RBI Governor to inaugurate International Conference on Cooperatives in Pune on November 16, 2012

Dr. D. Subbarao, Governor, Reserve Bank of India will inaugurate and deliver a key-note address at a two-day International Conference on Cooperatives on November 16, 2012 in Pune. The conference is being hosted by the Reserve Bank’s College of Agricultural  Banking, Pune on November 16 and 17, 2012 to commemorate the International Year of the Cooperatives.........

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Not the right time to abolish CRR - S.S.Tarapore

....The Government, in desperation, is turning to scrutiny of the RBI balance-sheet. A central bank’s balance-sheet cannot be examined on the lines of a corporate balance-sheet. When the central bank shows high profits, it often indicates that the economy is precariously placed. Per contra, when the central bank shows low profits as its foreign assets form a larger proportion of its assets, it reflects strength of the economy. The Government is welcome to study the RBI balance-sheet and, in fact, should do so to better understand the central bank’s imperatives........

Read - HBL

Panel struggles to find Gokarn's replacement

A panel looking for a replacement for Subir Gokarn, whose three-year term as a Reserve Bank of India deputy governor ends in a week, has been unable to find many eligible candidates. Of the three shortlisted so far, only one has confirmed interest. The search committee, headed by RBI Governor D Subbarao, will have a third meeting on Monday to consider a few more names for the position that falls vacant on November 23. The committee was also considering an extension for Gokarn, sources said..........

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SBT launches zonal office at Kollam

State Bank of Travancore (SBT) has opened its ninth zonal office in Kollam on Monday. Union Minister for Labour and Employment Kodikkunnil Suresh inaugurated the office at Arpan Towers, Kadappakkada, an official spokesman said here. P. Nanda Kumaran, Managing Director, SBT, presided over the function. Sajeev Krishnan and E. K. Harikumar, Chief General Managers, were present. Salim Gangadharan, Regional Director, RBI, Kerala-Lakshadweep, delivered the keynote address..........

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New MD for Maharashtra State Co-operative Bank

Maharshtra State Co-operative Bank (MSCB) has appointed Pramod Karnad as the new Managing Director of the bank. Karnad was officiating as the Managing Director for the past 20 months, the bank said in a statement..........

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RBI fiat on reporting attempted fraud cases

The Reserve Bank of India on Thursday said henceforth banks need not report attempted fraud cases of Rs 1 crore and above to the regulator’s Fraud Monitoring Cell. However, banks should continue to place such cases before the audit committee of their own board........

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'Chanda Kochhar most powerful businesswoman'

                                                                        
ICICI Bank MD and CEO Chanda Kochhar has been named as the most powerful women in business in India for the second consecutive year by Fortune Magazine........

Read - Express India

A model banker for rural India

....the kind of proximity and access to the banking system that Sharma provides is almost non-existent in most of rural India; only 39% of the rural population has a bank account, and 73% does not have access to the formal credit system. It is a problem the government has made intermittent efforts to address. In August, the Reserve Bank of India (RBI) asked banks to make financial inclusion —delivering financial services to the poor and the unbanked—more meaningful and urged them to examine the quality of their local managers known as ‘business correspondents.’.......

Read - Mint

Ernakulam to be declared first district with 100% banking

KOCHI, NOV. 15: 

Ernakulam is set to become the first district in the country to have 100 per cent banking. The district will be dedicated to the nation as the first one having Meaningful Financial Inclusion on November 22 at a function here. Chief Minister Oommen Chandy, State Finance Minister K.M. Mani, Union Minister K.V. Thomas, RBI Governor D. Subbarao, UID Chairman Nandan Nilekani and CEOs of major banks are expected to attend the function...........

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RBI keen to amend banking regulation bill

The Reserve Bank of India (RBI) is keen on the amendment of the banking regulation bill and the central bank wants powers including inspection of associates and dissolution of the bank board. They are keen about mandating these through the amendment of the banking regulation bill........

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Interest rate cut would depend on inflation: Chakrabarty

New Delhi: Indicating that the reduction in key interest rate would depend upon price situation, RBI Deputy Governor K C Chakrabarty on Thursday said its comfort level for inflation is 4-5 percent. "We are looking for 4-5 percent inflation which is our comfort level," he said on the sidelines of the meeting of heads of public sector banks with Finance Minister P Chidambaram here..........

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Falling core inflation may prompt RBI to cut rates: Crisil

Falling core inflation on the back of slowing economic growth is likely to create space for the Reserve Bank to ease monetary policy in the early part of the next year, rating agency Crisil said today..............

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Set right debt recovery tribunals

Announcing the last credit policy review, the RBI mentioned that the rise in non-performing assets (NPAs) was ‘disturbing.’ The reference was to the steep rise in NPAs of the banking sector in the first quarter of the current fiscal, from 2.9 per cent in March to 3.25 per cent in June. However, the recovery of NPAs.........

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PSBs to hire 63,200 persons this fiscal

....There were 84,489 vacancies at various levels in state-owned banks at the end of the last financial year. Most of these banks have undertaken recruitment drives in recent years. The public sector banks have a sanctioned strength of about 8 lakh employees as on March 31, 2012.

Read - The Hindu

Statewide launch of e-FMS for MGNREGA wage payments

....The Reserve Bank of India's Deputy Governor H R Khan said banks have been asked to open as many ATMs in rural areas for making money-withdrawal convenient for beneficiaries. Though the Centre had piloted e-FMS in Karnataka, Gujarat, Rajasthan and Odisha in 2010, Odisha is the first to roll out the service after its successful dry run at Sheragada block in Ganjam district in 2010-11. RBI's Khan had introduced the scheme in Ganjam, Gajapati and Mayurbhanj on June 29 this year......

Read - TOI

India needs a weaker rupee

....what should RBI’s policy for the rupee be? Judging the ‘right’ level of a currency is more an art than a science. It is intuitive that, ceteris paribus, a country with a faster economic growth should have an appreciating currency while the currency of a country with higher inflation should depreciate relative to that of a country with lower inflation. .....

Read - FE

Commercial banks falter in advancing crop loans

As many as 28 out of 41 commercial banks operating in the state have failed to achieve the 18 per cent lending target stipulated by the Reserve Bank of India (RBI) for the agricultural sector, by September end. Public sector lenders that have fallen short of the target include State Bank of India (15.01 per cent), Allahabad Bank (11 per cent), Andhra Bank (17.02 per cent), Bank of Baroda (15.43 per cent), Canara Bank (11.8 per cent), Central Bank of India (8.28 per cent), Oriental Bank of Commerce(2.1 per cent) and Punjab National Bank (17.87 per cent) among others........

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Indian banks hit by slowdown, government to infuse capital: Chidambaram

....Chidambaram said most public sector banks required infusion of additional capital and the government would take a decision on this in a couple of weeks. He said top three banks which required immediate infusion of capital were - Indian Overseas Bank, Central Bank of India and Bank of Maharashtra. "We have a budgetary provision and will allocate the capital to the banks," he said. .....

Read - TOI

70% loss cover would have wiped out PSBs' profits

....Though the Reserve Bank of India (RBI) had withdrawn the requirement for 70 per cent loan loss cover from September 2011, private sector banks, whose asset quality is better than their public sector counterparts’, have maintained provision covers of more than 70 per cent........

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Lower deposit rate and pass the benefit to borrowers: FM to banks

....According to bankers who attended the meeting, the finance minister wanted to know which banks were still offering nine per cent or more for one-year deposits. “At a time when the central bank has signalled interest rates will ease, some of the banks have even hiked their deposit rates and offering more than nine per cent,” said the chairman and managing director of a public sector bank.......

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Chidambaram asks RBI to finalise new banking licence norms

“...we have written to the RBI recently urging them to proceed to finalise the guidelines and proceed to receive applications for new banking licences in anticipation of the amendment in the Banking Regulation Act,”..........

Read - HBL

Bank hands credit card statement to third party, to pay Rs 15L

.......The manager of a Citibank branch in Delhi has been ordered by the Delhi Consumer Disputes Redressal Commission to pay Rs 15 lakh as compensation to a customer whose credit card statement was released to a third party, in violation of Reserve Bank of India guidelines........

Read - Indian Express

Australian bank Westpac opens branch in Mumbai

.....Westpac has been present in the country through a representative office since 2007 and was awarded banking licence by the Reserve Bank of India in April......

Read - HBL