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Monday, February 18, 2013
Monetary easing: Household savings take a hit - DR. N. A. MUJUMDAR
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Core inflation may not be true indicator: Subbarao
.......The absence of supply-side response, which has resulted in lasting change in the prices of commodities, has given a “larger momentum” to wholesale-price inflation than core inflation, he added. “In the Reserve Bank, we need to be mindful of these factors in interpreting the movements in headline and core inflation,” he said, speaking at the statistics day conference in RBI’s Mint Road headquarters in Mumbai. RBI has been projecting core inflation as the primary indicator to decide its policy course, rather than wholesale price inflation............
Biting the bullet on letting India Inc into banking
......Final rules, expected soon, have been delayed over disagreement between the government and the central bank on whether the traditionally more financially volatile sectors of property and brokerages should be allowed to apply for licences, which the RBI opposes. Opponents of the new measures worry the reform, driven by the finance ministry, could backfire if risky loans from one branch of a company to another go bad and trigger a broader crisis. “It will be like one person is cooking and the same person is eating it,” said one critic, V K Sharma, chief executive of LIC Housing Finance..............
Combat CAD by making exchange rate flexible: Bimal Jalan
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| The issues that we are facing today are systemic and political in nature because ultimately, in a vibrant democracy like ours, the policy making must be with the political system....... |
Derivatiff
Licences for cronyism
..........The context in which these debates occur is a financial sector in which the non-banking sector (or “shadow banking”) has grown enormously and regulatory complexity has increased manifold. In banking itself, however, public sector banks continue to play a dominant role, while the regulator (the RBI) continues to have a latent conflict of interest — the regulator periodically presses banks to help the government in meeting its borrowing requirements and exercises considerable caution when banks lend to politically connected firms. The biggest concern over granting large industrial houses bank licences is the risk of conflicts of interest and ...............
FEIL recognises Dr.Sandip feel..........
Chief General Manager - HR,
Reserve Bank Of India,
Mumbai.
Dear Sir,
Dear Sir,
Your work in the
field of HR has added significant value to RBI. Your name was strongly
recommended by the Managing Committee of FEIL for being the recipient of an
award by Forum for Emotional Intelligence Learning (FEIL) towards outstanding
contribution of leadership development. After due deliberations in the
select management committee of FEIL we are pleased to inform you that it shall
be our privilege to recognize you and your work on leadership development.
Forum for Emotional Intelligence Learning (FEIL), a non-profit pioneered by
Hindustan Petroleum Corporation Limited (HPCL), is committed to building
quality leadership in India. Eminent academicians and outstanding
professionals created this forum with a singular purpose of helping Indian
organizations achieve this objective. In our journey, in the last
several years, we have noted that successful organizations and institutions
derive their strength and enthusiasm from the visionary leadership of their
senior executives. They inspire, coach and mentor their people selflessly.
We feel that recognition of this talented pool is one of the significant
methodologies of ensuring replication of these practices. We believe
leadership seeds leadership competencies. Extensive work by FEIL has
often led us to the discovery of remarkable people. Your remarkable work
brackets you with the very best in the industry. It is a matter of
immense pride for FEIL in conjunction with HPCL, to recognize your excellent
work.
Yours Truly,
S K Dutt,
Hon.General
Secretary,
Forum For Emotional
Intelligence Learning
Women of Vision
A book that profiles nine success stories of women from diverse backgrounds, their personal journeys in building the empires that they have, also reads like a short history of India’s economic and social growth. It holds a mirror to our society, how it has changed in the last couple of decades, and what it has taken for women to reach where they have. Women of Vision: Nine Business Leaders in Conversation With Alam Srinivas is a collection of freewheeling chats with women............
The Paradox of Fiscal Tightening
RBI
Governor D Subbarao has been quoted as saying that there is not much
scope for either fiscal or monetary expansion. Analytical pieces and
editorials in newspapers have echoed the same sentiment with respect to
fiscal expansion, but have been more ambivalent about monetary easing.
This assumes that an increase in fiscal deficit and a loosening of
monetary policy will be expansionary. The analysis that leads to the
formulation of this choice in this manner is flawed for India.........
Corporation Bank conducts roadshow
Corporation Bank on Friday organised a roadshow to market its new savings account variants — ‘Corp Super’ and ‘Corp Signature’ — in Mangalore. A press release said here that the bank launched a door-to-door campaign for the newly launched savings account variants..............
MFIs will be relevant for 10-15 years as our banking system is inefficient: Chakrabarty
‘Rate cap will go if microfinance firms shed priority sector tag’
KOLKATA, FEB 16:
Reserve Bank of India Deputy Governor K. C. Chakrabarty said on Saturday that microfinance institutions (MFIs) should scale up their operations only after understanding their limitations. “MFIs should develop local expertise and scale up locally. They should not scale up nationally, else they will collapse like SKS Microfinance,” Chakrabarty said at a conference on corporate governance in microfinance, organised by the Indian Chamber of Commerce here.............
Inflation eases, but threat persists
.......................Moreover, many leading policy makers in India, notably among them C. Rangarajan, have discussed the implications for the poor and have strongly advocated ‘inflation control’ as an effective anti-poverty policy. The recent slowdown in inflation is encouraging but the time may not be ripe to press the growth accelerator. Surely, the RBI without any pressure from North Block and the industry lobby will do a better job.
Reserve Bank of India sees inflation risks, limited room to ease policy
........"At this moment there is room for monetary easing, but that room is limited ans we have to make a careful judgement on how to use that limited room," Subbarao said on the fringes of a meeting of Group of 20 finance ministers and central bankers. India's high fiscal and current account deficits, in addition to inflation risks, are deterrents for further monetary easing, which is seen necessary to support sagging GDP growth.........
RBI has a positive approach towards Islamic banking: Minister
The Reserve Bank of India has taken a positive approach to the suggestion of an alternative banking system for Muslims, subject to certain laws being amended first, K. Rahman Khan, Minister for Minority Affairs, said here recently. “I have written to the RBI Governor, invoking Section 25 of the Constitution, saying that it was the duty of the State to facilitate every citizen to practice and follow his/her religion,.........
Banks are duty bound to stop flow of fake notes
....... In other words, the banks are duty bound to ensure that no counterfeit note comes out of an ATM. Yet, you find banks violating this directive and the consumer suffers because invariably banks refuse to take responsibility for their negligence, in clear violation of the RBI directive. In fact, they refuse to accept that the fake note came out of their ATMs and express their ‘inability’ to replace the fake with a genuine note.........
Bank unions to join general strike
.....The call for a countrywide strike has been given by the United Forum of Bank Unions (UFBU), comprising nine national level unions including the AIBEA, the NCBE, the BEFI, the NBEF, the NOBW and the AIBOC. Even though bank managements have decided to stock adequate cash in ATMs, normal banking operations are likely to be affected. A number of banks have already informed customers of the fallout of the proposed strike.....
Post Libor scam: Financial markets to move away from 'polled' to 'traded' rates, may fix Mibor
......The Reserve Bank of India (RBI) and commercial banks have arrived at some consensus to gradually move away from 'polled' rates that may be prone to manipulation, to 'traded' rates in calculating the daily benchmarks in the currency and money markets. "At a meeting with the Reserve Bank a week ago, banks were told to give their views. The general preference was that the two most liquid benchmarks,Mibor and RBI reference rates, should be based on dealt rates," said the treasurer of a large bank. "The regulator is favourably inclined towards the change... it will happen over time.".......
'Rate cut likely in March if budget addresses fiscal issues'
The RBI is likely to cut interest rate in its next policy meet on March 19 provided government delivers a "credible budget" addressing fiscal consolidation and continues with the reform push, an HSBC report says. "The RBI is likely to take some comfort from the decline in WPI inflation. In turn, this has increased the odds of another rate cut in March, if Delhi continues to deliver its bit," HSBC said in a research note.............
$1-bn India Venture Opportunities Fund remains non-starter
.....Bankers said the fund had received just about Rs 500 crore. Of this, Rs 340 crore has been invested. This includes Rs 140 crore investment in subordinated debt of companies. The fund faces the challenge of asset-liability mismatch and reservations from the Reserve Bank of India (RBI) about using depositors’ money for risk capital (investments in equity), said an executive with a public sector bank.......
How credit card frauds take place
.....So, does this mean you should stop using your card? No. Come July, cards with an embedded chip and a compulsory pin (like that used for ATM transactions) will be made mandatory in India. This would make your credit card transactions more secure. Till then, here are a few things to keep in mind........
Bank charges you may not know about
.........It’s a laundry list which you will be better off reading and knowing about, saving you the surprise of unexpected costs. But in the meanwhile, here’s a heads-up on some of the more unusual bank charges on regular bank accounts.........................
Sebi seeks greater powers
Market regulator Sebi has sought major overhaul of the securities laws, including greater authority to nail manipulators by way of powers to conduct ‘’search and seizure’’ operations and to demand information from any person in relation to its probes. It has also proposed the recovery of monetary penalties through income-tax arrears mechanism, setting up of special courts to deal with criminal prosecution for violation of securities laws and recognition of Sebi’s counsels as public prosecutors..........
Banks will Hire over 56,000 Jobs in 6 Mths
Public
sector banks, from State Bank of India to Allahabad Bank, will hire as
many as 56,500 people in the next six months in the highest ever
recruitment by the industry in more than a decade as business grows and
the threat of new banks looms with the Reserve Bank of India planning to
issue new licences soon. The recruitments by more than a dozen banks
will be 30% higher than last year’s numbers as hopes of business cycle
turning for the better grow, bankers said............
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