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.
Sunday, August 19, 2012
Poor monsoon portends ‘protein shock’: Gokarn
Amalgamation of regional rural banks: Is this unfair to sponsor banks?
.....The MOF has recently got the consent of the sponsor banks, state governments and consulted NABARD which looks after rural credit. As the sponsor banks are regulated by the Reserve Bank of India (RBI), it would have been appropriate to consult it as well. Be that as it may, DOF has directed sponsor banks in various states to transfer /take over RRBs of other banks as specified by the DOF....
RBI tells urban co-ops to change ‘no frills’ accounts into SB A/Cs
The Reserve Bank of India (RBI), on Friday, asked the Urban Co-operatie Banks (UCBs) to convert the existing basic banking ‘no-frills’ accounts into ‘Basic Savings Bank Deposit Account.’ Also, the ‘Basic Savings Bank Deposit Account’ be treated as a normal banking service available to all and it should not have a requirement of any minimum balance.........
Read.........
RBI's stance on pricing of credit is beneficial for MFIs
.....RBI's current preposition while removing the cap is that it expects the sectoral participants to be responsible and accept the premise under which the cap is being removed. So, it is beneficial to this sector as they can manage the spreads better in a changed environment. There is no doubt that learning from the lessons in the last two years, we would ensure that the rates are continuing to be reasonable in the changed context. ......
Central banks have got their powder wet
.....The Reserve Bank of India in its April-June quarter monetary policy on July 31 left the key policy rate unchanged. The RBI raised the baseline projection of WPI-based inflation to 7 per cent for March 2013 — as against the earlier projection of 6.5 per cent — and revised its growth projection to 6.5 per cent from 7.3 per cent, as predicted in its April policy. There’s an old adage on Wall Street that cautions investors to “never fight the Fed.” The point being, the unlimited resources and staying power of the Federal Reserve are so dominant that they will overcome and outlast any other market influence. If you believe in that, then it would......
RBI opens more counters to deposit income tax
....Deputy General Manager (Banking) Rajeev Dwivedi said that the facility to deposit income tax by cash or cheque is also available at 145 branches of public sector banks, including SBI and at three branches of private banks in the city........
Two Decades Of Economic Reforms
.....The general perception today is that India may now be on the path of sustained high growth based on high rates of domestic saving, high quality of entrepreneurial and managerial skills and the cumulative effect of economic reforms on productivity. Eighteen authors discuss various facets of the problems. The RBI has eight contributors three Governors, three Deputy Governors, one Executive Director and a Principal Adviser. Among other distinguished contributors are Montek Singh Ahluwalia, Kaushik Basu, Vijay Kelkar and Arvind Panagriya. There is an essay by our President Pranab Mukherjee. The Editor could scarcely have gathered a more talented team..........
No more diktats from FinMin to banks: FM
State-run lenders may no longer get advisories from the finance ministry on how to run their operations. Finance Minister P Chidambaram on Saturday made it clear that the government would not unnecessarily interfere in the day-to-day affairs of the banks, and any advisory, if at all required, would be sent only after his approval. The assurance from the finance minister came at a meeting with chiefs of public sector banks today. This has brought relief to some bankers who often expressed their displeasure, though not officially, over the frequent instructions from the finance ministry..............
Make it easy for students to get education loans, bankers told
Finance Minister P. Chidambaram has come to the rescue of students facing difficulty in getting education loans. Henceforth, a bank manager will be penalised for “wilful rejection” of eligible education loan applications. At the same time, it has been decided that students securing admission under management quota will also be eligible for education loans......
Read - HBLGovt asks bankers to form committee to advise it on housing
......"I have requested IBA to appoint a small group to tell me how to resolve the problems of demand for housing one side, incomplete housing projects on other side and completed housing segment which are lying vacant on the third side. Its a conundrum, but I think it can be solved,"........
FM asks PSBs to cut EMIs for consumer durable loans
Finance Minister P Chidambaram on Saturday asked public sector banks (PSBs) to reduce equated monthly instalments (EMIs) on loans for consumer durables, in order to kickstart investment cycle and bolster the sagging economic growth. He also asked banks to ensure the cash lying with the public — about Rs 11 lakh crore —was channelised into the banking system. For this, he wanted banks to upgrade their ATMs to function as cash-accepting machines too, from only cash disbursal tools at present............
India urges state banks to increase lending for consumer durables
....India's interest rates are among the highest in major economies and the slowdown has renewed calls for the Reserve Bank of India (RBI) to lower them at a September 17 policy meeting......
RBI to decide on rate cut in September policy
..........."You cannot say when the rate cut will come. Wait for our September policy," RBI Deputy Governor H R Khan said at the sideline of a function organised by Institute of Chartered Accountants of India (ICAI)...........
RBI mantras soon to contain gold imports
Bhubaneswar: Concerned over draining out of forex reserves due to high import of gold, the Reserve Bank of India (RBI) has constituted a committee to find out ways to reduce gold imports into the country. “RBI has formed a committee which will come out with its report in two to three months recommending how to contain the gold demand,” said the RBI Deputy Governor, Harun Rashid Khan..........
India Factoring: the way to get SME credit beyond banks
......."Factoring bill brought in clarity of assignments. Earlier, we did not have any right to proceed legally against the buyers (on behalf of SMEs) in case of any default. Moreover, we could not expect our clients, who own smaller business entities to pay off the debt. The Bill now empowers us to have the same legal right," Sarbadhikary said. Following the Factoring Bill, the Reserve Bank of India recently issued guidelines creating a new non-banking finance category christened as NBFC-Factors. This has separated the class from other NBFCs, which have been facing a slew of regulatory issues...............
Economic growth veers around industrial performance: RBI
....."Experience of high and low economic growth phase in the Indian context is typically characterised by the variability of the industrial sector although relatively it has a small share," .......
Inept politicians spell doom for Indian economy
.......Tensions between mandarins in New Delhi and a hawkish central bank are also adding to the investor unease. While the finance ministry wants the Reserve Bank of India to cut interest rates and help spur investment and consumer spending, the central bank is not willing to play ball with inflation remaining already high. Instead, the RBI has been urging the government to fix its finances such as the fiscal deficit which hit 5.9 per cent of GDP in 2011-12 and could well overshoot this year with the sharp slowdown in growth denting revenue collections. “The task for the government is to generate supply so that we produce more and that will bring down inflationary pressures,” RBI Governor D. Subbarao said in a speech at an event in Thiruvananthapuram in southern Kerala state. “The task for the RBI is to restrain demand.”......
Electronic and Mobile Banking in India: Gearing-up for Growth
Financial inclusion has witnessed extraordinary investments and efforts from a variety of stakeholders in India over the past two years. The central bank (RBI), the Ministries of Finance and of Rural Development (MoF and MoRD) have undertaken numerous reforms and measures to make the policy and regulatory climate more conducive for the banks, agent network managers, agents and for the customers. Though setting stringent targets for financial inclusion, and constantly pushing banks to achieve those, has been the prime emphasis of Government, recent moves to increase the digitisation of subsidies may prove to be more effective. Nonetheless,.....
Number of ATMs to Double, to Also Accept Deposits
The government today said banks have been asked to upgrade their ATMs to double-up as cash collecting machines as well to mobilise Rs 11 lakh crore lying as cash with people. Also, the public sector banks have been asked to double the number of ATMs from about 63,000 in the next two years, Finance Minister P Chidambaram told reporters after reviewing working of state-owned banks and financial institutions. "People must take to banking ... Something like Rs 11 lakh crore lies as cash in hands of people. That Rs 11 lakh crore money should not lie in hands of people, it should lie in banks," ......
4 things you must know about your ATM Card
.....ATM cards are cashless and yet they are cash, the carriers of your hard earned money. Just as the responsibility of your cash lies with you, your ATM card and whatever happens to it is ultimately your responsibility. Be cautious, be vigilante and most importantly be aware of all the regulations and rights that are associated with debit cards......
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