.....Such is the multifaceted personality of Dr Chakrabarty, who never shirked his responsibility to the banking public, though there were several obstacles in his path to achieve his objectives. Now that he has laid down his office, here is wishing him all the best in the future. He had said in one of his speeches thus: “I see the tectonic shifts occurring in the banking space ahead. I cannot afford to rest. As they say, age wrinkles the body, quitting wrinkles the soul. So I can go on and on …..”
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Tuesday, April 29, 2014
Rajan’s Job Safe If Modi Wins India Election, BJP Treasurer Says
..“Just because he’s been appointed by someone else doesn’t mean we have an agenda to remove him,” Goyal, a lawmaker who is on the standing committee on finance, said in New Delhi yesterday, referring to Rajan. “No government can dictate to the central bank. It’s an autonomous body and he holds a constitutional position. We don’t have any likes or dislikes.”.....
Fair & Stable Financial Services
.......The same is true of insurance where, too, the regulator does not seem to understand that keeping the faith of consumers must be a priority. As far as the Reserve Bank of India (RBI) is concerned, there is now an inclination to work at a comprehensive consumerprotection framework, but RBI still has no formal engagement with consumers. The top brass at the banking regulator believes that ........
RBI directs RTGS participants to use correct transaction code
..........."It has been brought to our notice that some of the RTGS participants are initiating Own Account Transfers (OAT) from RTGS settlement account to their current account maintained with RBI using the customer transaction code, using the TTC value '1000' allotted for customer transactions instead of '1800' allotted for OAT. "The usage of wrong TTC value for transaction in RTGS leads to unintended consequences," RBI said in a notification..............
Updation of pension and fresh option - United Forum's circular
.........The United Forum met new Deputy Governor, in-charge of Administration (Shri R.Gandhi) who was greeted by us; he assured that Bank would do its best to protect the interest of its staff and would not agree to any proposal / suggestion of the Government inimical to staff's interest...........
Size really doesn’t matter
Incidentally Sridhara was questioned by RBI in the context of forging currency notes. He was grilled for three hours in a dark room as they suspected him of forging the Governor's signature. RBI requested him to destroy the paintings but he refused........
RBI constitutes GAG to implement a national GIRO-based Indian Bill Payment System
..........The GAG has observed that bill payments landscape in the country are mostly biller-specific and thus do not provide an environment to customers to make bill payments through an inter operable system in a seamless and efficient manner at many of the agent / customer service points that exist today. These gaps..........
Global Growth Likely To Be Better Than Anticipated, But India Concerns Remain
“Global growth is likely to be better than anticipated, led by advanced economies, especially the US, while growth impulses are still relatively weak in the emerging market economies. In the US, of the two targets indicated by the Federal Reserve – inflation at 2 per cent and unemployment at 6.5 per cent – the unemployment target may be hit earlier, leading to wage pressures, and hence inflation. As a result, the Fed may raise interest rates earlier than is being anticipated. Some Members were of the view that global recovery may be weaker than expected..........
Recent RBI norms could result in a spurt in bad loans: Moody’s
The recent Reserve Bank of India (RBI) guidelines that restrict lending by banks to overseas units of Indian firms can lead to further bad loans, Moody’s Investors Services said on Monday..........
Rate hike cycle has come to an end: Ashima Goyal
Ashima Goyal, an external member of the Reserve bank of India’s technical advisory committee and professor of economics at the Indira Gandhi Institute for Development Research, Mumbai, discusses a range of issues............
BJP wants stronger Rupee, will that be good for the economy?
............Then, is the BJP -- assuming that it leads the next government - on a collision course with RBI? Unlikely. RBI would be happy to buy the inflow of dollars, buoyed by BJP's promises, to build its forex chest - a slice of which can be used when some of the hot money moves out. Naturally, there would be friction if the BJP, simply to prove a political point, deters RBI from buying dollar
Nagpur District Central Cooperative Bank may need Rs 22crore more in revival funds
..........At that time, it had been estimated that NDCCB would need Rs 60 crore for revival. However, a review of the books has shown that at least another Rs 22 crore would be needed. Now, the bank is waiting for the elections to end so that the code of conduct is lifted and a decision can be taken on the package. The last minute change in requirement has led to a fresh audit..........
Kapur successors not promoters: YES Bank
............ “Madhu Kapur being successor of Late Mr. Ashok Kapur, cannot be considered as Indian Partner or India Promoter and, accordingly, cannot inherit the rights under Articles of
Association or the status of Promoter of YES Bank.” ...................YES Bank's stance on Madhu Kapur dims hope for out-of-court settlement
.........."There is no scope for an out-of-court settlement now. Madhu is the legal heir of Ashok Kapur and as per the bank's articles of association inherits the rights of a co-promoter. She should be allowed to nominate directors on YES Bank's board. Unfortunately, the bank is not willing to recognise her rights and settle the dispute. So, she will wait for the court's verdict,"...........
Spadework on for new types of bonds
.............As for Sukuk bonds, popular in the Islamic world, Indian regulators haven’t approved these instruments as unlike the traditional debt products, these do not provide a fixed return. The so-called covered bonds are mortgage securities, backed by the issuing authority. Last year, National Housing Bank had created a working group to look into these. Headed by a Sebi executive director and with representatives from the Reserve Bank and the Union finance ministry, it has already given its report...................
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