..

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RBI’s debt purchases to offer temporary relief

….The Reserve Bank of India’s (RBI) efforts to ease a prolonged cash strain through debt purchases will only offer temporary relief to bonds and swap markets, given the heavy supply of debt waiting to be sold in coming months. RBI officials have made clear any injection will be motivated solely by liquidity shortages, especially ahead of big weekly sales of debt, and have been consistent with their message that they are not focusing on bond yields. ……..

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Can joker in the pack 'rupee' outperform in FY13?

.... In February 2011, the rupee fell against most major currencies after the RBI deregulated interest rates on NRI deposits. In response, banks increased rates on such deposits by up to six percentage points. This was a sweet deal for NRIs who could now invest their dollar earnings in Indian banks and get up to 10% a year…….

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Indian Arm Of Japanese Bank Adopts FRSGlobal's ADF Solution

Wolters Kluwer Financial Services, a leading worldwide provider of risk, compliance and audit solutions for the financial services industry, has announced that the Indian arm of a leading Japanese bank has selected its FRSGlobal solutions in order to meet the automated reporting standards defined by the Reserve Bank of India (RBI)………….

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Relief for bank following decision to release funds

..... the Department of Cooperative has ordered the Managing Director of Karnataka State Apex Cooperative Bank to release the amount so that the bank complies with Section 11 (1) of the Banking Regulation Act 1949 to get licence. The National Bank for Agriculture and Rural Development (NABARD) too has reportedly written to the RBI on the financial position of the bank......

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LIC to invest Rs 147 cr in Vijaya Bank

.........The capital infusion would strengthen the tier one capital of the bank. Vijaya Bank’s tier capital (net worth) will help keep Vijaya Bank tier one capital to 9 per cent as mandated by the RBI.

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Fiscal deficit can spin out of control

......With less money available for companies to borrow, the central bank shall, therefore, have to resort to more pro-active open market operations to generate liquidity. Quietly, but surely, the FM has passed on the baton to the RBI to reconstruct the fiscal health of the economy!.......

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RBI cautions Nagaland on fiscal deficit

.....All rejoicings aside, , the RBI report sufficiently implies that Nagaland being a no-revenue state seriously requires a drastic paradigm shift in internal revenue generation or the deficit would pull her down the finances scrap yard. “All special category States with base fiscal deficit of less than 3 per cent of GSDP in 2007-08 could incur a fiscal deficit of 3 per cent in 2011-12 and maintain it thereafter. Manipur, Nagaland, Sikkim and Uttarakhand should reduce their fiscal deficit to 3 per cent of Gross State Domestic Product (GSDP) by 2013-14,” the study of Reserve Bank said.
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