But, there is a lot more happening at the central bank. In an interview with ET, Sinha reveals what the central bank is doing on soaring bad loans, private ownership of banks and preparedness for a European crisis.
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.
Monday, June 4, 2012
Bad loans will not be a large systemic issue: Anand Sinha, RBI Deputy Governer
But, there is a lot more happening at the central bank. In an interview with ET, Sinha reveals what the central bank is doing on soaring bad loans, private ownership of banks and preparedness for a European crisis.
Rangarajan is PM’s choice for Finance Minister after Pranab
Customers can now apply online in RBI's foreign exchange dept
..........The application tracking system (ATS) is one of the major e-governance initiatives, the Reserve Bank of India (RBI) said in a notification. "Foreign Exchange Department, Central Office and its 17 Regional offices have since adopted the ATS, to facilitate the customers to apply and track the status of the applications online," RBI said. The ATS facilitates the customers to submit their applications online and also track the status of an already filed or submitted application.............
Rs 32,000 crore forex scam forgotten!
.........The story begins in 2008, when 19 banks violated RBI and Foreign Exchange Management Act (FEMA) guidelines and sold 'engineered' forex derivatives to Indian corporates, which resulted in huge losses to Indian investors and alleged gains to foreign-based banks. After almost three years, the RBI imposed a meagre total penalty of Rs 1.9 crore on the banks. Documents accessed by Express reveal a deliberate delay by the government in launching a probe into this scam. ...........
Expectations of rate cuts rise on weak growth numbers
............“The policy action would be guided by the yet to be released IIP for April 2012 and inflation numbers for May 2012. We are not going to see major improvements in the IIP numbers though they should get some benefit from the base effect............
Rupee should be allowed to find its own path: survey
The Reserve Bank of India (RBI) should let the rupee find its level rather than try to force it to strengthen by selling dollars, economists and currency dealers told a survey..............
Interest rates will dip, the question is how soon: Kidwai
..... “There had some demand-led price hike last year which has already been curtailed by the Reserve Bank of India after the interest rate hikes... the central bank can now reverse the trend,"........
The slowdown is here
.....The government's failure to revive the reform agenda has been one of the principal reasons behind the weakening investor sentiment. With policy paralysis gripping many organs of policy making, it has been left to the RBI to wage an almost single-handed fight to preserve the sanctity of monetary policy. Its principal objective has always been to maintain price stability while endeavouring to meet the genuine credit needs of the real economy....
Minority commission backs Islamic banking
......Following a proposal from NCM to permit interest-free banking—a variant of Islamic banking—the finance ministry has asked the Reserve Bank of India (RBI) to take a fresh look at the matter. Until now, the central bank has maintained Islamic banking is not feasible in India as existing regulations do not permit interest-free transactions.......
Task forces on Maoists, fake notes
.....Official sources said task force on FICN will study the problem of the fake Indian currency notes (FINC) in the state and devise an effective strategy to combat the menace. This task force will comprisJyotirmoy Chakravarty, additional DGP (BIEO) as chairman and Anurag Agarwal, deputy IGP (CID), Surendra Kumar, deputy IGP (western range) and one representative from Reserve Bank of India/State Bank of India as members.........
India looks at the US to check fake currency notes
India is planning to seek technological cooperation of the US to check the flow of fake Indian currency notes the way Washington does to put a stop of circulation of counterfeit USD. Impressed by the American technology, which has a database of each counterfeit US dollar -- photograph, from where it originated, its route of travel and people behind its circulation -- India is all set to ask the US to help it curb the menace, mostly originating from Pakistan. ...........
‘SPMCIL is debt-free now’
.... The Security Printing Presses at Hyderabad and Nashik are engaged in printing of passport, visa stickers, postal stationery, non-judicial stamp papers, and other security products. Thus, SPMCIL caters to the requirement of high security products viz., coins, currency notes, passport, etc. of the country. Keeping in view the future demand of indents for currency and coins by the RBI, investments are done in the Mints and Currency presses. Similarly, investments are also being made on passport papers based on future indent..............
Chinatrust Commercial Bank to open branch at Sriperumbudur
Chinatrust Commercial Bank is set to open its second branch in the country at Sriperumbudur, near Chennai, on June 6. Chinatrust, the only Taiwanese bank operating in India, at present, has a branch at Connaught Place in New Delhi. The bank recently secured permission from the RBI to open its second branch in India, says a release from the bank.........
L&T Finance Holdings: NBFC today, bank tomorrow
.....That is not hard to believe given that L&T Finance's larger game-plan is to throw its hat into the ring when the RBI begins to hand out new banking licences. Having a presence across the entire chain of “lending, saving and investing” may sound pretty ambitious for a NBFC. But it is quite realistic for a bank. So, even as the RBI readies its norms for new banking licences, L&T Finance seems to be well ahead in the race to become a bank........
Govt backs banks' entry into commodity futures trading
Amendment Bill may be tabled in Monsoon session despite RBI's reservations
.....The RBI has been against allowing banks to enter this sensitive area, as there is no “autonomous and independent” commodity regulator in the country. The Forward Markets Commission, which regulates commodity players, comes under the administrative control of the food and consumer affairs ministry. A Bill to provide autonomy to the commodities market regulator will be tabled in the next session of Parliament after Cabinet approval.......
Corporate worry lines
...Corporate India's scorecard for the latest March-ended quarter has little to offer by way of cheer, with profits after tax for the 3000-odd companies to have declared results so far falling more than 13 per cent over the previous year. That shouldn't really surprise, given a weak rupee, which has pushed up costs of imported inputs, and very little moderation in interest payouts, despite the Reserve Bank of India (RBI) initiating a cut in its policy rates. In any case, the latest decline is only a continuation of a trend of declining profits that began two quarters ago. What is truly disturbing about the March quarter results is the weakening sales momentum. Annual sales growth, which was holding up at over 20 per cent in the past many quarters, has dropped to below 13 per cent......
Subscribe to:
Posts (Atom)