If Manmohan Singh had retired in, say, 2010, his legacy would have been assured. A man who worked his way up from a small Punjab village to Cambridge; who became chief economic advisor at 40, Reserve Bank of India governor at 50, and finance minister before 60; and, finally, the only prime minister since Jawaharlal Nehru to be re-elected after completing a full five-year tenure............
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, May 11, 2013
Glare on ex-RBI official's Ponzi links
.....The investigators said that they cross-examined a recently-retired RBI official who was allegedly instrumental in shielding Saradha boss Sudipto Sen's from the regulatory scanner. Ponzi scamster Sudipta Sen's interrogation unearthed dubious role of a section of senior Bank officials and officials of Sebi, admitted police. Investigators have already examined a recently retired RBI official, who allegedly was instrumental to shield Sen's chit-fund trade from regulatory scanner........
HDFC Bank, Petty misappropriations – How much are they worth?
Dear Dr. Subbarao,
SUB: Response to letter sent by the “Department of Banking Supervision” of RBI
I thank you and the Department of Banking supervision for forwarding my complaint dated October 16, 2012 to which the bank did not reply to me but only filed a copy of the letter with you. Thus I also thank you for sending me a copy of their reply. The reply is misleading, factually incorrect and an expert exercise in deception. I will try to illustrate this below, and hope for once the RBI will act not as a post office forwarding letters and complaints to banks expert in cheating the public but will take proactive action, at the very least to investigate if the charges levied by me have any merit..........
Panel pill to tackle Saradha ill
.........“The RBI as a public policy institution is responsible for spreading awareness about what are the legal schemes and what is illegal, who is the responsible for regulating these schemes, how can ordinary people know what is legal and what is illegal and how can they protect themselves against frauds,”.................
Economists allay fears of setback if Bengal chit funds close
With the chit fund catastrophe causing a major public uproar, economists feel even if all shady companies operating in West Bengal are closed down, it would not pose any major setback for the economy, though the already crisis-ridden sectors like service and real estate may be hit.Sectors like entertainment, travel and tourism, and real estate, they said, will face the heat too, as these dubious firms have major exposure in these sectors..............
Number of fraudulent cash withdrawal cases down: SBI chief
....."We have made good the loss (suffered by bank customers due to fraudulent withdrawal of cash). Cameras have been installed in ATMs and SMSes are being issued to customers on certain amount of withdrawal,"........
Ponzi scheme promising a 400% return cracked, Rs 1300 cr unearthed
India's economic intelligence and enforcement agencies have cracked an international ponzi scheme called Private Partnership Programme involving officials of four Indian banks as well as foreign investor institutions and unearthed Rs 1,300 crore of allegedly unaccounted income.............
Crime branch cracks whip on chit funds
....."Police generally raids the office of a particular NBFC and verifies its documents only after getting complaints against it. Now we have decided to verify their documents such as licence from the Reserve Bank of India (RBI) before the private finance company starts its business in a particular area," ......
The right university-industry nexus
If industrial houses can be allowed to run banks — the Reserve Bank of India is currently working towards issuing licences – they could a fortiori be permitted to run colleges as well.............
Piramal goes shopping
.....In February, the Reserve Bank of India (RBI) had issued final guidelines for issuing fresh bank licences. The central bank is now expected to issue clarifications with regard to its guidelines over the next few days and formally issue licences either later this year or next year. Shriram Transport is considered to be a serious contender for a licence.........
Companies may get in-principle nod to set up banks
........A company wishing to foray into the banking sector would be required to restructure operations in such a manner that the banking arm is completely alienated from other businesses, the RBI guidelines had stated. However, since companies are apprehensive about the whole process, there is pressure on the RBI to give in-principle approval to companies before they go in for the restructuring exercise..........
India Post needs to reorganize its services first; banking can happen later!
......Under the circumstances, India Post needs to overhaul its services, revise postal rates upwards to meet the growing cost; introduce adequate rewards and incentives to its large employee force and become as efficient as a private courier service, if not better them in some ways. When it reaches such a stage, private banks will then approach the government to seek permission to open branches attached to India Post offices, as such a move may serve the ultimate purpose of making banking easy to the rural folks!............
India reduced to a stumbling elephant
.....Indian businesses even seem to be more comfortable investing abroad than at home. According to data from the Reserve Bank of India, Indian companies invested about $1.9 billion in overseas markets in March, up from $1.7 billion in February. In January, the investment was even higher, at $3.3 billion. This compares highly favorably with investments by Indian companies in India.........
Polaris Wins Three Major Asian Banker Technology Implementation Awards 2013
......The implementation of Polaris’ Intellect® Core Banking Solution (CBS), specifically designed for Central Banks, has already demonstrated significant business impacts for RBI; the end of year balance sheet is now generated in a few minutes whereas the process took 8-10 days in the legacy system; ...........
System glitch deducts 40% amount as TDS from SBI depositors’ account!
...........State Bank of India (SBI), the country’s largest lender, shocked a number of its customers by lopping off income tax at the rate of 40% as tax deducted at source (TDS) for FY2012-13. When several account holders, of its special term deposit scheme, (these are deposits created automatically by system based on the threshold amount set by depositors in their savings bank-SB plus accounts-multi option deposit or MOD) complained, the lender restored the amount. However, there are still 6,118 account holders who, according to SBI, will have to bear “notional loss of interest”...........
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