........This is required to meet the financial-inclusion objectives, the Department of Financial Services, under the finance ministry, has said in a communiqué to government-run banks. But central bank officials are not amused. They see this as an attempt to enter the turf of RBI, which regulates the country’s banks. According to central banking sources, RBI Governor Raghuram Rajan has been briefed about all government instructions to banks that are seen as trespassing into areas under RBI’s jurisdiction.......
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.
Thursday, December 26, 2013
The challenge of financial inclusion
....The history of the microfinance industry illustrates the limited potential of credit interventions. Studies that assessed the impact of MFIs in recent years found very little impact of microfinance loans on either the growth of microenterprises or on poverty levels. In contrast, the so-called social banking model of yore, involving state-directed credit interventions in developing countries such as India seemed to have had a greater impact ........
Aiming at inflation - A.Seshan
.......After a long time, the RBI was persuaded to refrain from referring to it from its policy statements. Instead it used a more neutral term, namely, ‘non-food manufactured products inflation’. To my horror, in some recent official pronouncements, ‘core inflation’ has raised its ugly head once again — this time in CPI! Maybe it is because it is easy to pronounce unlike the mouth-full ‘non-food manufactured products inflation’! The whole CPI should be treated as core inflation........
VITALINFO - brilliantly articulated Banking Newspaper : Amalendu Ghosh
Dear Shri Tarambale, My family and
myself sincerely thank you and your family for inviting us to attend the marriage ceremony of Chi Harshal.
Please excuse me as I am unable to be present on the auspicious occasion as my wife
has to undergo eye operation shortly.
We pray to Lord Ganapati for showering blessings on the young couple for
long long happy
married life. We have not
worked together but I feel that I am very close to you through the VITALINFO. This learning document is so
meticulously designed, so skilfully assembled, so briefly presented, and so
brilliantly articulated that it HAS BECOME MORE THAN A BANKING NEWS PAPER of immense value
to the central banking fraternity. Regards
- Amalendu Ghosh
Former CGM-in-Charge, DBO&D, Mumbai
Dear Mangeshji, Thank you the invitation to the wedding in the
family. Let me take this oppurtunity to wish you all the best for the function.
My apologies in being unable to attend the wedding. Shall meet you you sometime
later at Pune. With regards,
- M V Ashok, Chief General Manager,
NABARD
Hi Mangesh, I am really delighted to hear the news of marriage
of your beloved son. No doubt it is a great occasion and I wish all your
family members to enjoy it to the core. I understand you are transferred
to Mumbai.....are you due to take over as PPS to Governor after Pushkala's
retirement? Any ways you belong to the DIFFERENT category and you deserve to be
there later or sooner. Now a days I am in Australia with my children. I came
here in October 2013 and will be back in January 2014. Our VITALINFO is really
a link between all of us. Once again congratulations for the marriage of
Harshal and welcome the new member in your family with bundles of joys. Best
wishes
- K.S. Wadhwa
Dear Mangesh, Many thanks for your
invite to your son Harshal's wedding with Vishakha on 28 December . Much as we would have loved to
attend I am afraid we will not be able to because the day overlaps my
unavoidable personal commitment at Mumbai. But we congratulate you and the
entire family on this joyous and auspicious occasion and pray to God to shower
His choicest blessings on the young couple ! We too wish them both happy,
healthy, long and blissful married life !! Best wishes,
- V K Sharma,
Former Executive Director
God bless you and the two young ones who are
embarking on d journey of life together. Regards
- Harmesh Khanna
Dear Mangesh, Many thanks for the wedding invite.
Much as I would have liked to personally attend, I am unable to do so. We wish the young couple the best of wedded
bliss and happiness. Regards
–
G.Padmanabhan, Executive Director
Dear Mangesh, My wife Prof. Kanchan and Childern
were pleased to see your wonderful invitation. Thanks for the
same. Our heartfelt congratulations to Harshal and Vishaka! We
wish the newly married couple all success and
prosperity in every step of their virtuous life! We invite
the couple for Honey Moon in J&K State and enjoy the Snow of Kashmir. Write
to us to make arrangements.
Regards,
- Rang Pal Gupta and family, Jammu
India to allow Rs.500, Rs.1000 notes in Nepal
.....Indian bank notes above Rs.100 were banned in Nepal as per India’s request to curb unauthorized trade between the two neighbours. During the Nepal-India Inter Governmental Committee (ICG) meeting that concluded in Kathmandu on Sunday, the two sides decided that any Indian national visiting Nepal can carry Indian Rs.500 and Rs.1,000 notes up toRs.25,000, said joint secretary of nepal’s commerce ministry, Jeev Raj Koirala. Both countries are yet to work out modalities before the decision is put into practice.......
Polymer currency notes needed in India
........It may be recalled that, in fact, Reserve Bank of India has been toying with the idea of introducing polymer currency notes for some time. A few months ago, RBI introduced polymer notes of Rs10 denomination in select cities in India, which included Mysore and Cochin in the south. The results of the market testing carried out by RBI have still not been made public. However, it must be noted, that, by and large, most of the counterfeit currency notes in circulation are in higher denominations of Rs500 and Rs1,000. It would have made sense if RBI had chosen to bring out polymer currency notes, for market testing in these denominations...........
The skim scam
.....BC: And what about that email supposedly sent by the Reserve Bank of India Governor Raghuram Rajan? Did you read about that?
AD: I did, it was the one promising the recipient a couple of crores and asked for their bank details, wasn't it? But RBI did clarify that the mail was a hoax...............
Soon banks will be graded - good, bad or ugly by a new regulator to foster service culture
........Banking Code and Standard Board of India (or, BCSBI), an arm of Reserve Bank of India( RBI), will issue grades like 'high', 'above average', and 'average to poor'. It could force banks to behave better and prompt annoyed customers unhappy with their bank to migrate to another shop. Also, banks that drag their feet to process applications or ask silly questions for opening accounts could lose customers.............
Bank branch expansion at a decade's high
.......Bankers say the government's financial inclusion programme that aims to provide banking services across 625,000 villages has also led to the increase in numbers of rural and semi-urban branches. “There are still a little over 300,000 villages that do not get banking services. Banks are expected to have presence across these villages in the next two and a half years. Hence, banks will continue to open more branches in these areas for the next few years,” ..................
Card transactions safety: PIN, biometrics are the way forward
......There are two significant changes taken by the RBI to promote debit card usage. One is the reduction in the merchant discount rates in debit cards capped at 0.75 per cent and one per cent, depending on the transaction size. This reduces the merchants’ cost. The second is to make PIN a must for all debit card transactions. People who were traditionally spending in cash will start using debit cards............
SBI to act as lead bank for four newly-formed Meghalaya districts
The Reserve Bank has assigned State Bank of India (SBI) to act as the lead bank in four newly-constructed districts in Meghalaya. The four new districts created in the state are North Garo Hills, East Jaintia Hills, South West Khasi Hills and South West Garo Hills. The RBI also assigned SBI the district working codes for the purpose of basic statistical returns (BSR) reporting.......
Allowing Islamic banking in J&K upto RBI: Chairman J&K Bank
..Former governor of the RBI, D Subbarao earlier this year after chairing a board meeting here said that RBI cannot allow the Islamic banking as Indian law does not permit it. He said it is for the lawmakers to bring a legislation which can allow interest free banking Islamic banking. However, the financial analysts say that chances for introducing the Islamic banking has increased after the appointment of Raghuram Rajan as new governor of RBI as he is having more positive view towards Islamic banking. A financial institute in southern Indian state of Kerala has been allowed to do banking as per Islamic Sharai few months back...........
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