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| “I am sure that the (RBI) governor has taken note of all that I have said in the Budget speech… I am sure all this will weigh with the monetary policy advisory committee… and the governor will take the right decisions,” |
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.
Saturday, March 2, 2013
I’ve Done My Bit. Over to RBI Now
‘Stay away from usurers’
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| Helping hand: Executive Director, RBI, G.Padmanabhan handing over bank assistance toa beneficiary at Kunjapanai near Kotagiri |
Freeing hapless villagers from the clutches of usurers is among the main objectives of the financial inclusion related activities of the Reserve Bank of India (RBI), said Executive Director, RBI, G. Padmanabhan on Friday. He was participating as the chief guest at an outreach programme organised by the RBI at Kunjapanai in Kotagiri block..........
......District Revenue Officer L. Nirmalraj appreciated the efforts of the RBI and the Canara Bank and added that the latter was playing a progressive role in the development activities of the district. Regional Director, RBI, N.S. Vishwanathan urged the students to carry forward the national outreach programme of the bank.........
RBI conducts financial inclusion programme
Reserve Bank of India conducted a urban financial inclusion programme with the cooperation of State Bank of India with the aim of covering the neglected sections of society at the local Prema Aided High School here on Friday. In the connection RBI conducted a quiz for students of classes 8th-10thof Prema School. Prizes were given away to 20 winners by RBI General Manager in-charge D.Raja Gopala Rao.......
Read - The Hindu
High dividend pressure on Reserve Bank of India
......The finance ministry has estimated a Rs 44,000-crore dividend from RBI, nationalised banks and financial institutions in 2013-14, about 73 per cent higher than the revised estimate for the current financial year. The bulk of the burden is expected from RBI and this would hit its own contingency pool, payments into which are net of such dividends......
Netbanking fraud: Banks asked to pay damages worth Rs 50 lakh
In three separate cases of internet banking fraud, including a Rs45 lakh forgery case, the adjudicating officer Rajesh Agarwal has directed the banks to pay damages for the money withdrawn fraudulently. The officer has also passed strictures against Pune police for their shoddy investigation and the banks for their ‘lax attitude’.............
Sonia stamp on women bank scheme
Those looking for Sonia Gandhi's stamp on the Union Budget seem to have overlooked the government's plan to set up a bank for women. The bank is expected to be the first of its kind in the world. On Friday, finance minister P Chidambaram announced the setting up of a bank meant to cater mainly to women clients, including women self-help groups, and mostly has female employee base. It now emerges that the idea came from the Congress chief and her advisors........
Madurai had its all women bank branch in the 1940s itself
..............The Pandian Bank, founded by Madurai-based S N K Sundaram had made the bank's branch at Town Hall Road in the city as an all-women branch. "There were 10 women working in the branch and was an instant hit," claims Sundaram's daughter Kamala, who headed the branch for two years before Pandian Bank was merged with Canara Bank. "Soon after independence, many educated women from the middle class approached my father seeking jobs in Pandian Bank, which he had founded. That was when the idea occurred to him. He immediately started a branch where only women were employed," recalls Kamala Sundaram, now in her 80s residing at Bangalore. Kamala headed the branch for two years till 1967 when Pandian Bank was merged with Canara Bank. Kamala went on to become the first woman general manager of a nationalised bank in India before she retired in 1988............
Women’s Bank: How symbolism kills real possibilities and real India
..............Will this bank for women serve the entire country? If yes, how long will it take to roll out across the length and breadth of India? Will it go to the hinterlands, where bulk of our disempowered and un-creditworthy women live? What is that “extra” which will make it work even when nationalised banks and micro-credit institutions are struggling to “include” people at scale in rural areas? Most importantly, will banking rules change for women’s inclusiveness or in simple words, will you lend without collateral? Will you have door-to-door women-agents who will help illiterate and home-bound women bank?.......
Ladies-only bank makes strong business sense
.........."To get so many
public sector banks to change their culture and to get them to think of
women's needs is a long-term goal. The medium term goal to start a bank
for women would serve as a model that will help other banks realise
women as a segment and help to change culture,".......
Women’s bank
I fail to see the logic behind the proposal to set up the first woman’s public sector bank, exclusively to serve women. Are the existing banks unable to provide the service which the women’s bank will? Or, is the proposal meant to appease women with an eye on the election?
- Pratap Gokuldas, Coimbatore
I don’t understand the purpose of the exercise. Rather than opening and setting up a new bank, why not open special branches for women in major cities? Better still, we can have separate counters for women in all branches of all banks.
Shashank Rao Palety, Vijayawada
RBI to banks: Impose limit on global card transactions
....The Reserve Bank said that a monetary limit of $ 500 be imposed by issuing bank on all global cards which has not been used in the past. " All the active magstripe international cards issued by banks should have threshold limit for international usage. The threshold should be determined by the banks based on the risk profile of the customer and accepted by the customer by June 30," it said.......
FM may have to nudge IRDA, RBI on banks' broking licence
..........The insurance regulator is more comfortable granting a broking licence to a subsidiary company which specializes in insurance broking. RBI, however, is unwilling to grant banks permission to set up a subsidiary that would tap into the bank's distribution network. Banks themselves do want the freedom to sell products for multiple companies. But they are not that keen on floating a separate subsidiary which would leverage the bank's footprint and would be difficult to manage for large banks...........
RBI card norms to increase costs for banks
.......“A chip-based card costs Rs. 50-70 while magnetic costs just costs Rs.10. There are only three-four global players making chip-based cards. With an overwhelming number of cards being debit cards in India issued by public sector banks, unless these banks start the shift, the costs will remain high,” Sanghi said. Bankers say that though costs will go up, it is a fair price to pay to make transactions more secure. “By restricting international usage of cards, RBI could be also giving a message to foreign entities that we have moved on to secure transactions whereas you have not, and unless you upgrade your online security with the latest available technology, we won’t be transacting at your sites,”...........
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