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Wednesday, October 24, 2012
Social banking: New kid on the block?
Banks may get targets to install card terminals
Reserve Bank of India (RBI) is considering setting a target for banks to install point of sales (PoS) terminals for acceptance of card payments. It is also looking at a wider role for non-banks in setting up 'white-label' PoS machines at retail outlets across the country. As against the 1.82 crore credit cards and 29.85 crore debit cards, there are only 6.97 lakh online PoS terminals in the country. Speaking at The Bankers' Club, Thrissur, on Monday, G Padmanabhan, ED, RBI, indicated that banks were taking easy way out by being content with steps initiated by regulator........
Odia man honoured for 'foolproof' payment system
SAMBALPUR: An Odia man was honoured by the Centre for devising an Aadhaar-based system for payments under different welfare schemes. The system is unique as it would do away with repetition of payments because fingerprint authentication of the beneficiary is mandatory. Abhaya Hota of Sambalpur received the award from Prime Minister Manmohan Singh at a function in Rajasthan recently. Hota after a career in the Reserve Bank of India (RBI) became the managing director and chief executive officer of National Payments Corporation of India (NPCI). RBI had set up the NPCI, an umbrella institution, to clear and settle all inter-bank transactions in ATM transactions, mobile payments and card payments................
Read - TOI
Aadhaar to ‘aam aadmi’
.........While the progress in Aadhaar enrolments has been satisfactory, a lot more needs to be done for financial inclusion. One way out is for banks to appoint business correspondents (BC) to reach customers in remote areas where traditional brick-and-mortar operations aren’t feasible. A country-wide network of BCs – each equipped with a hand-held ‘micro-ATM’ device that is Aadhaar-enabled – is a viable option for delivering fertiliser subsidy or MGNREGA wages directly through electronic transfer into the beneficiaries’ accounts. The latter could withdraw that money in cash even from a BC with whom they may not have an account – similar to how one bank’s ATM can also be used by customers of other banks............
Banks reluctant to use Aadhaar numbers to open accounts
RBI note to follow due diligence on customer’s current address behind confusion; UIDAI seeks clarification
...........Indeed, despite RBI’s clarification last September that the number, issued by the Unique Identification Authority of India, or UIDAI, would suffice, banks are still reluctant to accept it. Banks insist on KYC norms being met to open accounts. The opening of Aadhaar-linked bank accounts is the key to moving towards a regime of direct transfer of cash subsidies for everything from cooking gas to kerosene to fertilizer...........
Monetary policy has a role in growth revival
......Over the past year, RBI’s monetary policy stance has become increasingly contingent on fiscal consolidation, even as the debate continues on the respective roles of fiscal, industrial and monetary policies in controlling inflation while sustaining growth. As early as April, RBI emphasized that “persistent demand pressures emerging from inadequate steps to contain subsidies… will reduce whatever space there is (to further reduce policy rates)”. The government’s view, on the other hand, is that “high interest rates hurt everyone”.........
‘Writ under Article 226 lies against negligent nationalised bank’
A bank, a nationalised bank at that, is an instrumentality of the state and hence writ under Article 226 of the Constitution lies against it, said the Madras High Court in Ashok Amritraj vs Reserve Bank of India and others..............
Be cautious of perky UIBs: RBI
JAMMU: Reserve Bank of India has cautioned the people about the various Un-incorporated Bodies (UIBs) that intend to dupe the gullible investors of their hard earned money by luring them through advertisements offering attractive schemes and stupendous returns. In a hand-out issued by the authorities of the Reserve Bank of India, several instances of frivolous and perky Un-incorporated Bodies (UIBs) have been mentioned to make the public aware of such associations and bodies......
With simpler hedging, RBI makes it easy for FIIs to invest
.........In a recent speech, Deputy Governor H.R. Khan said that during the current financial year, after depreciating by more than 10 per cent till June 2012, the rupee started recovering gradually in response to major central banks’ decision to go for further policy easing and the announcements of another round of reform measures by the Government...........
2 days on, University of Hyderabad’s school of economics scouts for funds
.......Observers said that the current impasse might further weaken with some of the brains behind the project leaving the university. "Y V Reddy, economist and former Governor, RBI was a major force behind the inception of a separate school. He has already requested to be relieved of duties as professor par excellence," a source said.
Read - TOI
We are not a bailout agency, says LIC
......Last fiscal, LIC had helped in recapitalisation of a slew of public sector banks, which was of big help to the lenders given the weak government finances, but which made Reserve Bank of India uncomfortable and it conveyed its displeasure to the banks boards............
RBI to issue Rs 100 note with rupee symbol
......These bank notes will bear the rupee symbol on the observe and the reverse with inset letter E in both the numbering panels, bearing the signature of governor D Subbarao, RBI said in a notification...........
Poor are honest borrowers: Chidambaram
Finance Minister P Chidambaram today asked banks and financial institutions not to hesitate in giving loans to the poor, saying they are honest borrowers and do not default on payment.........
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