Read - HBL
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.
Tuesday, October 9, 2012
RBI open to raising intl e-commerce transactions cap
Read - HBL
Sainik School Nagrota emerges victorious in RBI Quiz Competition
Jammu, Oct 08: Reserve Bank of India, Jammu organised a Quiz Competition here today as part of the RBI’s new initiative at promoting financial literacy at school level. Jammu is one of the 33 cities across the country where the Quiz was organised. The Jammu round of RBI quiz was organised today at Police Auditorium, Gulshan Ground in which students from 26 schools from in and around the city participated. The Quiz drew an overwhelming response with more than 300 students from the participating schools attending to cheer their friends and in turn winning scores of audience prizes.........
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Quizzing for financial literacy
.....The Thiruvananthapuram leg of the event, covering all the schools in the city, will be held at the Carmel Girls’ Higher Secondary School in Vazhuthacaud. The competition is for students of Classes 9th, 10th, 11th and 12th from all boards of school education. The contest in the State capital is the elimination round that covers more than 30 cities.......
Read - The Hindu
The inflation should be controlled : Rangarajan
Details
The truck and the dog story
.......RBI and Sebi are the most advanced. They have developed IT–enabled surveillance mechanisms and reporting structures to effectively monitor technologically advanced operations in banking and markets. But they also have a limited physical presence..............
Small units must focus more on input costs, says Chakrabarty
.....“Lack of financing is not an issue… If a bank is not giving credit, it is because the creditworthiness (of the SME) is not proved…Those who deserve bank credit are getting it,” ........
Read - HBL
Gold management
This refers to the article “High time RBI bought more gold” (Business Line, October 5). This is a timely suggestion, which should be pursued by the RBI and the Government. The initiative taken two years back to augment gold component in forex reserves by purchasing 200 tonnes of gold from the IMF, should have been followed up with purchases. The RBI should simultaneously review its entire forex portfolio with expert support, for reshuffling it to make it robust and ensure better returns without compromising safety of investment. The Government could perhaps standardise a portion of the domestic stock of gold estimated at 18,000 tonnes. This will help reduce the gold import Bill.
- M. G. Warrier (HBL)
Signs of a resurgent gold standard emerging worldwide
..........Since then, from the world's largest democracy, India's leading advocate of monetary integrity, S.S.Tarapore, former Deputy Governor of the Reserve Bank of India (and chairman of the iconic Tarapore Committee which, during his tenure, laid the roadmap for India's capital account convertibility) published a significant piece in The Hindu Business Line entitled High Time RBI bought more gold, reprising some of the evidence of the rehabilitation of gold as the appropriate reserve asset for central banks and urging its bulk acquisition by the RBI.............
Economists divided on CRR cut in RBI policy
While bankers have demanded the Reserve Bank of India (RBI) cut its cash reserve ratio (CRR) specification, economists are divided about what is likely to happen. Business Standard spoke to 10 economists and five did not expect a CRR cut, as they felt the liquidity position was comfortable. CRR is the proportion of their funds that banks have to keep (free of interest) with RBI. It is currently 4.5 per cent of their net demand and time liabilities. Those who expected a CRR cut at RBI’s second quarter review of the monetary policy on October 30 said this would help bring down lending rates............
Kingfisher not systemic risk to banks, says RBI
The debt-laden Kingfisher Airlines, which owes 17 banks about Rs 7,000 crore, does not pose any systemic risk, RBI Deputy Governor K C Chakrabarty said today.........
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RBI mulls redefining 'sick unit' soon
......“We are trying to redefine sick units... very soon we will come up with a new definition,” Chakrabarty said while addressing a conference on SMEs organised by the Bombay Chamber of Commerce and Industry.......
SEB debt to get special status to help banks
.......RBI regulations say that any account, other than a commercial real estate account which is restructured more than once, has to be classified as NPA. If an account is restructured twice, it is classified as NPA, requiring 15 per cent of the loan value to be provisioned if it is a secured asset........
Finmin tries to allay RBI fears on new bankc licences
......“We are looking at all measures that can expedite the process… RBI’s concerns are genuine and we are looking at some arrangement to address those till the Bill is passed,”........
Tread cautiously on new bank licences
......The more likely answer would be “local area banks” (LABs), which by definition are limited to specified geographical areas, and can therefore give more intensive and concentrated help to weaker sections in those areas. So if four new banks are to be given licences, at least two of them should be for LABs. The Raghuram Rajan Committee’s suggestion that preference be given to small and medium-sized entities might be a good idea, though the RBI has kept this in abeyance as some of them may not be able to meet the capital requirements specified by the RBI.......
Large groups unlikely to get bank licences in first round
.......New banks are expected to foster financial inclusion in the country and make the sector more competitive. The minimum capital requirement for each bank is expected to be Rs 1,000 crore. The RBI last gave licences to 12 private sector banks in two phases since the financial sector was opened up in 1991........
Read - FE
Raising capital to meet Basel III norms a challenge to banks: Gokarn
“... but of course many challenges lie ahead. For example, raising fresh capital to meet the higher capital requirement under Basel-III may pose challenges, especially under an environment characterised by moderating growth and worsening financial conditions,”.......
Money on the move proves easy pickings for ATM thieves
......The police point out that lack of security measures, violation of norms and negligence on the part of the security agencies had encouraged small-time thieves and gangsters to target such vehicles. The banks enter into agreements with the security agencies to transport cash and load it in the ATM counters. As per norms, the staff of the security agencies and those of the banks should carry the cash boxes. The security agencies have their own vehicles to transport cash, but sometimes hire private vehicles. “We have issued strict guidelines to the banks. The Reserve Bank of India (RBI) has also issued guidelines, but they have been neglected,”........
Police probing finding of 4 fake currency notes
......According to police, Mr Loganathan, Assistant General Manager, RBI, Chennai, lodged a complaint with the Puducherry CID police stating that four counterfeit currency notes, one each of 1000 denomination and 50 denominations and Rs two hundred notes were found in the bundle of old and torn notes sent to RBI for replacement by the IOB and UCO Bank here......
Chidambaram mantra: Implement, divest, dilute
.....Signalling to the Reserve Bank of India (RBI) that fiscal and monetary policy should work in tandem to contain inflation and stimulate growth, the Finance Mnister said: “A tight money policy has dampened investment as well as growth, particularly in the industrial sector,”......
Jain Irrigation banks on NBFC business to improve finances
.......Jain Irrigation had received approval from the Reserve Bank of India (RBI) in July, 2012 to float a non-banking finance company (NBFC). The NBFC, Sustainable Agro-commercial Finance, is a joint venture between the promoters of Jain Irrigation and IFC, a member of the World Bank Group. The NBFC will begin operations on a pilot basis by opening 20-30 offices in Maharashtra. It will then expand its business to other states like Andhra Pradesh, Madhya Pradesh and Rajasthan........
Govt amends rules to allow IDR conversion into shares
.......Government has amended the rules governing Indian Depository Receipts issued in New Delhi by foreign companies, after financial regulators Reserve Bank of India and Securities and Exchange Board of India allowed part-conversion of securities into equity shares by investors........
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Karur Vysya Bank looking to offer students fee-payment service via mobile
Students can soon reduce the drudgery of standing in queues to pay their fees. They can instead use their mobile phone and do it from the comfort of their hostels or homes, a top official of Karur Vysya Bank said.........
Read - HBL
GITAM to host IEA meet
GITAM University will host the 95th annual conference of the Indian Economic Association from December 27 to 29 with the focal theme ‘Growth and Structural Changes in Employment’............
Read - The Hindu
Read - The Hindu
RBI's tight monetary policy dampened growth: Chidambaram
Even though Indian economy's growth declined to 6.5 per cent in 2011-12 and further to 5.5 per cent in the first quarter of this fiscal, it is no cause for undue worry, Finance Minister P Chidambaram said on Monday."These are challenging times for global economy. They are affecting market sentiments everywhere," the finance minister said in his opening remarks at the annual Economic Editors' Conference in New Delhi.
Citi Bank official to pay Rs 15 lakh for leaking account details
......The Delhi State Consumer Commission has ordered a Citi Bank branch manager to pay Rs 15 lakh as compensation to a credit card holder for leaking his account details to a third party. The consumer body awarded the damages saying the supply of credit card statement details of the card holder to a third party is a “violation of confidential relationship” between the bank and its customer and “betrayal of trust”........
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