Reserve Bank of India (RBI) Governor D. Subbarao will hold pre-policy consultations with trade bodies and credit rating agencies at Mumbai on October 17. The second quarter review of monetary policy 2012-13 will be released by the central bank on October 30.......
Read - HBL
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Sunday, September 30, 2012
Multi-state co-op society can't take over state co-op society: HC
......"Section 17 of the Multi-State Cooperative Societies Act does not permit or empower a Multi-State Cooperative Society to take over any cooperative society," the court observed in its order. "This aforesaid fact is also confirmed by the Reserve Bank of India in its Circular dated February 2, 2005, saying that there are no specific provision in the State Acts or the Central Act for the merger of a cooperative society under the State Acts with that under the Central Act," it added.......
Economy, banking system and borrowers
......Higher the CRR ratio, lesser will be the available funds with the banks, hence the banks will start increasing the offering rates on the fixed deposits to mobilise capital, which in turn will have an effect on the lending rates. Then why does RBI increase the CRR rates? With excess money at its disposal, due to lower CRR rates, banks will start running larger loan books which could increase the default rates (NPA). To curb such instincts, the RBI puts a leash by increasing the CRR.......
The continuing power of banks
August 2012 marked five years since the global financial crisis erupted on an unsuspecting world, bringing substantial and continuing human misery in its wake. It also marked the transition of Raghuram Rajan from part-time honorary advisor to the prime minister to a full-time position as Chief Economic Advisor to the government, based in the ministry of finance.......
Nigerian national held for duping a Assam resident
......Finally last week Haq received another call a week ago from the fraudster demanding for more Rs45,000 the final processing fees to be paid to the Reserve Bank of India (RBI) in BKC. "The caller informed me to meet a person in Kurla (west) on Septembet 25 and hand over the money to the person which will be paid as processing fees to the RBI to collect the cheque of Rs4.2 crore," Haq told the police.......
.......Haq got panicked when he didnot receive any calls. Finally on Thursday Haq and his brother decided to visit RBI BKC office to enquire about the progress of his jackpot. "The RBI officials informed Haq he had been victim of Nigerian Fraud. On seeing a nervous Haq, the auto rickshaw driver brought him to police station and lodged complaint," said a Kurla police officer.......
आरबीआई के नाम पर फर्जी एसएमएस
......रिजर्व बैंक ने इस तरह के एसएमएस के प्रति नागरिकों को सतर्क रहते हुए कहा है कि वे ऐसे एसएमएस पर ध्यानन दें और अपनी कोई भी डिटेल्स या इन्टरनेट बैकिंग अकाउंट इन एसएमएस नंबर या ई - मेल पर फॉवर्ड न करें।रिजर्व बैंक की प्रवक्ता सुश्री अल्पना किल्लावाला ने ऐसी अनेक शिकायतों के आने और ऐसे एसएमएस को ' फेक 'बताते हुए एक प्रेस विज्ञप्ति जारी कर यह कहा है कि ऐसे सभी एसएमएस उनके द्वारा नहीं भेजे गए हैं......
Read - Navbharat Times
Adnan Sami moves high court to buy flat in Delhi
NEW DELHI: In an unusual request, Pakistani singer Adnan Sami has approached the Delhi high court seeking clearance to purchase property in the capital. Sami wants the court to strike down a Reserve Bank of India circular that prohibits persons of certain nationalities, including Pakistanis, from buying immovable property in India without its prior permission. Justice Rajiv Shakdher, seeing prima facie merit in Sami's argument, earlier this week issued notice to the Centre and the RBI and sought a response........
HDFC Bank bats for review on CRR quantum
The controversy over the relevance of Cash Reserve Ratio (CRR) has resurrected with HDFC Bank, India's second biggest private sector lender pitching for a review on quantum of deposits that banks need to park with the Reserve Bank of India (RBI). "Some amount of CRR is necessary but the quantum can be examined. Also, it is necessary to review if we have to pay interest on CRR. Most countries have CRR in place but a lower amount”, HDFC Bank's managing director Aditya Puri told Business Standard on the sidelines of a press meet here.........
Wrong diagnosis
......The government’s disappointment was mirrored by P Chidambaram’s remark that ‘the response of the RBI on 30th October will be far (more) supportive of growth.’ Chidambaram was undoubtedly trying to forestall a slide in investor confidence, but coming from the finance minister this was only a hair short of an ultimatum. Will Subbarao heed it? Or will he dig his heels in and set out to demonstrate the RBI’s independence as he did in July? The policy statement shows that he has left himself with ample room to do either, for it states ‘the stance of monetary policy (in October) will be conditioned by careful and continuous monitoring of the evolving growth-inflation dynamic.’ This obfuscatory language cloaks a simple dictum-the RBI will lower interest rates only if, in its assessment, inflationary pressures decline significantly in the next six weeks. ......
Read...........
Hysteria on NPAs unwarranted: Aditya Puri
......"We don't need any hysteria on NPAs (non-performing assets). While it is okay to raise concern on growing NPAs, we must realize that the Indian banks are well capitalized unlike the failed banking system of developed nations. The banking industry is growing year-on-year at the rate of 17-20% with healthy balance sheets”......
Education loan campaign on October 13
......The district administration would host an education loan campaign at the Collectorate here on October 13 targeting students pursing higher education such as graduate and postgraduate courses in professional and technical disciplines. All the banks are expected to take part in the campaign. Even students who have already joined the courses are eligible to avail educational loans as the banks would reimburse the first-year fees. The announcement was made at the District Level Review Committee meeting of Bankers at the Madurai Collectorate on Wednesday......
Read - The Hindu
Govt to give 2% interest subsidy on farm loans: RBI
......"In pursuance of this announcement, government of India will provide interest subvention of 2 % p.a. to public sector banks in respect of short-term production credit up to Rs.3 lakh during the year 2012-13," the Reserve Bank of India (RBI) said on Friday in a notification. "This amount of subvention will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks for the repayment of the loan, whichever is earlier, subject to a maximum period of one year."......
India's current account deficit shrinks by 24% in April-June
......The Reserve Bank of India data released on Friday showed India ran a balance of payments surplus of $0.5 billion in the April-June quarter, versus a deficit of $5.7 billion in previous three months. In the June quarter last year, India had posted a $5.4 billion surplus......
Clarification
The Reserve Bank of India (RBI) plans to introduce cheque truncation system (CTS) and not cheque transaction system as reported in these columns on Wednesday under the caption “Cheque clearance through email’.......
Are teaser loans beneficial to customers?
.......We have to appreciate RBI for their role as one of the best market regulators in the world. Despite the developed economies of the world reeling under one of the worst financial crisis, RBI has managed to keep our country’s financial system in good health with its bold moves and cracking the whip in times of crisis.
Kelkar & co wants PAN made must for all e- transactions
.......The government appointed panel to suggest a roadmap for fiscal consolidation has recommended a comprehensive review of the Direct Taxes Code Bill and bringing in more services in the tax net. The Kelkar Committee also recommended amendment to the law to make quoting PAN or the UID mandatory in all electronic transactions including bank accounts, fixed deposits with banks, salary payments and immovable property transactions, irrespective of the the amount or level of transaction. Online verification of PAN could be made mandatory for high value transactions to reduce use of black money, it said........
Fake Notes: Can’t Bank on Banks
.......A shocked Parmar explained that she withdrew the money from the ATM of a nationalized bank just a few hours ago. The cashier, unmoved by the entreaties, cited the Reserve Bank of India (RBI) guidelines and Parmar had to forgo the money. Parmar’s not a one-off case and with no provisions for compensation, it is the common man who has to bear the brunt. The RBI too feels that it is a problem with no solution in sight. “There is no policy on replacing the fake currency if it comes out from an ATM. It is difficult to prove that this note has come out of a particular teller machine,” an RBI official said........
Read.........
Fake notes flood Indian banks, put government on alert
.......The RBI, Home Ministry, security and intelligence agencies of the states concerned, along with the Central Bureau of Investigation (CBI), are working in tandem to thwart the illegal activities of the syndicates reportedly behind the proliferation of fake Indian currency notes (FICN). A special FICN coordination group has also been formed by the Home Ministry to share intelligence information among the different security agencies of the central government and the states to stop the circulation of the fake notes and arrest those behind it........
Read..........
SBI tops ATM expansion in non-metro cities
Unlike other banks, the State Bank of India (SBI) is expanding its ATM network in non-metro and semi-urban centers, faster than expansion in the metros, an ASSOCHAM analysis of the banking data showed........
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