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Friday, May 11, 2012
Basel-III could trigger recession : K Kanagasabapathy
Women’s initiative banks on RBI licence
Cooperative looks to set up bank exclusively for fairer sex in region
Jammu, May 9 : An all-women cooperative bank, conceived to improve the socio-economic condition of women in the region, is set to take off here. The bank will only cater to women clients and will also be run by members of the fairer sex. Jammu Women Credit Cooperative Limited, started in 2004 and registered in 2006, inaugurated its 32nd branch in Paloura, today. The cooperative, which has over 12,000 members, has now applied for a licence from the Reserve Bank of India. While talking to The Tribune, cooperative chairperson Kailash Verma said: “The corporation is for women and our main aim is to strive for their socio-economic development in the region. We hope to get a licence for a bank soon from the RBI.” “Though we could have got a licence from the RBI last year, we never wanted a grade ‘B’ licence. We worked harder and now our membership has crossed 12,000, making us eligible for a grade ‘A’ licence,” she said. The corporation was registered as an initiative under the Self-Reliant Cooperatives Act of 1999 and had given loans worth Rs 2.20 crore against the business of Rs 4 crore in the past eight years. “Women from families living below the poverty line can open their accounts with us on a minimal deposit of Rs 50. While those from regular families can open their account by depositing Rs 100,” she added. “We have our branches across the Jammu division. There are five branches in Kathua, 20 in Jammu, three in Samba, one in Udhampur and one in Poonch. And a branch is set to open in Rajouri now. The best part is that women can avail of the loan facility at 1 per cent lower rate of interest than banks,” she said. They would soon submit a project report to the Union Ministry of Cooperatives for the provision of interest-free funds to spread their network, said Verma. The cooperative currently has a maximum loan limit of Rs 50,000, which is extended to women for various purposes, including setting up small ventures. “Once our initiative takes the shape of a cooperative bank, the future of women associated with us will be brighter because it will improve their socio-economic condition,” she added.
Jammu Tribune
Bank of India chief may become Securities and Exchange Board of India member
Bank of India CMD Alok Misra has emerged as the front runner to be appointed member of Sebi, while Prashant Saran is in line to get a second term. Sources said a selection committee headed by cabinet secretary A K Seth is learnt to have backed Misra who is due to retire later this year. In addition, the panel has backed Saran's reappointment as member. Saran is a former chief general manager of RBI....
RBI asks banks to share borrower's account information while transferring it with another bank
.........."The policy may include norms relating to the nature of the accounts that may be taken over, authority levels for sanction of takeover, reporting of takeover to higher authorities, monitoring mechanism of taken over accounts, credit audit of taken over accounts, examination of staff accountability especially in case of quick mortality of such cases after takeover, periodic review of taken over accounts at Board /Board Committee level, Top Management level, etc." said the RBI notification..........
Microfinance one passes muster, RBI is overlord
.....Though it was largely agreed that a central legislation, unlike the one promulgated by the AP government, would bring the much required discipline in the microlending sector, official sources are sceptical about the actual implementation of the legislation since it is the RBI that has responsibility of the regulation. However, the bill also empowers the RBI to penalise the erring MFIs with a penalty extending up to `5 lakh..............
Parliament clears MFI bill, RBI to regulate
The government of India on Thursday cleared the Microfinance Bill in Parliament. It has made the Reserve Bank of India as the regulator for all micro finance companies (MFIs). ..............
Govt banks to install 60,000 more ATMs
............“The banking space has seen considerable growth through ATMs, but it has been restricted principally to the urban/metro areas,” said the Reserve Bank of India in a draft report on White Label ATMs released in February................
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RBI to set up coin vending machines
GUWAHATI, May 10 – To meet the ‘growing coin scarcity’, especially those of smaller denominations, the Reserve Bank of India in association with banks operating in the State has decided to set up coin vending machines in different places of the State, including Guwahati...............
Banks like SBI, ICICI will benefit from RBI's deposit measures: Traders
Shares in Indian banks rise after the RBI's deposit measures announced on Wednesday are seen improving cash positions in the sector. ..............
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RBI should check speculation in forex market: Basu
.............. Concerned over the volatility in Rupee, Chief Economic Advisor Kaushik Basu on Thursday made a case for RBI curbing speculative activity in foreign exchange market....................
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RBI orders exporters to cut forex kitty to halt rupee fall
In a bid to stem the slide of rupee against the dollar, the Reserve Bank of India (RBI) has put in place measures to make exporters sell half their foreign currency holdings in their account balances..........
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Basu for curbing forex market speculation
Concerned over the volatility in rupee, Chief Economic Advisor Kaushik Basu on Thursday made a case for Reserve Bank of India (RBI) curbing speculative activity in the foreign exchange market. He said the RBI intervenes in the forex market whenever there is sudden fluctuations in the rupee. "Some are natural processes. But there are also speculative moves that players make on this and those have to be watched very very carefully by the RBI," Basu said.
BS
BS
Big rate cuts of little help
This refers to the report “Little room to cut interest rates: RBI” (May 9). The economy seems to be facing a new impossible trinity of money supply, inflation and growth. In its Monetary Policy Statement for 2012-13, the Reserve Bank of India slashed the short-term lending rate by 0.5 per cent to eight per cent. This was done with the avowed objective of boosting liquidity and growth. However, neither liquidity nor growth has improved since then. Many banks reduced both their lending and deposit rates simultaneously after the annual policy announcement. And, consequently, banks’ liquidity position worsened thanks to poor deposit growth owing to reduced deposit rates. The liquidity adjustment facility (LAF) borrowing exceeded Rs 1 lakh crore as on May 8. As for economic growth, it is a function of many variables of which adequate supply of cheaper credit to the industry is just one aspect. The other components of economic growth strategy, like fiscal reforms and the removal of supply-side bottlenecks in agriculture still remain elusive.
- G K Murthy Bangalore (BS)
Rupee rescue: Is RBI now gearing up for gold bonds?
....."There is strong talk that RBI may issue sovereign gold bonds with interest rate in the range of 7-8%," a market participant with a private sector bank told Moneycontrol.com on condition of anonymity. "Gold bonds would be issued to both resident and non-resident Indians against deposit of gold. Source (of gold) will not be questioned. Simple tax could be levied at the rate of 15%. Tenure is likely to be 10 years. Gold collected will be pledged with foreign lenders and funds will be availed at 3 to 4%. The proceeds are likely to be used in infrastructure sector." This news could not be confirmed, although a few currency dealers are endorsing the concept. A senior RBI official told Moneycontrol.com that gold bonds is one of the options. ......
Spouses may get equal pie of payment for land acquisition
......Gender-disaggregated data on land holdings for this purpose should be collected by all leading number-crunchers including the National Sample Survey Organisation (NSSO), the agricultural census and the Reserve Bank of India (RBI) debt and investment figures, according to the committee............
Thane co-op bank to expand to other states
.........The Reserve Bank of India has given permission to the bank to open 20 branches during the current financial year that would increase the number of its branches from 63 to 83................
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