Mumbai Marathon: Corporate India shows it’s fit for the long run

...........True, long haul running is not for everyone. Often, running a marathon is used as a metaphor for loneliness. Early hours of training, early nights are a must to develop stamina to run the full distance . It will ensure participants to give up on lesser pursuits, for months before the event. For individuals like D Subbarao, the RBI Governor, who is often seen ploughing a lone furrow by ignoring unsolicited signals from powers that be to cut key rates, running has to be a disciplined approach. "He's an avid gym enthusiast and jogs every day," a person who knows his exercise regimen said. When Subbarao is not in the city, which is often, he hits the treadmill every morning for about 45 minutes , the source said. Subbarao, for the record, will be accompanied by 200 central bankers participating in varying distances. ..........

Read - ET

‘The question is how Subbarao judges fiscal policy next year’

.....Most people think if you really want the monetary policy to become loose, the fiscal policy must become tight. So the real question is what will the governor judge about fiscal policy next year. They won’t know that until the Budget is presented because that is when the government will give its indication. Normally what people say is if your fiscal deficit is too high —and we are saying it is too high — then the monetary authorities would typically say you should bring the fiscal deficit down credibly before we do some relaxing. Most people would actually say you anticipate rather than wait until it is actually reduced. That is the judgement the RBI has to make........

Read - DNA

'RBI has to take a difficult call on rate reductions'

Yashwant Sinha, Chairman of the Parliamentary Standing Committee on Finance and senior Bharatiya Janata Party (BJP) leader on Thursday said the Reserve Bank of India (RBI) should not succumb to public and government pressure on the interest rate issue. “If inflation remains stubborn, how does RBI find space to reduce the interest rate? The Governor has to take a call, a difficult call, but has to keep the economic principle in mind,” he said.

BS

RTI activist seeks why Gandhi on currency

“The appellant cannot ask for answers to queries like why, how etc. from public authority.” 

S KAURPPASAMY, Executive Director and the Appellate Authority of RBI

.........In reply to it, Central Public Information Officer (CPIO) of the Reserve Bank of India B.P. Vijayndra, referring the provisions of Section 25 of the RBI Act 1934 replied that the Central Board of the Reserve Bank recommended for incorporation of the portrait of Mahatma Gandhi in the water mark area on July 15, 1993 and to print the same portrait on the right side of the note was recommended on July 13, 1994 and the Central government decided on the same............

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Make coop societies free from I-T

.........General Manager of Reserve Bank Of India, Bombay Pratap Ahuja, who was the chief guest and chaired the seminar, emphasised the need to abide by the directions of RBI in letter and spirit for the smooth running of Cooperative Banks and credit societies. He said that ever-increasing competitiveness has made it indispensable to run these institutions with modern management techniques. He said these institute should send all the requisite information and details to RBI as it helped to check any irregularity which could impact their functioning .He said that such seminars with a proactive approach also help improving the functioning and consumer services. ...........

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RBI dy guv Anand Sinha may get 2-month extension

The government is likely to extend Reserve Bank of India (RBI) Deputy Governor Anand Sinha’s tenure by two months. Sinha, 62, who was appointed in January 2011, would complete his term on February 28. If Sinha’s term is extended, it would be an unusual case, as a deputy governor is appointed for a five-year term, or till he/she is 62, whichever is earlier. RBI had recommended the government to extend Sinha’s term by a year.............

Read - BS

Economic outlook

.....Governance problems add to the crisis. All these factors have to be addressed if credit growth has to accelerate. The government cannot sit tight with just interest rate cuts by RBI. Investment plans and expenditure have to be pushed up. The National Investment Board cannot be expected to do wonders.

Read - Shillong Times

RBI Governor D Subbarao visits village

Governor met villagers of Barabanki and gave their answers. He was talking to people in the banking awareness camp in a village near state capital Lucknow.

CosmoNet

Indian Banks need to modernize and upgrade themselves: Dr. C Rangarajan

........“Indian Banks need to modernize and upgrade themselves in order to be counted in the Global markets for which Indian Banks need to adopt Modern Technologies, Solutions, Processes & Services required for Mobile, Retail Banking & Corporate Banking.”, said Dr. C Rangarajan, Chairman of the Prime Minister’s Economic Advisory Council while inaugurating the 2nd edition of INTERNATIONAL BANKING EXPO INDIA (IBEX INDIA 2013), India’s only comprehensive B2B Trade Fair for Banking Technologies, Equipment & Services............

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Giving banking licences to corporates a bad idea: Yashwant Sinha

.....“This was something where a clear separation took place decades ago for a very good reason. Any relaxation in these norms is going to lead to an unnecessary conflict of interest and an unnecessary risk to the financial sector,” ........

Read - BS

IMF cautions against allowing corporates to enter banking space

...“In the current context, the risks may outweigh the benefits… The legal, operational, and regulatory framework for consolidated supervision of both bank-led groups and financial conglomerates is still missing some important elements,” ...........

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RBI gets more legroom after diesel price hike: StanChart

......Q: You don’t believe that this is going to narrow the window for the Reserve Bank of India (RBI) if indeed the Governor was planning to move on rates this month?

A: I would tend to think that this would give RBI more comfort to cut rates rather than narrowing their possibility because RBI has always put fiscal consolidation as a pre-condition for rate cuts. This is surely the most serious intent of fiscal consolidation seen in some time. I would tend to think that this will give RBI more comfort..........

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SBI plans 'by-invitation-only' branches in 20 cities

............While private and foreign banks have opened similar branches for their super-rich clients, none of their branches are by-invitation-only. “It’s a new concept for us as public sector banks have not been present in this space. SBI opened the first such branch in Hyderabad and it has been a success. There are plans to open similar branches across 20 cities,”......

Read - BS