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| .........In the long-term, the goals of reforms cannot be about growth for the sake of growth without looking at the expectation of what constitutes healthy and happy life for most people of India. As Gandhiji pointed out, there is enough to meet everybody’s need, but not everybody’s greed. That should be the foundation for the debate of reforms in India now...... |
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.
Wednesday, February 27, 2013
'Reforms Should Centre On The People Of India’
Celebrating Indian Banking
.......While the winners drew applause, it was Y V Reddy, recipient of the FE Lifetime Achievement Award, who had the crowd in splits with his quips. "I take this award as a recognition for the importance of public policy in general," Reddy said in his acceptance speech, "I have been told that this award is for the lifetime achievement as a banker but I've spent the major part of my career as a non-banker. Some even thought I was an anti-banker during my stint as the RBI governor."........
RBI Deputy Governor Sinha gets nearly 11-month extension
Chidambaram meets RBI Governor ahead of budget
Ahead of the Budget, Finance Minister P Chidambaram on Tuesday held consultations with Reserve Bank Governor Duvvuri Subbarao in New Delhi............
Onus is on RBI to find ‘fit and proper’ bank licencees
.................The ultimate safeguard, however, is the RBI’s ability to take an unbiased and independent view on who is ‘fit and proper’ to promote a bank. As long as that is not compromised we need not fear. Now more than at any other time, the RBI must strive to guard its relatively clean image..............
The charm of owning a trophy bank
......It makes sense for an NBFC to become a bank and for the financial arm of a corporate biggie (say, the financing arm of a car manufacturer) to become a bank. But given all the restrictions there will be to prevent a bank from extending help or accommodation to anything linked to its promoting group, the question really is: what is there in a bank licence for a large business group? It can access any amount of institutional finance at home or abroad, and a new bank will take a long time to make real money. A bank will allow a business house to dispense favours to lesser business mortals; beyond that, the most powerful business houses may be using their clout to own a bank simply because they find it prestigious to own a trophy bank.
Realtors, brokerages free to run banks if they meet norms: RBI
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| "These are all legitimate businesses...if they can demonstrate that they satisfy all the requirements, all the concerns...how can you deny them... definitely, if this is not in the guidelines, then it is open," |
Relax norms for foreign banks in India, says Japan
.....Japan has asked the government and the Reserve Bank of India (RBI) to relax the norms concerning financial inclusion for its banks. According to the present norms by RBI on foreign banks, these lenders would have to first open branches in non-metros and then shift to urban centres......
Prudence is key for India's bank hopefuls
.....Will a severely under-banked country like India, where financial inclusion has been more of a utopia (what with virtually half of India's population not having any bank accounts), see a change for the better? Don't count on it now, though the Reserve Bank of India (RBI) has, after years of deliberations, laid down norms for granting new banking licenses. However, what is important to note here is that pragmatic policy making (I would resist myself from calling every policy initiative as reform) is finally back in the limelight.....
Setting up a new bank? Pause and proceed
.....The ‘feel good’ in business circles, especially considering that the RBI has allowed applications from quarters that were speculated to be possibly excluded, is clearly visible and understandable. The fact that the RBI has indicated a meaningful timeline and evaluation process is equally welcome.....
Mohandas Pai, former Citibank executive Ramesh Ramanathan in race for licence to start a bank
Mohandas Pai and former Citibank executive Ramesh Ramanathan will be part of the business groups throwing their hats in the ring for a licence to start a bank. By doing so, the finance professionals will be joining what is expected to be a fierce competition for entry into a sector that has not admitted new players for nearly a decade.............
Back to square one at K.R. Circle
.....The city’s first signal-free junction, set up by the Bruhat Bangalore Mahanagara Palike (BBMP) at K.R. Circle at a cost of Rs. 1 crore, is back to square one with the traffic police installing signal lights there. Vehicles coming from different directions passing through this used to pile up on Nrupatunga Road, which is a sensitive area, what with the Reserve Bank of India and police headquarters situated on the road, besides official residence of the State police chief, said a police officer.......
Rupee bank board of directors dissolved
PUNE: The board of directors of city based Rupee Cooperative Bank Ltd was dissolved on Tuesday following directives by the Reserve Bank of India (RBI) and a two member administrative board headed by joint registrar (sugar) Sanjay Bhosale was appointed by the state cooperation commissioner. The other member of the board is Vidyadhar Anaskar, chairman, Maharashtra State Urban Cooperative Banks' Federation Ltd and Vidya Sahakari Bank Ltd. .......
Over 60,000 ATMs to be opened in rural areas in 2 years: Govt
......Replying to supplementaries during Question Hour, Minister of State for Finance, Namo Narain Meena, said "there is shortage of ATMs and effort is being made to provide as many ATMs as possible in rural areas." "More than 60,000 ATMs will come up in rural areas in coming two years," he said. Meena said the government and Reserve Bank of India are encouraging electronic payment system in the country.........
Coming soon, plastic currency
.......RBI officials said though the intention to introduce polymer currency was announced earlier, no intimation had been received yet on commencing the experimental distribution. Meanwhile, the apex bank is preparing itself for distribution of 10-rupee coins across the country on a large scale. The 10-rupee coins have already been launched, but are available only in limited quantities.
Pvt banks detect maximum fake notes: Finance ministry
Private banks operating in the country have detected and processed the maximum number of counterfeit currency instances in banking channels surpassing both public sector and foreign banks by a huge margin, an official report of the Finance Ministry has said...........
Cyber fraud costs banks Rs 130 crore in 3 years
............"The RBI has issued stringent guidelines, advising the banks to take preventive measures to combat frauds relating to skimming or duplicating of credit cards. In addition, specific instructions have been given for reporting the case to the CBI or police, examine staff accountability and complete proceedings against erring staff expeditiously,''...........
RBI, Nabard examining errors in farm debt waiver scheme: P Chidambaram, Finance Minister
Amid CAG pointing to errors in implementation of the farm debt waiver scheme, government today said RBI and NABARD are examining the case and action will be taken against banks found involved in irregularities and the ineligible beneficiaries..........
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