...........Speaking to CNBC-TV18, Gokarn said the government needs to take credible steps to tackle deficit, which will help rupee and sentiment in market. Meanwhile, Indian bond prices have fallen further and the 10-year bond's yield have risen by another three basis points to 7.42 percent on suspected FII selling; sentiment is also weak ahead of an auction today and because rate cut hopes have all but vanished. Gokarn, however, said that the RBI may still find elbow room to cut rates in its next policy................
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, June 22, 2013
RBI GM warns people against falling prey to fictitious emails
....Speaking at a two-day awareness programme held at JNTU, Anantapur, in coordination with the MBA Department on foreign exchange, RBI Rural Planning and Credit Department General Manager, Hyderabad, R.N.Dash said that the RBI was concerned about the increasing incidence of individuals losing money after falling prey to such fictitious emails and text messages............
Collector asks bankers to disburse crop loans to tenant farmers
......Joint Director (Agriculture) Prasad, Lead district manager D.A. Chowdhary, Andhra Bank DGM Lalitha Prasad, SBH AGMs Jaipal Reddy and K.V. Rao, Nabard AGM Uma Maheshwara Rao, Reserve Bank of India (RBI) Manager Pulla Rao and others were also present in the meeting..........
Need Rs 3,000 cr to merge one associate bank this year: Pratip Chaudhuri
............Pratip Chaudhuri, chairman of SBI, told shareholders during the annual general meeting (AGM): “SBI will need Rs 1,000 to Rs 3,000 crore in capital if it were to merge one of its associate banks with itself.” After the AGM, Chaudhuri told reporters a committee headed by S Vishvanathan, managing director (associates and subsidiaries) at SBI, is looking into all the aspects. “That committee would report to the board (and) then we will finalise the name.”.................
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New norm to ensure deposit safety in primary cooperatives
........But a deposit insurance scheme endorsed by Reserve Bank of India has ensured a limited compensation to those who lost their money. But only urban cooperative banks, district cooperative banks and State cooperative banks come under the existing scheme. It is in this context that the Kerala State Department of Cooperation has introduced a credit guarantee scheme for deposits in the primary agricultural credit societies functioning under the cooperative sector across the State. The primary societies do not come under the Banking Regulation Act and hence the credit guarantee scheme being operated under RBI guidance has not been applicable to them............
They battle insecurities to keep the city secure
..........“Ironically, the State government is the biggest culprit here. Except for a few, most government undertakings do not pay the minimum wages. Though the Labour Minister has promised to take steps to rectify this, it is yet to happen,” he said. Mr. Haneef said despite Reserve Bank of India stipulations, some private lending institutions doing considerable business have stopped the services of security guards, thereby compromising the security of operations. “We have written to the RBI citing this anomaly,” he said............
Look before you LEAP
.......Every 0.50 per cent increase in the interest rates by the RBI leads to an increase in the EMI outflow, draining your earnings. In their quest to continue with an unchanged EMI, home loan borrowers look for opportunities with other banks or HFIs that offer lower rates compared to the existing ones..........
High Court directs Union Bank of bank to include retired employee in pension scheme
......."Taking into consideration these peculiar facts and circumstances of the case and also that the petitioner was abroad during the period of two months and was, therefore, not in a position to make the application for opting for the said Scheme, the bank is directed to make 2010 pension scheme applicable to him though he had not filed his application for option during the said period,"..............
NPCI unveils `RuPay PaySecure’ service
...........“RuPay PaySecure has tied up with over 100 merchant websites across multiple categories that would accept the RuPay card for online payment services. NPCI aims to cover 100 per cent of the e-commerce market by this year-end,” the company said in a statement. The RBI Deputy Governor H R Khan who was present at the event said the banks must build a sustainable solution with the right pricing and security measures and also create awareness among the consumers. Khan further said the whole product system should evolve together as the cash delivery system is still prevalent and must be done away with as it does not serve the purpose of e-commerce...........
Tatas to launch 5,000 White Label ATMs in a year
.............The customer will be charged the same charge they pay the other banks that is, around Rs 15 per transaction, going beyond five transactions in every ATM. So, that is the basic plan at this point in time. The announcement is expected anytime next week. The main idea behind this white label ATM is that Reserve Bank of India (RBI) wants to further financial inclusion. As banks incur a huge cost while setting up ATMs, the central bank believes that by doing this they will be able to further the concept of financial inclusion.
Won't consider incomplete bank licence applications, says RBI
The Reserve Bank of India (RBI) said on Friday that applications for bank licences received after the last date of July 1 or incomplete applications will not be considered. The apex bank released the guidelines for licensing of new banks in the private sector on February 22 and later came out with clarifications in June..........
RBI giving banking licences to support financial inclusion: Santosh Singh, Espirito Santo
....... Now with the banking licences going to help them in the near term, it is going to be very tough task for all these companies if they convert into bank because they will have to comply with many RBI guidelines and which is going to have affect on their ROAs and ROEs and even for growth in the near term. So for the next two to three years it will be a very difficult market for all these companies. Having said that we like the companies and the only reason we will buy these companies is because of their fundamentals and not because of the banking licences.........
UBS to surrender its banking licence in India
..........“UBS has decided to exit its fixed income business in India. The bank will continue its equity and investment banking operations and make investments in these businesses as and when needed. The move is part of UBS’ global strategy to focus on core strengths in different markets and operate capital-light businesses,” ..........
Poor still depend on SHGs and moneylenders, claims CSES study
.............The finding assumes a special significance in the backdrop of the Centre's decision to disburse various subsidies through bank accounts linked to Aadhar numbers. The study conducted by the Centre for Socio-Economic and Environmental Studies (CSES), an Ernakulam-based research group, on behalf of the Reserve Bank of India (RBI) collected data on daily family income flows from 107 poor households in Ernakulam district ...........
Small industries’ appeal to RBI
....The units here should also get similar interim relief from the banks. The industrial associations in Coimbatore have made several representations to the RBI suggesting steps for interim relief to MSMEs, such as one year moratorium on repayment of loans..........
Time for India Inc to engage in soul-searching: Experts
........"It's time for Indian corporates to engage in soul-searching on why they are not able to export even at this low level of the rupee, and are looking for anti-dumping duties,"...........
The current account deficit of India's high
Speaking at the 26th meeting of the Group Finance Association South Asian Regional Cooperation (SAARC FINANCE Group), by the State Bank of Pakistan has hosted in Islamabad, Mr Deepak Mohanty, director of the Federal Reserve Bank India (RBI, the country's central bank) said that India must increase exports in response to the challenges of the current account deficit (CAD) is present at high levels. ..........
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RBI prepares ECB balm for corporates battered by rupee
........The RBI has been in consultations with the finance ministry in this regard, including on the risks involved in unhedged ECB exposures of companies and its impact on the stability of the economy, sources said. Currently, ECB is allowed mainly for capital expenditure towards new projects and capacity expansion. However, with the RBI permission, capital expenditure incurred in rupee can be refinanced through such foreign currency loans..............
Chidambaram calls for calm
......“We are watching the situation. The RBI will take whatever action it has to take. We have good economic advisors. We will [do] whatever has to be done ... My request is you should not react in panic, it’s happening around the world.”.........
RBI, finance ministry comments prop up rupee
.....“The RBI came in strongly to protect the rupee from falling below 60 per dollar yesterday (on Thursday) and that has clearly drawn the line for the market. Also, there have been positive comments from the finance ministry and RBI since morning which has nudged banks to cut their long dollar positions. We expect exporters to also sell dollars at these levels,”..................
RBI to take every necessary step to stem rupee fall, says HR Khan
Amidst rupee touching new life- time lows, Deputy Governor HR Khan today said the Reserve Bank will take every step required to stem the plunge of the domestic currency. "We are watching and monitoring the situation.All steps that need to be taken will be taken," Khan told reporters on the sidelines of an event organised by the National Payments Corporation (NPCI) here...........
Private banks mull exit from gold coin business
..........RBI has imposed restrictions on gold imports by banks. Hence, we are discouraging sale of gold coins in our branches. For all practical purpose, the business is as good as suspended," .........
Trade urges Govt to ease gold supply shortage
............. “If corrective measures are not taken, this Rs 275,000-crore industry would be brought to its knees. It will be pushed back to early 90s when much of the gold need was met through unofficial channels including smuggling,” ....
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