Principles for financial market infrastructure and innovations in retail payment systems – some perspectives

Inaugural address delivered by Mr H R Khan, Deputy Governor of the Reserve Bank of India, at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organised by the Reserve Bank of India, New Delhi, 14 February 2013

..............Although the urge for replicating the successful payment systems of other countries in one’s own country is very high, it is necessary to customize the processes and products as per the suitability to the country keeping in view  particularly the socio-economic and cultural distinctiveness and the regulatory and institutional aspects Regulators need to assess effectiveness of different payment products in their jurisdictions by the authorized entities to ensure that they suit the needs of the common people, the complexities are understood by them and they have inbuilt provision for consumer protection.........

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RBI to train police in NE states in fight against fake inst

GUWAHATI: The Reserve Bank has drawn up a comprehensive programme to train local law enforcement agencies, especially the police force, in the North Eastern states to take on fake institutions and fly-by-night operators. "We are in talk with the Chief Secretaries (of North eastern states). This is one of the action points which our Governor has pointed out... 

"... that in consultation with chief secretaries chalk out a training programme for police personnel who do not know the nitty gritties of the legal implications," RBI Regional Director P K Jena told reporters here today. ......

Read - ET

Fraud-proof Credit Cards may Cost More

With the Reserve Bank of India asking banks to issue chipbased credit cards to new customers to prevent possible fraud, the annual fee for using them is set to rise in the coming days. The central bank, which is drafting new guidelines for issuing cards and wants additional security features thrown in, could even tell banks to give the customer the option to choose from a “valid only in India’’ credit and debit card.............. 

Read - ET

Clarification

I am surprised to see my article entitled " RBI, backdoor financier?" included in today's edition of your news circular. It is a reproduction of an old article published in Business Standard on November 5,2011, as indicated therein. However, the Business Standard masthead carrying the date as February 15, 2013 is likely to confuse the reader into thinking that it is a new write-up by me. The  RBI policy review mentioned in the first para may be misconstrued as referring to  the latest one. I shall be thankful if you issue a correction in tomorrow's edition. I am anxious that the very useful Vitalinfo should not suffer from any infirmities and should remain authentic in carrying the latest news.

Thanking you and with best regards,

Sincerely

Seshan

VITALINFO sincerely regrets for uploading the old article.  As rightly pointed out by you, it happened due to the newspaper masthead carrying the current date. The work of searching, reading, shortlisting the info items, cross-checking the references, looking for photographs, if not included in the original articles/news, processing, uploading is all done daily from 4 a.m. and expeditiously completed before 7.30 a.m. While utmost care is taken, such type of error may occur. Thanks for the clarification and sincere apologies for inconvenience caused to you.     

RBI opens extra counters for I-T deposition

........Income tax can also be deposited at three branches of private banks. The names of private banks will be displayed at RBI with other information about tax deposition. Deputy General Manager, Banking, Rajeev Dwivedi said that the depositors can take advantage of these arrangements.

Read - TOI

Interest rate cut by RBI on March 19 likely: BofA-ML

With inflation easing to a three year low and growth taking a hit, the Reserve Bank (RBI) is likely to reduce policy rates by 0.25 per cent on March 19 when it will carry out the mid-quarter review, says a report by Bank of America-Merrill Lynch. Bank of America-Merrill Lynch (BofA-ML) today said with possibility of GDP numbers coming down to below 5 per cent for the December quarter, the Central bank may shift its stance to supporting growth from containing inflation.........

Read - IE

Cooperative banks set to go for computerization

RANCHI: Cooperative banks in the state are gearing up for a major overhaul with the decision of the government to go for computerization of all the bank offices and linking them to core banking solutions (CBS). Having completed the computerization of 96 out of 120 bank branches of the eight central cooperative banks, managing director of the Jharkhand state cooperative bank K K Soan, has requested the government to take up the matter of pending dues with Bihar government so that further modernization is not crippled owning to fund crunch............

Read - TOI

Lokayukta to probe irregularities in recruitment to Co-op Bank

............Balakrishna pointed out that several candidates who had scored poorly in the written examination held for the recruitment process had received the appointment letters. On the other hand, a candidate who had secured first place in the written examination had failed to make it to the final list. “There are gross irregularities in the entire process. Injustice has been done to hundreds of merit candidates,” .................

Read - Deccan Herald

SBI official sees ‘magical effect’ after repo rate cut

State Bank of India Deputy General Manager Hannah Rachael Mani on Friday observed that the RBI’s cut in its key policy rates in the last week of January has started showing some ‘magical effect’ on the economic activity in different spheres. Addressing a media conference here, she said the volumes of car and home loans registered a three-fold increase in the.........

Read - The Hindu

SBI board approves capital infusion

...The government’s latest capital infusion, which was proposed on 19 January, will take SBI’s tier-I capital, or core capital, to 10%, SBI chairman Pratip Chaudhuri  told reporters in a conference to discuss the bank’s third-quarter results on Thursday......

Read - Mint