............“To overcome the possible conflicts of interest in the benchmark setting process arising out of the current governance structure of the FIMMDA and FEDAI, an independent body, either separately or jointly, may be formed by FIMMDA and FEDAI for administration of the benchmarks,” ...........
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, April 17, 2014
There goes the rate cut
...............It remains unclear why the government doesn’t dump FCI’s bulging stocks in the market, given how cereal inflation is a stubborn 9-10%. Also, sooner rather than later, the government needs to address the issue of whether it is accepting the Urjit Patel committee’s recommendations—as long as RBI remains wedded to Patel’s 8% CPI inflation target by January 2015 and 6% by January 2016, it is not going to cut interest rates.
Mr Bernanke wants RBI to enjoy Autonomy - Dr.T.V.Gopalakrishnan's views
The RBI's autonomy is only on paper and it is only an institution physically separated from the Central Government. All its functions are carried out in terms of the RBI Act of 1934 but with the tacit approval of the Government. As long as Government nominees are there on the RBI Board and Government expects RBI to get a clearance from the Ministry of Finance before announcement of any policy,there cannot be any autonomy for RBI. Further...........
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Improve data collection
..............Former RBI Governor Subbarao had repeatedly mentioned the poor quality of data. It is unfortunate that it has not captured the attention it deserved of the powers that be. As a result, economic decisions and policy measures taken on their basis are topsy-turvy, reflecting poorly on the economic indicators and welfare of the people.........
Monetary sovereignty
.....What else should countries vulnerable to such shocks do? Dr Rajan's emphasis on more accessible multilateral financial safety nets is certainly acceptable in theory, but IMF governance reforms - which are necessary for this to happen - are effectively stuck; no country can afford to rely on this framework to the total exclusion of self-insurance. In effect,.............
The right inflation target
.........The RBI needs to seriously reconsider the idea of inflation targeting based on the CPI. The reason for it is food, which has an almost 50 per cent weight in the index. The inflation rates derived from this index would, hence, mainly reflect supply-side factors not amenable to control using interest rate tools. Those are more effective against.............
Why Modi & Raghuram Rajan complement & not contradict each other
.............Is not Rajan dreaming the same, along with his friend and former banker Nachiket Mor who suggested ways to achieve financial inclusion in a 247-page report? The target of basic financial services for all adults is now January 2016, why would Modi throw out someone who is on the same wavelength?.................
Why RBI’s Raghuram Rajan should stop complaining about Fed policies
.............Rajan is right in airing his views on unconventional monetary policies as it does open up debate on the efficacies and side effects of such policies. However, asking the Fed or ECB to weigh the consequences of their policies on other economies is like asking the Indian government to weigh its subsidy policy on the economy............
Mirror,Mirror on The Mind
SC slams Sebi, RBI for Saradha scam
The Supreme Court on Wednesday observed that the Saradha scam may not have occurred had monitoring agencies like the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) maintained adequate vigil. The bench of Justice T S Thakur and Justice C Nagappan was hearing a petition by Saradha depositors who prayed for a CBI inquiry...........
New cities drive ING Vysya’s mobile banking business
......An online survey conducted in association with ING International Survey, London showed that 43 per cent of the respondents own a smart phone. “Another stronger reason for us to introduce the solution is that 50 per cent of those in the age group of 18-34 years use their mobiles more than desktops to access their bank accounts,” Morgan said.......
NBFCs turn to retail deposits to raise capital
........The Reserve Bank of India made it expensive for banks to raise money from the central bank after it reduced the overnight borrowing limit and raised the longer-term borrowing (term repos) limits in the money policy unveiled on April 1. Term repos are more expensive than overnight borrowing...........
CAFRAL RBI Recruitment 2014 Research Associates
Centre for Advanced Financial Research and Learning (CAFRAL) promoted by Reserve Bank of India (RBI) invites applications for the post of Research Associates on Contract Basis (For Two Years). Interested candidates......
How to improve customer service at ATM kiosks?
........Apart from the problems enumerated in the aforesaid survey, there are a wide variety of other problems encountered by the public like swallowing of debit cards by the machines, not disbursing the full amount withdrawn and fraudulent withdrawals even after the loss of the ATM card is reported to the issuing bank. In fact, RBI gives instructions to banks at various times, but there is no single authority to monitor compliance of these instructions. A case in point is as under:......
And now, the ATMs strike back, the beetle style
........Attackers could soon be sprayed by a hot foam created by a cocktail of chemicals that come together when ATM surfaces covered with several layers of special plastic film are violently tampered with — ingeniously inspired by the natural weapon used by bombardier beetles by Swiss researchers. This certainly seems on the money. More so than most current defence mechanisms, in fact, which need electricity in order to work.
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