Union Bank of India opened its 60th regional office at Sambalpur, its second in Odisha. The regional office was opened by H R Khan, Deputy Governor of Reserve Bank of India (RBI) in the presence of D Sarkar, chairman and managing director of Union Bank. This office will cater to the branches of the public sector bank in 15 districts- ...........
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, April 13, 2013
Bank for overseas Keralites mooted
........As per official figures released last year, NRKs sent a staggering total of over Rs500 billion (Dh33.6 billion) to banks in Kerala during the 2011-2012 fiscal year. Most of this was from Malayalees employed in the Middle East. The NRK Affairs Ministry in the state has already announced plans for floating development project bonds for NRKs and is reportedly in contact with the Reserve Bank of India to explore the possibilities of opening an exclusive bank for them.......
All Meghalaya blocks to have banks: Sangma
........"We have taken up the matter with the Ministry of Finance and the Reserve Bank of India and the government had a "robust economic approach" involving effective implementation of developmental programmes through accountability and expansion of resource base,".............
Maharashtra's first all-women post office launched
Mumbai: The state's first Mahila Dak Ghar, a post office entirely operated by women, was inaugurated here on Friday. Located near the collectorate, the Old Customs House, Asiatic Library and the Reserve Bank of India in south Mumbai, the post office will be open from 10 am to 6 pm..........
FSLRC: The cast of 146
There is little experience in India with large complex projects of drafting law. The process adopted by FSLRC had many strengths. In the table below, I have pulled together the names of all 146 persons mentioned in the report..........
RBI penalises JP Morgan Chase for violating risk-managment norms
........The penalty on the bank is for "contraventions of various directions and instructions issued by the Reserve Bank in respect of Risk Management and Inter Bank Dealings and Compliance Functions". These contraventions took place in 2011-2012, it added. "We have noted RBI observations and taken remedial measures," JP Morgan Chase India spokesperson said.........
Indian Economy 2013 – 2014 – Forecast & Predictions
.......The external sector will be pressurized during the year and the challenges faced in FY13 such as rising current account deficit will continue to play in the mind of the government and RBI while formulating policies. However, it is expected that there would be some improvement in the CAD and the continued flows of foreign capital will keep the rupee largely stable – assuming that geo-political tensions do not deteriorate and global economic conditions remain where they are, with the recovery process also being cautious.........
A Holistic Approach to Money Management
........Setting aside the obvious point that bank accounts are among the easiest indicators to track, the policy focus on “banking the unbanked” seems to rest on the premise that bank accounts have a special role in financial inclusion. Three important functions ascribed to bank accounts are: a place to save, a money management hub, and a way to establish an ongoing relationship with a formal financial institution (an “on-ramp” to other services). These assumptions appear to underpin much of financial inclusion thinking and policy............
The lending rate dilemma
....The RBI is mulling over the recommendation made by its nominated committee that the first 7-10 years of a home loan tenure carry a fixed interest rate which later may be reset to the floating rates or the then prevailing rates. This recommendation seems worth considering. Floating rates are quite confusing for the common home loan borrower who invariably pays a higher EMI when the rates increase but does not benefit when the rates subside......
Disappointed India Inc seeks cut in interest rates by RBI
.........PHDCCI President Suman Jyoti Khaitan pitched for 100 basis points (1 percent) cut in short-term interest rate by the RBI in its forthcoming credit policy, saying such a step was necessary to improve investor sentiments and promote growth. "Tight monetary stance by RBI has impacted investment sentiments in the economy and inflation still remains in an uncomfortable growth trajectory," ........
Agriculture is a contrasting picture of stagnation and change induced by consumption: report
RBI Governor D Subbarao recently talked of changing consumption pattern in rural areas towards protein diet which has led to higher inflation in these items. In a different context, a CII-Mckinsey report also pointed towards this trend. The third Food and Agriculture Integrated Development Action Report titled: ‘India as an agriculture and high value food powerhouse: A new vision for 2030, prepared jointly by CII and McKinsey and Company, said the story of Indian agriculture in the last more than a decade or so has been changing gears to some extent with a significant alteration in consumption patterns skewed towards high-value food items prompting higher production of these crops and rise in output per agriculture worker...........
Solan, Kullu to be covered under DBT scheme from July
......He expressed satisfaction that the banks in the State had surpassed five National parameters out of six stipulated by Reserve Bank of India and during the year 2012-13, made fresh disbursement to the tune of Rs 6,260 crore to 3.34 lakh new beneficiaries, achieving 93 per cent of target up to December, 2012.......
Gujarat, the gateway to India: fact or farce?
...........Nothwithstanding the government claims, it is an open fact that Gujarat’s FDI numbers have always been the same or lower through the years. Reserve Bank of India’s FDI figures encompassing the decade of 2000 to 2011 reveal that while Gujarat received just about $7.2 billion in FDI, Maharashtra got $45.8 billion and Delhi over $26 billion. Even Karnataka and Tamil Nadu, with a $8.3 billion and $7.3 billion share, got a larger piece of the national FDI pie............
Punching in card PIN can help prevent fraud
.............Although bankers said keying in the PIN would provide additional safety, consumer acceptance would be a critical factor in determining its success. "In many smaller establishments, the consumer may be standing next to or in front of the shopkeeper while keying in the PIN and instead of being a security enhancer, it could actually end up being a hazard," said a banker.
Startup Village incubatee Payd offers low-cost payment system for SMEs
..........In other words, unlike existing payment services, you don’t have to pay a hefty fee for installation. Registration is completely free and businesses can sign up online and immediately start accepting payments, according to Nambiar. The product is currently in beta and awaiting RBI approval. “We will launch a pilot with a few select brands in a few cities as soon as we receive RBI approval,” said Nambiar..................
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