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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.
Friday, April 13, 2012
Time not yet ripe for rate cut : K Kanagasabapathy
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Independent DMO likely to manage govt's borrowing: Sources
.........the government’s point of view is that there is a conflict of interest in the inherent responsibility of the RBI as the monetary authority and as a debt management body as well, since it would be biased towards a low interest cost regime. Hence the government says that debt management should be a separate independent and autonomous body, which now has been envisioned in this bill and the DMO is likely to be an independent body.............
RBI to issue Rs 20 and Rs 50 notes with rupee symbol
MUMBAI: he Reserve Bank will soon issue Rs 20 and 50 notes with the rupee symbol. "The Reserve Bank of India will shortly issue of Rs 20 and Rs 50 denomination Banknotes without inset letter and with (Rupee) symbol...bearing the signature of D Subbarao, Governor, RBI," the central bank said in a statement. The design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series 2005 issued earlier, except for rupee symbol, RBI added. The Indian rupee got an unique symbol, a blend of the Devanagri 'Ra' and Roman 'R', in 2010, joining currencies like the US dollar, euro, British pound and Japanese yen in having a distinct identity.
Gold management needs a makeover - M G Warrier, Former General Manager, RBI
.....Establishment of ‘Gold Corporations' with state participation could also be debated. Such an institution can act as a depository where the gold possession of individuals now in bank lockers and the pledged gold can find a safe shelter, provided the purity can be ensured, and the ‘Corporation' can find the resources and skill to deal in gold and retain the customers' confidence.
Financial inclusion and literacy should go hand-in-hand
With less than half of India’s 1.2 billion-strong population having access to organized financial services, the urgency in implementing financial inclusion activities begs no second-thoughts. However, the push of financial inclusion activities (increasing availability of financial services infrastructure) alone is not enough to bring more people under the fold. Financial literacy programmes need to go hand-in-hand with financial inclusion initiatives to create the pull for accessing formal channels of finance. Further, these programmes need to be tailored to take into account the demographic profile and regional differences of the target population for a stronger impact......
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R.H. Patil, founder of NSE, dies at 74
....Apart from NSE, Patil was instrumental in setting up NSDL, National Securities Clearing Corp. Ltd, Stock Holding Corp. of India Ltd and Credit Analysis and Research Ltd. He also served as chairman of various committees of the Reserve Bank of India, including the technical advisory committee on monetary policy. Other jobs that he held included executive director of IDBI Bank, chairman of the disinvestment commission of India and chairman of UTI Asset Management Co. Pvt Ltd, apart from being a board member of several prominent Indian corporate houses.......
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Coriander’ has Aadhaar number
Nandan Nilekani, the Chairman of the Unique Identification Authority of India, (UIDAI) hopes that Aadhaar card and rural mobile telephony will bring transformation in rural India, but the cards being issued at times spot some real gaffe. Here is one case. A coriander plant in rural Andhra Pradesh received its unique identification number and of course a card for itself with the photo of a mobile phone. An Aadhaar card with number : 4991 1866 5246 was issued in the name of Mr Kothimeer (Coriander), Son of Mr Palav (Biryani), Mamidikaya Vuru (Village Raw Mango), of Jambuladinne in Anantapur district. As the card displayed the photo of a mobile phone, officials have no clue of the address where the card has to be delivered……..
Read...........Know it all
RBI Deputy Governor Dr KC Chakrabarty was in a mood for quotes at a recent lecture on the ‘Uses and Misuses of Statistics’ at BHU on March 20. Some of the famous ones he used in his address: “The safety of science depends on the existence of men who care more for the justice of their methods than for the value of any results obtained by using them”; “All knowledge is, in the final analysis, history. All sciences are, in the abstract, mathematics and all methods of acquiring knowledge are essentially statistics”; “Measure again and again to find out the difference and difference of the difference.” And finally, “There are three kinds of lies: lies, damned lies and statistics”.
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Need to implement SME's corporate governance code: RBI
…..There is a need to implement SME's corporate governance code," RBI Deputy Governor KC Chakrabarty said while speaking at the Economic Times Thought Leadership Conclave here. Chakrabarty said that in spite of various measures taken by the RBI and the government, availability of credit to Small and medium enterprises (SMEs) continues to remain a major issue in the development of the sector in the country……
Read.......'Hard decisions needed to boost sentiment'
….“I think hard decisions are required in terms of creating proper environment for industry to grow,” he told reporters while replying to questions. Asked if he saw a case for a rate cut by the RBI in its credit policy to be unveiled on April 17, Rangarajan said, “It’s not just a monetary policy. I don’t think adjustment on interest (rate) alone will bring about the desired results. All that we really need to do is to push up the sentiment in the economy.”……..
Read..........System-Based NPA Reporting Improves Transparency
When recently asked about the reason for spike in Non Performing Assets (NPAs) of select Indian banks, RBI's Deputy Governor Subir Gokarn attributed it to the migration of NPA calculation from manual reporting to an IT system-based approach . By bringing to the fore previously unreported NPAs the system based approach led to an increase in the overall NPA reporting…..
Read............Govt, RBI will take steps to revive IIP: FM
Attributing the "disappointing" industrial growth performance to tight monetary policy and global factors, finance minister Pranab Mukherjee on Thursday said that the government and RBI would take steps to revive growth. "These (IIP) figures will have bearing on monetary policy announcement scheduled for next week. The government along with RBI will take required steps to revive activity in the economy," .......
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Chambers disappointed, want a rate cut
Expressing disappointment at 4 per cent growth in manufacturing, the FICCI President, Mr R.V. Kanoria, said, “A reduction in interest rates of at least 50 basis points should be seriously considered by RBI as part of its next monetary policy.” .............
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RBI may cut policy rate by 25 bps, feels market
…….“Bond markets have discounted a 25bps rate cut in the annual policy because of poor industrial production numbers. So, markets are expecting RBI to cut rates to support growth,” said T S Srinivasan, general manager-treasury at Indian Overseas Bank. He added the uncertainty on the government being able to reign in the fiscal deficit might limit RBI’s comfort in starting the monetary easing cycle. During its mid-quarter review, RBI had said a credible plan for fiscal consolidation was essential to have lower inflation…….
Read....RBI may ease CRR to inject cash: Kidwai
....Reserve Bank of India (RBI) may look at further easing of CRR, which may eventually inject more money into the system, Naina Lal Kidwai, country head India and director HSBC Asia Pacific, said on Thursday. Her statement came days before the apex bank is scheduled to announce its credit policy and also at a time when the industry has been stressing more on a repo rate cut. In March this year, the RBI ......
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