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| ...........“I get asked why must we first try to lower inflation and then strive to achieve growth. Or, why we cannot tolerate higher inflation in order to get higher growth. The trade-off is not as straightforward as that,” ................. |
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, August 3, 2013
Growth-inflation balance is not that straightforward: Subbarao
New centre for information security opens
........The centre was formally launched by RBI Governor D. Subbarao at the annual technology awards presentation ceremony organised by the institute here on Friday. The CIAM would function as a “one-stop” resource centre for all information assurance and management technology, tools, literature and experts for the Indian banking and financial sector, Sambamurthy, Director, IDRBT, said............
SBI wins IDRBT Banking Technology Awards-2013
State Bank of India won three IDRBT Banking Technology Excellence Awards 2013 for “Electronic Payment Systems”, “Best use of technology for Financial Inclusion”, and “Customer Management & Business Intelligence” in the large bank category, at a function held at IDRBT, Hyderabad, on 2nd August 2013. The awards were received by the Chairman of the Bank Pratip Choudhury, from the governor of RBI, Dr D. Subbarao. Anand Sinha, Dy. Governor of RBI, was also present in the function.....................
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RBI to come out with more measures to rein in NPA: Subbarao
....."It is true that NPA in public sector banks is higher because their decision variables are different and therefore NPAs are higher than private sector banks," he said. "In the Reserve Bank, we are concerned about it. It is a growing concern. Even on last Tuesday, when we met at the bank, we spoke about this,"............
Curbs on futures market will go only after Re stabilises: Subbarao
..............“In Reserve Bank’s view, undue volatility of the exchange rate is harmful for growth and stability, and such volatility should be curbed,” Subbarao said. On innovation and regulation, he said financial markets were different compared to other markets and, hence, required a different approach. “Financial markets are reflexive, in the sense that our beliefs about what may happen often influence what does happen. Common sense does not hold. The more financial insurance is written, the more likely that the insured event will occur because people who benefit from the contingency can make it happen,” Subbarao said............
Every effort will be made to finance current account deficit
................The ministry makes the point that the RBI figures of 2013 must be compared with the RBI figures of 2008. This point is well taken, though one would expect the RBI and Finance Ministry to give out the same figure in the future, to avoid confusion. The ministry also admits that some foreign debt related indicators do reflect vulnerability. The larger theme of the article is not denied.
Bank licences for companies will make sector competitive: RBI
......In a bid to ally concerns over issuing new bank licences to companies, RBI Governor D Subbarao today said corporates will bring in large amounts of capital and make the sector more competitive. "The main reason we have allowed corporates is to leverage their proven entrepreneurial talent and management expertise," Subbarao said at a function organised by the Institute for Development & Research in Banking Technology..........
Comrade GOVI is no more...............
Shri P.GOVINDARAJAN (61
YEARS), Retd. Typist, RBI, Chennai (affectionately
called by his friends as GOVI) passed away around 8.30 a.m. on 2.8.2013. He
served RBIEA, Chennai as Asst. Secretary. He was ever smiling and ever helping
nature. In his death we have lost a very good friend, colleague and a
comrade. We pray for his soul to be rest in peace and convey our deep
sympathy and heartfelt condolences to the bereaved family members. The funeral
and last respects will take place on Saturday or Sunday depending
upon the arrival of his daughter from abroad. Address: F-3, Teju Tenaments, Plot No.
17-A, Fifth Main Road, BHEL Nagar,
Medawakkam, Chennai - 600 100. Phone
contact: 9500044310
- Balasubramanian K
Reserve Bank quiz to be conducted in Kochi
.............Schools interested in participating may contact nodal officers in Reserve Bank Of India before August 15. Shyni Sunil (0484 2400076) email : shynisunil@rbi.org.in or V Dhanya (0484 2401303) email: vdhanya@rbi.org.in )
SBI gets first woman MD
The Centre has appointed Arundhati Bhattacharya as a Managing Director of State Bank of India (SBI), the country’s largest commercial bank. She is the first woman Managing Director of SBI and is also tipped to be the Chairperson of the bank when incumbent Chairman, Pratip Chaudhuri, retires in end-September................RBI Governor resigns
The RBI Governor, Dr. D.Subba Rao, resigned today, saying that he cannot preside over the bifurcation of Andhra Bank. Due for retirement next month, his announcement caused ripples in the Financial circles. The Finance Minister stepped in to control the damage. While confirming the resignation, he assured the nation and particularly the customers of Andhra Bank and other investors, that there is no cause for worry. He said that his officials have worked out the details and action plan. The erstwhile Andhra Bank will be split into two separate entities—Telengana Bank and Seemandhra Bank. The capital, assets and liabilities will be split in the ratio 10:13 or 17:25 between them..............
Next RBI Governor - Why not insider?
After the announcement of the FM that he is on the lookout for a successor to Dr. Subba Rao several views have been expressed on the issue of a successor. An omission however has been as to why the successor should not be picked up from RBI itself. In the judiciary,in the defence forces, why even in the Govt. the man for the top position is chosen from within.Why should an exception be made in the case of RBI? The RBI has a talent pool from which the top man can be picked up Two DGs have been all along with RBI and therefore complete central bankers. One DG has not only RBI experience but valuable experience as a commercial banker and is a Ph.D. and other DG also a Ph.D although a new entrant to RBI has rich experience of work in financial institutions abroad.Should we not establish a convention that some one who is part and parcel of RBI should only aspire for the top job?
- K.N.S.Unni
Poll: Is Subbarao the 'worst performing' RBI Governor?
D Subbarao, who completes his five-year term as RBI Governor on September 5, was recently criticised by Arvind Panagariya, professor at Columbia University and a noted economist, on the ground that the central bank did not build foreign exchange reserves when the rupee was appreciating in 2009-10. Business Standard takes a look at the performance of RBI Governors since 1990...................
The Great Bank of Bengal
..............A Sentimental Journey describes a stroll on the Mall during which he and his cousins passed by Janki Das & Company, Lloyds Bank, Telegraph Office and Imperial Bank. Nevile takes us further on the Mall until we reach the splendid building of the General Post Office. Across the road, Nevile explains, stands the wonderful red-bricked building of the Reserve Bank of India. The mention of Imperial Bank and Reserve Bank as two distinct buildings on the Mall suggests that the Imperial Bank, after the creation of the Reserve Bank, moved to an adjacent building in the same vicinity, while the Reserve Bank operated from the erstwhile Bengal Bank Building..............
M S University clears way for Rs 2.50L recovery from deputy registrar
........The university had formed the committee after the embarrassment that it faced last year when the country's apex bank dragged the state university to Ahmedabad court by filing a civil suit demanding recovery of Rs 97,63,000 for not appointing a RBI Chair professor at the Department of Banking and Insurance at the Faculty of Commerce even as it had received Rs 50 lakh as corpus fund in 2002. The committee, which had professor Ranjan Aiyer as convener, submitted its report stating that no concrete efforts were made by those in-charge of the cell to get in touch with RBI..............
Read - TOI
Finance ministry plans to buy beaten-down shares of public sector banks
............"Banking stocks are at an all-time low. Our holding will increase if we directly infuse capital through preferential allotment of shares. Banks can explore other routes when conditions are conducive and the government will also get better return on its stake dilution," the official explained. Already some banks like Bank of Maharashtra have indicated to the finance ministry that they are not in a position to go ahead with their fund-raising plans through the qualified institutional placement route..............
No voting rights for foreign investors in Tamilnad Mercantile Bank: Court
.........The court, in its order dated July 29, 2013, said that since the Reserve Bank of India refused to acknowledge the holding of shares by the overseas investors, the banking company should be directed not to give effect to the transfer of shares. And, in case the transfer has been registered, the transferee shall not be entitled to voting rights, according to Chapter II amendment of Section 12B (3)...............
Tirupur exporters lash out at RBI
.........“It is ridiculous that the RBI is trying to suck out excess liquidity in the system by keeping the repo rate under the liquidity adjustment facility unchanged at 7.25 per cent instead of looking at the actual problems that lead to liquidity and inflation,”................
Will RBI's rupee-revival policy work?
..........While a lot of views have been expressed over the recent liquidity tightening, RBI’s steps in the last few weeks have to be seen in the perspective of the recent developments in the foreign exchange market. The currency has been a major challenge for the central bank in the recent months. While the rupee has been in a depreciating trend since the global crisis of 2008, the volatility in the exchange rate has increased in the recent months...............
ATM malfunction at Hotel Pinewood
I write this so that ATM/Debit card holders are kept informed of the wrong doings by some banks. I was presented a bill for dining at Hotel Pinewood on 15th July, 2013. I paid vide ICICI Debit card and soon after I received a message on my mobile that the amount has been deducted from my account. The same message was repeated 3 times. After a minute or two the waiter came back returning the card saying it was not working and showing error in the Hotel’s Swipe machine. On investigation it was found that the receptionist had swiped the card 3 times which means payment of the same bill three times as it was showing error. On checking with AXIS Bank, since the swipe machine was that of AXIS, it was found that no amount had been credited to the Hotel Pinewood account. Ultimately I had to pay cash the next day. The Hotel employees say that this is a common feature with the swipe machine. I have since taken up the matter with both ICICI and AXIS bank authorities but the matter lies unresolved till today. The moot question is where has the money gone. Who will pay and who is responsible for such glitches ? This is very frightening as we read all the time about scamming, hacking, fraudulent activities in ATM booths, ATM card cloning etc. Even the Ombudsman RBI is quiet on this issue. Customers should be very careful of internet transactions.
- Nesfied B Sangma
Income-Tax dept expects 3 crore tax returns to be e-filed this year
File, smile and go. This is what taxpayers would be chanting this year while filing their returns, the income tax department claims. But with electronic filing having become mandatory for assessees having net taxable above Rs 5 lakh from this year, the pressure on the tax department to keep the system capable of handling the pressure has become enormous. According to an income tax official the department expects around three crore e-returns this year. Of these as on July 29, more than 82 lakh e-returns have been filed a 40 per cent rise compared to the same period last year, the official said. Six lakh returns were filed on Tuesday................
Bank of Maharashtra posts profit of 266.33 crore in Q1
.............The
bank’s chairman Narendra Singh said the bank is in the process of
reorganizing its business to prepare for the challenges of the new
customer dynamics. Among the initiatives,
the bank is planning to roll out doorstep cash collection and
withdrawal facility, acceptance of stamp fee and related government
payments and wealth management services to its high net worth clients...................
A misnomer called food security
CHILD STUNTING and wasting, and mortality, is more likely to be due to infections and illnesses due to unsanitary conditions that result in inadequate absorption of nutrients, than due to undernutrition. These in turn may be linked to inadequate maternal health, insufficient access to health services, safe water and toilet facilities..........
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