Long-distance marriage not a reason for divorce: HC

MUMBAI: If a spouse is on a posting, it cannot be termed desertion and cited as a ground for divorce, the Bombay high court ruled on Friday. A division bench of judges P B Majmudar and Anoop Mohta was hearing an appeal by an income tax officer Satish Mane against a family court order rejecting his divorce plea. Satish (38) married Seema (35) on May 9, 2001, as per Buddhist rites. On June 1 that year, she left for Ahmedabad to resume duty at the Reserve Bank of India, where she was an officer……..

………On Friday, the HC bench observed that just because Seema was posted in Ahmedabad, it could not be a reason for Satish to get a divorce citing desertion. "How can it be desertion? This is an eye-opener. Employers should consider whether ladies (sic) should be transferred," said Justice Majmudar.

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Debating Manmohan's reforms legacy

............. Subbarao directly addressed fears that under Singh, India had come full circle. 2012 was not 1991, he said, although “the twin deficits are here once again”. Short-term debt was high, too; but the structure of the economy had changed fundamentally, and the financial system, he insisted, could absorb shocks. In addition, there are other reasons for optimism: the services sector dominates today, and its performance is a source of resilience; not all of the fiscal deficit is structural; and forex reserves are much larger. Subbarao also addressed external-sector liberalisation, which he viewed as the most far-reaching of Singh’s reforms.........

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Should the RBI have an 'easy' or 'tight' Monetary Policy?

.... The RBI now needs to act via a mix of policy instruments. It has to effect changes in CRR and resort to open-market operations. These changes must affect the quantum of liquidity, and policy rates such as the bank rate and repo rate to influence the price of liquidity. Also the RBI should manage its liquidity adjustment facility on a daily basis to transmit interest rate signals to the market. Given the macroeconomic environment of rising fiscal deficits, slow growth and price instability, the RBI must opt for an aggressive monetary policy to increase liquidity and reduce interest rates......

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Current downturn short-term phenomenon, says RBI Governor

....Describing the current downturn a short-term phenomenon, Reserve Bank of India Governor D. Subbarao on Saturday said Indian economy is mature enough to absorb ‘shocks’ and the country’s growth story is intact. “The structure of the economy has changed (since 1991). Our financial markets are more matured, more diverse and much deeper. They have the resilience to absorb shocks,” he said while participating at a panel discussion on India’s economic reforms and development..............

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Take money out of the system to tame inflation: Lord Paul

..........."We need to control inflation which will hurt the industry, because the only way to control is to tighten the money flow. That is the temporary measure, but you have got to take (it)...This is the only way to control inflation...take money out of the system,"...........

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RBI monetary review: Banking sector focussed on performance

Even as the Reserve Bank of India (RBI) is readying to cut the repo rate for the first time in three years in its monetary policy review next week, bankers have little to cheer when it comes to performance........

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Economy facing challenges but we'll overcome them: Manmohan

....Dr. Subbarao, while expressing concern over the widening fiscal and current account deficits, asserted that the economy now (in 2012) was far more resilient than what it was in 1991. The current downturn, he noted, was a short-term phenomenon and the economy was mature enough to absorb ‘shocks' and the country's growth story was intact. “The structure of the economy has changed [since 1991]. Our financial markets are more mature, more diverse and much deeper. They have the resilience to absorb shocks,” he said.....

Read - The Hindu

RBI gold loan norms hit NBFCs

.......The RBI's recent regulations have hit the top as well as bottomline of the NBFCs. In India, gold buying is a regular process, and the attraction to the yellow metal is expected to continue..

The regulations may negatively affect the gold loan business in the short term for NBFCs but, in the long term, the overall gold loan market is set to grow as long as the demand for gold is growing in the country.

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'Microfinance Bill impediment for self-help groups'

... The Microfinance Bill in its present form may hurt the growth of the Self-Help Group (SHG) programme being run across states to bring people above the poverty line, according to Union rural development minister Jairam Ramesh. “The Bill needs to be rewritten. MFIs are not instruments for poverty alleviation,” Ramesh said in an interaction with reporters after he reviewed initiatives by NABARD in an SHG-bank link programme.......

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Approaching a banking ombudsman

....There is also a listing of the addresses and area of operation of the different BOs in the RBI Web site along with hyperlinks to mail your complaints to them. You can either click on these links and email the BO directly or fill up the online complaint form in the RBI Web site. A written complaint can also be filed. A printed form is available for the same. Note that there is no fee/charge for filing........

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