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.
Monday, March 11, 2013
RBI & government: A strained relationship
New licensing norms: Bank unions call for nationwide protest
Bank unions are opposed to the RBI’s new bank licensing policy by which private industrial, business and corporate houses will be permitted to open their own banks. The United Forum of Bank Unions, a representative body of nine bank unions, has called for countrywide demonstrations by bank staff on March 18 in this regard, C.H. Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA), said..........
From bottleneck to bottleneck - Subir Gokarn
G Gopalakrishna: Financial inclusion is a national mission for India
Vote of thanks by Mr G Gopalakrishna, Executive Director of the Reserve Bank of India, at the Reserve Bank of India-OECD-World Bank Regional Conference on “Financial education”, New Delhi, 4 March 2013
.........As the Governor so aptly put it, partnering with OECD and World Bank in hosting this Conference is a valuable learning experience for India. These two institutions have carried out work in the areas of financial education and financial inclusion which serves as a benchmark for other entities to emulate..................
Read.......
Chidambaram to meet heads of PSU banks on March 18
NEW DELHI: Amid moderation in economic growth, finance minister P Chidambaram is likely to prod banks to step up lending at a meeting with heads of public sector banks on March 18. The broad agenda of the meeting include direct benefit transfer, deteriorating asset quality and credit growth..........
CM unveils Jeevika's bonanza for poor
..........Deputy CM Sushil Kumar Modi said the SHGs have helped change the socio-economic profile of the state and a big social revolution was taking shape. He expressed hope that the women engaged in SHGs would have toilets in their houses, will educate girls and not marry them before 18. Rural development minister Nitish Mishra, social welfare minister Parveen Amanullah, development commissioner Phool Singh and others also spoke. Chief general manager of SBI, Mumbai, Ashish Kumar Rai, RBI Regional Director Pradip Kumar Jena and various other bank officials were also present. ...........
Rs 21 lakh withdrawn using counterfeit cheques
........."Those were sent to us for clearance by local branches of Axis bank and Canara bank. The cheques were honoured as we did not find anything wrong in it," he said. "However, the fraud was detected after our Patna counterpart alerted us that the cheques were fake. By that time the money was withdrawn,"........
It's so vital........ She said it...............!!
Shyamala Gopinath, Former Deputy
Governor
v Keep
up the good work.
Usha Thorat, Former Deputy Governor
v Dear Tarambale, Thanks
and we begin our day by opening your mail.
Kiran Sharma, Deputy General Manger, Jammu
v Thank you so much.
This remembrance means a lot.
Rama Nabar, Manager, ITP Centre, Pune
v Thanks Mitra, You were the
first to wish which always makes you a special man indeed !
Maria Sarmalkar, Private Secretary to
ED
v Thank you so much dear
Mangesh.
Saroj Mahajan, Private Secretary, RBSB
v Thanks Mangesh. Wishes to your
better half also.
Rita Fernandes, Ex-Private Secretary
v So thoughtful of you. I have
added VITALINFO in my bloggers list in google reader.
Asmita Kale, Private Secretary, DEPR
v Thank you Mangesh. My wishes
to your wife also.
Kamala Rajan, Chief General Manager, UBD,
C.O. Mumbai
Finance is indeed a woman’s cup of tea
.......... Women save more and even without a direct source of income, 60 per cent of women in India who are housewives are able to save a minimum of 5 to 10 per cent of their household income. It is widely believed that women’s higher risk aversion deters them from achieving high returns. But a study by consulting firm Rothstein Kass found that female hedge fund managers handsomely beat the global hedge fund index return of 2.7 per cent, by earning a 9 per cent through the third quarter of 2012.........
Women in bank unions
Women wear many hats in banks. They are now chairpersons, managing directors, executive directors, and general managers also. Another major part of Indian banking system is the trade unions. Though there are quite a few women leaders at regional level, they are yet to reach top positions in many bank unions. Considering the need for developing women leadership in unions, the Mangalore-based Corporation Bank Officers’ Organisation (CBOO) started a separate women’s wing way back in 1985........
Are you serious, Mr Chidambaram?
......A woman’s bank will not become successful in India if it focuses only on banking. If our finance minister is serious about this project, he must see that this bank goes beyond taking deposits and giving loans and becomes a vehicle for social change, taking care of other things such as education, vocational training, etc and help in empowering women in every possible way. At a parallel level, as Vijay Mahajan points out, we also need to address two structural issues—women must have right to property (otherwise they can’t offer collateral for a loan) and get adequately involved in formal economy through jobs and entrepreneurship. Professional urban women do not need a bank of their own but rural women, particularly in those pockets of India which are fraught with casteism and gender discrimination, will find in it an oasis...........
All-women banks elsewhere
If the all-women bank is yet to take shape in India, one such experiment in the neighbouring Pakistan is in its teens. In 1989, the first woman Prime Minister of Pakistan late Benazir Bhutto set up ‘First Women Bank Ltd’ to meet the needs of women entrepreneurs. In the last 23 years, the bank expanded its network to 24 locations with 41 branches. Started with 30 employees, the bank has around 600 employees now...........
Women’s bank? SEWA has been doing it for 39 years
At the counter near the bank entrance, two women are helping illiterate women clients fill out their passbooks. Many other clients—again, women—stoop over women officials in their cubicles. There are no men here. This isn’t the all-women’s bank that Union finance minister P. Chidambaram proposed in the 2013-14 budget. It’s the Shri Mahila SEWA Sahkari Bank Ltd, Ahmedabad, one that has been around for 39 years..................
Ahmedabad banker Jayshree Vyas to help goverment frame all-women bank
...........“I don’t have the terms of reference but it is going to be an exciting and challenging task to prepare a blueprint for such a bank in a short time. We have to submit the report by April 30,”.............
Rs.80 cr. to be disbursed to 2,781 SHGs
......DRDA Project Director M. Janaki, Reserve Bank of India AGM Ranga Rao, Lead District Manager R.V. Narasimha Rao, NABARD AGM N. Madhu Murthy, Indian Bank Zonal Manager Ramchandra Rao and officers of various departments participated.......
“Bad repayment of education loans pushes banks’ NPAs up”
.......Delivering a talk on ‘Overview of Bank Balance Sheets’, the bank GM said as per the Reserve Bank of India Guidelines 4 per cent had to be Cash Reserve with RBI and 23 per cent as Statutory Liquidity Ratio, which refers to the amount that the commercial banks require to maintain in the form gold or government approved securities before providing credit to the customers. The profitability of the banks depends on lower NPAs, quantum of large-value funding, cost of fund borrowed from the market for lending and availability of total lendable funds...........
RBI launches fresh survey on inflation expectations
....“Inflation expectations are subjective assessments of around 5,000 households across 16 cities proposed to be covered in the Survey round and are based on households’ individual consumption baskets,”......
RBI to keep tabs on all export dealings
.........Bringing all export transactions under the scanner of the Reserve Bank of India (RBI), the government has asked the central bank to set up a monitoring cell that will coordinate with banks to track all banking transactions of exporters. "The automated and unified data processing and monitoring system will scan all exports from the country," minister of state for finance Namo Narain Meena had informed Parliament on Friday. Under this system, all data will flow first to the RBI server and then to authorized dealer banks............
RBI rules out revision in inflation goal
.......Stating that there “is no empirical evidence to establish that the benefits of higher growth outweigh the cost of welfare loss associated with higher inflation,” the Governor felt that the context presented no sufficient condition for the RBI to revise its inflation goal. “The responsibility of the RBI is to anchor inflation expectations, and ensure price stability,” he said. “Neither theory nor empirical evidence presents a credible case for acquiescing in a new normal for inflation in India,” he made it clear.......
RBI to lower interest rates by 0.75% in 2013: Stanchart
......."We expect a positive combination of lower inflation, fiscal consolidation and signs of improvement in the capital account deficit in the first quarter of 2013 to facilitate the rate cuts," ..............
શું RBI વ્યાજદરમાં ઘટાડો કરશે
......શુક્રવારે રિઝર્વ બેન્કના ડાયરેક્ટરો સાથેની બેઠક બાદ જ્યારે તેમને એવું પૂછવામાંઆવ્યું કે તેમણે રિઝર્વ બેન્કના અધિકારીઓ સાથે વ્યાજદરમાં ઘડાડો કરવા સંબંધીકોઈ વાતચીત કરી છે . તો તેમણે જણાવ્યું હતું કે મને તેમની મજબૂરીઓ પણ ખબરછે .............
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US-64 fiasco - A.Seshan
........But no references were made to UTI officials themselves, withdrawing their investments with the advantage of their insider knowledge. A few years earlier, a committee had recommended an enquiry into UTI buying the shares of Reliance Industries at a considerably higher than market price. There was no follow-up..............
Up to the government
This is regarding the report “Govt has done its bit, ball in RBI’s court:FM” (FE, Mar 9). The government cannot remain satisfied by giving it over to RBI. The downward trend of inflation and the upward trend of GDP growth are welcome. But instead of relying on or looking up to numbers, government will have to work in real terms. As pointed out, the MSP on paddy may be a decisive factor. We hope RBI will play its part well by cutting the rates so that there will be a revival in the industry. Also, attention should be paid to the increase in the growth of agriculture. “Centre seeks Parliament’s nod for additional spending of R49,000 cr” for subsidies contained in various forms just after presentation of Budget. That means not RBI, but the government has to be more vigilant on cutting expenses and increasing earnings.
- Jacob Sahayam, Thiruvananthapuram (FE)
Assumptions galore
.......Simple arithmetic suggests that economic growth during the last quarter (January-March, 2013) should be significantly higher to bring the year’s growth rate to something around the RBI’s forecast of 5.5 per cent. The pronounced dip in the growth rate has not dissuaded the policymakers from aiming high. While the Finance Minister hopes that the country has the potential to grow by 8 per cent, a rate which one should strive for, the XII Plan has been much more ambitious.............
Savers and senior citizens short- changed - S.S.Tarapore
......The KUB Rao Working Group of the RBI has come up with concrete suggestions for monetising domestic idle gold and has also suggested the setting up of a Gold Bank. The absence of any reference to these recommendations is glaring. Mere exhortations to refrain from buying gold is unlikely to yield any results, unless strong steps are taken to activate idle gold holdings. In the absence of measures the common person has innate common sense and would, and should, continue to invest in gold.......
Gambling for growth again
.....According to YV Reddy, former RBI Governor and chairman of the 14 Finance Commission, "the new approach does not replace the notions of output or income that contribute to well-being but is considered an antidote to the tendency of economists to focus exclusively on the material determinants of social welfare, such as the gross domestic product (GDP)". A consideration has to be made between "happiness and a longer term and broader goal of life satisfaction".........
Measures to make netbanking safe started
Nationalised banks have started taking precautionary measures to ensure that people don’t lose their money through netbanking fraud. The measures were taken after Rs1 crore was transferred from an account with a nationalised bank to various accounts in 45 minutes using National Electronic Funds Transfer (NEFT)........
Looking for scapegoats
.....But yes, it does show that the rush to ensure the loan waiver reached beneficiaries in time to extract political mileage inevitably resulted in lack of due diligence in checking credentials of those claiming eligibility as well as poor oversight by monitoring authorities. That includes the National Level Monitoring Committee consisting of two Secretaries to the Government of India, the Dy Governor, RBI, Chairman, Nabard, the chairmen of two public sector banks, two regional rural banks and the MDs of two state level co-operative banks..........
Read - ET
Is large government cash surplus creating liquidity shortfall in the banking system?
.....The government keeps its fiscal surplus with the RBI (out of the banking system), and when it runs a large balance, it stresses banking system liquidity. This factor may seem minor, since it is temporary in nature, as stress is released when the government spends the money. However, given the absolute increase in the size of the government in recent years, it can materially stress the banking system at certain times of the year.......
Software exports new silk route for black money
..Software exports have already come under the scanner of Reserve Bank of India with the central bank's data showing software exports worth Rs 1.51 lakh crore did not match with their bank transactions (i.e. remittances received against exports). .....
Errant Vidarbha banks to face farmers' 'music'
....."Not in this case where thousands of farmers have already died. We shall continue beating drums outside these errant banks till they comply with the RBI directives and reveal all the frauds that have taken place in this scheme,".......
Beware loan defaulters! Banks to publish photos in newspapers
..........Adopting a name and shame policy to make borrowers pay their dues, banks have decided to publish in newspapers photographs and details like names and addresses of wilful loan defaulters and market leader SBI has taken the lead in doing so.............
This urban credit cooperative society strikes gold in farm loans!
NAGPUR: If banks have to be pushed to meet their farm loan targets, this urban credit cooperative society has literally struck 'gold' in this business. The Buldhana Urban Credit Cooperative Society (BUCCS) has an exposure of Rs 700 crore from loans doled out to farmers. With this, it sits on as much as 1.5 tonnes of gold pledged by borrowers to get the sum. The cooperative has its headquarters in the drought hit district of Buldhana............
India’s mysterious love affair with gold
.........I asked a finance ministry official whether he suspected something else to explain the erratic trend in imports of gold. The official was, however, sanguine and dismissed theories that suggest that some of these imports may be money laundering or round tripping of money made through illegal means in India. To be sure, these are speculations and presumably the finance ministry official knows better............
Sanjiv Misra takes over non-executive Chairman of Axis Bank
Sanjiv Misra, former Secretary, Department of Expenditure, Ministry of Finance, today took over as the Non-Executive Chairman of AXIS Bank Ltd. This follows RBI approval of his appointment......
Sebi makeover set to be expedited
.............This is the first time that a regulator in India has opened itself to a performance review by an outside agency. As part of its mandate, the consultant is to develop various scenarios for the development of Indian securities markets, identify possible triggers for change, assess implications for market participants and envisage the role of Sebi in the Indian financial sector for a 5-10 year time horizon...............
YES BANK's innovation for Social Inclusion gets multiple recognitions
............. The YES Money program is a unique domestic remittance solution that enables rapid remittances across the country, without the customer ever having to visit their own Bank or the need to transact during banking hours. Additionally the program, has witnessed tremendous success, benefiting over 4 lac customers since launch and having received 9 national & international recognitions from reputed agencies.............
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