.......Overall, the CCFS of Mor has attempted to map what are desirable for the accelerated growth of the financial sector. But, in the process, it has left a lot of questions unanswered as ‘WHY’ of them have not been addressed. May be it may spur scope for setting up of more committees to deal with each of the recommendations. More the harder for the Regulator and the institutions to implement them. Finally, the user of financial services will .......
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.
Tuesday, April 15, 2014
Jalan says flexi-targeting, coordination with govts needed for central banks
........"I will not comment on RBI but I will make a general point on central banks. The whole perception about the role of central banks across the world is changing. If you go back to history, in the 90s there was a predominant view that central banks' responsibility was inflation (control), while the government would decide on fiscal policies, development, growth, etc," ................
Following suit
............... In Bengal, there is a saying: Parer sona diyo na kaane, praan berobe hanchka taane (do not wear someone else's earrings since you will bleed when they are snatched away). Rajan has already started doing this in India. The emerging economies would do well to consider his methods.
In deep trouble
...........In the absence of any spontaneous signs of recovery and with the Reserve Bank of India focused on the other significant problem, inflation, the compulsion on the new government to get to grips with this frightening situation is enormous. But, given the depth of the problems, it would be naive to expect a mere change of guard to immediately set the recovery ball rolling. The government will need to address the issue at a number of levels.............
Rajan makes his point
.........The irony is that Rajan himself was (still is?) a big supporter of the Chicago School theory that central banks should have only one, or a hugely over-riding, objective of managing inflation. This suggestion was strongly made by a committee headed by him on financial sector reforms. For the same person to pitch for a globally........
Short changing..............
My View on "As India goes to the polls, its banking chief coul...":
Some political comments about ‘changing’ RBI Governor made by some disgruntled politicians are getting echoed in the media, which are being taken seriously by those who have no source to check out realities. In the institution’s history of about 80 years, political changes has affected the highest post in the Indian central bank just once. That was to replace an incumbent who was actually ineffective. After Subrahmaniam Swamy made some comment about RBI Governor in the context of Elections 2014, senior BJP spokespersons like Arun Jaitly had clarified that the party’s approach was not to go by individuals. That and the past history of RBI which has maintained continuity at the top all along, irrespective of the changes in New Delhi should have set at rest the speculations. There can be no two views about RBI and Dr Rajan will take the gossips in their stride. Still, there is no denying the possibility of their (the gossips) having some dampening effects in the short term, on the current initiatives of the central bank to move faster with financial sector reforms and giving a direction to monetary policy. Such impact may last for another month.
- M.G.Warrier
Why Raghuram Rajan suits Narendra Modi's economic visions
..........This view on Rajan's exit is as inflated as the finance world's forecasts — because the conclusion is more driven by what they want to see, rather than seeing what lies in front of them. The premise is there will be a blow-up of differences between the pro-business Narendra Modi as PM, who would want lower interest rates, and the staunch monetarist Rajan, who keeps rates high to tame inflation. ...............
Panel for Top Govt, PSU Jobs
...........Government has also been subjected to certain unhappy situations in relation to top level appointments in public sector and within the government as well, and should think of some damage control in HR area. Of late, several questions relating to suitability, tenure and methods of selection are being raised in public about high level appointments in government and public sector including statutory bodies like RBI, SEBI and PFRDA. Time is opportune to appoint a High Level Commission.............
Dream very difficult to realise
"The RBI's
scheme of pension is on the lines of GOI. It is only logical that the rules
relating to pension updation in the Bank cannot be different and have to follow
the rules of GOI as decided by the Pay Commission ", Shri. A.
Chandramouliswaran, Executive Director, Retired.
A note covering some aspects of pension matters
submitted respectfully............
परेशान पुलिस ने दी आरबीआई को सलाह
जाली नोटों का चलन रोकने के लिए बैंकों में नोट पहचानने की मशीनें लगाने की सलाह दी गई है। पुलिस विभाग ने यह सलाह रिजर्व बैंक ऑफ इंडिया के अधिकारियों को दी। पिछले दिनों हुई एक बैठक के दौरान आला पुलिस अफसरों ने बैंक अधिकारियों से कहा कि वे प्रदेश की नेपाल सीमा व अन्य प्रदेशों की सीमाओं से सटे जिलों व कस्बों में इन मशीनों को लगवाना सुनिश्चित करें।.............
Jalan says 'fit and proper' norm does not contradict RBI's inclusion drive
..........."I cannot comment on the policy, it will not be fair. The only point I would make is that there is no contradiction in the principle of financial inclusion and fit and proper criterion. It is a scrutinised criterion to make sure that other people's money, which is what banks deal with, are disbursed and allocated in a manner which is appropriate and fit and proper,"............
For financial inclusion, give licences to telcos partnering with banks
..........In an under-banked country like India, the business opportunity for banks is enormous, but the onus lies with the RBI to revolutionise mass banking through innovative use of telecom services and technology. It should create new kinds of banks with limited functions, such as the payment banks recommended by the Nachiket Mor committee.
RBI not to allow promoters to become CEOs of private banks
.........The Central bank is keen that the promoter doesn’t become the chief executive in order to avoid conflict of interests and other vested interests. “The RBI made the mistake of allowing some private banks to come up with the promoters becoming CEOs as well. It should not happen again,” said a senior official of the RBI.............
RBI to issue coins
The Reserve Bank of India has made arrangements to issue coins to the public during the Vishu-Easter festival season. An assortment of coins, in different denominations, can be obtained through Coin Vending Machines (CVM) for the value of the note inserted and ..........
Elections and fake Indian counterfeit currency notes
..............It is rather unfortunate that except for an assurance in May last year that RBI are contemplating to bring polymer currency notes and that test marketing has been already done in selected towns, no further clear-cut statement has been made by them. It is time RBI introduces the polymer currency notes in denomination of Rs500 and Rs1,000 without any further delay.
States can be granted moratorium: Bimal Jalan
In what may come as a breather for the Mamata Banerjee led government, former RBI governor Bimal Jalan on Monday said that moratorium can be granted to a state and there is precedence of that. Jalan's statement comes weeks after Union Finance Minister P Chidambaram said that a moratorium could not be granted to Bengal as that would propel other states to demand a moratorium............
Households dominate deposits ownership: RBI
........A study on the composition and ownership pattern of deposits with scheduled commercial banks in the country by the Reserve Bank of India (RBI) reveals that household sector continues to dominate the deposits ownership. As of March 2013, they owned just a shade under 60 per cent of the ₹71,46,600 crore of deposits in banks in the country. The Government sector owned a little under 14 per cent..............
Canara Bank bids adieu to Windows XP
Canara Bank, one of India's largest and oldest state-owned banks, has completely migrated from Windows XP, moving around 33,000 PCs to modern versions of Windows operating system. Realizing the potential security vulnerabilities and monetary hazards of staying on Windows XP after the end of support, the bank switched to modern Windows before support ended on April 8..........
No TDS on deposits doesn't mean these are tax-free
............“There is a common misconception if there is no TDS, it is tax-free. But whether it is recurring deposit, post-office deposits, national savings certificates, or any other savings, if there is no TDS, the interest income is taxed. The only difference between these and fixed deposits is the bank or post office will not deduct tax at source,”..............
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