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.
Monday, October 1, 2012
Regulators vs Sahara: the untold story
RBI Should March in Step with Govt: FM
Finance Minister P Chidambaram
wants the Reserve Bank to "walk in the same direction" as the
government by cutting interest rates in response to sweeping reforms to
rules governing foreign investment and politically-difficult cuts in
fuel subsidies. "In our view, the government and monetary
authority must point in the same direction and walk in the same
direction. As we take steps on the fiscal side, RBI
should take steps on the monetary side," Chidambaram, 67, said in his
first exclusive interview since returning to the finance ministry........
RBI asks govt to extend dy guv Sinha's tenure
Move significant as new banking licences under his purview
The Reserve Bank of India (RBI) has recommended the government to extend the tenure of one of its Deputy Governors, Anand Sinha, by a year. Sinha, appointed in 2011, will complete his two-year term in February 2013. According to the rules, a Deputy Governor can be appointed for a period of five years or till the age of 62, whichever is earlier. Sinha will be 62 next February. If the government accepts the central bank’s request, it will set a precedent, central banking sources say, as no other Deputy Governor has served the RBI beyond the age of 62........
FDI decision helped rupee to bounce back: Anand Sinha, Deputy Governor, RB
India's decision to allow 51 per cent FDI in multi-brand retail has improved the market sentiment and helped the rupee to rebound, RBI Deputy Governor Anand Sinha said here today. "On the positive side, it (FDI in retail) improved sentiment as was shown in the market. Rupee has rebounded to a considerable extent. There is certainly promise," .......
Read - ET
India can recover faster than China: RBI
BEIJING: India can recover from global economic slowdown faster than China as the economy is driven by domestic consumption, but the country needs to "get its act together" for this to happen, Reserve Bank deputy governor Anand Sinha said here on Sunday. Speaking to PTI, Sinha also said "confidence issues like the general pessimism and not-so-good-feel factor also affected the economy". "Both economies (India and China) are affected by the global economic slowdown but India being a domestic consumption driven economy could recover faster," he said. ......
Read - TOI
Banking Ombudsman scheme to solve customer problems: Lokpa
Dehradun, September 28 - Reserve Bank of India Banking Ombudsman’s office has been in operation since 1995 with the object of enabling inexpensive, judicious and expeditious resolution of complaints relating to services rendered by banks. Addressing a press conference in Dehradun today, Reserve Bank of India's Banking Lokpal Madhavi Sharma today said the RBI’s Banking Ombudsman's office was committed towards proper implementation of Banking Ombudsman scheme in the banks, and asserted that the office was very particular towards sensitising society towards this scheme. She said the scheme was a yeoman service to the aggrieved bank customers, who face various hassles en-course of their day-to-day banking. She held that RBI Banking Ombudsman's Kanpur office was looking at the complaints from Uttarakhand. She disclosed that in the last financial year 2011-12, from Uttarakhand a total of 500 complaints were received by the Kanpur office. Similarly, 403 complaints were received in 2010-11 and 392 complaints were received in 2009-10. She said most of these complaints were redressed. Referring to the nature of complaints, Madhavi Sharma said the complaints were mostly pertaining to pension payments, ATM-linked issues, levying of charges without notice, settlement of claims in death cases and issues linked to loans. Sharma said the RBI was also working towards ensuring general public awareness about the Banking Ombudsman scheme and asserted that even banks had been asked to put up display boards apprising about this scheme. She said filing complaints under the Banking Ombudsman scheme was very easy and can even be filed by just writing a complaint in a postcard and dispatching it to the RBI Banking Ombudsman's office. Deputy General Manager, RBI Banking Ombudsman scheme, Kanpur, D C Hansdah, was also present at the news conference.
The Tribune, Chandigarh
Peons are managers at Rajasthan co-op bank
Living in the times of recession, 'staff crunch' is a term which one gets to hear pretty often, as offices go for downsizing to save cost. However, the Ajmer Urban Co-operative Bank has taken this to another level. Two of its branches located in Kekri and Bijainagar, some 80 km and 65 km from Ajmer, respectively, are being run by peons ever since the managers retired on July 31.......
Lesson from the oil shock
.......I think that everyone is on the same page as far as the need for fiscal consolidation goes. The government set up a committee headed by Vijay Kelkar to recommend ways in which this could be achieved. However, the political situation makes it clear that finding a broadly acceptable way to do this is a significant challenge. From the RBI’s perspective, a reduction in the subsidy bill is seen as a very important component of the overall solution, because the subsidy bill has been a very large contributor to the widening of the fiscal deficit........
Frank Moraes memorial lecture
The United Writers’ Association (UWA), Mylapore, and Frank Moraes Foundation will be organising the 33 rd Frank Moraes memorial lecture — a yearly event organised in memory of eminent journalist Frank Moraes — on October 2 at Hotel Savera, 146, Radhakrishnan Salai, Mylapore. Subir Gokarn, Deputy Governor, Reserve Bank of India, Mumbai, will deliver the lecture on ‘Driving the economy in an era of global recovery: unleashing growth strategies for sustainable development.’.......
Read - The Hindu
'RBI can only print rupees, not foreign exchange'
.......The ratings agencies are closely watching the twin deficits in India and a downgrade would, no doubt, result in greater capital outflow. We should also remember that the Reserve Bank of India (RBI) as the country’s central bank can only print rupees to increase domestic money supply. It cannot print foreign currency........
Read - Hindustan Times
Microfinance industry awaits clarity on operations, norms in new Bill
.......The new Bill, which is with the standing committee of Parliament headed by former Finance Minister Yashwant Sinha, will probably be introduced in the Budget session of Parliament, according to the CEO of a leading microfinance institution. “While specifying the RBI as the regulator, the Bill provides a role for state governments, district administrations and microfinance practitioners,”.......
Read - HBL
Banks & intangible assets
.......Much more is at stake here. Implicit in RBI’s instruction to banks is the principle of lending to and on the back of all intangible and knowledge assets. Contrary to the Kingfisher case, RBI recently permitted banks to finance telecom companies bidding for spectrum. This move followed the government’s decision to allow telecom companies bidding for airwaves to mortgage spectrum to raise funds from banks. By permitting banks to finance investments in an intangible asset such as spectrum and seeking bank’s recourse to it in the event of a default, RBI had moved forward on intangible asset financing. Now, with the diktat in the Kingfisher Airlines case, what comes through is that the regulator itself is not clear about how to address the issue of funding intangible assets; not only the prudential norms or provisioning requirements but also the financing of these assets. This issue is important in light of the changing structure of the Indian economy and its new sources of growth........
StanChart appoints former SBI chief Bhatt as board member
.......“We are adding significant banking, financial and risk management experience to the board as well as increasing its diversity. These individuals will be excellent additions to the board bringing with them a wealth of experience from some of our largest markets, including India, Hong Kong, China and Taiwan,”.......
Read - HBL
India Inc steps up rural hiring to fuel growth
If you are a graduate from a Tier-III/IV town or village, there are greater chances of you being hired by a bank or a firm expanding its network in these areas. Banks, in particular, have taken certain key course corrections in their hiring process, opening up a vast reservoir of talent from these towns and villages. All it required was a change in the mindset on hiring - a different view of the core qualities required in an individual and a greater vision to look beyond metro-centric colleges. Organizations that were hitherto hiring predominantly from business schools and metro-centric colleges with a focus on qualities such as good command of English language and an "acceptable" dress code during the process of recruitment, are now realizing the futility of such norms. To bring into their fold talent from smaller towns, such norms are being bypassed........
Agonising experience for customer at ATM
People who are used to drawing a huge amount of cash from ATMs should ponder over the practice if one went by the agonising experience of a person in the city. The person, Pathan Yusuf Kahn, was shocked when he got a torn 500-rupee note while drawing cash from the ATM belonging to a private bank on the busy Kurnool road on Thursday night. The incident came in the wake of the police recovering ‘counterfeit notes’ from an ATM of a public sector bank here recently. On rushing to the bank branch here on Friday, the youth working with a mobile service provider, received a lukewarm response from the bank staff........
Read - The Hindu
Cisco launches 'Connected ATM solution'
NEW DELHI: Networking major Cisco has launched its 'Connected ATM solution', which will help banks in the country deploy automated teller machines (ATMs) in remote locations faster and in a cost-effective manner. The solution will offer banks connectivity options through 3G and CDMA networks, compared to VSAT and CDMA options available otherwise, Cisco said........
ICICI Bank to offer reward points to SB accountholders
In a bid to stave off competition from the likes of Kotak Mahindra Bank, IndusInd Bank and YES Bank, ICICI Bank has unveiled a rewards programme for customers transacting through savings bank (SB) account. The rewards programme comes at a time when the abovementioned banks are paying higher interest rates, ranging from 5.5-6 per cent on SB balance up to Rs 1 lakh and 6-7 per cent on balance over Rs 1 lakh........
Read - HBL
Money goes mobile
......Banking experts advocate mobile banking. Take the example of the National Payments Corporation of India (NPCI), set up by the Reserve Bank of India (RBI), which launched the inter-bank mobile payment service (IMPS) for all merchants. This means you can pay any kind of bill through your mobile, including that of the neighbourhood kirana store. With this, NPCI hopes to increase mobile-based transactions from 0.2 million to one million by 2013.......
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