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Friday, May 10, 2013
D. Subbarao | The inflation warrior
Resolution authority on cards to deal with financial distress: RBI
"...Within India we are coming up with a resolution authority for what can be done when institutions come under stress," RBI Governor D Subbarao said in response to a query as to whether it was right to impose 'sin tax' to bailout distressed investors of Saradha Group in West Bengal. Resolution authority provides an official framework to deal with the problems in the aftermath of the failure of large financial institutions............
My View on "Versatile person no more................"
‘I knew Vaidyalingam from before his posting in Kolkatta and had associated with
him in Chennai and Mumbai. He was always a positive, cheerful and funloving
person no matter what stress he was passing through. He believed in enjoying the
good things of life and also sharing his joys with all his family members and
friends. I know that because of this inclusive nature his passing on will leave
a big void in the lives of all his close associates of family and friends. While
I pray that God give them strength to bear with this loss, I imagine that
Vaidyalingam is still cheerful and smiling down on all and enjoying the novelty
of wherever he is at this point of time and wishing to share his joys with his
friends and relatives.’
- Kamala Rajan, Chief General Manager, UBD, CO, Mumbai
AIRBEA demands full-fledged RBI branch for Sgr
.........Association General Secretary, Samir Ghosh today told the media here that a full-fledged RBI branch at Srinagar will “ensure the development of the sate in all respects and will also increase employment opportunity.” Gosh said that “SBI being a commercial bank should not be allowed to perform developmental functions in the state as it is the job of the RBI.”.................
Governor Highlights Crucial Role Of RBI
....The Governor, RBI, in his highly informative talk, dwelt on varied issues, including the mandate of the Reserve Bank of India and its role in the economic development of the country. This was followed by a lively Question-Answer session during which Dr Subbarao replied to the queries of the students on several issues of financial management.........
Read - Kashmir Life
‘JK Bank making difference in lives of people’
“J&K Bank is a very unique institution with an impressive track record of innovation and enterprise across the country.” “The Bank is making difference in the lives of the people of J&K and India. I am delighted to be part of the Bank’s Platinum Jubilee Celebrations.”
Dr D Subbarao, Governor Reserve Bank of India said this in the opening remarks of his lecture ‘RBI-Making Difference in Everyday Life’, during his interface with students, academics and bankers at JK Bank’s Corporate Headquarters, here. ........
Read - Greater Kashmir
Dr D Subbarao, Governor Reserve Bank of India said this in the opening remarks of his lecture ‘RBI-Making Difference in Everyday Life’, during his interface with students, academics and bankers at JK Bank’s Corporate Headquarters, here. ........
Read - Greater Kashmir
Imported inflation
.....If the central banks decide not to intervene because of the imported nature of inflation, inflationary expectations will drive prices to much higher levels at which the central banks may lose control of the situation.
Banks in JK have failed to meet CDR targets: RBI Governor
.... “Banks in Jammu and Kashmir have not met the set targets for CDR, but they have conveyed that there are not viable projects for which banks can provide the funds.” He informed the gathering that central bank held a special committee meeting of all the banks working in Jammu and Kashmir. The governor said the meeting had decided that the credit deposit ratio in the state will be raised from 36.5 percent to 40 percent during this fiscal to make sufficient credit available to the people in J&K.......
RBI says no plan to retire FX fwd contracts to ease liquidity
......"There are uncertainties about liquidity in the system. We will try to manage that actively," Subbarao told reporters after the Reserve Bank of India's board meeting in Srinagar. "We do not use forex intervention as a measure of managing liquidity," he then added.............
RBI will not oppose, if govt allows Islamic Banking
........The RBI Governor maintained that they have received several proposals from various people including some member Parliaments that Islamic Banking should be started in the country and RBI is studying these proposals. “Let me clear to you. It is not RBI, which is standing in the way of starting of Islamic Banking in the country. It is the government which has to determine, whether to allow the Islamic Banking or not,” he said. Dr D Subbarao also said if the government allows the Islamic Banking, then they have to enact a new law. “Various people including some MPs gave us proposals. We are studying them. However, we are not any authority to take any decision. It is the government which has to take the decision,” he said......
RBI to actively manage liquidity: Subbarao
........Subbarao said RBI would actively manage liquidity to ensure the deficit stays within the one per cent corridor of net demand and time liabilities (NDTL). “On liquidity, the standard answer which we have given several times is that we will manage liquidity to ensure it is within plus/minus one per cent NDTL, subject to, of course, the frictional constraint that we face,” he said.....
Jammu and Kashmir to enact SARFAESI legislation
SRINAGAR: The Jammu and Kashmir government will enact the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities (SARFAESI) Act in the state very shortly as part of a two-pronged strategy to increase the credit-deposit ratio of the banks operating in the state...........
Higher provisioning hits Indian Bank net
........Addressing presspersons here on Thursday, T. M. Bhasin, Chairman and Managing Director of the bank attributed the lower profit to higher provisioning towards pension, gratuity and wage revision. In accordance with the guidelines of the Reserve Bank of India on second option pension and enhancement in gratuity limits pertaining to existing employees, the bank had allocated Rs. 162.65 crore towards pension, and Rs. 33.20 crore towards gratuity..........
Of Subbarao, inflation, gold and Saradha scam
..........“The reason it (the Ponzi schemes) is happening because ordinary people… the low income people are not sufficiently aware of where they can put their money. They don’t have enough avenues to put their money. They can’t get into the banks like we all do. They face both formal and informal barriers…So they fall prey to these fraudulent schemes,”..........
This way for chit fund
......The conductors of many New Town-bound buses are now heard shouting “chit fund” bus stop, the better to attract commuters who want to visit the commission’s office to lodge their applications.
Primer: How to identify fake Rs 500 currency notes
....Fake notes have no exchange value. These means that if you go to the bank and deposit any forged notes, they would sign it and send it for further verification without giving you any exchange money. Fake notes is a growing menace in the country. So......
Man Held While Depositing Fake Currency Worth Rs 30,000 In Bank
............With RBI Board of Director in town for the last two days, police on Thursday afternoon arrested a person allegedly while depositing fake currency worth Rs 30,000 in Jammu and Kashmir Bank branch Pinjura in Shopian district. Ghulam Mohammad Sheikh son of Mohammad Maqbool Sheikh a resident of Mohanpora Trenz, reached the branch to deposit Rs 45,000 in which Rs 30,000 were found fake, bank sources told Kashmir Life adding all the fake currency notes were of 1000 denomination.............
Maharashtra has several unregistered chit funds
hile the Saradha scam has highlighted the risk of investing in fly-by-night Ponzi schemes, a large number of informal and unregistered chit funds operate in Maharashtra. However officials say those cheated may not come forward to complain as these are informal, closed and community groups which may also involve black money. Maharashtra has around 154 registered chit fund companies and officials estimate that the number of the unregistered groups is higher............
Cobrapost-III releases more videos
........“It proves without doubt that this corruption is endemic, and spread through the Indian banking and insurance system,” Cobrapost said. The banks named in this third series of sting operations are Bank of India, Central Bank of India, Bank of Maharashtra, Allahabad Bank and Bank of Baroda (all government-owned), and IndusInd Bank, ING Vysya Bank, HDFC Bank, ICICI Bank and Axis Bank from among private lenders. The last three were also named in March, in the first expose...........
Cobrapost expose: RBI action soon; banks start cracking whip
......"We have done investigations, we have prepared an internal report. There are processes to be followed to take investigations to its logical closure... "The first is action against individual institutions who are involved in practises which are not consistent with the banking regulation and prudential banking........
The sting in the tale
.....The Khandelwal committee had given some sensible suggestions on this aspect. Its revealing that only a handful public sector banks have constituted training advisory committees to provide strategic direction to training, and just one bank has in place management audit to review the efficacy of its training system. Even though almost all banks have set up large training infrastructure, the system is still not adequate to meet the current-day requirements......
No criminality in Cobrapost findings: SBI
.....Bank officials' advices of splitting deposits to evade taxes, as exposed in a sting operation by an online news portal, are "undesirable loose talks" but there is no apparent criminality, SBI Chairman Pratip Chaudhuri said today. "Prima facie, things that have come to our notice it looks (that) there is no criminality in the sense that somebody has suggested splitting up your deposits, say Rs 50 lakh into Rs 50,000 or 1 lakh. So far, it looks like loose talks, but even that loose talk is undesirable," he told reporters here when he was asked to comment on allegations of money laundering by online portal Cobrapost......
'All-women banks will help us cover unbanked areas'
.......As far as women in rural and semi-urban India are concerned, they would be at greater ease to come up to officials if they knew the bank is an all-women branch. The patriarchal society would have lesser objections to women opening bank accounts or seeking loans from such banks. These banks would surely help us reach the unbanked areas...........
India "Importing As Much Gold as Possible" Ahead of Proposed Restrictions
...... the industry is trying to get ahead of proposals made last week by the Reserve Bank of India to only allow banks to import gold on a consignment basis – where the gold is shipped but the supplier retains ownership – where that gold was to meet the needs of gold jewelry exporters. India's gold imports, which totaled 860 tonnes in 2012, have been blamed for exacerbating the country's trade deficit. Gold and silver was India's second biggest import item last year behind oil......
Finance ministry opposes India Post’s banking licence plan
........Some of the country’s large public sector banks have also been lobbying against the proposal, concerned that India Post, with its vast branch network, could pose a threat to their business, said the official, who’s directly involved with the proposal. “The larger idea of setting up a bank is to further the cause of financial inclusion. Entry of India Post into banking can significantly help address this situation,” the official said. However, “They (finance ministry officials) are asking too many questions. Why (do) you need a bank? What is your expertise to run a bank?” the official said.......
Thrust on rural lending
......"Our state has not yet been successful in giving land to RBI and NABARD to come up with their offices," said one of the RBI officials responding to which development commissioner A K Sarkar said the proposal is being considered seriously...........
Credit-deposit ratio crosses 50% in UP
.....The state has been urging the Reserve Bank of India (RBI) and commercial banks to take proactive steps towards improving the ratio in UP. India’s aggregate ratio is over 75 per cent, while some states such as Tamil Nadu have a ratio of above 100 per cent. The RBI has mandated a minimum ratio of 60 per cent for all states........
Innovative ATMs Help India’s Banks Expand Their Reach
..Vortex’s Gramateller ATM, for instance, can run on solar power, has a built-in uninterrupted power supply (UPS), doesn’t need air-conditioning, prints receipts in regional languages, is designed to work in extreme temperatures and can operate through biometric authentication. Its Ecoteller model is a low-cost, low-power-consuming machine.........
Capex cycle shows revival signs
.....According to a few economists, the growth might not be broad-based. However, even if ones goes by the most conservative baseline projection of Gross Domestic Product (GDP) growth, of 5.7 per cent by the Reserve Bank of India (RBI) for the current financial year, some revival in the capex cycle could definitely be expected. “The level of optimism has definitely gone up, compared to what it was till the third quarter. Revival of the capex cycle is definitely on the cards,” said Rupa Rege Nitsure, chief economist, Bank of Baroda..........
Tata Group's Indian Hotels Company seeks RBI nod to hive off international operations
....IHCL, the largest Indian hotel company, operates over 100 hotels under brands such as Taj and Vivanta across the world. This is the company's second attempt at getting RBI approval for the proposal. The bank had shot down an earlier plan as the proposed structure had many levels of offshore subsidiaries which the central bank was not comfortable with. Structures of this sort are not permitted under new provisions of the Companies Act. The new law does not allow creation of subsidiaries two levels below the holding company. The sources quoted earlier said the new plan has resolved these issues. .......
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