.......Another official said the RBI governor does not require any induction programme. “Was there any such induction programme when he went to the International Monetary Fund?,” he asked, referring to Rajan’s tenure at the multilateral agency as chief economist. Central bankers said such steps would be interpreted as the ministry’s “we-are- running-the-show” attitude and send a wrong signal to the market about the independence of the central bank.....
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Friday, August 9, 2013
Tradition maintained by RBI
My View on "Governor's challenge":
The observation “RBI has traditionally fought for status quo. India is at a juncture when more of the same policy won't help” does not do justice to RBI’s history. India’s central bank has all along done justice to its mandated role and more often beyond that. The criticism emanates from comparisons with central banks of developed countries which have their role limited to certain aspects of monetary management. RBI since at least the dawn of independence, has taken on itself the responsibilities relating to institution building and credit deployment for various purposes depending on priorities of the governments of the day, in addition to the central bank’s core functions. The present focus on financial inclusion and taming inflation which are incidentally in tune with the vision expressed by the Governor-Designate Dr Rajan is consistent with the tradition maintained by RBI.
-M.G.Warrier
RBI Board meets in Mumbai
.....The Board reviewed the current economic situation, global and domestic challenges and policy responses, as also the Draft Annual Report (2012-13) on the working of the Reserve Bank of India..........
MASSIVE MUMBAI MORCHA
8/8 is an
important day for RBI Retirees. The United Forum of Reserve Bank Officers and
Employees had called for a silent morcha to highlight the problems of updation
of Pension and Pension Option for those who had not opted for it. Today was the
Central Board meeting –the last one with Dr.Subbarao as Governor.
To clear the logistics. Shahid Bhagat Singh Road divides
the old Central Office building and the new Central
Office building (Skyscraper). While Governor and Top Executives are
located in
New Central Office building the Central Board meetings continue to be
held in
old Central Office building. Area surrounding that building was declared
out of
bounds.
The morcha was thus held in the ground
floor of the skyscraper. A vast concourse had gathered by 9 a.m comprising retirees
and current employees. As and when Central Board members alighted they were
accosted by our leaders and their attention was drawn to the vast gathering of
protesters across the road. All directors were given a memorandum as also Shri.
Rajiv Takru, Financial Services Secretary. A memorandum was given to the new
Governor Designate, Raghuram Rajan.
There was continuous
rain from 8/30 to 10.15 a.m. but this
did not affect the enthusiasm of the retirees. A hand mike set was allowed and
all leaders spoke including Shri.Samir Ghosh, General Secretary, AIRBEA. They
told us they had talked with every member and were told that they appreciated
our problems. Takru was expected to make a statement at the meeting. Regarding
Governor—who had declared at the Srinagar Board meeting –“I will take the issue
to the logical end”-----leaders reported that he said he would try to get it
cleared even within the short period he had. The Governor Designate said he
would study the problem after he takes over.
After the
morcha was over all were treated to a sumptuous breakfast—in the Officers
Lounge in Amar Building--Sheera, Vada and Idli—though we did not get news of
updation of pension the tension of our stomachs was unambiguously removed ! Do await the Forum Circular.
- P.P.Ramachandran
Will the Centre back RBI’s Rajan?
....Rajan will need firm government action to tackle the ills crippling the economy as he tries to revive the rupee and tame inflation. Will he get it? That really is the trillion-dollar question, and that will decide his equation with the government. Incumbent RBI governor D. Subbarao, who he will replace, tried in vain to get the government to manage supply side constraints, but he only succeeded in inviting the finance ministry’s ire. Rajan may well fare better at managing the government, particularly as he has so much more at stake..........
Confident of overcoming challenging environment: Raghuram Rajan
....."I look forward to working with everybody at the Reserve Bank. It's a great institution and I am looking forward to it," said Rajan, who will join the central bank as an officer on special duty before taking over on September 5............
RBI transfers Rs 33,000 cr surplus profit to Govt
.........This amount represents transfer of surplus profit by the RBI to the Government of India for the year ended June 30, 2013. In the previous year ended June 30, 2012, the RBI had transferred Rs 16,010 crore..........
RBI slaps Rs 1 lakh fine on bank
The RBI has slapped Rs 1 lakh penalty on Baripada Urban Cooperative Bank Ltd, Baripada, for failing to publish and submit accounts and balance sheet within the stipulated date.............
Law ministry says e-KYC valid
In what may do away with the need for physical documents to avail of financial and government services, the law ministry has approved fulfillment of know-your-customer (KYC) norms electronically, through Aadhaar or the unique identification number. The finance ministry has written to the Reserve Bank of India (RBI), as well as other regulators such as the Securities and Exchange Board of India (Sebi), to issue directives for financial companies to start accepting e-KYC..............
FM to announce steps on rupee end of the week: Mayaram
......Mayaram was speaking to reporters in Mumbai, where he was attending a meeting of the central board of the Reserve Bank of India (RBI). The Indian rupee has been under pressure in recent months, which prompted the central bank to announce a slew of measures to tighten liquidity in the banking system. RBI capped banks’ borrowing from its overnight borrowing window and increased the daily cash reserve balance requirement for banks. The measures are yet to have the desired results on the currency......
Tata firm to set up 1,000 ATMs across Karnataka
The Tata group firm, first in the private sector to obtain a license from the Reserve Bank of India (RBI) to disperse cash through its white-label ATM network, launched its service at Chandrapada village in Maharashtra's Thane district June 27, keeping in view the central bank's vision to improve ATM penetration across the country.............
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