Employees and officers under the banner of 'United Forum of RBI Officers and Employees' have called a nationwide strike on January 1, 2013 to protest against the decision to close currency notes and coins issue counters from that date................
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Saturday, December 29, 2012
Will 2013 be ‘annus mirabilis’ for banks?
Mumbai: For most part, the year 2012 seemed an annus horribilis (a horrible year) for the banking sector as public sector banks that account for nearly 75% of the sector’s business saw their autonomy and earnings worsen. Starting with “regular missives” from the finance ministry, an unrelenting regulator on interest rates, the year was dominated by past business bets gone bad resulting in mounting restructured assets for the public sector banks (PSB).............
Banking services is a right of every individual: FM. Will RBI enforce this right for the benefit of the banking public?
......This is a wonderful thought coming after 43 years of nationalization of the first set of 14 banks on 19 July 1969. Unfortunately, this right to banking services is not guaranteed under our country’s constitution. But fortunately, there is no need for any amendment to the constitution or any other act, as RBI (Reserve Bank of India) has got the powers to enforce this right under the existing laws though a simple fiat. It is, therefore, for the RBI to implement this right of every citizen to receive a satisfactory banking service by codifying the time norms for banking services and laying down guidelines for their compliance........
SMVSB to mint 2 billion coins for silver jubilee
Jammu: The Vaishnodevi Shrine Board has got a go-ahead from the Centre for the minting of non-circulation commemorative coins and two billion circulation coins of Rs 5 and Rs 10 denomination on the eve of the completion of 25 years by the board............
RBI defers implementation of Basel III norms to April 1
The Reserve Bank of India has rescheduled the date for implementation of Basel III norms to April 1. The earlier deadline was January 1, 2013. This comes as a relief for banks as Basel III norms require the equity capital of a bank to be not less than 5.5 per cent of risk-weighted loans, as per the draft guidelines issued by the RBI.............
Former Canara Bank CMD Raman to join Sebi
Shri S.Raman, former chairman and managing director (CMD) of Canara Bank, on Friday took over as a whole time member of stock market regulator Securities and Exchange Board of India (Sebi) for a tenure of five years.........
Complaint against union minority affairs minister Rahman Khan
BANGALORE: Karnataka State Minorities Commission chairman Anwar Manippady filed a complaint before the Lokayukta alleging that union minority affairs minister K Rahman Khan had misappropriated funds in the Amanath Co-Operative Bank when he (Khan) was the president of the bank. Manippady filed the complaint before Upalokayukta S B Majage. He has also named land developer Ziaulla Sharieff, chairman of Al-Ameen Trust Mumtaz Ahmed Khan, besides some directors and officers of the bank, officials of the cooperation department and local officials of RBI.......
Above normal return from gold not sustainable in long term: RBI
........There has thus been a substitution towards non-financial assets like real estate and gold; the real returns on which have been relatively high, said the report. In addition to the higher real returns on gold and residential housing, other factors could be impacting the fall in financial savings and an increase in physical savings and valuables in household savings, the report said............
Panel to plug regulatory gaps in shadow banking
............. “There is little regulatory oversight over the large quantum of funds handled by post offices, employees’ provident funds or government pension schemes.” However, analysts say using the term ‘shadow banking’ for government NBFCs, post offices and pension and provident fund schemes is not fair. Though they don’t have regulatory oversight, they have government oversight and are subject to the Comptroller and Auditor General’s scrutiny. Post offices, pension and provident fund schemes are directly owned by the government..........
RBI’s January rate cut under cloud
A rate cut which looked imminent in January has now been called into question with the Reserve Bank of India (RBI) saying that it is worried that savers are shifting to non-financial assets like gold and real estate because of very low real returns on financial assets. .......
Third Quarter Review of Monetary Policy 2012-13
Dr. D. Subbarao, Governor, Reserve Bank of India will announce the Third Quarter Review of Monetary Policy 2012-13 on Tuesday, January 29, 2013 in a meeting with the chief executives of major scheduled commercial banks at 11.00 a.m. on Tuesday, January 29, 2013 at the Central Office, Reserve Bank of India, Mumbai.
Reversal in monetary policy only when inflation is down: PMEAC
VISAKHAPATNAM: The signal for reversal of monetary policy stand by the Reserve bank will come only when inflation shows definite signs of decline, Prime Minister's Economic Advisory Council Chairman C Rangarajan said today. He also said that high inflation over the last couple of years was due to supply side constrains but that did not mean that monetary policy had no role to play in such condition. Rangarajan was delivering the P R Brahmananda Memorial Lecture on 'Dynamics of Inflation' at a conference by the Indian Economic Association. .....
RBI report voices concerns over banks’ asset quality
dia’s financial system remains stable, but the deteriorating asset quality of banks will pose a challenge in a smooth transition towards new international capital adequacy norms that kick in from April, the Reserve Bank of India (RBI) said in its report on financial stability released on Friday. “Indian banks will face challenges as they migrate to Basel III, given the declining asset quality and regulatory changes necessitating additional provisioning,” the report warned............
Falling growth, inflation pose risk to stability
..........In the foreword to the report, RBI Governor Subbarao said in recent quarters, growth had moderated due to the global economic situation and domestic policy uncertainties. “Growth...needs to accelerate if the momentum of poverty reduction, employment generation, and pay-off from the demographic dividend is to be accelerated,” he said..............
Financial stability at risk on falling growth, high inflation
"... lower growth, elevated inflation, high fiscal and current account deficits remain potential risks to financial stability,"............
Read - FPJ
Risk to banking sector increasing, says RBI
.......The Reserve Bank of India (RBI), on Friday, said that the risks to banking sector had been increasing in recent years with a continued deterioration in the stability of the banking sector since 2010. It also said that the aggregate risks remained at an elevated level during 2012. “An analysis of the components contributing to banking stability show that tight liquidity, deteriorating asset quality and reducing soundness are the major contributors to the decline in stability of the banking system,” .......
Rising losses from bank frauds is matter of worry: RBI
........Losses incurred by banks in India due to frauds have been on rise in recent quarters. Along with it, several high profile cases of frauds in banks globally, have focused attention on the importance of operational risk capital, RBI said in Financial Stability Report............
Independent audit by CAs not binding on coops: Special Officer
..........Referring to the complications being faced by primary agricultural cooperatives in bearing the audit cost, he said the new amendment will clear the confusions. Asked whether such societies could opt for independent audit by chartered accountants as required by the Banking Regulation Act and accepted by the Reserve Bank of India (RBI), he said as per the Central Act, the State Government can have the option of either independent audit by chartered accountants or statutory audit by cooperative auditors. He, however, said that the RBI would have to comply with the provisions of the amendment Act and there would not be a situation forcing the societies to go for both audit...........
CARD bank employees demand merger with OSCB
The employees' association of the ailing Cooperative Agricultural and Rural Development (CARD) banks, set up for providing agricultural loans to the farmers, has demanded their merger with the Odisha State Cooperative Bank. For the well being of the employees of the CARD banks, the state government should initiate measures for merger with the OSCB, said Hrushikesh Mishra, general secretary of All Odisha CARD Bank Employees' Association...........
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