Shyamala Gopinath appointed CCIL chief

Mumbai, Aug 1: Shyamala Gopinath, former RBI Deputy Governor, has been appointed as the chairperson of Clearing Corporation of India Ltd (CCIL). And R. Sridharan, former Managing Director of SBI, has been appointed as the Managing Director of CCIL. The Corporation provides exclusive clearing and settlement for transactions in the money, government securities and foreign exchange markets.  

HBL

Portfolios of Executive Directors

Shri V.K.Sharma

1. Customer Service Department

2. Department of Currency Management

3. Financial Markets Department

4. Rural Planning & Credit Department

Shri G.Gopalakrishna

1. Department of Communication

2. Secretary's Department

3. Department of Banking Supervision

4. Financial Stability Unit

Shri D.K.Mohanty

1. Department of Economic & Policy Research

2. Department of Statistics & Information Management

3. Monetary Policy Department

Shri S.Karuppasamy

1.Legal Department

2. Premises Department

3. Urban Banks Department

4. Right to Information Act (also First Appellate Authority)

Shri R.Gandhi

1. Human Resource Management Department (including Rajbhasha)

2. Department of External Investments & Operations

3. Internal Debt Management Department

4. Central Security Cell

Shri P.Vijaya Bhaskar

1. Department of Non-Banking Supervision

2. Risk Management Department

3. Department of Expenditure & Budgetary Control

4. Alternate Appellate Authority (Under RIA)

Shri B.Mahapatra

1. Department of Banking Operations & Development

2. Department of Government & Bank Accounts

3. Inspection Department

Shri G. Padmanabhan

1. Department of Information Technology

2. Department of Payment & Settlement Systems

3. Foreign Exchange Department

 

Shri Jasbir Singh

1.Deposit Insurance and Credit Guarantee Corporation

Shri V.S.Das retired........

Shri V.S.Das retired as Executive Director on 31st July 2012. He was intimately associated with developmental issues, such as promotion of financial inclusion, financial literacy, microfinance and facilitating flow of institutional credit to the priority sectors of the economy. Shri Das was also concerned with the regulation and supervision of India's regional rural banks and co-operative banks. Until recently, he was the central bank's Chief Public Information Officer under the Right to Information Act. In his 34 years of service at the RBI, Shri Das has worked in various key functional areas including banking regulation/supervision, payments and settlement systems, currency management, exchange control, public debt management, central bank accounting systems and policies, and human resources management.     

'Das'bodh we learnt from him.............

I had the wonderful opportunity of working with Shri Das in DGBA for about a year. I  got good exposure  in various activities in the Bank being with him even though it was for a short period.  His rich knowledge, cool composure at any time of crisis, value for human relationship are all the great qualities in him.  I have never seen him raising his voice even under utmost pressure. He always carried his team with enthusiasm and it is a great pleasure working with him. I wish him all good health and success for all the future assignment he takes up. My best wishes to his family also.  We will definitely miss Mr. Das’s professional expertise and his friendship in the Bank. 

- Pushkala Ranganathan, PPS to the Governor 

A Man with Vision, Sweet Tongued  & Cool Headed as he can be described, Shri Das is always happy and will Keep others also happy. Very Sharp in judging and handling the people tactfully, he knows how to get work done from all cadres of people in the bank. With a human touch, he always cares for others’ problems/difficulties/health.  

- Shailendra Naravane, PS to ED (K) 

बैंकिंग डिपो बनेगा आरबीआई कार्यालय !

कानपुर, नगर संवाददाता : माल रोड स्थित भारतीय रिजर्व बैंक (आरबीआई) कार्यालय अब बैंकिंग डिपो की तरह कार्य करेगा। यहां से शहर और आसपास की सरकारी और गैर सरकारी बैंकों को कैश लेनदेन का कार्य होता रहेगा। जनता से जुड़े अन्य कार्य लखनऊ और उत्तराखंड कार्यालय स्थानांतरित करने की तैयारी है। हालांकि क्षेत्रीय निदेशक ने अभी ऐसे किसी आदेश से इंकार किया है। ...................

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Govt didn't do its bit after April, says Subbarao

....... the decision to cut policy rates at the annual monetary and credit policy in April was not hasty. “It was necessary to front-load the rate cut and entailed expectation of some action from the government side, which did not happen,” he said, in response to a question on whether the central bank regretted the reduction in policy rates at the start of the financial year. He was addressing analysts and researchers at an interaction on Wednesday..........

Read - BS

RBI sets up panel for strengthening rural credit structure

The Reserve Bank today constituted a committee to suggest ways to strengthen the rural cooperative credit structure in the country. The panel headed by Nabard Chairman Prakash Bakshi will review the existing Short Term Cooperative Credit Structure (STCCS), focusing on structural constraints in rural credit delivery system.......

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India's ATM industry is banking on the unbanked

....."Although there has been nearly 23 percent to 25 percent year-on-year growth in the number of ATMs, their deployment has been predominantly in Tier I & II centres," said an RBI statement. "There is a need to expand the reach of ATMs in Tier III to VI centres. In spite of the banks' pioneering efforts in this direction, much needs to be done." This statement was made in connection with a new program just implemented by the RBI. In order to speed up the achievement of its financial inclusion objectives, the central bank announced in April that it would allow, for the first time, the white-labelling of ATMs in India. .....

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Govt needs to act on subsidies: RBI

The Reserve Bank on Wednesday listed subsidies and bottlenecks in food supply as issues, among others that need to be addressed by the government for prudent inflation management and sustainable growth............

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No implicit message to govt via SLR cut, says Subbarao

 RBI Governor Duvvuri Subbarao on Tuesday dismissed the view that the central bank was trying to send a message of intolerance towards higher fiscal deficit and government borrowings through the cut in SLR. “The move was not driven by the need to shift the banks’ portfolio from the government to the private sector,” Subbarao said.......

Read - Indian Express

SLR cut will provide a cushion for banks: Gokarn

Subir Gokarn, Deputy Governor of the Reserve Bank of India, explains the logic behind some of the steps taken in the quarterly monetary policy review..............

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Balancing act

This refers to the editorial “A textbook response” (Business Line, August 1). The RBI has once again done a balancing act by reducing the SLR. This move is bound to increase the flow of liquidity, which will lead to a substantial leap in growth. By not touching policy rates and the cash reserve ratio, the central bank had done well, in view of the existing economic situation. It is now for the Finance Ministry, under a new incumbent, to take steps to control the fiscal deficit (according to the warnings given by the RBI during its previous reviews), expedite reforms and woo prospective investors to revive the economy. Inflation needs to be reined in to mitigate the sufferings of the aam aadmi. The RBI’s directive to relax the norms in forex earnings will help exporters. The poor, especially the senior citizens, will feel encouraged to keep their hard-earned money in banks as the interest rates have been left unchanged.

- Jayant Mukherjee, Kolkata (HBL)

Lack of direction

In its latest latest policy review, the RBI has kept all key rates unchanged except for SLR, which has been brought down to 23 per cent from 24 per cent, infusing additional liquidity of about Rs 62,000 crore. This is expected to help banks channel credit to productive sectors. With global demand receding and capacity utilisation being low, one has to be on guard on the effects of such a measure. With gloom all around, both at the global and local levels, and poor monsoon adding to the woes, there is a lack of direction from all concerned to bring the economy back on the rails. The new Finance Minister should take some bold steps to ensure forex inflows into a sagging economy.

- Srinivasan V Chennai (HBL)

Public sector banks in a complex world

Recent press reports have quoted a spate of instructions of an operational nature from the Union ministry of finance to public sector banks. (The Reserve Bank of India and a previous governor have protested against the interference.) Before coming to the issues,.........

Read - Mint

E-payment facility to cover entire state by January 2013

....The launching of the new payment would increase staff productivity, enhance the customer’s satisfaction and minimise the transaction costs for the state government and the bankers, thereby compressing the time and avoid embezzlement of funds,” said J K Mohapatra, principal secretary (finance) at the launching ceremony. V Ramachandra Rao, Regional Director-RBI, Gargi Kaul, Principal Accountant General and P P Nath, Director of Treasuries and Inspection were present at the launching ceremony........

Read - BS

HC restrains sale of benami property in Rs 600 cr bank scam

Hearing a petition alleging siphoning of Rs 600 crore by Board of Directors in Pen Urban Cooperative Bank in Raigad district of Maharashtra, the Bombay High Court today restrained owners of 39 properties held in benami names from selling or creating third party rights. Justice D D Sinha and Justice Vijaya Kapse-Tahilramani also asked Reserve Bank of India to make its stand clear on September 26, the next date of hearing...........

Read - BS

Police freeze 'fake' bank accounts

....Bhandge said that he will be approaching the Reserve Bank of India (RBI) to show the negligence approach that the banks take while opening a new account. "The arrested accused said the bank use to handover the bank passbook, cheque book and debit card immediately after opening account instead of sending the documents on the address mentioned in the account. If the banks has followed this procedure then they could have easily identified the fraud," he said.......

Read - TOI

Time to junk the status quo

 ......Only two days ago, Reserve Bank of India governor Duvvuri Subbarao withstood mounting pressure to cut interest rates from local businesses who had been arguing that the steep cost of raising loans had upset their capacity expansion plans. A status quo on interest rates, however, isn't good news for millions of families caught in a pincer attack of rising prices and high borrowing costs. Surging food costs have shrunk household incomes, as consumers have to pay more for the same goods.........

Read - Hindustan Times

Muted demand for credit growth going ahead: Bankers

....While RBI’s assessment that interest rate cut is not likely to drive GDP growth but might push up inflation, Samiran Chakrabarty of Standard Chartered Bank questions what will make this assumption change. “Unless we get a clear answer to that regardless of how much GDP falls, the argument could easily be that interest rates are not the primary drivers of growth today, so why even cut them? To me, we are going by 5.6% GDP growth for the next release but I do not think even that will be big enough for RBI to shift their bias more towards growth.”........

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‘Best’ practices: West and the rest

......Together with the deft monetary management that the Reserve Bank of India under Y. V. Reddy displayed in 2008-09, the ethical practices of banks like SBI, for those times, provide instances that the Indian financial sector can justifiably be proud of. And it also evidence that our own practices are sometimes as or much superior to those deemed as best of the West.

Read - HBL

India to continue facing stagflation-type situation: Report

....Stagflation is a situation when economic growth of a country stagnates while inflation is rising. Considering inflation would persist above the Reserve Bank's comfort zone for longer, it said, "We are reducing our expectation of further monetary policy easing to 50 basis points (0.5 percent) by December, 2012 from our earlier expectation of 75 bps (0.75 percent)".......

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Few hopes from Chidambaram

.....Chidambaram slashed taxes while believing that a Laffer Curve (which suggests that tax cuts can generate additional revenue) would ensure that total tax collections would rise. He also reduced import duties, took the first steps of opening up the insurance sector, launched a controversial tax amnesty scheme and increased FII (foreign institutional investor) investment limits. Few pay attention these days to a landmark agreement with the RBI that ended the malignant practice of compulsorily monetizing the fiscal deficit through the issue of ad hoc Treasury Bills.......

Read - Mint