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Thursday, December 12, 2013
RBI’s tough-speak
Raghuram Rajan warns government on fiscal reforms
Financial inclusion in India – an assessment : P Vijaya Bhaskar
............It is one’s earnest hope and desire that the issues raised herein would trigger an informed debate and discussion, which could provide an invaluable feedback in the run up to the Report of Nachiket Mor Committee, which at present is examining the entire gamut of issues surrounding Financial Inclusion. Further on, the research community may like to go into such aspects of Financial Inclusion, which would provide valuable leads to the regulators and all the stakeholders concerned in achieving meaningful and holistic Financial Inclusion at the earliest in our country.
Moving financial capability forward - innovation scale and impact : Deepali Pant Joshi
........Greater financial access combined with financial education creates financially responsible citizens. This mix of financial access and financial education provides a foundation for appropriate market conduct and prudential regulation. Improving individuals' financial behaviour is a long-term policy priority. Financial education needs to commence early and continue through adulthood. In order to achieve the objective of financial inclusion, our financial literacy efforts are primarily directed towards dissemination of simple messages of financial prudence, in vernacular languages, through large awareness campaigns across the country combined with vigorous roll out of financial inclusion plans by banks, insurance and pension funds, and others. It is important to note that being literate is not a necessary prerequisite for attaining financial literacy as...........
Rationale, logic and facts of updation
Friends,
The members of the Central Board of the Bank were not told so boldly the rationale, logic and facts of updation in the Bank as has been told in the latest communication / appeal dated 9th Dec. 2013 to them by our GS Shri MB Talekar. This is to the best of my knowledge. I humbly wish all of you to go through it seriously and be convinced that ultimately we would win the case as our fight is for just cause of our community. Kindly do not lose hopes as the issue has so far been dealt with in wrong direction by mighty elements like GOI. Showing perseverance and develop strong pressure is the need of the hour for our community across the board.
Mamata Banerjee has no time to meet RBI Governor
......RBI Governor Raghuram Rajan is coming down to Kolkata on Wednesday afternoon and will hold the central board meeting on Thursday. It is a custom for the governor to meet the chief ministers of states where the RBI holds its central board meetings. RBI officials said the state secretariat did not respond to a request by the banking regulator for a meeting with the chief minister. The Kolkata central board meeting is the second since Rajan took over as the RBI Governor in September ..
RBI banks on experience to breeze through
....RBI is an experienced team coached by the veteran former state footballer Vijay Kachhi and as expected the RBI team comprising of stalwarts like Rajesh Tadvi, Rajiv Karir, Anil Tomar, Abhishek Tripathi and many more showed better ball control and coordination and was in complete control of the proceedings............
High inflation in Nov set to keep pressure on RBI
...........If actual data for November reflects median forecasts in the poll it would harden expectations for another interest rate hike at the RBI's meeting next week. "Will Dr Rajan feel the need to respond to the rise in both WPI and CPI inflation? We expect he will and still look for a (final) 25 basis point hike at the 18 December meeting," .......
RBI to introduce steps to bolster bond market: Rajan
....“We are much better prepared to deal with any possible tapering, partly because we built some reserves... Current account deficit (CAD) numbers are far better, far healthier than in May. But we would not say we are complacent, as there could be unexpected effects of tapering,” ............
RBI paper on bad loans next week: Raghuram Rajan
.............“Given that the non-performing assets of PSU (public sector unit) banks are higher than others, they cannot rest on their laurels and should improve efficiency,” Rajan said. Among other things the RBI would recommend banks to form a lenders’ committee “early” to negotiate with defaulters and “accelerate provisioning” for bad loans if the negotiations fail, he said. Banks should also restructure stressed loans on viable terms and “be more transparent” on such restructuring mechanisms, he added........
RBI for independent valuation of debt recast plans to ensure fairness
......."We need to have more transparency in restructuring," Rajan said in Kolkata at an CII event. "For cleaning up the system, we need to recognise the problem early, resolve it early and recover the money," he said. RBI will elaborate all these plans next week in a discussion paper on recognising financial distress.............
Foreign banks reluctant to take up RBI offer on local incorporation: survey
.....The report, the first since RBI released guidelines for foreign banks in India in November, says banks are looking for clarity in terms of the amount of stamp duty they pay, accounting norms and also a so-called comfort letter that the Indian central bank is seeking from their parents for local incorporation............
Report on new bank licences 3 months after screening: Jalan
........“RBI is doing an intensive scrutiny of all the parameters, according to the guidelines. It has set a timeline of three months after RBI has done its scrutiny. We do not want to rush these things, as it concerns public money,” Jalan said on the sidelines of the Delhi Economic Conclave here on Wednesday, indicating the new licences wouldn’t be given out by January, contrary to expectations...........
Why Sanjiv Bajaj wants to start a bank
.......Nevertheless, Bajaj's challenge now lies in the next leg of growth, and expanding his business if he does not get a banking licence. He concedes that finding the right people to grow the businesses is a worry. "We have built a certain culture in our organisation, and finding the right kind of people to fit into our culture is our single biggest challenge." ........
‘Another positive step in growing ties’
The Reserve Bank of India’s approval of Doha Bank’s application to start full-scale banking operations in India is “another positive development” in the growing business co-operation between India and Qatar, said Indian Ambassador Sanjiv Arora. The proposed opening of a branch of Doha Bank in Mumbai, a major global centre of finance and business, would make a useful contribution to further expanding trade, investments and banking between the two countries, .....
RBI advice
The RBI has advised the income tax assesses to remit tax dues in advance of the due date to avoid last minute rush. The bank wanted the assesses to remit tax dues in advance by using alternative channels such as select branches of the accredited agency banks.
The Hindu
Novel idea
.....The details of the bond scheme, including their design, will be important in determining their appeal. But the plan has evoked much interest. The bonds have the potential to become a popular alternative to many current schemes. There is also a view that they may pose a challenge to many bank savings schemes, which do not always give full protection against inflation. That can persuade banks to improve the terms of their schemes and service to the customers.............
Kerala State Financial Enterprises launches Educare chit scheme
...."The launch of the scheme was delayed because we had to wait for clearance from the Reserve Bank of India. Now that the clearance has been obtained, we are moving ahead with the scheme that will also hopefully help develop the habit of saving money among the students," KSFE chairman P T Jose said............
SBI plans study on customer experience
........To be conducted across all 14 circles, the study will identify opportunities to improve customer experience across various areas and benchmark SBI’s processes and service against best-in-class banks in India and overseas. The bank expects actionable plans emerging from the study, which will cover about 600 branches and about 300 ATMs including 100 off site ATMs, to help improve customer satisfaction, leading to growth in its business...........
Provide interest subvention on term loans to farmers: SBI chief
Capital formation in agriculture sector can be even more if the Government were to provide interest subvention on term loans to farmers, SBI Chairperson Arundhati Bhattacharya has said. The current interest subvention facility is confined to short-term crop loans and not for term loans availed by farmers...........
Bad debts and mergers
........ While admiring the ministries, the regulator and the expert committees of the regulator for fixing a time schedule before which the new bank licences are to be issued, the common man feels that a similar strict time schedule should have been prescribed for dealing with the equally important issue of the merger of public sector banks, and the reduction of their increasing non-performing assets. ........
Rs 210,000 cr: That’s how much money RBI has printed in 3 months
.....The net effect of the $34 billion inflows is an injection of Rs 2,100 billion (Rs 2,10,000 crore) into the banking system. This injection is primary in nature, i.e money was printed by the Reserve Bank of India (RBI). The mechanics of the swap transaction are given at the end of the analysis. When we say printed, it means the money exists in the books of banks as cash............
Revealed! Secrets of money printing and how central bank circulates fiat currency
......Well! Don’t be dumb struck! Here, we have answer for all your questions about money. Currency notes, precisely, are printed by the central bank of any country. In India, the central bank is called the Reserve Bank of India (RBI). Likewise ........
Business of new and worn banknotes thriving in Delhi
........This business of notes is livelihood for hundreds in Old Delhi, with vendors offering convenience to customers by charging a fee of up to 20 percent to replace damaged banknotes. A mildly damaged 500 rupee note, for instance, can be exchanged for 480 rupees, while a bundle of crisp, new 10 rupee notes valued at 1,000 rupees is priced at 1,050 rupees. Such roadside vendors work jointly with agents who collect old notes and submit them at the Reserve Bank of India (RBI) office in central Delhi to claim their exchange value according to rules. The same agents also source new notes and distribute them to vendors for a piece of the profit.............
PAN and I-T challans can be corrected online
Income Tax (I-T) Department’s has eased the process of correction or modifications in PAN and challan. The TDS reconciliation analysis and correction enabling system (TRACES) has eased the lengthy process and becomes more user-friendly and hassle free with few easy steps in correcting errors by enabling online correction of PAN and challan.....
Banks Deliver a Punch to Aadhaar
........."While RBI has said that banks may issue cards without the Aadhaar feature, the POS machines and ATMs have to be mandatorily Aadhaar-enabled. Now, if banks don't issue credit or debit cards that are enabled for Aadhaar acceptance, why should we procure new types of ATMs and POS for a handful of customers who prefer biometric readers for transactions?" said a panel member. Banks rarely defy RBI instructions. But this time they plan to point out difficulties in implementing the directive.........
PEs eye opportunities in Indian ATM space
With about 1,40,000 automated teller machines (ATMs) in the country, and the number rising about 28 per cent a year, India remains one of the most under-penetrated ATM markets. This, coupled with the Reserve Bank of India (RBI)’s move to allow third-party white-label ATMs, has made the sector attractive to India-focused private equity (PE)/venture capital (VC) funds and strategic investors.........
Canara Bank seeks court order to attach DCHL properties
......The bank’s lending to DCHL was in excess of Rs.350 crore, and almost half of this was not secured. Besides, the mortgaged properties were found to be fraudulent, as the same were mortgaged with other banks and financial institutions, the CMD said............
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