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Friday, October 18, 2013
No question of easing policy rates - Dr.S.S.Tarapore
Here's what you can expect from RBI's October 29 meet
Nitin Vyakaranam of arthayantra.com discusses the expectations from the Reserve Bank's monetary policy meet on October 29..........
Should the RBI be made more accountable?
Given the above discussion, one is tempted to ask: how accountable has the RBI been and how transparent are its operations?.........
Touching tribute by Shri Donde
My View on "Death of Two Friends - R.P.Donde"
It is really sad to know about the death of
Shri Ramphal Sharma due to Dengue. May his soul rest in peace. He was known
popularly as Ramphal in New Delhi Office. In 70s I was posted in New Delhi
office-- IFD and later on in DICGC the successor of IFD. Shri Ramphal was
posted in these departments then. We had interacted with each other at that
time and later on during my entire stint in New Delhi office. I enjoyed his
Haryanvi Hindi and English. He was quite active in the Association and like a
true Haryanvi blunt and simple. RIP dear friend Ramphal.
- Man Mohan Singh
Rekhrao
Donde's touching note about two of
his best colleagues, P.Laxminarayan (Laxmi for all Napgpurians) from Nagpur
and Ramphal Sharma from Delhi reminded me of painful demise of my another close
friend, my first Grade I, Shri M S Aradhey, died of cancer almost of same age
as Laxmi. Dondeji has very nicely described Laxmi that he was in front of my
eyes. May SOUL of these friends rest in peace. 'JANE
WALE CHALE JATE HAI BAS YAAD UNKI RAH
JATI HAI'.
- K.S.Iyer
Very
touching tribute by Shri Donde. The honesty and sincerity of feelings is very
clear. It does pain a lot when a friend passes away.the tribute
also
reflects Shri Donde 's nature !
- R. D. Wavikar
What
a lovely tribute has been paid by Shri Donde to his bosom friends!The piece has
come straight from the depths of his heart and shows also the sterling
character of Shri Donde. There was no exaggeration in the write up of the
qualities of head and heart of his former colleagues and yet this did not
diminish even by a smallest measure his fondness and love for them. All of us
would like Shri Donde to live long and continue his service to the retired
employees of RBI.
- A.Chandramouliswaran
Very
touching tributes to departed souls-recalling indelible impressions of
comrades' on earthly sojourn... "If my soul...why in death?"
heart rending soul rending.
- R.G.Nair
Shocked to know the sudden death of Shri Ram Phal Sharma. He was the General Secretary of the RBI Staff Officers' Association for long and known for his boldness. He was popular amongst all the employees, irrespective of class. May his soul rest in peace.
- D. K. Bakshi
Hello Ladies
...........With regulators, despite being hamstrung by political interference, pushing steadily, banking is well on its way to once more becoming a boring, staid but solid profession. We see it in India, too. In addition to Ms Bhattacharya at SBI, Chanda Kochhar has changed the nature of ICICI Bank, which was the only real alpha-male bank in India, into a much more responsible, solid institution. It is no coincidence that this change of life, to use a pointed phrase, is marked by the rise of women to more and greater positions of power. Women have a much deeper - indeed, physiologic - understanding of time and the importance of the long term, which, as I write this, suggests to me that this next cycle will be longer than the previous one...........
Bigger And Better
....SBI is in the midst of a large-scale change in its top management. While managing director and CFO Arundhati Bhattacharya has been appointed the new chairperson, three of its managing directors — Hemant Contractor (59), A. Krishna Kumar (59) and S. Vishvanathan (58) — are on the cusp of retirement. The operating environment of the bank is also changing...............
Banks flout RBI cap on debit card fee at pumps
......But in the case of petrol pumps and Indian Railways, an exception was made allowing them to pass on the charges (described by banks as 'merchant discount rate'), to the customer. The exception was made to end an impasse where these government entities were refusing cards on the grounds that their margins were too low to absorb the credit card charges of 2.5%. RBI, while slashing charges on debit cards, had used the rationale that the transaction cost of credit and debit card should not be identical. This was because ........
New banknotes with Rajan's signature
With rupee symbol bearing the signature of new Governor Raghuram Rajan, the Reserve Bank will shortly issue Rs 10 denomination banknotes.......
Read.....
AIBEA opposes RBI governor's proposal
......“We strongly oppose the RBI governor’s proposal. It is aimed at taking over our banks by foreign banks. These are against our country’s interest. AIBEA would launch agitation if the RBI would proceed with any such proposal,”.........
Chidambaram to meet PSU bank chiefs on Oct 22
Finance Minister P Chidambaram has called a meeting of heads of public sector banks on October 22 to take stock of their nonperforming assets, credit growth and financial performance. The broad agenda of the meeting include reviewing ways to cut down deteriorating asset quality. Credit growth in the targeted sectors is also a part of the agenda a senior finance ministry official said. Gross non- performing assets ( NPA) of public sector banks rose to Rs 1.76 lakh crore at the end of June quarter from Rs 1.55 lakh crore at March 31, 2013........
e-KYC set to benefit banking, financial services sectors
Parrikar assures maximum relief to mining-affected people
.....Mr. Parrikar said he met Dy. Governor of RBI in Mumbai and convened with the SLBC twice, where bankers were advised to rephrase and restructure the loans/borrowings as was done in 2011-12. He claimed that the request for another restructuring of loans has been positively addressed by most banks.........
Welcome to India – state of the Indian economy, banking sector and factoring services - Dr.K C Chakrabarty
Opening address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at the International Factors Group’s Annual Conference, New Delhi, 7 October 2013
......India also has a number of foreign owned banks, many of whom have been with us a long time and helped fuel our growth. They have been in the forefront of innovation, both in terms of improving productivity, as well as in terms of creating new products. We would like them to participate more in our growth, but in exchange we would like more regulatory and supervisory control over local operations so that we are not blindsided by international developments. The RBI will encourage qualifying foreign banks to move to a wholly owned subsidiary structure, where they will enjoy near national treatment. We are in the process of sorting out a few remaining issues so that this move can be made..........
Read.....
‘Cornered’ columns keep the torch of hope burning
My View on "Where are our economists? - Charan Singh":
Straight answer is many economists have infiltrated into bureaucracy for survival and a lucky few have migrated into the affluent and powerful BPL (Businessmen-Politicians-
- M.G.Warrier
Indian economy: Beyond the numbers
....The bright spot is that the pressure on the rupee has abated, exports have done well and the trade deficit has come down dramatically. The Reserve Bank of India (RBI) has also partially rolled back some of the liquidity tightening introduced to defend the rupee, which has led to short-term interest rates coming down. The panic in the foreign exchange markets and the central bank’s response to it are now over.......
Swap window for FCNR-dollar deposits! Festival bonanza for NRIs?
........Obviously, these high rates of interest offered to NRIs cannot last long and the RBI has already indicated that the swap facility offered to banks will be available only till 30 November 2013, and could be closed earlier with prior notice. Also, Dr SS Tarapore, former deputy governor of the RBI, has written in a local media that the swap facility offered by RBI on FCNR deposits to banks “exposes RBI to losses of an estimated Rs60,000 crore which would be self-immolation”. If this estimate is right, RBI may not continue with this facility for long and may even reduce the interest rates permitted on FCNR deposits if .........
Nabard brings big relief to farm credit societies
.........The decision of the National Bank for Agriculture and Rural Development (Nabard) against steadfast implementation of the Prakash Bakshi report for streamlining the short-term cooperative credit structure has come as a major relief to thousands of primary agricultural credit societies (PACS) in the State. A major recommendation of the report was that PACS should work only as business correspondents on behalf of the Central Cooperative Bank. This was to ensure safety of deposits and efficient credit delivery to farmers............
What saved the rupee?
.............The popular view is that leadership change at the Reserve Bank of India (RBI) changed the fortunes of the rupee. And there is truth to this. As graph 1 shows, there was a big upward move in the rupee the day after Raghuram Rajan formally took charge as governor of the RBI. ..........
Honey, it’s not just onions!
...To be sure, onion inflation (not for the first time) has hit the roof, printing at 200%-plus in August, and 300%-plus in September. However, we need to be aware of at least two phenomena. First, onions have a weight of 0.17% (yes!) in the index, so even disproportionally large swings have a relatively limited impact on headline WPI. Second, there are all kinds of base effects at play, so the right measure is to.....
Gold: Economists need to change
............Here is an interesting (but unpublished) study which shows that there is no difference between illiterate villagers and educated savers in how they view gold or stocks. P. Kanagasabapathi, an academic with Indian perspective, conducted three studies in Coimbatore regarding the saving/investment preferences of (i) teachers and doctors (ii) businessmen, professionals and bank officials (iii) women academicians specialised in and teaching finance related courses in reputed colleges for the commerce and management students. The studies show that, ............
A sadhu & the temple of boom?
The
Archaelogical Survey of India starts its excavation today in search of a
treasure of gold supposedly buried in an obscure village in Unnao. The
village’s story as it unfolded over the last few days could well be an
anecdote from the Panchtantra. A sage, Shoban Sarkar, dreams of a king
who introduces himself as Raja Ram Baksh of Unnao. The king points the
sadhu to a treasure of gold buried near the Shiva temple where the king
worshipped the deity.............
Read - TOI
Read - TOI
Will will find a way...........
My View on "India needs a national gold policy":
There cannot be a crisper way to describe the need for a Gold Policy than the concluding observation:
“Thus, the present treatment of gold under national income, balance of payment and its links to CAC all need careful harmonization. At present there is no policy that tries to reconcile these divergent aspects. Perhaps a gold regulator or a gold policy is an idea whose time has arrived.”
Gold which no doubt is the villain in the Indian economy can be reformed into a saviour, if there is a political will to seriously go ahead with the following initiatives (the list is illustrative) which have already seen some beginning during the last one year:
• Make a realistic estimate of surface gold stock in India. Individuals and institutions holding gold stock above a threshold level should report the quantum of gold held to a designated authority.
• Insist on standardisation of a reasonable portion of gold held by institutions. Infrastructure for such standardisation should precede.
• Encourage financial institutions to increase their gold portfolio. Organisations including religious institutions should be provided incentives to deposit gold with banks.
• Establish a National Registry to keep track of inflow, stock and outflow of gold in various forms.
• Encourage introduction of gold-backed investment instruments.
- M.G.Warrier
Kerala temples' gold-inventory plan dropped: RBI
.... In an RTI reply to advocate D.B. Binu of Kochi-based Human Rights Defence Forum, the RBI’s central public information officer S.K. Bal said the plan was no more in existence. According to Mr. Bal, the bank has no plans to issue similar letters to other rich temples in or outside Kerala. Its earlier letters to Travancore, Kochi and Guruvayur devaswoms and the managing trust of the Attukal Bhagavathy Temple in Thiruvananthapuram have invited angry reactions and each of them decided to ignore the letter.............
RBI’s re-export norm continues to impede gold imports
.........“The problem has been compounded because Customs authorities want us to meet the stipulation for each consignment,” said Arora. The RBI notification said that fresh imports would be allowed only after an importer re-exports 20 per cent of the shipments brought into the country earlier. Banks also have to keep the gold meant for re-export in separate Customs bonded warehouses. “It takes between 60 and 90 days for exports to take place. Until then, you can’t bring gold into the country,” said Kothari. Currently, only gold that is meant to be re-exported is finding its way through the ports..............
Microfin industry close to being 100% insured sector
.....The Reserve Bank of India (RBI) does not allow the MFIs to collect any commission from clients. However, Irda allows MFIs to receive administrative fees, capped at two per cent, for distribution of products from insurance companies, according to Samit Ghosh, president of MFIN. “We are contemplating writing to Irda to increase the limit of administrative fee, as the cost of operations is quite high,” said Ghosh...........
Rs 1.46 crore in fake currency deposited in HDFC
........Sharma said a majority of these currency notes had been deposited by account holders who were probably unaware of the same. The bank said the notes were made to such perfection that even the bank employees could not decipher them. Only when the notes were checked using a technically superior method, it was detected. As per the complaint, total Rs 1,46,44,000 had been deposited by the account holders in the different branches of HDFC bank in Delhi-NCR including Delhi, Gurgaon, Noida, Ghaziabad and Faridabad.............
PayUPaisa launches automated payment settlement solution for marketplaces & online aggregators
Gurgaon-based online payment solution firm PayU India Internet Pvt Ltd has launched a new offering called ‘All-in-One’ payment settlement solution, which it claims will reduce the payment settlement headaches of marketplaces (like Snapdeal and eBay) and online aggregators (who cumulates different items and services for selling or payment collection purposes) in the country.........
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