The Reserve Bank should come up with entry norms for issuing new banking licences, the chairman of Prime Minister's Economic Advisory Council C Rangarajan said here today. "If the domestic banking system is to remain competitive over time, there should be periodic entry of new banks. A closed system can only become oligopolistic. "Such a threat should now be eliminated and the central bank should lay down entry norms and also decide on who satisfies the criterion," Rangarajan said at banking award function organised by commodity bourse MCX.....
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.
Thursday, October 18, 2012
Rangarajan Bats for New Banks
The Reserve Bank should come up with entry norms for issuing new banking licences, the chairman of Prime Minister's Economic Advisory Council C Rangarajan said here today. "If the domestic banking system is to remain competitive over time, there should be periodic entry of new banks. A closed system can only become oligopolistic. "Such a threat should now be eliminated and the central bank should lay down entry norms and also decide on who satisfies the criterion," Rangarajan said at banking award function organised by commodity bourse MCX.....
Cabinet to take up formation of 14th Finance Commission
Tomorrow, the Cabinet is likely to discuss the constitution of the 14th Finance Commission and the National Automotive Board. The 14th Finance Commission would advise on the devolution of the Centre’s taxes between Centre and states, besides other aspects of the Indian economy, for the 2015-20 period. Former Reserve Bank of India Governor Y V Reddy has emerged as the front runner for the post of the commission’s chairman. Officials said former advisor to the finance minister Parthasarathi Shome and former finance secretary Sushma Nath might also be appointed to the commission. At tomorrow’s meeting, though the Cabinet is expected to clear the terms of reference of the commission, it is unlikely to name the chairman...........
Bonds yields fall; RBI Deputy Governor comments aid
MUMBAI: Bond yields fell on Tuesday after a central bank deputy governor's comments about the need for fiscal and monetary policy to work in tandem slightly raised hopes for rate cuts at the upcoming policy review. Reserve Bank of India Deputy Governor H.R. Khan said both the central bank and the government need to work together to bring down the fiscal deficit and control inflation.........
Read - ET
Seal it, lock it, forget it? Bank lockers aren’t entirely risk-free
What does the RBI say about the locker policies?
The RBI policy states: “The bank will, in no way, be responsible / liable for the contents kept in the locker by the hirer. In case of theft, burglary or similar unforeseen events, action will be initiated as per law.” The central bank has also said even if banks do not have an idea about contents of the locker, they should take necessary steps to protect the same. There were also a few cases in the past where the victim has received compensation on loss or damage of locker contents......
Read - DNA
Read - DNA
Look beyond 'Gang of 4' to promote women SHGs: Jairam Ramesh to banks
.....Addressing a function "NABARD award for rural innovations 2012", the Minister said the Rural Development Ministry is working very closely with NABARD, an apex development bank with a mandate for facilitating credit flow for promotion and development of rural agriculture and village industries, for increasing the self-help groups in northern and eastern Indian states. "I am hopeful that very soon the type of success we witness in south India will be visible in states like Bihar, Orissa, Madhya Pradesh,".....
Read - FE
With its glory years behind it, microfinance adapts
.......The MFIs are hoping that once the central government passes the MFI Bill, the Andhra Pradesh state law will stand nullified, and they will be able to collect their dues. “It is crucial that the MFI Bill is fast-tracked and heard in Parliament at the earliest. This will provide clarity and will help in the recovery of the sector,” said Alok Prasad, CEO, MFIN. Cleary, the struggle for survival is not yet over for MFIs, but a silver lining in the clouds is just about visible.
Amendment to Cooperative Societies Act declared unconstitutional
The Calcutta High Court on Wednesday declared as unconstitutional an amendment brought by the West Bengal government to a section of the West Bengal Cooperative Societies Act, 2010......
SBT to hire specialist cadre officers
State Bank of Travancore (SBT) has invited applications for appointment of 37 vacancies under specialist cadre officers. Listed vacancies are those of deputy managers and assistant managers in systems, civil engineering, electrical engineering, official languages, law and security......
Xpress Money plans to offer more cash transfer channels
......According to Sudhesh Giriyan, head of Xpress Money Business, as per RBI’s Money Transfer Service Scheme (MTSS), the company is currently permitted to operate only in the cash-to-cash segment. “We are in talks with the RBI. Once it gives us a go-ahead, we will launch these services,” he said.......
Build up forex reserves now - A.Seshan
......Taking advantage of the appreciation of the currency, RBI should start building up its reserves by buying forex in small amounts, say, $100-200 million, on a more or less daily basis. It will not upset the ..............
RBI changes rules on priority sector lending
Mumbai: The Reserve Bank of India (RBI) on Wednesday amended its guidelines on so-called priority sector lending to encourage commercial banks to undertake more direct lending to farmers. RBI has included loans to corporations including farmers’ producer companies of individual farmers and cooperatives of farmers directly engaged in agriculture and allied activities under direct lending............
RBI has not done its homework on rules for lending against gold: Rahul Bhasin
............ RBI says if you lend against gold, you keep 12.5% capital adequacy---this applies only for these private companies and not for the banks. If you see everything, RBI has done is to ruin these folks, but they are still surviving. Why? Because there’s a huge unmet need. The distribution they have created are larger than ICICI Bank and Axis Bank today..........
ECB norms for NHB, HFCs likely soon
MUMBAI, OCT 17:
The Reserve Bank of India (RBI) is likely to come out soon with guidelines pertaining to external commercial borrowings (ECBs) for National Housing Bank (NHB) and housing finance companies (HFCs) for affordable home loans. “The government has already allowed NHB and some HFCs (to raise money through the ECB route) for affordable housing. The guidelines are being finalised by the RBI and they are going to notify them soon,” R V Verma, Chairman and Managing Director, NHB said on the sidelines of a summit here.........
Security system for Padmanabha Swami temple cleared
...An expert committee looking into the security had suggested in the Supreme court on March 29 that a high security vault be built on the line of RBI, immediate release of funds by government for security measures and hiring an international agency with sufficient expertise to ensure fool-proof measures with particular emphasis on maintaining the traditions, culture and confidentiality of the assets.
OECD on India's economic growth
..........Besides, the former Reserve Bank Governor Y V Reddy -- who took part in a panel discussion here -- hailed the recent decisions on economic reforms taken by the government. "I think the measures that have been announced in the recent past have added to good sentiments," Reddy told reporters on the sidelines of the event.
Rise of rupee leads to cash shortage in local banks
With the rupee appreciating, a cash shortage has once again hit banks, as seen in their overnight borrowings from the repurchase window of the Reserve Bank of India (RBI)............
Read.........
Banks’ 2012/13 loan growth may fall short of RBI projectio
.....Banks’ advances grew 2.2 percent to 48,093.84 billion rupees as of October 5 since the start of the fiscal in April, data from the Reserve Bank of India showed on Wednesday. In the year-ago period, loans grew 7.1 percent..........
Read........
Overheard: What Ben and Subbarao schmoozed about
.......RBI Governor D Subbarao would have had a tete-a-tete with Ben Bernanke. Two central bankers coming together have many things to talk about and it would have been a private conversation. Assuming one had overheard the conversation and reproduced a part of it it, it would have been as follows............
Read.......
India Inc wants RBI sentiment booster
Apart from rate cuts, the representatives of industry bodies and exporters' organisations that met the Reserve Bank top brass today sought various sector-specific measures in the monetary policy review. Governor D Subbarao would announce the second quarter monetary policy on October 30. While there is a growing optimism that he may go along with the government following the reforms rolled out in the past one month, the latest inflation numbers may act as spoilsport........
Read - Indian Express
RBI may not go for rate cut in view of inflation: Parekh
The Reserve Bank may find it difficult to cut interest rate in its second quarter monetary policy review later this month in view of high inflation, HDFC Chairman Deepak Parekh said today. "Inflation numbers have marginally tweaked up. It is very difficult for RBI to cut interest rates. I don't think this time interest rates will come down because (inflation) numbers don't justify reduction," he said.........
Subscribe to:
Posts (Atom)