......"We found the IP address and blocked it and got the website on its feet again," the spokesperson said, adding there was no loss of information or defacing as the hackers could not get into the site. The RBI brass, including Governor D Subbarao and all the Deputy Governors, were in Mussorie, Uttarakhand, on Thursday for the board meeting when the hacking attempt was reported. Further details like the exact time period when the hacking happened and the geographical location where the attack has been traced to, are unclear........
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, May 26, 2012
Reserve Bank of India prohibits 25 co-operative banks from accepting fresh deposits
The Reserve Bank of India has issued certain directions to 25 District Central Co-Operative Banks in UP prohibiting them from accepting fresh deposits in order to protect the interest of the existing as well as future depositors of the bank. According to Deputy General Manager of the RBI H.K.Soni the directions have been issued to district central cooperative banks at Aligarh, Allahabad, Azamgarh, Bahraich, Ballia, Barabanki, Basti, Deoria, Faizabad, Farrukhabad (Fatehgarh), Fatehpur, Ghazipur, Gorakhpur, Hardoi, Jaunpur, Kanpur, Lucknow, Mau, Pratapgarh, Rae Bareli, Siddharthnagar, Sitapur, Sultanpur, Unnao and Varanasi.
TOI
Bank unions threaten two- day stir in July
Chennai Trade unions of banks demanded regulated working hours and a five- day week for officers and threatened to go on a two- day strike in July, in support of their charter of demands. G D Nadaf, Convenor of United Forum for Bank Unions ( UFBU) said central government offices and RBI were working five days a week and asked why banking industry cannot be brought on the same pattern. Nadaf said some of the residual issues of the 9th Bipartite settlement like compassionate appointment scheme, improvement to staff loans, corrections to second option on pension scheme were still pending with the IBA/ government. " Instead, one- hour working hour may be increased for five days in a week," he said ahead of the three- day meet of All India State Bank Officers' Federation.
FPJ
New Rs. 5 coins to commemorate 150th year of CAG
The Reserve Bank of India will shortly put in circulation new coins of Rs. 5 denomination to commemorate 150th year of Comptroller and Auditor General of India (CAG). The coin will bear the logo of CAG along with year "1860-2010" on the bottom of the logo............
Changes in draft Microfinance Institutions Bill shocks the microfinance sector
....."This is an upward revision of microfinance that doesn't seem to be in alignment with reality," said Yeshwant Thorat, former chairman of National Board for Agriculture and Rural Development. "I'm not sure whether this is consistent with equity and social justice," Thorat added...................
Why the MFI Bill is flawed
....Banks lend to MFIs at about 10 per cent instead of directly giving loans to the SHGs. The MFIs in turn lend at high rates ranging from 24 to 60 per cent to the poor. In addition to banks, the micro-finance sector gets support from apex agencies such as Rashtriya Mahila Kosh and Nabard in several other ways. Also, as the Malegam Committee (a subcommittee of the Central Board of Directors of the RBI) found, banks were holding securitised paper issued by non-banking financial companies (dealing with microfinance) worth Rs 4,200 crore. Banks and financial institutions had also invested in the equities of such companies. The Committee found that over three-fourths of finance obtained by .....
Basel III- not a matter of if but when
............And similarly, the Reserve Bank of India has told domestic banks they must start reporting on aspects of Basel III liquidity strength measures from as early as June this year, ahead of the reporting timetable laid out by the Basel Committee. Furthermore, it has stipulated that banks go above and beyond Basel III requirements and provide a statement outlining their bond spread movements compared to their share price in a bid to better monitor early signs of systemic risk.........
Rakesh Mohan condemns 'metro mania' amongst urban transport policy makers and planners
Metro projects should be restricted to cities with over 5 million population and all urban transport costs should be borne by cities through user charges and fiscal imports, said Rakesh Mohan, Chairman of the National Transport Development Policy Committee today...................
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The malaise within
The growth of the last two decades had been properly utilised, India’s GDP would have been several times more
The Indian rupee has touched a record low of 56 per dollar and continues to go down. The interventions of the Reserve Bank of India have been of little avail and the finance ministry remains clueless as to how to reverse the trend. Two years ago the rupee-US dollar exchange rate was at around 44.00. Thus, there has been a fall of about 25 per cent during the last two years. Rupee has been on the decline consistently and is expected to fall further in the near future.
Welcome the fall
.....A falling currency is a sign of weakness, and the decline of the rupee reflects the many ways in which the economy has been mismanaged; the loss of competitiveness gets neutralised through a cheaper currency. Some players may have got caught unawares by the sudden drop, but commentators have woken up to the positive macroeconomic effects of the rupee’s depreciation. Players should be relieved that a key element of macro-adjustment has been more or less achieved — partly through fortuitous commodity price movements. While ........
Rupee slide: RBI Governor meets Manmohan Singh
A day after hinting that the central bank would take necessary steps to arrest the rupee's slide, RBI Governor D Subbarao today met Prime Minister Manmohan Singh and is believed to have discussed the issue with him. Although the rupee has recovered after yesterday's announcement by Subbarao on the possibility of selling dollars directly to oil companies, it had fallen to 56.07 to a dollar in the morning trade, after yesterday's close of 55.65..............
We will look beyond consumption expenditure to estimate poverty: C Rangarajan
Suresh Tendulkar is a reputed economist, known for his work on poverty. Why has the new committee been appointed when his estimates of poverty were already there?
This committee has been appointed due to concern over estimating poverty using the Tendulkar committee’s method. We need to look at how to define and measure poverty. So far, the level of consumption expenditure has been used as a way to estimate poverty. This is based on the basket of goods and services, and estimated using the least possible level to sustain someone. It is adjusted for price increases and consumption patterns every five years.....
RBI Central Board of Directors meets today at Mussoorie
Dehradun, 24/May/2012 : The Central Board of Directors of the Reserve Bank of India met today at Mussoorie, Uttarakhand. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors Dr. Anil Kakodkar,Kiran S. Karnik,M.V.Rajeev Gowda,Y.H.Malegam,Dr. Indira Rajaraman and Dr. Najeeb Jung, as also, Government nominee director on the Central Board D. K. Mittal, Secretary, Financial Services attended the meeting. Deputy Governors Dr. K.C.Chakrabarty, Dr. Subir Gokarn,Anand Sinha and Harun R. Khan were also present. The Board reviewed the current economic situation and global and domestic challenges and policy responses..............
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