.....“We want that we should move towards a less cash society. There is a need for the predominant cash in the society to go down,” .......
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Friday, September 14, 2012
Large cash market main driver of corruption: RBI
Mumbai: Stating that the circulation of a large amount of cash in the economy leads to many problems, including corruption, Reserve Bank Deputy Governor H R Khan today said the central bank is focused on bringing down the cash component in the economy. "We want that we should move towards a less cash society. There is a need for the predominant cash in the society to go down," Khan told reporters at the sidelines of a Punjab & Maharashtra Cooperative (PMC) Bank event here..........
RBI's 'on-hold' policy coming to an end
......September policy still remains a close call. The August inflation print on Friday and whether there is finally any constructive step towards fuel price adjustments would have a considerable last-minute bearing on Monday’s RBI decision. One cannot rule out a token easing if such factors oblige. RBI’s rhetoric is likely to be more balanced this time.
Oxigen launches mini ATM cum point of sale device
...."...Masses of India will not only have benefits of ATM like banking services such as cash-in, cash-out, but will also have the advantage of paying for utility services...OxiShaan termial is specially designed to offer all these services,".......
Banks may also use SMERA ratings to assess loan risks: RBI
The Reserve Bank today said banks may use ratings of SME Rating Agency of India (SMERA), in addition to grades provided by other agencies, to assign risks to loans for the purpose of computing capital adequacy requirements. ...........
RBI proposes to replace CAMELS with INROADS
....The country’s financial sector would now be evaluated under a dynamic risk-based mechanism, an aspect the present CAMELS rating system lacked, central banking sources said. RBI proposes to replace CAMELS with INROADS (Indian Risk-Oriented and Dynamic Rating System) from the next round of annual financial inspection, in 2013.....
Loan recast: Banking system credibility at stake: RBI
Mahapatra committee observes extraordinary rise in restructured assets
....The gross NPA ratio, hitherto the main financial ratio to gauge the level of impairment in the banking sector’s assets, is now being complemented with the ratio of restructured standard advances to gross advances as a measure of latent impairment of financial assets,” said B Mahapatra, Executive Director of RBI, at a seminar organised by CAFRAL on Thursday.....
Banks must raise provisions for debt rejig: RBI panel chief
The Reserve Bank of India (RBI) committee on restructuring led by its executive director B Mahapatra has justified the steep increase in the provision requirements for restructuring to arrest the spike in large amounts of debt getting converted into equity and preference shares specially in case of large exposures restructured under the corporate debt restructuring (CDR) mechanism ......
टैगोर पर जारी सिक्के की लागत बताए आरबीआइ
.....आयोग ने रिजर्व बैंक की कोलकाता स्थित टकसाल को सिक्के की लागत समेत तमाम जानकारी आवेदनकर्ता को दस दिन के भीतर उपलब्ध कराने का आदेश दिया है। आरटीआइ कार्यकर्ता सुभाष चंद्र अग्रवाल की अपील पर सुनवाई के दौरान मुख्य सूचना आयुक्त [सीईसी] सत्यानंद मिश्रा ने गत सात सितंबर को यह आदेश जारी किया।.......
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Five reasons why RBI must cut interest rates
The Reserve Bank of India will meet on Monday to review the monetary policy, but economists expect the central bank to hold rates for a fifth straight month despite a sharp slowdown in economic growth......
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Running on empty: The long, long wait for reform
.....Even as Chidambaram and his colleagues at North Block battle it out to push the reform agenda through, one man who will be watching the developments carefully will be Reserve Bank of India (RBI) Governor Duvvuri Subbarao. Chidambaram’s pronouncements may have pepped up the markets, but they’re unlikely to have worked on Subbarao who will be waiting for concrete steps to bridge the yawning fiscal deficit. Hence, in the absence of any concrete reform steps so far, Subbarao and his Mint Road team would be unwilling to budge on their no-rate-cut stance............
Financial Inclusion in India
.....So what is financial inclusion? The term first featured in official GOI literature in 2005 when the RBI’s Mid Term Monetary Review paper, defined it as ‘The process of ensuring access to appropriate financial products and services needed by all sections of society in general and vulnerable groups such as weaker sections and low income groups in particular at an affordable cost, in a fair and transparent manner by mainstream institutional players.........
The last-mile challenge
NPAsource.com hoping to sign up private banks soon
NPAsource.com, a dedicated portal for posting information about bad assets of banks, is hopeful of tie-ups with private sector lenders very soon, a top company official said. NPAsource.com, which has around Rs 13,000 crore worth of NPA notices posted on its website, boasts of clients such as SBI, Bank of India, IDBI Bank, Indian Overseas Bank and Nabard.....
Are Indian banks up to these challenges?
.....Technology is also said to be the way forward with India seeing a mobile and internet revolution and more traditional banks need to accept the same. Human resources is also another challenge as 40-50% of PSU banking staff is expected to retire over the next few years. Plus attrition in the banking sector used to be low with staff staying in the same bank for their entire career. Stickiness is however low among new employees, thus the realignment of HR policies along with employee needs is required. But while there are a lot of challenges on the ground we believe that the banking sector can meet them head-on as they have done in the past. We hope to see a fresh face of banking in India.
From November, pay more for credit card repayment in cash
Prepare to fork out a higher service charge while paying your credit card bill in cash. HDFC Bank, the largest issuer of credit cards in the country, has decided to double its service charge for cash payments at its branches or automated teller machines (ATMs).............
Don't harass your children!
WHO WILL GET YOUR MONEY?
- BANK ACCOUNTS: Reserve Bank of India (RBI) guidelines specify that the deceased's nominee would receive the money in the capacity of a trustee, of legal heirs. The same applies for all other financial transactions such as public provident fund, mutual funds and others where the nominee plays the role of a trustee rather than the owner.
- INSURANCE: Section 39 of the Insurance Act says the appointed nominee will be paid, though he/she may not be the legal heir. The nominee, in turn, is supposed to hold the proceeds in trust and the legal heir can claim the money.
- STOCKS: Under Section 109A of the Companies Act, if the nomination is made under procedure prescribed by law, the nominee will be entitled to become the rightful owner of shares. And, such right shall exclusively favour the nominee and exclude all other persons.
- PROPERTY: Section 30 of the Maharashtra Co-operative Societies Act says in event of the death of a member of a society, the shares of the deceased will be transferred to the nominee. But, this transfer cannot result in vesting of the flat with the nominee. He/she is merely a trustee for the deceased's estate. But that's not the final word.
- SELF-ACQUIRED PROPERTY: A will is the deciding factor. In its absence, the property will be classified as 'inherited property'. "The property, consequently, will have to be shared equally between the successors
- JOINT OWNERSHIP OF SELF-ACQUIRED PROPERTY: The surviving owner becomes the sole owner.
- INHERITED PROPERTY: All members of the immediate family will get an equal share of the pie.
RBI quiz for students to improve financial literacy
Bangalore : Interested students may contact nodal officer Murlee Krishna on 080-22244001 or 9945722776, or e-mail: murleekrishna@rbi.org.in by September 21...........
Survival of business correspondent model at stake, says report
......According to a recent study conducted by Sa-Dhan - the national association of community development finance institutions - the lack of commercial viability in the form of low compensation is threatening the very existence of the BC model, which was encouraged by the Reserve Bank of India to promote financial inclusion. “The shortcomings for the BC model are the cost structure, bank’s lack of commitment, absence of financial literacy, lack of knowledge between customer service point operators (CSPs) and clients and lack of grievance redressal system,” the study said.......
Diesel hike gives RBI room to cut rates: PMEAC
....."I think the opportunity of action for RBI is provided by this action of the government...The government has showed that it can take a very hard decision,"...........
Despite diesel price rise, economists unsure of RBI's Monday response
The rise in diesel prices three days ahead of its scheduled mid-quarter review of monetary policy will put pressure on the the Reserve Bank of India to cut interest rates for boosting demand. However, say economists, the central bank is unlikely to respond in a hurry. “It is too early for RBI to react to the revision. This is not the only measure required to bring the fiscal house in order; there are also issues on the revenue side,”.........
Financial markets seen more resilient after Lehman crisis
........ “RBI’s decision to adopt Basel-III guidelines with more conservative requirements indicates its willingness to impose higher cost in the near term to achieve long-term financial stability of the banking system.”............
Insurance set to get big boost
.....The troika of the Insurance Regulatory and Development Authority (IRDA), the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) are often locked in turf skirmishes, even as they serve an overall pool of savings that need to be turned into productive investments for economic growth.......
Investment intentions take a hit in 2011-12: RBI study
New investment intentions plummeted by 41 per cent to Rs 2,50,900 crore in 2011-12 as compared to Rs 4,26,300 crore in the previous year in the wake of the economic slowdown, the Reserve Bank of India has said.........
Tax payers can pay dues in select bank branches in Delhi: RBI
...."It is observed that the rush for remitting income-tax dues into the Reserve Bank of India has been far too heavy towards the end of March/June/September/December and it becomes difficult for the Reserve Bank to cope up with the pressure of receipts although additional counters to the maximum possible extent are provided for the purpose," RBI said in a statement.......
RBI restricts Vishal Finlease from accepting public deposits
....."The company - Vishal Finlease Pvt Ltd - has been stopped from accepting public deposits for violating RBI guidelines. Its certificate of registration has been cancelled," said an RBI official in the department of non-banking supervision. .............
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