.......As such, the best loss minimisation strategy would be to deploy one-third of the reserves in gold and one-third each in dollars and non-dollar currencies. As a first step, the RBI should undertake small purchases of gold, taking into account swings in prices. There is a strong anti-gold reserves lobby in India. Would this lobby prefer to hold a part of the reserves in onions!
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.
Friday, November 29, 2013
Make RBI the Big Brother
- A B TELANG (ET)
Financial inclusion for Adivasi children at Aarey Colony
......Reserve Bank of India rightly entrusted the task of Financial Inclusion of downtrodden and Slum dwellers in Mumbai city to Bank of India. Bank of India has taken a lead and is committed to fulfill the expectations of RBI and the national goal. V.R. Iyer, Chairperson and Managing Director, Bank of India has a taken keen interest in getting Lead District responsibility in both Mumbai City and Mumbai Suburb Districts with a view to cater to the needs of downtrodden and poor people in these districts. Bank of India has identified Aarey Colony Area for implementation of Financial Inclusion Programme.........
Bhoria : The Effective Administrator
File photo :
Shri Bhoria, Ms. Kamala Rajan and Shri R.L.Sharma
at the Conference of Private Secretaries, 2010
I came on transfer to Kanpur from Jaipur Office in July 2007 and got the opportunity to work as Private Secretary to the Regional Director Shri J.B.Bhoria sir. He is retiring today after holding a very important, high and responsible position as Regional Director, Maharashtra and Goa. It was an honour and pleasure to work with him as his Private Secretary in Kanpur Office for about two and half years. Working under him was a great, satisfying and learning experience. I learnt the techniques in handling the crucial and sensitive situations and was always guided by Bhoria sir through his highly experienced and effective approach. Inspite of mounting official pressures, he was easily accessible to all his office colleagues and the senior officers, Heads of the departments, associations/unions used to meet him frequently in his chamber to discuss the informal official issues whatever they had in their mind. He was very thorough with his work, and very efficient and effective administrator. He has high degree of sincerely towards official work and is a great guiding force to all those who worked under him. Indeed, it was an honour to work with Shri Bhoria sir. I wish him a very healthy retired life ahead.
- Maya Verma,
AGM & Private Secretary
to Banking Ombudsman,
Kanpur
INVITATION TO JOIN RBIOA GROUP
You
will be happy to know that we have formed a Yahoo Group named
"RBIOA". It is basically an Internet based Group, as the
name indicates, exclusively for members of Reserve Bank of India Officers'
Association. The main aim of the group is to promote goodwill and enable
members to have free and frank discussions and share their views, especially on
the issues beneficial to the members of Association. The membership of the
Group is absolutely free. You
are most welcome to join. For becoming member please open the website of the
Group by clicking at the following link (or by typing it in your browser)
:-
http://in.groups.yahoo.com/group/rbioa
Once the page opens please click at “Join this Group” and do the needful. After you click at "Join" you will receive a message that your request has been sent to the Group. You can send/receive group mail in any email account (even other than yahoo). However initially you require an Yahoo ID for proceeding further. If you don't have one, please open a new account in Yahoo by typing in your browser <mail.yahoo.com> For any difficulty/assistance or any further information you want to have about the Group please feel free to write to moderator.rbioa@yahoo.com or rnvatsa@yahoo.com any time.
Once the page opens please click at “Join this Group” and do the needful. After you click at "Join" you will receive a message that your request has been sent to the Group. You can send/receive group mail in any email account (even other than yahoo). However initially you require an Yahoo ID for proceeding further. If you don't have one, please open a new account in Yahoo by typing in your browser <mail.yahoo.com> For any difficulty/assistance or any further information you want to have about the Group please feel free to write to moderator.rbioa@yahoo.com or rnvatsa@yahoo.com any time.
With
regards
Moderator
RBIOA GROUP
RBIOA GROUP
moderator.rbioa@yahoo.com
VITALINFO - Herculean task : V.S.Das, Former Executive Director
My dear Tarambale Sb.,
How nice to see you getting such
glowing and richly deserved accolades from so many RBItes, both serving and
retired ! I remember, you told me once that that the task requires you to wake
up very early in the morning (3:30), go through the media sites and scan
the relevant material to put VITALINFO together. I want to compliment you for
the umpteenth time for the Herculean task you have undertaken. It is really
commendable. I am happy that you have received formal recognition from the Bank
for this venture. I am, however, concerned that this should not affect your
health. May I suggest that you enlist the help of a few sincere
volunteers and train them to share your load, so that you take a break whenever
required? I believe this could contribute to the sustainability of VITALINFO in
the long run. Warm regards, -
- V.S.Das, Former Executive Director
Dear Tarambale Ji,
Heartiest congratulations and best wishes to you on
the successful completion of three eventful years of VITALINFO. Doing all that
extra work while continuing your full time job was extremely ambitious, and you
have achieved it with your personal motivation, hard work and dedication. I'm
sure it was worth it, for all its usefulness, benchmarks, applauds and many
more… including an ever widening VITAL friends and well wishers. Well done! May
you have His blessings for a renewed energy and vigour to continue this Vital
Mission.
With best wishes and regards,
- Dr.
R.L.Sahoo, Chief Archivist
Reserve Bank of
India Archives
Dear Shri Tarambale,
I hope You remember me. There
is no doubt about ‘VITALINFO’ a Role Model…. Congratulations for providing this
INVLUABLE Service …keep it up. With Regards
- D K Nalband,
Assistant General Manager, RPCD
Dear Tarambale,
Hearty Congratulations on completing three years of
VITALINFO. Your dedication and hard work is really inspirational. On a personal
note, it has been great learning for me going through VITALINFO every morning. Best
wishes for all your future endeavors. Regards
- Rama Nabar, Manager
College of Agricultural Banking
Dear Sir,
This is to request you, if possible, to add my email in your list for
sending VITALINFO. I find it really useful for my work in analytics division. Thanks
and regards
- Dr. Nitin Jain, Assistant General
Manager
Analytics Division, DBS, CO
On the happy
occasion of the birth anniversary I am happy to associate myself with all those
wishing you a very happy march enlightening every reader.
- Badri
Dear Mangesh,
I am overwhelmed to note that your "VITALINFO" has completed
three good years. Kindly accept my heartfelt Congratulations! No doubt,
this Himalayan task has been handled by you alone with full of dedication,
devotion and discipline! It is not a simple thing to have the globe united
together through your "VITALINFO". The banking knowledge has
reached every corner across the country and found one of the best tool for
financial literacy and inclusion. Kudos to Vital Information of
Mangeshji! Long live "VITALINFO". May God bless you with
happy, healthy and long life to render this selfless service! Thanks and Regards,
- Janaki Ravindran, CAFRAL
Dear Mangesh,
Hearty Congratulations as your brainchild VITALINFO enters 4th year. It
is indeed a commendable job you are doing for RBI brethern. As everyone points
out, VITALINFO has become a part of our daily life. Even high dignitaries like
former Governor, former DGs, ED have also praised your contribution in bringing
VITALINFO everyday without fail. Hats off to you Mangesh. I pray to the
Almighty for His blessings to you to continue to serve this way RBI brethern. Profound
Regards,
- S. Srinivasan, Cochin
HEARTIEST CONGRATULATIONS - On
behalf of all members of EXRBITES conveying to Shri Mangesh Tarambale. Heartfelt Greetings on the occasion
of 3rd Anniversary of VITALINFO which
falls today on 28th November, 2013.
Hats off to the hard work put by him to make our mornings bright. Any appreciation will fall short of words for
the wonderful work you have done for RBI.
Congratulations once again and wishing
that VITALINFO may touch new heights in its 4th year.
–
Madan Gauria, Moderator, EXRBITES Group
My best wishes on the occasion of third anniversary of VITALINFO.
- Shrikant Deshpande
Let us give a standing
ovation to our beloved Mangesh for continuing his commendable job. My hearty
congrats to Mangesh and wish him all the best.
- M.V.Sivakumar,
Ex Assistant Manager, Chennai
VITALINFO - Phenomenal work and sagacious services -- Ringside view
I TOO JOIN MADAN IN CONGRATULATING AND WISHING THE VERY BEST TO Mangesh and VITALINFO on the occasion of completion of VITALINFO’s third successful year of serving the banking community, RBI family and society in general. Many more happy returns of the day! Many thanks for everything. Dr D Subbarao and Shri G Padmanabhan have expressed the feelings of hundreds of VITAINFO surfers. Hearty congratulations! Warm regards
- M G Warrier
While working in our bank I had glorious moments as a WR Correspondent and photographer to have an ring side view of the inside happening in all the policy making forums of our bank - may be central board, local board, advisory committees, parliamentary delegations, and so on..... Now I have decided to share useful tips and information for common good.... In a press meet in RBSC our present PM made an appeal that every bank employee to "be patriotic, politically neutral and professionally excellent pursuits" and contribute to the growth of the Indian economy....(3 ps) and our Mangesh Tarambale is the role model....in spreading the professionalism of the invisible but invincible regulator of the Indian economy...... His mails I was regularly forwarding to many young bank executives to widen their comfort zone to render excellent empowering customer service.
I wish him score a sachin plus century and his services to reach good to great.....a lighted candle delights every banker... he is gifting roses fragrance clings to his fingers...let us also
With love
- P S S Narayanan, Ex Assistant Manager, Chennai
Best wishes for the occasion. God bless you with the potential, ,capability, energy & helpful spirit of service for the benefit of RBItes, Exrbites & yourselves (for contentment etc). Regards.
- Ranjit Kumar Rehan, Ex Assistant Manager, Delhi
Dear Mangesh ji
I extend my congratulation on the occasion of the IIIrd anniversary of the Vitalinfo. It is needless to say that the Vitalinfo is a much cherished name and the darling of all members of the exrbites group. It is very rare that so many people fall short of words for expressing their sense of gratitude and appreciation for something. VITALINFO is one such phenomenal work and sagacious services rendered by you, that exrbites are found fumbling for words for expressing their appreciation. The beauty of the VITALINFO is that it is liked, highly estimated, gratefully recognised and eagerly awaited for by all members of R B I fraternity starting from the people belonging to the lower rung of the ladder right up to the top of the R B I's hierarchy: Deputy Governors and Governors. Mangesh ji, you will be remembered for your VITALINFO for all time to come.
- G N Pandey, Ex Assistant General Manager, Delhi
Dear Tarambale
Hearty congratulations on VITALINFO's completion of three years. Among all mails we first see VITALINFO because it is not one mail, it is a newspaper covering banking and financial sectors. We appreciate your dedication and efforts for bringing out this edition daily without fail giving all information at one place. Yesterday only I was looking for some earlier VITALINFO mails as my daughter who is in HDFC Bank wanted to know about development in banking to attend a quiz contest. Long Live VITALINF. Cograts and thanks.
- A. U. Shaikh, Ex Assistant General Manager, Mumbai
Hearty Congratulations and Greetings to Shri Mangesh Tarambale on the occasion of the 3rd anniversary of VITALINFO - a sethu connecting Banking and members. What a great service !
- Vathsala Jayaraman, EXRBITES, Chennai
Congratulations to Shri Mangesh Tarambale for successfully running VITALINFO successfully for the last three years.
- G.Mohan, Ex Assistant General Manager, Chennai
I am very happy that I was reconnected to RBI through EXRBITES Group. My thanks are due to R M Joshi for introducing me to the group and to Madan Gauria for creating and managing about 500 members of the group and for connecting group with VITALINFO. there are many computer IT savvy but hard to find a person like Mangesh, who is one pointedly focused and connect all RBItes to VITALINFO through series of beeds making ornamental chain, serving the banking community, RBI family and society in general. Many more happy returns of the day! wish you successful and prosperous years ahead. Hearty greetings on the occasion of third anniversary of VITALINFO. May god grace you with a golden touch.
– K.S.Iyer, Ex Manager, Mumbai
Dear Mangesh,
Fitting tribute to Your untiring efforts from the VVIPs who count.....
-- Balasubramanian K
Congratulations. I have been accessing VITALINFO for only a few months now but am addicted to it. Thanks for all the efforts.
– Dimple Bhandia
Two-day employment fair held at Sports Ground Reasi
.......The Employment Fair was inaugurated today by Governor of J&K State N N Vohra in which he visited Bank stalls and interacted with the officials. SBI Jyotipuram in association with RBI distributed fresh currency and coins to the general public and LDM SBI along with Director SBI-RSETI educated the people about the ways and means of generation of self-employment and income.....
MP Rajeev Chandrasekhar Questions Use Of Biometric Authentication In Card Payment Units
Reserve Bank of India had advised all banks to include biometric sensor in all new credit card swiping machines and to improve their existing infrastructure to enable use of Aadhaar-based biometric authentication while making card-based payments. MP Rajeev Chandrasekhar has nowquestioned the move and raised several questions in a letter addressed to RBI Governor, Dr Raghuram Rajan..........
Need to address the address issue
My View on "Banks violate RBI norms to deny zero-balance A/Cs":
Bank staff are system driven and it is the system that applies logic, reason and rule. The staff at the counters in most banks lack knowledge of banking and most do not read their own bank's circular instructions. If the circular instruction translates into a system instruction, it is mercifully applied. There can be no discretionary application that requires the use of banking knowledge. No wonder that the survey revealed what exists in reality.
But one thing: it is important to have not one address but two and this should be mandatory. Why? I site to you a live instance: the maid servant in my house has her landed property in the village that carries a conservative value of INR 3 lakhs. She leaves off her work in the city for a minimum of two days to claim her MNREG wages to work on her own farm land! Many who migrated to the city to educate their sons/daughters and performing such chores are in this task. She also carries a chit in her community for INR 50000 reserved for marrying her daughter when she comes of age. Of course, she does not have a bank account and when she wanted to open she was asked to comply the KYC norm. No frills account in her present demeanor is a qualified account and she just could not open. It is important to have the temporary residential address and permanent address too. Incidentally, later she got the Aadhar card with her temporary residential address and this took care of KYC. The research is with an objective and the sting operation is to expose the banks' ways of compliance. This objective has been served but it is skin deep.
- Yerram Raju
ATM attack: 45-day deadline to banks to install CCTV cameras
......"Those ATMs which don't comply with the instructions will not be allowed to function," he said in a release, even as the banks struggled to adhere to the earlier order to deploy guards at all their ATM kiosks. He said a few banks have sought more time to deploy security personnel and install CCTV cameras and alarms, citing procedural delay. The banks have also asked that those kiosks located in guarded ares like railway stations, bus stations and commercial complexes, among others, be exempted from the order on posting security guards......
A Goat Or An ATM?
...The RBI has set up a committee to look at the regulatory gaps in financial inclusion. It is taking inputs from all stakeholders involved in financial inclusion. It hopes to give its recommendation by end of this year. Hopefully the committee will also address the lack of feedback and impact assessment mechanism. Unless banks, BCs and RBI understand why a goat is more important than a bank account to a rural consumer, financial inclusion will remain a ineffective activity.
Substance that matters
My View on Rajan, FM Working As A Team: Ram Charan
I am responding in short on the video clipping by Mr Ram Charan. I had talked about the measures that need to be taken on the supply side on your blog some time ago, perhaps shortly after Dr. Raghuram Rajan had taken charge as Governor. Unfortunately in our system there is more of words than substance. It is indeed very urgent and high time that RBI/Government set up a task force to come out with the measures that need to be taken in the short, medium and long term to tackle the supply side in food and vegetables across the country in the areas of production, storage, processing,
- B K Katyal, Ex Chief General Manager
AIBEA to protest on growing NPAs and corporate borrowers' role
The All India Bank Employees' Association (AIBEA) is planning to observe December 5, 2013, as All India Day, demanding a remedy for the increasing bad loans, alleging that the alarming increase in bad loans in the Public Sector Banks (PSBs) is due to the big and corporate borrowers. The bad loans in PSBs has increased from Rs 39,000 crore in March 2008 to Rs 1,64,000 crore in March 2013 and.......
Mahila Bank to open 16 more branches in four months
.......New branches would be coming up in state capitals and Union territories. The bank intends to fulfil its obligation of meeting 25% of its branches in rural and unbanked areas from the next fiscal. Earlier this month, the bank, a pioneering initiative to empower women, was launched with a corpus of Rs 1,000 crore to function as a universal bank.........
Manning the Mahila Bank
Though men may not be allowed to take loans or avail themselves of banking services from India's first commercial public sector bankfor women, they have not been left out when it comes to employment in the bank...
Empowering women?
......... No one in the media has commented on the speed with which a new bank was set up by infusing ~1,000 crore as initial capital. What could have been the reason for this urgency? Is it the need to empower women? Or, is it the issue of balancing the gender discrimination? None of these got prioritised in decision-making. .....
Too many unanswered questions
.........Unfortunately, as in most such cases, the statement leaves more questions unanswered than answered and inevitably leads to a great deal of speculation. What is the ‘real’ reason why the Tatas, one of the most respected corporate groups in the country, has chosen to withdraw its application? After all, nothing has changed since the final guidelines for issue of bank licences were announced by the RBI; and the final guidelines were announced after months if not years of debate. The Tatas must have done a careful assessment of whether or not a bank was an appropriate ‘fit’ in the overall the group strategy before deciding to apply for a bank licence. So what explains their getting cold feet at the last minute, just weeks away from the deadline announced by the RBI governor, Raghuram Rajan, for issue of bank licences?..........
Banking licence: Tatas’ pullout points to a missing link in policy
.......The RBI has been very transparent about the terms and conditions and hence is beyond reproach. If one finds the terms agreeable, then one can come in and play. Otherwise, they can stay away. The Mahindras did not think this model would work and hence stayed away, while the Tatas exit is a call to corporates to revisit their models. Such conditions would probably allow for break-even only after 5 years, and the RBI norms already state that the promoter will have to divest after 10 years. Therefore, the promoter has to take on these risks which will be the highest in the formative years, and would probably............
Banks eye foreign shores for Basel-III capital
......... senior official from the Reserve Bank of India (RBI) said some Indian banks are looking at issuing Basel-III compliant tier-I bonds abroad. “They may raise overseas first because the environment exists. Here, nobody is very sure,” said Chandan Sinha, chief general manager, RBI. He said banks were yet to finalise a quantum. These bonds are fairly new for global investors too although there have been a few issuances. This month, Singapore-based DBS Bank tested the market with Basel-III compliant tier-I securities of SGD 800 million. The bonds were oversubscribed, indicating investor demand remains solid..............
Banks told to be more open to small businesses
.......“The scheme is not implemented in the way it was promoted in the neighbouring States such as Tamil Nadu and Karnataka. We have taken the issues related to the extension of guarantee or surety free loans to small enterprises to the Reserve Bank of India. The mindset of the bankers should change in this context,” said B.V. Rama Rao, chairman, MSEDC........
Irda may allow new recruits to join group pension
..............."Managers in the middle and the top level usually go for GPS retirement benefit as it is considered as employee-friendly. Employees opt for up to 15 per cent of the basic pay as contribution to the group pension scheme. It was earlier popular among employees in IT companies, but not any more. Companies were using group pension scheme as a perk to attract talents as they are not entitled for government pension," ...........
Finance ministry open to private sector experts for PFRDA top post
In line with the policy of manning regulatory bodies with experts, the finance ministry has sought applications from experts in the private sector and academia, apart from senior bureaucrats, for the post of chairman of Pension Fund regulatory and Development Authority (PFRDA).........
Finance Ministry to seek special dividend from profit making PSUs: report
.In the 2013-14 budget, the government has estimated to garner Rs 29,870 crore as dividend from PSUs. Further, Rs. 43,996 crore is estimated to flow in from PSU banks and Reserve Bank of India under the same head. "We have budgeted Rs. 73,866 crore. We will achieve it," the official added........
Virtual currency
.......According to the Reserve Bank of India (RBI), virtual currency can be defined as a type of unregulated digital money which is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. It also provides flexibility in terms of business model and business strategy for the..........
RBS surrenders primary dealer licence in India
.............."In view of the request received from Royal Bank of Scotland NV, India to surrender its authorisation for conducting PD business, Reserve Bank of India has cancelled the said authorisation of the bank with effect from December 2, 2013," the banking regulator said in a statement today. RBI had permitted RBS to carry out PD business in India in May, 2008. Consequent to the cancellation of authorisation, RBS will stop undertaking business as PD in government securities market.......
No urgency to include Govt bonds in global indices: Mayaram
.............“There is no target for it. It would be interesting to be on the global indices, but it is not a matter which is so urgent that it requires an immediate decision. We are deliberating on this with different parties and much of it will be done by the RBI,” Mayaram said at an annual conference on bonds by ratings agency Crisil. Recently, RBI Governor Raghuram Rajan had also pointed out the need to bring more depth to the Indian bond market.............
Sebi for unified trading platform to deepen corporate bond market
....."If you want the corporate bond market to develop, we need to have such a platform," he said addressing bond market participants."We are working with the RBI and others, who are concerned with this, on how we can make a unified debt market in this country," he said here at an event organised by ratings agency Crisil. The Sebi chief said that currently India has an over-the-counter platform, one of the exchanges and the third one of the market participants Fimmda where the trading happens...........
Sa-Dhan to Apply for Self Regulatory Organization (SRO) Status Following RBI Announcement
Sa-Dhan, the Association of Community Development Financial Institutions, welcomes the move by the Reserve Bank of India (RBI) to accord recognition to industry associations as Self-Regulatory Organizations (SRO) of NBFC-MFIs. Over the years, Sa-Dhan has been shaping itself to be the SRO for the sector and will surely be applying for the SRO status as we feel that it is an effective strategy that will make the microfinance market stronger through delegated supervision and robust client protection measures...........
NBFCs can raise stakes in insurance JVs
.............The RBI has said it will consider need-based relaxation of the 50 per cent limit in cases where the Insurance Regulatory and Development Authority (IRDA) calls for capital infusion into the insurance joint venture. The relaxation, if permitted, will be subject to the NBFC complying with all regulatory conditions...........
Lanco future uncertain as banks split on recast
With the Reserve Bank of India (RBI) chiding banks for having been too lenient with borrowers and suggesting that they’re evergreening loans, banks now appear to be taking recast proposals more seriously. The R7,500-crore debt recast plan for Lanco Infratech has been put on hold with several lenders in the 27-bank consortium not comfortable with sanctioning additional loans........
Bank can publish defaulter's photo in papers: High Court
...."In our view, there would be no impediment to publication of photos of the defaulters. There is no legal bar which expressly prohibits the bank from publishing photos. "However, the decision to resort to such measures should be taken by a very senior level official not below the rank of General Manager of the bank. In this case, due process was followed and the decision cannot be faulted," the court said. ..........
Bankers wary of Gammon's making loans equity
........In recent months, RBI Governor Raghuram Rajan and Deputy Governor K C Chakrabarty have raised concern on rising non-performing assets and restructuring of loans in the banking sector. According to BSE data, promoters hold 35 per cent stake in Gammon India. If the loans are converted into equity, this stake would fall considerably........
Nidhi firms raising crores from small depositors
KOLKATA: After the Saradha loot, another danger is lurking in the money market waiting to devour small depositors. Several firms posing as "banks" are offering interest rates higher than that of banks on fixed deposits, when the Reserve Bank has issued no banking licence in the last 10 years. One such "bank" has even put up billboards across the city inviting deposits. It gives loans to members against mortgages........
Subscribe to:
Posts (Atom)