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| The RBI Governor, Dr. D. Subbarao delivering a lecture on “Agriculture Credit – Accomplishment and Challenges” on the occasion of 30th anniversary of NABARD, in Mumbai on July 12, 2012 |
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.
Friday, July 13, 2012
'Farm loans being diverted for non-agri purposes'
30th year celebration of NABARD at Maharashtra Regional Office, Pune
Lighting the lamp Police Commissioner Gulabrao Pol alongwith Smt Meena Hemchandra, Chief General Manager & Principal, CAB, RBI, Pune
RBI for robust farm insurance to achieve 4% agriculture growth
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| Dr D. Subbarao (right), Governor, RBI, along with Dr Prakash Bakshi, Chairman, Nabard, releasing a coffee table book on 30 years of Nabard in Mumbai on Thursday |
An institution in himself Dr. Bhat calls it a day.............
The sad news of Dr. V.P.Bhat passing away in Bangalore last Sunday 8th would come as a shock to many a RBIte of yesteryear who is still alive and kicking; Dr. Bhat was an institution in himself in so far as his medical advice and diagnosis of the RBIites was concerned. Conservative in prescribing tablets / medicines, he avoided over medicating his patients. A strict vegetarian and disciplinarian, Dr. Bhat joined the Bank as a BMO in 1956 and retired in 1986. He was a no nonsense person who called a spade a spade irrespective of the status/position that the patient enjoyed in the RBI. So much was he respected that even after going into retirement in 1986, he was reappointed by the Bank in 1988 to be its Chief Medical Officer (CMO) - a position which held till 1992. He had just tuned 87 on 4th July this year. He is survived by his wife Lalita, and two children - a daughter and a son both settled abroad. We pray his noble soul may rest in peace in Heaven.
- Kishore Savkur
We are sorry to hear of the news. Yes, he was a no nonsense person and was not overawed by any high ranking official in RBI. He had done some plain speaking, in a meeting specially convened at his instance, to all senior officers (right up to the Governor) that they should not perform onward/ return journey to/from N.Delhi by air on the same day as this is not good from the health point of view. Doctors who suggest moderation in eating and other life style changes of patients when warranted are themselves not disciplined in their personal lives. Dr. Bhat was an exception as observed by you. His diagnostic skills were good considering that he had not acquired any medical degree beyond his MBBS. It was, therefore, no surprise that he was with the Bank for a record number of years.
- A. Chandramouliswaran
Down memory lane - Tribute to MS
Shri M Subramaniam, (MS) who passed away in Chennai last Saturday retired from the RBI as the Chief Officer, DCM Central Office Mumbai. He had joined the Bank as a Probationary Assistant (as direct recruits were then known) in 1957 after completing his Masters in Mathematics from Calcutta University, He was associated with the Exchange Control Department for a number of years and was considered to be an expert in Exchange Control matters. He was a member of the first Committee appointed by the Central Government to set up two Bank Note Printing Presses which, in mid nineties, came to be taken over by the RBI and christened as BRBNMPL presses in Mysore and Salboni. MS was a nominee director on the Board of Bank of Baroda and was later on appointed as its Adviser on retirement. MS was proficient in many Indian languages -Bengali being his forte."
- Kishore Savkur
- Kishore Savkur
Shri K.D.Savkur has written about the early days of Shri M.Subramaniam (MS) in RBI, Calcutta, and later on the important role played by MS in the setting up of the Currency Note Presses about which I was not familiar. Even though I had not worked in the calcutta Office, I have heard from many from that office that he was revered, nay, worshipped in that Office for his intellectual prowess. Those were the days for which an officer was admired for his caliber. I came to know about Shri Subramaniam when we were together for a brief period in the Central ECD though I had not directly worked under him in the Department. I had, however, the opportunity to work as a Currency Officer, Bangalore, when he was the Chief Officer, DCM, and cannot forget his inspiring leadership which not only facilitated but also encouraged me to undertake some tasks in Bangalore Currency Department which gave me great job satisfaction. I have heard that MS asked for being posted to head DCM even though the Department was new to him (a rare request indeed when many officers moved heaven and earth to steer clear of the Currency wings of RBI!!) as a challenge and then proved to be one of the chiefs of that department who had left an indelible mark. There is, therefore, not the slightest exaggeration in what Shri V.K.Sharma, E.D, had to say of MS. MS was truly a role model for the officers in terms of his significant contribution to the Bank. Is it not then strange that he did not receive from the RBI the recognition which he richly deserved? On the last day of his service, he left office for his home without any one accompanying him out of the building like on any other day. He had declined a farewell from the Bank as he did not want to be hypocritical!! He was denied the recognition which plagiarists received from the Bank. The Bank did not also use his expertise in any capacity after retirement. MS was one of the two officers of the Bank from whom I had learnt a lot the other one being Shri T.K.Padmanabhan who, to the grievous loss of RBI, had retired prematurely many years before the age of superannuation. I met MS on a few occasions in his home in Anna Nagar in Chennai along with two of my retired colleagues and his brain was as razor sharp as it was while in service even though he was regretting that he was forgetting many things. May his noble soul rest in peace.
- A. Chandramouliswaran
- A. Chandramouliswaran
I am extremely sorry to read today in VITALINFO about the sad demise of M Subramaniam. We were quite close till he retired and I always admired him for his knowledge and integrity. We were together for banking training in Germany for more than a year in 1959-60. If possible, please convey to his bereaved family my heartfelt condolences. I pray that his soul rests in peace.
- P B Kulkarni [Pune]
Govt should restrict role in banks: RBI
The Reserve bank today expressed concern over the government "occasionally exercising" its ownership rights in banks and financial institutions through channels outside of their boards, and asked it to show exemplary corporate governance.................
RBI asks ministry not to micromanage banks
| TURF WAR |
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The ministry’s diktats
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Read more.........
Babus should guide banks via boards: RBI Governor Duvvuri Subbarao
MUMBAI: The Reserve Bank of India Governor Duvvuri Subbarao signalled to bureaucrats in the finance ministry that they would serve banks better by pushing their decisions through the board of directors than other means, alluding to secretary (financial affairs) DK Mittal's frequent letters to bank chairmen on administrative issues..........
Read..........
Read..........
RBI to give one lakh coins
BAGALKOT: Following a report in The Times of India dated Juy 7 (Token ends coin shortage in Bagalkot town), the Reserve Bank of India will supply coins to Mahalingapur town in the district ...........
Counterfeit notes of Rs 2L seized in 2011
Chandigarh : .......... senior RBI official told TOI, "It is very difficult to ascertain who deposit the fake currency with the bank because money was received from different parts of India, especially from the different branches situated throughout northern India." The RBI official maintained, "We can't destroy the seized fake currency notes without informing area police and we also sought help from cops to detect the source of these notes.".........
RBI panel looking into alternative to gold imports
RBI may hold on policy stance amid high inflation: Experts
Reserve Bank is unlikely to soften its monetary stance in its policy review later this month due to high inflation even though sluggishness in industrial output growth for May calls for cut in policy rates, say experts............
RBI won't do anything dramatic in July policy: Pronab Sen
..... “The headline inflation will continue to be driven by food prices, probably in 7-7.5% range somewhere, so at the moment I don’t expect to see RBI doing anything dramatic,” ........
Stable for now
The RBI’s latest Financial Stability Report (FSR), like its four predecessors, attempts to share the results of the central bank’s macro prudential surveillance with the markets. The objective is not only to bridge the knowledge gap in a crucial area but to encourage debate and create awareness of the vulnerabilities of the financial system..................
Creative financing paves the way out of poverty for India's poor
.......Amid extensive media coverage, the Indian government began to closely monitor the sector. Last year, the Reserve Bank of India (RBI), the central banking institution of the country, capped the interest rate to 26 per cent for micro loans up to 50,000 rupees. Previously, some MFIs would charge as much as 36 per cent. A bill on empowering RBI to fully monitor and regulate the sector is now being debated in parliament.......
Raghuram Rajan, Ajay Chibber in race to become the next chief economic advisor
....A three-member search committee headed by Prime Minister Manmohan Singh's key economic aide C Rangarajan, a former RBI Governor, is understood to have chosen Chibber and Rajan after considering the claims of 18 applicants........
RBI asks banks to follow guidelines for MSME sector
.....RBI Deputy Governor Anand Sinha today said the central bank had issued instructions to all banks for ensuring timely flow of credit to the MSME sector, particularly the more employment-intensive units. "We urged banks and other institutions to implement the guidelines in letter and spirit," Sinha said .....
Banks need not to submit NRI deposits data in physical form
"........ it has now been decided that the banks, dealing in foreign exchange (excluding regional rural banks and cooperative banks) can stop sending hard copies to Department of Statistics and Information Management (DSIM) henceforth," RBI said in a circular today. "Cooperative banks and regional rural banks (RRBs) may, however, continue submission of both hard and soft copies ... to the regional offices of the Foreign Exchange Department," RBI said........
ATMs a costly affair for banks
.........."However, a reduction in interchange does not mean profitability for third party providers will go down. The introduction of the white label scheme by the RBI will ensure there are more machines in the market, ensuring profitability,”.........
East Delhi civic body to rent out space
.....“The EDMC has a number of buildings and premises which are strategically in residential or institutional or commercial areas. Many of these are suitable for installation of ATM machines by various recognised banks and other agencies recognised by RBI on payment of monthly rent,”......
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