Kochi : As Vishu, the old Malayalam New Year is just two days away people are queuing up in front of the Reserve Bank of India (RBI) counter here to collect fresh coins and currency notes...........
Read - Deccan Chronicle
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.
Saturday, April 14, 2012
Banks told to allow customers to use NEFT facility
....The Reserve Bank of India has advised all banks to allow their customers to use the National Electronic Funds Transfer (NEFT) facility for repaying loans. This directive comes as the RBI has received some complaints from customers regarding non-acceptance of NEFT for credit to loan accounts, thereby causing inconvenience to them.......
Banking channels hit by counterfeit notes
BANGALORE: Despite new security protocols adopted by the RBI and stringent measures taken by public sector banks (PSBs), counterfeit notes continue to be pushed through “banking channels” via innocent customers and hawala operators on a day-to-day basis. Many bankers say, “The volume of transactions is so huge that it is not possible to detect every fake Indian currency note (FICN) that is circulated by conduits surreptitiously either sandwiched between bulk deposits or in the ATMs.” According to RBI Annual Reports, the number of detection of FICNs has increased from 1,04,743 pieces detected in 2006 to 4,35,607 pieces in 2011. “With 90 per cent detection, it shows there is a high level of awareness among bank employees,” the report claims.....
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High court notice over proposed merger of cooperative banks
AHMEDABAD: The Gujarat high court on Friday issued notice to authorities after a PIL challenged the proposed merger of the Kalupur Commercial Co-operative Bank Ltd with Surat's Udhna Citizen Co-operative Bank Ltd. The HC sought reply from the Centre, the Reserve Bank of India, the co-operative registrar and banks' authorities within a week's time on petitioner Consumer Protection and Analytic Committee's plea……………
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Crisis hits cooperative banks in Maharashtra
….The crisis of these banks is mainly attributable to a tight stranglehold the unscrupulous politicos have long exercised over them. Additionally, the banks have seriously been damaged by a series of financial scandals. The DCCBs get money from the banks that in turn get their fund from National Bank of Agriculture and Rural Development (NABARD). As these banks play an important role in the distribution of agricultural credit, their collapse would have serious consequences.…..
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Court notice to state, RBI on cooperative bank irregularities
.... A division bench of justices Bhushan Dharmadhikari and Prasanna Varale also served notices to National Bank for Agriculture and Rural Development (NABARD), Reserve Bank of India and state cooperatives commissioner besides MSCB. Anil Kilor pleaded for petitioner Jan Manch while Bharti Dangre represented the government………….
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RBI to conduct onsite inspections on banks' overseas arms
In a bid to stem the cascading impact of global economic turmoil, the Reserve Bank of India (RBI) has decided to delve deeper into international businesses of domestic banks. The regulator has revived the process of making onsite visits to foreign branches/subsidiaries of domestic banks after more than two decades, a source from RBI told Moneycontrol.com. "In two weeks time, a core team from the department of banking supervision (DBS) at RBI will start conducting such onsite visits. It will conduct random inspections on any/all overseas branch(s) if they sniff problems in the concerned region. Currently, the focus is on Singapore and Hong Kong," said the source on condition of anonymity.…………
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Coming: a mortgage guarantee company
....The dream of banks and Home Finance Companies (HFCs) is going to be realised very soon as NHB (National Housing Bank), the regulator for HFCs, has set up a Mortgage Guarantee Company (MGC) which will be operational soon.........
Read - The Hindu
Read - The Hindu
Online RTI remains far cry for NRIs
.... Department of posts had offered its e-commerce portal of department of posts at to help Indians living abroad in filing RTI applications. The matter is stuck now as Reserve Bank of India (RBI) has put a number of technical conditions, including security issues, before the service can be opened up for the consumers……
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RBI advocates implementing corporate governance code for SMEs sector
Reserve Bank of India (RBI) on Thursday said there is a need to implement a corporate governance code for SME sector. "There is a need to implement SME's corporate governance code," RBI Deputy Governor K C Chakrabarty said while speaking at the Economic Times Thought Leadership Conclave.He 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. "Adoption of corporate governance framework by SMEs in India is indispensable for taking this sector to a higher growth trajectory," he said……….
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Major strides: India opens door to more trade with Pakistan
…..…The Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) have held several rounds of talks in this regard and a very positive situation has emerged. “Both RBI and SBP are in favour of opening up of branches on both sides of the border,”……
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Banks meet RBI’s credit, deposit targets
Banks have managed to meet the credit and deposit growth targets the Reserve Bank of India (RBI) set for them in the fiscal ended 31 March. The latest data from RBI shows banks managed to achieve a credit growth of 19.3% and a deposit growth of 17.4%. RBI’s targets were 16% and 17%, respectively. RBI had lowered its credit growth forecast to 16% from 17% in its January monetary policy
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Bank deposits in the district Rs 35,202 crore
…..V Raveendran, Assistant General Manager, Reserve Bank of India, and K T Thrivikraman, District Development Officer, NABARD, reviewed the performance of banks. V R Muralidhar, District Manager, Deputy/Assistant General Managers of various banks, senior officers of various government departments and others participated……..
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"Financial regulatory structure riddled"
……………The Reserve Bank of India, for instance, is the banking regulator besides a banker to the government and also a monetary policy maker. Apart from regulatory and quasi-regulatory bodies, there are central and state government ministries involved in policy making, said secretary general D.S. Rawat. A Financial Stability and Development Council (FSDC) has recently been set up for macro-prudential supervision of the economy. Its mandate includes addressing functioning of large financial conglomerates and inter-regulatory coordination issues besides promoting financial literacy and inclusion. But the FSDC is neither a statutory body nor an oversight agency…………
Read..........RBI Governor’s perennial dilemma: Growth Vs inflation
..... The Reserve Bank of India (RBI) is again facing a chicken and egg situation, as it has the unenviable task of deciding its priority, whether controlling inflation or propelling growth, when it announces its annual monetary policy on 17 April, 2012. The central bank has been flooded with suggestions and expectations, bordering on pressure, to cut interest rates and ease liquidity with a view to encourage growth, which has fallen below 7% during 2011-12. The macro-economic indicators, however, are giving contrary signals, indicating on the one hand continued high inflation and on the other, slower growth of industrial production. The index of industrial production (IIP) numbers of February 2012 just released shows a growth rate of 4.1%, which is much below expectations, What will the RBI do under these circumstances is being watched with keen interest......
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Pranab orders probe into ‘baffling’ IIP data
….The latest episode is seen to have cause a huge dent to the already sagging credibility of economic data in the country. Even RBI has in the past complained about the volatility in data……
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Hard decisions needed to boost economic sentiment: Rangarajan
…..Asked if he saw a case for rate cut by the Reserve Bank of India (RBI) in its credit policy to be unveiled on April 17, Rangarajan said, "It's not just a monetary policy (by RBI). 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."……….
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This is a serious handicap for policymakers: C Rangarajan
Dealing with data when he was the Reserve Bank of India governor, as the Finance Commission head and now as the chairman of the Prime Minister’s Economic Advisory Council, C Rangarajan finds the index of industrial production numbers (IIP) for January a serious handicap…………
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70% expect RBI to cut rates on Tuesday: CNBC-TV18 poll
The dismal IIP performance has raised hopes of a rate-cut from the RBI come Tuesday. Among 70% of those polled by CNBC-TV18 expected the RBI to cut repo rates by 25 bps. A minority 15% expect a 50 bps cut. About 45% of the respondents expect a 25 bps CRR cut. But a majority 55% expect no change on the CRR front. According to C Rangarajan, chairman, PMEAC, "It's not just a monetary policy (by RBI). 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."………..
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Subbarao, pls set more realistic inflation targets
..... If inflation does trend down sharply, the RBI will have room to cut policy rates aggressively. The RBI should not be expected to stick to its forecasts throughout the year, but forecasts should broadly be in line with policy actions rather than policy actions being driven by forecasts going wrong.
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Why expectations are high that RBI may cut rates
……… According to the RBI, reducing the key policy rates to promote investments depends on a moderation in the inflation rate and fiscal consolidation. The RBI has been following a tight monetary policy stance since the beginning of 2010, following a spike in prices of commodities. For a change this time there is widespread expectations that the central bank may cut the key policy rates to accelerate growth and investments………..
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Will the RBI change its mind?
……It is critical that the RBI should cut the repo rate and should start doing that now. For, every passing week means a loss of 21.8 billion rupees in investment, 73.6 billion rupees in GDP and 30,000 in employment. The deeper the cut, the sooner the economy will recover. But the rise in repo during inflation was in baby steps; and the fall may not be faster. At best a 25 bps is likely next week when the RBI goes in for its quarterly review. That is not enough but can at least be the beginning.……
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