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Friday, September 28, 2012
The growth-inflation conundrum - K Kanagasabapathy
Subbarao calls for inclusive growth
......"Growth has no legitimacy if the bottom of the pyramid gets behind...it can be destabilising if the growth is not inclusive," Subbarao said at the 13th LK Jha Memorial Lecture organised by the central bank here this evening.......
Inclusivity essential to growth, says Subbarao
......“Inclusive growth is a very deeply emotive issue,” the Governor underlined. He pointed out that there are two conflicting views when it comes to sharing of the benefits of growth. While the one view has it that the gains would “trickle down” to the least common denominator, the other view is a much more vociferous and activist which asks for interventions for the sharing of the gains. The comments from the RBI Governor come as “inclusive growth” has become a buzzword in government, business and academic circles in the country. Those in support say a decade of high growth of over 8 percent has not resulted in tangible effect on the ground like poverty alleviation and human development indices.
Exhibition on history of RBI
Hyderabad, Sept. 23:
Newibition,’ a history of the Reserve Bank of India over the last 75 years, will open to public from Monday. The pictoral depiction along with news reports and writings, will be open to the public up to October 12. RBI Hyderabad, as part of its financial literacy initiatives, has organised Newsibition. It will be held at the bank’s annexe building in the city, according to a press release. The admission to the event will be free. Timings will be between 10.30 a.m. to 5.30 p.m. on all working days excluding Saturday, Sunday and holidays. The rich contents should be informative and of substantive educative value to specially the young, said A.S. Rao, Regional Director of the bank, in the release.
HBL
Part of inflation has been suppressed: Dr Subir Gokarn
......We have right through this period been making the distinction between what is measured and what is suppressed. To an extent our assessment of inflation situation does take into account the fact that some of inflation is suppressed because prices that should be paid for certain products are not being paid.......
Read - ET
IRCTC Mobile included in RBI inter-banking payment
......The NPCI has enabled such companies as IRCTC, Reliance Mutual Funds, Dish TV, Shoppers Stop, and SpiceJet with inter-bank mobile payment services, and all a user needs to do is download a mobile banking app to their smartphone enter the seven digit ID and Mobile PIN that are provided by the bank......
Unclaimed funds in banks
Huge amounts of funds are lying unclaimed and are in inoperative in many banks. The Reserve Bank of India ( RBI) should issue a directive that all banks may inform their customers/ depositors about their funds lying for years together. After the expiry of time- bound period, all unclaimed funds should be transferred to a special fund at RBI from where it may be claimed afterwards by claimants either directly from RBI or through concerned banks.
- Subhash Chandra Agrawal (FPJ)
Interest on savings bank deposits may fall
......“It doesn’t look like savings bank deposit rates would start falling in a hurry. The falling interest rate cycle has just begun. RBI has cut rates once and it seems reluctant to cut again. If we have a prolonged slowdown in the economy, we may see rates falling. It depends on how economic growth pans out,” ......
Is The Boom In Banking Industry Really Fruitful
......As a result of development and growth in the industry, the banking industry has come up with several job opportunities for the people. The interests of the foreign ventures into our banking industry have given rise in several necessary job profiles which needs man power. These job opportunities are not limited to just one category of banking industry but available for both the sectors of private banking as well as public banks. RBI being the apex court of the Indian banking industry, today a majority of job opportunities comes from here for handling their policies and managing the internal system effectively. RBI recruitment are very much in demand. Apart from this, the experts from banking industry have predicted that RBI recruitment 2013 demand is going to cover a total of 30 -40% of banking job opportunities in the coming years.......
Read........Applications invited for RBI CHAIR PROFESSOR
...... Chair Professor is expected to undertake research in the relevant field and publish papers in international / national refereed journals based on his/her research. Selected candidate may opt to teach in Institute’s academic and executive education programmes. Chair Professorship is initially awarded for three years; it may be extended by another three years.......
Read.......
Financing viable MSME NPA units is a national priority
The Reserve Bank of India (RBI) is now considering relaxation of NPA (non-performing assets) norms for housing projects. Earlier, the NPA norms were relaxed for infrastructure loans. But the MSMEs (micro, small and medium enterprises) which are the worst sufferer of the revision of NPA norms from 180 days of default to 90 days of default are still reeling under such predicament.......
Indian Bank CMD Bhasin appointed IBA Deputy Chairman
T M Bhasin, Chairman and Managing Director of Indian Bank, has been appointed Deputy Chairman of of the Indian Banks Association (IBA), an apex body of public sector, private sector and foreign banks in the country.....
Banks convert Rs.500 crore of Basix’s debt into equity
......“It makes sense for Basix to take the CDR route as banks have converted a large part of debt into equity. If CDR didn’t happen, Basix would not have survived,” said Santosh Singh, analyst at Espirito Santo Securities Ltd. “However, the fact remains that CDR is only a temporary relief and they will have to recover money from the ground.” Late last year, the Reserve Bank of India (RBI) had framed regulations to govern the sector. According to RBI norms, MFIs with more than Rs.100 crore of loans must operate with a margin of 10%. The government is also in the process of finalizing national regulations for the sector.
Yes Bank to launch a broking subsidiary 'Yes Securities'
Yes Bank has received Reserve Bank of India approval to set up a broking subsidiary, Yes Securities Private Ltd. This subsidiary will have a capital of about Rs20 to 25 crore. The broking business will compliment our retail liabilities and wealth management proposition,'' said Rana Kapoor MD & CEO Yes Bank. It would bring granularity in our current and saving account base. The focus would be on retail broking,''.......
‘Private banks imprudent lenders to DCHL’
State-run lenders led by Canara Bank allege irresponsible lending by some banks contributed to ongoing crisis
......If the borrower fails to repay a bank’s loan, all lenders in the consortium are forced to classify the loan as bad and set aside money for it. But this does not happen under multiple lending. According to Raman, under current Reserve Bank of India (RBI) norms, major lenders to the same borrower should share information. State-run bankers raised this issue with financial services secretary D.K. Mittal and RBI Deputy Governor Subir Gokarn in separate meetings last week, according to bankers familiar with the development. Analysts blame indiscriminate diversification for the crisis at DCHL. The company ventured into areas such as aviation and book retail besides bidding $107 million for Deccan Chargers in 2008.......
Consumers are taken in by insurance hardsell
......The RBI, IRDA, SEBI and PFRDA (Pension Fund Regulatory Development Authority) are major stakeholders in the financial literacy programme. But each stakeholder tends to act in isolation. Insurance mis-selling within bank premises is not controlled by the RBI (on the ground that it is in no way involved in the selling process). The IRDA is supposed to act in such cases, despite the number of occasions when insurance is bought under bank pressure. If a bank branch is like a country, then an insurance wing operating out of a bank branch is like a foreign consulate located in that country. A country cannot remain silent on any irregularities in visa issuance by the foreign consulate located within its boundaries. The RBI should also note that the fee income of banks is paid by banking customers. It is not because of insurance they visit the bank branch, but because of their banking needs.......
Read - HBL
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