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| Raghuram Rajan (front row, fourth from right ) and D Subbarao (front row, fifth from right) with the faculty and students of NIBM at the convocation ceremony on Tuesday |
Read - TOI
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, March 6, 2013
‘Banking set to become an exciting career’
Read - TOI
Hopeful That RBI Will Vote in Favour of Growth
......We have no mandate to second guess
what RBI will do. RBI will take its decision and take the right
decision. However, if you see from last year, RBI has consistently
voiced its concerns on fiscal deficit and the impact it has on
inflation........
..........So I believe that RBI would
closely look at the measures that have been taken and also closely look
at inflation which has begun to come down. We are really hopeful that it
(RBI) will vote in favour of growth...........
RBI appointments
The Reserve Bank is one statutory body in the country which has been able to withstand succession issues for more than seven decades, thanks to the maturity shown by those in charge of governance in New Delhi. Recent developments bring to the fore the need to recall this and give an assurance that the whims and fancies of individuals will not change this image. In 2011, the timely decision by the Centre to give a two-year extension to RBI Governor D. Subbarao stood apart as a decisive vote for stability at the central bank. A change of guard would have resulted in slowing down of the processes of change in areas such as fighting inflation and forex reserves management. It would be appropriate now to extend the tenure of Subbarao by another year.
- M.G. Warrier (HBL)
High inflation prompting more gold buys, says RBI Governor D Subbarao
PUNE: Reserve Bank of India Governor Duvvuri Subbarao expressed concern that high inflation was forcing people to indulge in buying gold rather than depositing funds with banks. The government has announced several measures to discourage people from buying gold and prodding them to invest in financial instruments. Deposits were up 11.2 per cent in the first 10 months of financial year 2012-13, compared with 11.5 per cent in the same period a year ago. Subbarao was speaking at the convocation ceremony of a banking and finance institute in Pune.......
All bank branches to exchange damaged notes: RBI
The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks).........
Exchange torn notes for new at roadside
......“We prefer the RBI offices in Kolkata or Patna because national banks in Ranchi often refuse to accept badly mutilated notes though we give them their share,” ......
..............Though RBI officials and those at nationalized banks are aware of the vendors’ network, they consider it a matter for law enforcement agencies. “We have not authorized or licensed any such vendors to change notes, but they continue illicitly. We cannot enforce laws outside the bank, It is a matter for the police and district administration to curb them,” said Praveen Ranjan, Assistant General Manager at the RBI office in Ranchi. The General Manager was unavailable for comments.
Change Please…. Vanishing coins; distressed public
..........Public is in distress and temples and beggars are being approached for coins. “As the price of products increase customers need to spend more money and therefore they tend to carry more currency than small coins. These days RBI is not issuing coins below five rupees,” informed a bank manager in reply to the issue........
Anonymous View on "Endless list of all the praise for Sandip.........."
So very right, the praises so very well deserved shall continue to be endless as his endless contribution to the Bank, its staff and as Major Thomas puts it very aptly society at large. Yes the tangibles that he has been able to provide to us all are to be recognized but are no comparison to the the "ATTITUDE" change he has been able to bring about in us all is what I consider to be the most valuable contribution of Dr Sandip Ghose or Sandip Sir as we all refer to him with affection. I would not be very far from fact if I can draw an analogy with an Einstein reference of a very noble soul "coming generations would believe that there walked a man in flesh and blood......" for Sandip Sir. He would deal with dignity all who came to him for help without being judgmental, which is such a difficult thing to do for any one in the position of giving.
A true embodiment of" Vaishnav Jan to tene kahiye je peer parayi jane re..
A true embodiment of" Vaishnav Jan to tene kahiye je peer parayi jane re..
Par dukhe upakar kare toye man abhiman na aane re..."
A word about the quintessential proverb that behind every successful man... Mrs Jayanti Ghose's contribution also needs to be applauded here,in my opinion it must be her and the support of his family that he has never let his motivation diminish even in the light of not being able to rise to higher positions as apparently he came in to the Bank a little late. One could go on endlessly but i would end here by saying that much as we all would like to have some one like you in the Bank there cannot be another you.
A word about the quintessential proverb that behind every successful man... Mrs Jayanti Ghose's contribution also needs to be applauded here,in my opinion it must be her and the support of his family that he has never let his motivation diminish even in the light of not being able to rise to higher positions as apparently he came in to the Bank a little late. One could go on endlessly but i would end here by saying that much as we all would like to have some one like you in the Bank there cannot be another you.
- Anonymous
Finance ministry, RBI on different tracks
The finance minister's Budget proposal to allow banks to become insurance brokers comes at a time when the Reserve Bank of India (RBI) has cautioned against the move. While the Insurance Regulatory and Development Authority (Irda) is yet to finalise the regulations on this, banks aren't very optimistic. "We haven't really discussed it internally. We have not spent time in deciding whether we would be interested to act as insurance brokers. It is unlikely we will firm up our plans anytime soon," .........
Chidambaram to meet RBI- SEBI on Friday
Finance Minister P. Chidambaram post Budget 2013, will have busy day on Friday when he meets the Central Board of Directors of the Reserve Bank of India (RBI). On the same day he will meet SEBI director board. Though this is a customary post-budget address, the meeting assumes significance since Chidambaram had said RBI and SEBI would come with announcements that will further boost investment. FM had indicated that he had taken steps and it was now up to RBI to do the rest. He was looking for interest rate cut by RBI..........
Relaxation sought for 33 account holders of Rupee Cooperative Bank
........The decision to initiate a proposal to the RBI was taken after hundreds of requests from individual account holders were submitted to Rupee Bank's head office from various branches in the city as well as the state. The administrative board has decided to scrutinize all the requests and verify the needs of the account holders............
Government to seek RBI, police help to curb multi-level marketing schemes
......The ministry has already shared with the RBI details of all 34,754 companies and has instructed its field officials to fully cooperate with the central bank. "It is imperative that RBI steps up its enforcement efforts to identify and proceed against companies not permitted to function as NBFC so that a major source of cheating is effectively dealt with," Pilot said........
Next six to eight quarters crucial for public sector banks?
The balance sheets of Indian public sector banks (PSBs) have been deteriorating for the past few years and the quantum of bad debt seemed to have got worse in the last few months, even if the rate of deterioration has slowed down. This has worried policy makers and market watchers.......
Raghuram Rajan says India’s current account deficit biggest concern
Chief economic adviser Raghuram Rajan says food inflation persisting at a high level was not easy for RBI to manage..........
‘Banks should learn to finance infra projects’
....“There are four reasons because of which banking sector will perform. First, the challenge of financial inclusion. Without it, no country in the world has developed. That is why in the bank finance guidelines, the RBI has stipulated that 25% of the bank branches should be in cities with population of less than 10,000 people. He was speaking at the ninth graduation ceremony of National Institute of Bank Management (NIBM)........
Parliamentary panel for cap on interest charged by housing finance firms
...As per the report, the removal of cap on the authorised capital would help in effectively addressing the housing shortage of the country in the near future. The Bill seeks to transfer stake of NHB from RBI to the central government. With the enactment of the Bill, the power of registration and regulation of housing finance companies presently vesting in NHB will be move to RBI......
RBI eases borrowing norms for firms under investigation
Firms under official investigation in India will no longer have to obtain direct central bank permission before borrowing funds abroad, the Reserve Bank of India (RBI) said on Tuesday........
E-filing must for people with annual income above Rs 5 lakh
.....“Income tax returns for the group above Rs 5 lakh will be e-filed. This is a move towards using technology so that the interface between the assessing officer and assessee is minimised,” ....
Debt slope steeper, Bengal highest borrower this fiscal
.....During the last financial year, Bengal availed a relaxation of the FRBM Act twice, pushing the borrowing of the state to Rs 22,423 crore. But this year, RBI has denied borrowing allowances to states like Bengal. In November, when the state exhausted about two-thirds of its annual gross borrowing limit to meet expenses, the central banking institution stopped it from taking the rest as abruptly......
Growth and fiscal policy: The road ahead - Renu Kohli
.........Nonetheless, the meaningful fiscal influence upon the economy will come from abating the threat of a ratings downgrade, lesser demand boost and, hence, more room for monetary policy, all of which should support growth........
Misleading financial advertisements
.......What then is answer to the damage caused by misleading advertisements? Clearly, we the savers will need to get together to force all regulators to form a body like ASCI to formulate a code that is applicable across the financial sector.
Credit card frauds rise to 1,590 in Dec quarter: Govt
.....Also, RBI has asked banks to move to secure Card Not Present (CNP) transactions, making it mandatory for banks to put in place additional authentication/validation. “RBI has issued guidelines which are fundamentally expected to enhance safety, security, efficiency in banking processes relating to benefits for banks and their customers......
RuPay cards to reach out to more farmers by June 30
The National
Bank for Agriculture and Rural Development (Nabard) wants the
RuPay-enabled debit cards to reach out to a larger rural population and
has asked all district central cooperative banks to implement core
banking system by June 30.........
.........P M Ghole, General Manager
at the Regional Office of Nabard, said, "Nabard will bear the entire
cost of making the cards to be distributed to farmers and subsequent
transactions for the first three years. We have also asked the DCC banks
to appoint correspondents with point of sale machines and conduct
training programmes for rural people who will be using such cards for
the first time."........
Is your credit card at risk?
Who is your greatest financial foe? The corrupt agent, the con artist or a complacent you? Surprised to see yourself in the list? Don't be. The truth is that sometimes our own ignorance or negligence leaves a door ajar to our financial lives, an opportunity that a hacker or fraudster is lying in wait to get through to raid us. One of the most susceptible instruments is credit cards and the way we use them.........
RBI to look into Surat bank’s merger plea on March 18
Surat:
There is some good news for the 44,000 account holders and depositors
of Surat Nagrik Sahakari Bank, which has been recently placed under
directions by Reserve Bank of India (RBI) under Section 35(A) of the
Banking Regulation Act, 1949. According to bank officials, RBI’s Mumbai
headquarters has assured to bring up for discussion the merger case of
Surat Nagrik Sahkari Bank with Mehsana Urban Cooperative Bank at the
meeting scheduled on March 18 in Mumbai. If RBI approves the proposal,
the accounts of 44,000 customers of Surat Nagrik Sahkari Bank would be
merged with that of Mehsana Urban Cooperative Bank.
TOI - Ahmedabad Edition
TOI - Ahmedabad Edition
On Web Chat, Chidambaram Speaks on Women’s Issues
.......Sharing the platform with several panelists – including Anand Mahindra, the chairman and managing director of Mahindra & Mahindra Ltd., and Google vice president Amit Singhal – Mr. Chidambaram shared further details on plans to set up a women-only bank, a proposal first introduced in his budget speech last week. He said the aim is to get the state-run bank to start operating its branches in at least six Indian states in November. The whole process falls under the ministry of finance and the Reserve Bank of India, “so I think things are under my control.”..........
Women’s Bank
..... If the finance minister seriously believes that women need a separate bank to lend to women, it is a sorry reflection on women bankers at all levels. And, if the aim is to lend “mostly to women and women-run businesses and self-help groups” then the FM ought to be looking at Sewa Bank of Gujarat, or a microfinance company as the model, rather than a public sector bank. Worse, as economist Surjit Bhalla says, it could spawn demands for “an Islamic bank, SC Bank or ST Bank”—a dangerous possibility that was best avoided.....
Read - Moneylife
For the sake of women
....Without adequate planning, particularly on the HR front, this project could be a non-starter. An all-women bank set up in a Tier-I city may break soon and turn into a profitable undertaking, and in a ....
Canara Bank to expand base
......“In this fast changing world, ladies are in every field. The real independence of a woman can be achieved when she is economically independent and knows to stand up for herself.”.........
Cooperative banks to promote IT in state
....."Through our 'Flood I-T' project, we are planning to reach at least 3 lakh students in the next six months and encourage them to take advantage of the loans," director of GUBF and chairman of Co-operative Bank of Mehsana Kanti Patel said...........
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