......Depending on the structure and needs of the economy, the country’s banking system should be dynamic and competitive, to cater to the diverse needs of the economy. It may be recalled that the doctrine of ‘ too big to fail’ banks dominated the American financial scenario at one point of time. Banks were encouraged to grow to unwieldy sizes. The global financial crisis of 2008 exploded the myth. Giants like Bear Sterns, Lehman Brothers and the AIG, fell like a pack of cards. Have we learnt any lessons from this crisis? Apparently not..........
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.
Monday, January 6, 2014
Nationality details of RBI governor cannot be given: Cab Secy
.........The reply was sent to activist Subhash Agrawal in response to his RTI application seeking to know whether Rajan has American nationality at present or at some time earlier along with relevant details. He also sought complete information on nationality of Rajan from his birth till date mentioning dates of change of his nationality and whether rules permit a person with nationality other than Indian to become RBI Governor.........
RBI Deputy Guv Sinha may Stay On as OSD to Help with New Bank Licences
.........However, since Sinha will be appointed as consultant to RBI after his current term ends, the government can go ahead with appointment of a new deputy governor to replace him. The appointments committee had last week interviewed RBI’s Executive Directors and potential candidates – G Gopalakrishna, R Gandhi, P Vijaya Bhaskar, Deepak Mohanti and B Mahapatra..............
Read - ET
RBI’s strange ways
.....These are neither attractive nor acceptable to the middle class and lower middle class, which include retired persons and pensioners, as they involve cumbersome procedures, offer unattractive rate of return, do not................
VITALINFO - Past perfect, future????
I got relieved from CAB on January 3, 2014 for being transferred to Mumbai. A warm farewell was given by CAB staff.
New Year resolutions never made
Following are the New Year resolutions never made by commercial bankers, regulators and other finance professionals in 2014:....
Is It Complete Breakdown of Co-ordination between IBA and UFBU or Match Fixing Between Two ?
....Thus, we can conclude that there is complete breakdown of co-ordination between IBA and UFBU and the strike, which is likely to be held on 20th and 21st January, will not have any impact on IBA and bankers are likely to merely lose their wages for two days as UFBU's main agenda is to meet the demands of Left Parties i.e. oppose the bank reforms. As in the past, Unions will continue to make fool of their cadre and without much results to their credit and keep IBA land GoI is good humour................
Bank employees to go on 2-day strike from January 20: UFBU
........UFBU national convener M V Murali on Sunday said the Centre and the Indian Banks Association have failed to settle the 14-month long pending demand of 32 per cent wage revision for about a million strong staff in the banking sector. He also urged the government to immediately halt the ongoing reforms in the banking sector, as it would pave way for the entry of a large number of foreign banks..............
WHAT IS THE LIKELY DEARNESS ALLOWANCE INCREASE?
........The exact increase for DA cannot be given at this stage as GOI has yet to announce the CPI for the month of December 2013. However, based on the CPI already announced for the month of October 2013 and November, 2013, we are doing this guess work. The CPI announced and projected so far are as follows:-..............
Desirable for RBI itself to make an internal assessment
My View on "4 Factors That Will Decide Raghuram Rajan's Report...":
The draft Indian Financial Code written by the Financial Sector Legislative Reforms Commission(FSLRC) which defined the objectives of the Reserve Bank of India(RBI) asunder, practically ignored the evolution of RBI and the present Indian context of financial sector regulatory environment:
(a) formulate and implement monetary policy; and
(b) carry on other activities of a central bank, including –
(i) to issue currency of India;
(ii) to transact certain business of the Central Government and the State
Government, as contained in section 348 and section 349 respec- 10
tively; and
(iii) to act as banker to banking service providers.
The FSLRC would have perceived things differently, if it had recalled the preamble of the RBI Act, 1934 which read asunder:
“…And whereas in the present disorganization of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system;
But whereas it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures;
It is hereby enacted as follows: -”
Beyond some cut and paste, because of changes in the institutional structure in the financial sector or external policy compulsions, the RBI Act has not yet been subjected to the comprehensive review, envisaged in its preamble. Still, it may not be administratively expedient or even desirable to dismantle or truncate RBI as proposed by FSLRC now. Efforts should be made to improve the existing structure and mandate.
As legislative procedure and government action in the present scenario would be slow, it would be desirable for RBI itself to make an internal assessment of its responsibilities in regard to monetary policy vis a vis various other additional responsibilities such as developmental role, institution-building and management of public debt thrust on it by history.
- M G Warrier, Thiruvananthapuram
My View on "IBA Protests RBI’s Diktat on Policy Sales":
Fools tread in where angels fear to tread as the saying goes. Banks are struggling to train their system driven staff in banking domain. Now they should train their staff in insurance products too and get into broking business. It is time that the Finance Ministry that makes furious sounds gets off the hook of banking as recommended by Narasimham Committee - 1 and allow them to do their banking business with responsibility and accountability.
- Yerram Raju
RBI - Too slow to help consumers
.....So how does the new BCSBI code help, especially since it is non-mandatory? This is where the Office of the Banking Ombudsman comes in. A violation of the BCSBI code is a cause for you to complain to the banking ombudsman, governed by rules set by the RBI that are amended from time to time. The banking ombudsman scheme suffered from many limitations. Its ambit did not include internet banking frauds or mis-selling of third-party products - areas in which the customer is most vulnerable and the bank has complete protection from virtually any kind of complaint. The banking ombudsman cannot even decide on complaints involving more than Rs 10 lakh. These - and other - limitations make the scheme a limited forum for customer issues, even as ...........
New channel to reach the doorstep of customers
..........The RBI feels mobile banking has the potential to be one of the key tools for achieving financial inclusion in the country. But low levels of awareness and acceptance and factors such as inability of banks to “seed the mobile number with the account number,” handset compatibility issues, absence of collaboration and revenue-sharing models between banks and mobile network operators, are affecting the growth of this channel.........
RBI norms for foreign banks are a 'valuable step': USIBC
........“By clarifying that a one-size-fits-all model will not be employed, RBI has once again proven its long-standing reputation of being a measured, highly respected institution which takes into consideration all stakeholders including consumers,” USIBC President Ron Somers told...........
Mounting Non Performing Assets - Who's footing the bill? - M.G.Warrier
..........Promising the regulator’s help, ‘with every means at central bank’s disposal’, the governor reminded bankers of their duty to help those with genuine difficulty, while being firm with those who are trying to milk the system. As regards the approach of regulators towards failure on part of the borrowers in repaying loans on due dates, there has been consistency all through. In 1989, the Agricultural Credit Review Committee (ACRC) had made the following observation on ‘overdues’......
Banks seek leeway from RBI
.........According to bankers, their views has been conveyed to RBI through the Indian Banks' Association (IBA). "This move will bring all bankers together at an early stage for the formation of a joint lenders' forum. We will also conduct workshops to take the idea forward. This will ensure smooth implementation of the initiative," said IBA Chief Executive Mohan Tanksale...............
Fake notes eat into trade margins
.......With rising instances of FICNs surfacing at many places, many are bearing the loss themselves with neither the police nor the bankers announcing any standard operative procedures to help them. Recently, the FICN menace hit the consumers of Cell One subscribers, who went to pay their bills at its customer service centre on SP Road in Secunderabad. The centre staff refused to accept currency notes of Rs. 500 and Rs. 1,000 denomination unless the customers agreed to fill in a form giving their details and the numbers of the notes............
Indian digital currency company suspends launch, awaits RBI guidelines
......The Reserve Bank of India had earlier issued a statement in which it had "cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to". Daki has written to the RBI twice, once before the raids and once after, but has not received a response. "We are not going to launch Laxmi Coin unless clear guidelines from RBI (which) are published. Coming to the raid, we see it as very constructive development in multiple ways. First, it shows that digital currency has received much awaited attention from RBI. Today or tomorrow RBI has to add more clarity on the digital currency framework and allowed mode of operation. Second, it's good that RBI is alert enough and .........
Make CPI-linked bonds lot more customer-friendly
............There are very many manifestations of this approach. There is practically no one to lobby for depositors with banks. At the time of credit policy statements of the Reserve Bank of India (RBI), there is always a clamour for lower interest rates on loans but seldom if ever for higher deposit rates. In fact, banks cannot increase deposit rates and simultaneously keep their loan rates low. A fair deal for deposit-holders is not on anyone’s agenda even though in that category are some of the most vulnerable sections such as pensioners..........
IT-enabled services from Vijaya Bank
.......Some of the facilities provided are: the customer can maintain the passbook details of multiple accounts, make personal notes on each passbook entries, maintain personal accounts and tag transactions of passbook to it, record transactions occurring outside the bank in these personal accounts, a mini version of bank’s website with links to main site and inbox facility to receive important messages from the bank with links to get details from bank’s website.
Other facilities..........
FedBook replaces traditional passbook
..........FedBook is the electronic version of a traditional bank pass book, a first-of- its-kind product ever launched by a bank for its customers. FedBook can be carried in one’s mobile or tablet. It helps customers view all transactions in their bank accounts. The application is user-friendly, secure and enables real-time access to transactions on a 24x7 basis, which liberates users from the restrictions of business-hours and bank holidays.......
Saturday, January 4, 2014
IIM-B prof wants ATMs at temples, post offices
........... If Dr. Charan Singh, who heads the RBI chair in the campus has his way, you will soon find ATM installations at temples, post offices, and petrol pumps. The reason? These are all locations highly frequented by people with provisions for better security..................
4 Factors That Will Decide Raghuram Rajan's Report Card in 2014
There are four elements of the report card that we would write in December 2014. How much has year-on-year CPI inflation declined? Did the exchange rate hijack monetary policy? Has the bond-currency-derivatives nexus started thriving, with liquidity and market efficiency? Has substantial implementation of the Indian Financial Code taken place?
RBI's Mohanty reviews policy through crisis years
India's central bank joined its counterparts around the world in using unconventional monetary policy to tackle the financial crisis, and the effects of Fed taper
Deepak Mohanty, Executive Director at the Reserve Bank of India (RBI), gave a speech last week outlining the measures taken by the Indian central bank both to tackle the global financial crisis and then to deal with the prospect of Fed tapering last year. The Reserve Bank, he said, "like most other central banks, took a number of conventional and unconventional measures to limit the adverse impact of the contagion on the Indian financial markets and the economy". The measures, Mohanty pointed out, were "supported by fiscal stimulus packages" funded by government borrowing. These measures, he said, caused growth to bounce back quickly but inflation also picked up, so "the policy focus shifted to exit from accommodative monetary policy in a calibrated manner starting in October 2009. To begin with all special liquidity measures were withdrawn, which was followed by hikes in policy rate. As the real policy rate turned positive it started to have an impact on inflation". As economic conditions appeared to be stabilising, volatility in the financial market returned following the announcement in May 2013 of the Fed's intention of likely tapering of QE. "This prompted the Reserve Bank to resort to somewhat unconventional monetary policy measures," he said, including imposing restrictions on gold imports and liberalising the rules for banks borrowing overseas.
Will Urjit Patel committee overhaul monetary policy framework?
........The key question is whether the committee will emphasise on ending the discretionary monetary policy framework – in which multiple instruments are used to address a specific issue -- to a rule based framework that gives lesser headroom for maneuvering. While it may not be possible to shift..........
Benchmark panel seeks tweak in RBI Act
........ “The benchmark calculation may be based on observable transactions, wherever available, as the first layer of input subject to appropriate threshold criteria. The executable bids and offers, wherever available, subject to appropriate threshold and polled submissions, may be used as second and third layer of inputs respectively, in terms of hierarchy of inputs,” ............
RBI’s inflation index bonds deadline extended to 31st March
RBI’s inflation indexed bonds will be available till 31st March. The earlierdeadline was 31st December. Is the extension due to poor response?
The Reserve Bank of India (RBI) has extended the deadline for its Inflation Indexed National Savings Securities-Cumulative (IINSS-C) securities subscription to 31 March 2014 from 31st December. The issuance can be closed earlier than 31st March with a prior notice............
Shiv Kala fraud: RBI, NHB tightlipped
.........When contacted, the chairman and managing director of NHB, R V Verma, refused to comment. RBI, too, has maintained a studied silence over the issue. Despite repeated emails from HT Estates to the RBI asking for information on any disciplinary action taken against the bank officials involved, the apex bank, apart from acknowledging receipt of mails, did not respond to the queries. .............
Early warning system to help SBI zero in on stressed loans
..........The system will be capable of generating event-based SMS/e-mail alerts on, among other things, a delay of 45 days or more in submission of stock statements; delay of 90 days or more in submission of credit monitoring or financial statements; actual sales/operating profits falling short of projections accepted for loan sanction by 40 per cent or more.........
International roaming for debit, credit cards soon?
.............The Mumbai police have written to the Reserve Bank of India (RBI), urging it to make it mandatory for a person to make a formal request to the bank before using credit or debit cards overseas, just like it's done for mobile phone connections. At present, Mumbai tops the list of most online frauds and cyber crimes than any other state in India. .........
Trade unions demand 9% return on PF deposits
......Apart from the interest rate, the Trustees in the first such meeting this fiscal, are also expected to take up a host of proposals including a revamped investment pattern for the EPF. The new pattern, which is based on the finance ministry’s investment pattern for pension and provident fund trusts, 2008, envisages raising the cap on investments in PSU and private sector corporate bonds to 55 per cent but has refrained from investing in equities...........
Indian Overseas Bank launches IOB-Connect card
Targetting young individuals, public sector Indian Overseas Bank today launched 'Connect Card', a new ATM cum Debit card in association with VISA that can be used for e-commerce across five lakh merchant outlets............
Bitcoins: missing the real revolution
..........There are two aspects to bitcoins: one as the digital currency that uses complex mathematical functions to be acquired, moved around and secured; the other as the transaction verification system. The former is the honey that attracts the bees, the occupant of mainstream imagination; the latter is the hive of the future, the real revolution...............
Cashew exporters’ meet
....C.V George, General Manager (Foreign Exchange Department), RBI, Kochi, said commercial banks should guide exporters in the procedural matters apart from rendering good customer service and providing adequate credit to increase export opportunities...........
Friday, January 3, 2014
Anticipating a framework
...............RBI Governor Raghuram Rajan's initial brief to the committee was that it should take such recommendations into account in designing the framework. A second and persistent criticism of the RBI's approach has been its use of the wholesale price index (WPI) as the benchmark for inflation, when virtually all other central banks use .........
2014 may not see interest rate reversal
.......... The divergence between core WPI and core CPI has increased so much that I do not think there will be any drastic action in interest rates. But if RBI wants to see the transmission to happen, then it will have to control liquidity. There may be CRR increase of 50 basis points this year to tighten the liquidity so that transmission will happen. RBI may go for........
The Missing Piece in Bancassurance
...True,
there is a vacuum in most banks following large-scale retirements, and
there are daunting issues of training many new recruits on banking
aspects. It is, therefore, unrealistic to expect the frontline staff to
become experts at suggesting insurance solutions for multiple insurers
in the near future. While our extensive banking network should aid
greater insurance penetration, this cannot be achieved by compelling all
PSBs to become insurance brokers overnight. It has to be a............
Read - ET
Reserve Bank plans to test-market plastic currency this year
You may be carrying plastic money in your wallet till now in the form of credit and debit cards but soon you will also have a `10 plastic note by your side. The Reserve Bank of India (RBI) is mulling over the introduction of plastic currency to resolve the issue of wear and tear of paper notes. Plastic notes will increase the life of a note. RBI is planning a pilot project of `10 notes and will print such notes worth `100 crore. It has completed the process of issuing tenders for this purpose. In an exclusive chat with Zee Business, RBI deputy governor, K C Chakrabarthy (pictured)said, “We are starting on trial with one ........
Fears over scribbled notes despite RBI clarification
.......... The RBI has clarified it has not issued any such instruction,” said the RBI, in a notification on New Year ’s Eve. However, many people complained that shopkeepers have stopped accepting notes with scribbles, stating that they were now out of circulation owing to an RBI directive. Kanchan Bisht, a Delhi resident, said: “While paying my electricity bill, the official refused to accept a scribbled note and said such notes are no more valid. Then I was told that the RBI has issued some instructions in this regard.”..........
Ease in getting student loan
.........The committee, headed Damodar Acharya, Director on RBI’s Central Board has asked the banks to create awareness among students and their parents regarding education loan by organizing several camps and guide them about loan recovery and sanction process. Further the committee recommended that..........
More points to pension this year
.....“A few years back, NPS wasn’t very popular. In fact, if you look at the number of subscribers you would still find it small. But this year (2013), we have seen the popularity surging. People are realizing the need to invest for retirement and are increasingly becoming aware of NPS’ benefits. From here on, we should see more people lining up for NPS,” ............
BCSBI’s code of banks’ commitment to MSMEs is a mere lip service
.............. This is not the only issue. Getting a loan application acknowledged is also a gigantic task. Looking at the issues faced by MSMEs inborrowing money from banks, one really wonders as to why this happens, when there is a code of banks’ commitment to micro and small enterprises. These codes are set by Banking Codes and Standards Board of India (BCSBI). Let us look at some of these codes to see how seriously these codes are followed by the banks:..........
National Payments Corporation of India convenes banks' meet on ATM charges
........Most public sector banks are against a hike in charges. This is because on a net basis they end up paying for their customers using ATMs of other banks. Such banks are referred to as net issuers as the cards they have issued exceed the number of ATMs required to service them.........
Banks free to charge 'reasonable ATM fees': RBI
: Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services. "If banks charge a reasonable fee on ATM transactions then the RBI will have no objections," Chakrabarty, in charge of banking services at RBI, told reporters on the sidelines of an event here this evening...........
Taxmen train eyes on Bitcoin community
.........The ‘visits’ by I-T department come a few days after the Enforcement Directorate (ED) raided India’s biggest Bitcoin trading platform and a week after the Reserve Bank of India (RBI) issued an advisory that warned the public of the risks involved with virtual currencies. A team of close to 15 tax officials `visited’ Tumkur-based Coin Monk Ventures, a Bitcoin mining start-up that creates the digital currency, on Wednesday.........
Do you have good banking habits? A checklist!
Banks are the safe haven for parking one’s money and debit cards are a boon to avoid carrying bulky purses and wallets while also ensuring increased saving. However, banks have strict regulations which have been put in place to protect their own interest as well as those of the customer. If the customer breaks any of the regulations they are levied a penalty which can be an expensive affair and eat into the profit you earn in the form of interest when you maintain a balance in the savings bank account. We discuss here the bad money practices that might invite additional bank fees.........
Why FinMin wants public sector lenders to rush into selling insurance
...........Why is the finance ministry asking banks to open broking shops? Bankers said, one of the reasons might be the non-performing asset (NPA) norms. In the draft guidelines, one of the eligibility criteria is that, the net non-performing assets of a bank should be less than three per cent for the previous financial year...........
IBA Protests RBI’s Diktat on Policy Sales
....Indeed,
chief executives of many PSU banks had expressed reservation over the
finance ministry ruling during a meeting in Mumbai last week. Also, IBA,
in a letter to the finance ministry, pointed out that since many banks
have exclusive tie-ups with insurance companies, it would be difficult
for banks to follow this mandate..........
SBI, AXIS, ICICI and UCO Bank are charging for IMPS transactions
.....The RBI policy of forbearance (allowing bankers to decide charges themselves) with regard to service charges leads to the frequent hikes in banking service charges. Banks are charging money for almost every small transaction or service they offer........
An Indian women's commission wants to restrict gold at weddings
...........the Kerala State Women's Commission is proposing a law that would restrict the amount of gold that can be used in a wedding – limiting what a bride and groom can each wear. C Rosakutty of the Commission said the measure "may reduce the affinity to wear the gold." The Reserve Bank of India sees gold as a major contributor to the country's current account deficit and has been implementing a series of measures aimed at reducing imports...............
Thursday, January 2, 2014
RBI chief has no Hamletian dilemma
........."I have been singularly fortunate to have taken over from Dr D Subbarao, whose exceptional leadership put RBI in the forefront of policy action in combating the global financial crisis and also brought along a new ethos of public service into the central bank. Subbarao took charge in early September 2008, days before the collapse of Wall Street investment bank Lehman Brothers, which eventually led to a financial meltdown that affected several countries, including India."..............
When opportunity turns into a challenge
The year 2013 has not been kind to banks in India. The deterioration in credit quality, the stress on profitability and the absence of loan demand have made life difficult for bankers. For many foreign banks the India opportunity has turned into a challenge. Often perceived as ..........
Bankers who could be newsmakers in 2014
...This year, three DG positions will fall vacant — Anand Sinha, handling new bank licences and administered banking operations, HR Khan, who handled markets, and, of course, the inimitable KC Chakrabarty, leading the financial inclusion charge and who is already on an extension, are all set to leave their posts............
VITALINFO - Missing the unique initiative : Usha Thorat / C.Krishnan
Dear
Tarambale, I had sent my wishes to your email I'd . But it bounced! Anyway, the festivities must be over and may
I wish the young couple a fulfilling life together giving each other and their
bear and dear much joy. We are missing you ! Best
- Usha Thorat, Former Deputy Governor
Dear
Mangesh, Wonder if you recall or even remember me . Please accept my belated
but wholehearted Good Wishes to the young couple. May GOD BLESS THEM with his love
and kindness. I have been following your infoline with interest and this in
more ways than one enables me to keep in touch with the Bank and the evolving developments
thanks to your very unique and very useful idea and initiative. GOD BLESS you too. Warm regards
- C.
Krishnan, Former Executive Director
Dear Shri Mangesh ji, Hearty congratulations !!! Many
thanks for inviting us to the marriage ceremony of your son Chi Harshal. I and
my wife Sairani wish the marriage function a grand success and wish the young
couple a very happy and long married life. Regards
- JRP Ratnarao, Ex CGM Mumbai
Dear मंगेश
सर्वप्रथम माफ कर या पामराला
उपस्थित न राहिल्याबद्दल स्नेहभोजनाला !!
इतके हटके आमंत्रण
प्रथमच अनुभवले !!
समारंभाला येऊ न शकल्याबद्दल
मन खरोखरच हळहळले !!
स्नेह-बंधन व स्नेह-भोजन
नक्कीच झाले असेल झकास !!
हर्षल आणि विशाखाला
शुभेश्चा मनापासून खास !!
--- विष्णु यादव
Always a shortage of 1, 5-rupee coins
There is an acute shortage of coins of one and five rupee denominations. Shopkeepers and others approaching bank branches usually say that there is no supply of coinbags in these denominations. However, two-rupee denomination coins are easily available. Of course, the one and five-rupee coin bags can be had at a premium from unauthorised dealers. How is this tolerable to the authorities? People are forced to accept unwanted items like candy etc in place of one-rupee coins. The minting of two-rupee coins should be stopped for now and the denominations in short supply should get more attention. RBI should suo moto declare on its website the number of coin bags of different denominations in circulation and new packs of currency notes supplied for public distribution to various bank branches in different cities, mentioning also the dates of their supply. Bank branches should be directed to maintain complete records of distribution of coin bags, to prevent their ‘black-marketing.’
- Madhu Agrawal (FPJ)
- Madhu Agrawal (FPJ)
RBI grants new status for CCIL
Reserve Bank of India (RBI) granted the status of qualified central counterparty (QCCP) to Clearing Corporation of India Ltd (CCIL) in the Indian jurisdiction on Wednesday..........
RBI clarifies on ‘scribbled notes’ rumour
.....“In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the Reserve Bank has urged members of public not to fall prey to such rumours and to use their banknotes without any fear. The Reserve Bank of India has clarified it has NOT issued any such instructions,” the RBI said in a notification............
Be ready to pay more for ATM transactions this year
You might have to pay more for your transactions at automated teller machines (ATMs) in the new year. Bankers have proposed a reduction in the number of free ATM transaction a month to five — irrespective of whether you are transacting at ATMs of your own bank or those of other lenders. At present, there is no cap on free transactions at own-bank ATMs, while customers can use other banks’ machines up to five times a month without any extra cost.......
Punish the baddies
.......... Non-performing loans are created by bank boards, officials and borrowers. There are many ab initio NPAs in banks as loans get sanctioned by the board without detailed inquiries. The RBI approach can only help ............
Read.........
RBI seeks taxman’s feedback on bank licence aspirants
.......The RBI also wants to know whether the entities are facing any prosecution proceedings under the Income-Tax Act and/or whether they were convicted for any offence under the Act. Besides, the CBDT will give feedback on whether the entities have filed their returns up-to-date; whether any tax dues are outstanding; and whether the entities are complying with the provisions relating to deduction of tax at source. Should the CBDT raise a red flag on any of the six issues ........
SBI not to carry out transactions based on email requests
......When Business Line asked the RBI Deputy Governor K. C. Chakrabarty why the banking regulator did not come up with any instruction on Internet-related frauds, he said: “Any fraud is a fraud. The problem is there; but it is a law-and-order issue. This has to be dealt with differently. If something...........
SBI clarifies
......... The reason for the fall in profits mentioned by in the report as an attempt to cleanse the balance sheet is absolutely wrong. None of the provisions made during the period indicate any such unexpected item(s). The rest of the contents of the report article paint a negative picture of an otherwise...........
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