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.
Friday, February 8, 2013
RBI to take into account low growth, budget in next policy
RBI for change in laws to deal with fake currency menace
GUWAHATI: The Reserve Bank today said it is in talks with the government to amend the relevant laws to ensure that persons generating fake currency are punished and not those who possess such notes innocently. "We are in negotiations with the Government of India on how this law can be reviewed and changed so that the responsibility for the fake currency is actually on the people who are responsible for generating the fake currency," RBI Governor D Subbarao told reporters after the board meeting here...........
RBI to investigate circulation of foreign currencies
The Reserve Bank will probe into the alleged circulation of Bhutanese and Nepali currencies in some parts of lower Assam and North Bengal, Governor D Subbarao today said. "Using foreign currency on Indian territory is illegal. Currency Supply Regulation Movement is in order. "But there might be some problems is certain parts of the country and we should try to take care of that. I am asking our Regional Director to check on that," Subbarao said while responding to queries in this regard..........
Silence............ tension over pension.......
Silent protest on (i) opening of option for pension and (ii) updation of pension with placards was carried out peacefully before start of the Central Board Meeting at Guwahati today. Board Members including Governor were impressed by our protest. After the members were in for the Meeting, Mr. Samir Ghosh, General Secreary of All India RBI Employees' Association addressed the gathering at bank' entrance. He congratulated retirees as well as serving staff for coming in large numbers for the silent protest. Further, the Members of Central United Forum also addressed the retirees inside the canteen hall of RBI. All of them congratulated the aging retiring employees coming in very large number and standing with placard for the silent protest.
- U.N.Deka (via e-mail)
(Forwarded by L.R.Parab)
(Forwarded by L.R.Parab)
COMING FULL CIRCLE
.....If MFIs are to return to their earlier prime position, they will have to bring in more efficiency in their operations so that their profitability is at a level the stock markets will get excited about. But will that mean Round II of the SKS fiasco?.........
Central Government nominates Dr. Urjit R. Patel on SBI board
.......the Central Government, vide its notification dated. February 06, 2013, has nominated Dr. Urjit R. Patel, Deputy Governor, Reserve Bank of India, to be a Director on the Central Board of Directors of State Bank of India with immediate effect and until further orders vice Dr. Subir Vithal Gokarn.
My View on "CRR = 900 km metro, 25% larger economy"
This is typical of a commercial banker always thinking of investment and making profit. He forgets for a moment that if commercial banks are allowed their way, many may not exist to make that investment and profit. So many King fisher like companies would take the hard earned money of small people which are kept as deposits with the banks and vanish from the scene. Mr Choudhari should go back to his own banks, balance sheet and observe that the bad debts written off by the bank and the NPAs of the bank had been avoided, more metros, more roads and more infrastructure, the economy would have got. If the entire banking system's bad debts write offs and NPAs are avoided by better functioning, the fiscal deficit could have been easily wiped our in one stroke and the economy would be running a surplus. Earlier such bank executives leave the system the better for banks and the financial system to have some semblance of stability and soundness.They are not matured enough to appreciate the efficiency and effectiveness of the regulatory system despite having witnessed the financial turmoil the advanced economies has faced in the year 2008. Such top executives act as a hindrance to transmit the monetary policy mechanism as they never act in letter and spirit as the Reserve Bank as a worldly recognised regulator and promoter of sound banking and financial system desires. This is unfortunate and the governor has not been lucky enough to have the backing and support of major bankers. Even some of his own lieutenants seem to be not in agreement with his way of thinking in policy matters as is made out and reported in media. With all these, the RBI has been a success in maintaining its status as a good regulator and a central bank.
- Dr.T.V.Gopalakrishnan
RBI focus on small industry
Guwahati, Feb. 7: The Reserve Bank of India today emphasised on raising credit to micro, small and medium enterprises (MSME) and agriculture sectors and “deepening” financial inclusion in Assam. Addressing newspersons after the apex bank’s central board meeting here this afternoon, RBI Governor D. Subbarao said he had met Assam chief minister Tarun Gogoi yesterday and discussed issues relating to greater penetration of banking facility in unbanked villages with a population of over 2,000, increasing credit to MSME sector and curbing unincorporated bodies from collecting money through fraudulent offers....................
Chairman appointment norms in govt banks relaxed
.........Now, a candidate who has served the executive director’s position for minimum 6 months has will become eligible. Initially, a candidate who served as 2 years as ED were eligible for becoming a chairman, which was later reduced to 1 year. However, this year if the 1 year ED criteria was applied only nine candidates were eligible while the number of CMD positions that will fall vacant in 2013-14 is also nine..........
Time we raised direct taxes - S.S.Tarapore
..........The Indian fisc is highly regressive in that tax receipts are approximately equally divided between direct and indirect taxes. It is one thing to enhance ‘sin’ taxes (liquor and tobacco) and quite another to raise indirect taxes across the mass consumption basket. As part of distributive justice, the Government should bite the bullet and tighten direct taxes where there are glaring gaps, while easing the burden on the relatively vulnerable segments. A higher income tax slab of 40 per cent could be introduced for annual incomes above Rs 25 lakh. Responsible industry leaders in the US, Germany and France have themselves suggested higher taxes for the ‘super-rich’........
IMF: RBI must keep inflation in check
.........“We think the best the RBI can do to restore confidence and revive investment is to bring inflation down,” Papi told CNBC Asia’s “Squawk Box” on Thursday. “While we see that the pressures on wholesale prices have come down, we are still concerned about inflation in consumer prices as it still exceeds 10 percent.”.........
Move to Chip- based cards to prevent credit card frauds
.......While the Reserve Bank of India (RBI) has taken the initiative to make two-factor authentication mandatory for card-less transactions (e.g online), the same requirement for card transactions is at least a year away. But why wait till then? If you are looking for a new credit card or simply want to make your current credit card more secure, choose the chip-based card.............
Realtor held on cheating charge
.....The accused invested the money in real estate business. He later misappropriated the money and cheated the depositors for wrongful gain. Gupta had no permission from SEBI or the RBI to collect deposits from the public. He collected deposits under three separate plans from the public and .......
Subscribe to:
Posts (Atom)