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, January 1, 2013
Executive Directors - Portfolios
Shri G.
Gopalakrishna
1. Department of
Communication
2. Secretary’s
Department
3. Department of Banking Supervision
4. Financial Stability Unit
Shri D.K. Mohanty
1. Department of Economic & Policy Research
2. Department of Statistics & Information
Management
3. Monetary Policy Department
Shri S. Karuppasamy
1. Legal Department
2. Premises Department
3. Urban Banks Department
4. Right to Information Act (also First Appellate
Authority)
Shri R. Gandhi
1. Human Resource Management Department (including
Rajbhasha)
2. Central Security Cell
3. Internal Debt Management Department
4. Department of Currency Management
Shri P. Vijaya Bhaskar
1. Department of Non-Banking Supervision
2. Risk Monitoring Department
3. Financial Markets Department
4. Department Expenditure & Budgetary Control
Shri B. Mahapatra
1. Department of
Banking Operations & Development
2. Department of Government & Bank Accounts
3. Inspection Department
Shri G. Padmanabhan
1. Department of Information Technology
2. Department of Payment & Settlement Systems
3. Foreign Exchange Department
4. Department of External Investments & Operations
Shri Jasbir Singh
1. Deposit Insurance and Credit Guarantee Corporation
Dr.(Smt.) Deepali Pant Joshi
1. Customer Service Department
2. Rural Planning & Credit Department
3. Alternate Appellate Authority (under RIA)
HNY - 010113
For a better future and success
New Year gives us dream for that
We will face challenges with confidence
On this new year may your dreams and hopes
Succeed with the blessings of god
Happy New Year and Seasons greetings
Deepali Joshi elevated as ED, RBI
Read - HBL
Urjit Patel Seen as Frontrunner for RBI Deputy Governor’s Post
..........The
government is likely to announce the appointment of Patel as the new
Deputy Governor — in charge of monetary policy — ahead of both Gokarn
and Kalpana Kochhar, an economist with the IMF, said a person aware of
the government’s thinking. The race was largely supposed to have been between Gokarn and Kochhar, according to a story carried in this paper as well as others. Patel
has worked in a diverse range of institutions, both in public and
private sectors. These include stints with the IMF and as a consultant
to the ministry of finance as well as two years at the RBI between 1995
and 1997.......
Think Again, Finmin!
Govt's reported move to replace Gokarn as RBI Dy Governor will be seen as a move to punish independent thinking. According to news reports the Reserve Bank of India (RBI) is set to have a new Deputy Governor in place of Dr Subir Gokarn whose term expires today. This is most unfortunate. Rightly or wrongly, Gokaran is seen as the man who, as the Dy Governor in charge of the monetary policy division of the Bank, was the person who (rightly) stood his ground and opposed the finance ministry's short-sighted efforts to keep interest rates suppressed artificially...........
Gokarn demits office; govt yet to identify his successor
..........This is not the first time that the post of a Deputy Governor remains vacant but there has not been any instance, at least in the past one decade, when RBI did not have a Deputy Governor holding charge of monetary policy.
Gokarn term ends, govt yet to appoint RBI deputy governor
The extended term of Reserve Bank of India (RBI) Deputy Governor Subir Gokarn ended on Monday. The government, however, has not suggested any name for the post...........
New year starts with a number of reasons to worry
.........Current account deficit was at $22.31 billion in the September quarter,
up from $16.4 billion in June and $18.9 billion in the September quarter
last year, RBI said. Nearly two-thirds of the deficit are being funded
by overseas portfolio inflows, which are considered volatile. "Steeper decline in exports compared with imports led to the widening of trade deficit," RBI said..........
RBI interference in banks' pricing decisions would be highly retrograde
......As for the argument that banks must price education loans lower than housing loans because education will 'change the fortunes of the country', we would like to remind the Dy Governor that banks are in the business of banking (read taking deposits, repayable on demand, for the purpose of lending), not changing the fortunes of the country. That is the government's mandate. If government wants any particular sector to be given special treatment, the way to do that is offer interest subvention through the budget, not by asking banks to step into the shoes of the government. It is unfortunate when a Dy Governor of the RBI, and a former commercial banker to boot, fails to see this difference.
Strike by RBI staff deferred
......The forum said in a statement that the decision to defer the strike was taken after the RBI management gave an assurance that the currency and coins counters of the central bank across the country would not be closed from tomorrow............
Traders resent closure of RBI exchange counters
..........“The Reserve Bank had made it clear that it will ask commercial banks to start exchange counters for small notes and coins. But, this will not be effective since they will not give due consideration to this service. This move is as part of RBI’s withdrawal from retail functioning. In order to provide maximum service for the public RBI as well as commercial banks should provide this service,” said K S Raveendran, central committee member, All-India Reserve Bank Employees Association.
Pensioners asked to have account in nationalised banks
.....Pensioners, who have been drawing their pension from banks other than that of nationalised banks, have been asked to open new bank accounts in nationalised banks immediately. This follows an advisory issued by the Reserve Bank of India to disburse pension only through authorised nationalised banks...........
Centre keeps veto over bank boards
..........Interestingly, the delegation is not absolute as it comes with a ‘public interest’ rider. The notification says that the move is subject to a condition that “the central government may revoke such delegation of powers or may itself exercise the powers under the said sections, if in its opinion, such a course of action is necessary in public interest.” Thus, while RBI will have new powers, the government acting through MCA will have a veto.........
RBI to compile list of MSMEs lacking access to bank credit
......While welcoming the RBI’s move, the president of the Tirupur Exporters Association (TEA), A Sakthivel, said, “The government keeps saying that a certain portion of bank credit should be kept aside for MSMEs, but there is no monitoring. They should have a mechanism to monitor whether the target is achieved or not, and stringent action should be taken against banks which do not meet targets.”..........
Coming of age: Digital payments
.....Statistics from the Reserve Bank of India on the Indian payment system throw up several interesting facts. Mobile penetration in India (approximately 75 per cent) far exceeds banking penetration (approximately 20 per cent). The value of banknotes and coins in circulation as a percentage of GDP (12.04 per cent) is very high when compared to other emerging markets such as Brazil, Mexico and Russia. Non-cash transactions per person is a meagre six per year. Over Rs 11 lakh crore is held as cash rather than in banks. ATM penetration is among the lowest in the world, at 72 ATMs per one million people........
Maha State Coop Bank turns black, proposes to achieve 12% CRAR by FY17
Maharashtra State Cooperative Bank (MSCB), which is under administrators' rule since May 2011 after its board was dissolved by RBI for poor financial conditions, has turned black. From minus 1.50%, MSCB’s Capital to Risk (Weighted) Assets Ratio (CRAR) rose to 8.5% as on date and it is expected to increase to 12% in 2016-17. MSCB’s gross NPA of Rs 2,584.87 crore have come down to Rs 2,179.69 crore as on march 2012 which would be further reduced to Rs 1,600 crore by March 2013. The Bank aims to bring down gross NPA below 5% by 2016-17..................
More loans, new banks, less rates: It may all happen in the New Year
....." In view of inflation pressures ebbing, monetary policy has to increasingly shift focus and respond to the threats to growth from this point onwards." If promise turns to action and takes effect in January, it will mark the beginning of a new round of frenetic activity that ropes in several other sectors, notably consumer durables, automobiles, housing and others as banks view to sell more loans and make the deals sweeter, faster and larger. All in all, it sounds like as promising a start as can be for the banking sector in general, notably retail loans that more and more banks seek to covet as they shy away from large scale lending in the light of poor experiences with large borrowers.......
Cheque out the new system
................The standardisation would also help banks to directly process the data to their Core Banking System without manual intervention. Considering the advantages in the new CTS-2010 standard cheques, the RBI has decided to withdraw the old non-CTS 2010 standard cheques from circulation by calling upon the banks to get back the old cheque leaves from their customers and replace them with new CTS-2010 standard cheques. The deadline for the replacement is March 31, 2013.....................
State Bank launches pre-paid mobile wallet
......State Bank of India (SBI) has launched State Bank MobiCash Easy, a mobile wallet which offers facilities such as fund transfer, bill payment, balance inquiry, mini statement, mobile top-ups and DTH recharge to name a few. It is a pre-paid account accessible over mobile phones, enabling consumers to send remittances to any bank account, transfer funds to other wallets issued by SBI. At present, money withdrawal is not allowed, and the customer is not required to fulfil the KYC (know your customer) norm.......
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