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, May 1, 2014
Why Rajan stands out
When a class V girl offered to help RBI governor Raghuram Rajan
.................But last September, when the government and RBI were battling a major crisis with the rupee hitting record lows and the current account deficit going beyond acceptable levels, Laila Indira Alva, a class V student of Sanskriti School, wrote to central bank governor Raghuram Rajan. "I have heard about the crisis our economy is facing... I have also heard about the fall of the rupee with respect to the dollar," Alva said in the letter to Rajan................
FM to chair his last FSDC meet on May 13
.........As the meeting will be attended by RBI Governor Raghuram Rajan and heads of Sebi, Irda, PFRDA, FMC and senior finance ministry officials, the regulators would use the opportunity to bid farewell to the finance minister, said another official............
Decrease of 17 slabs likely from May 2014
..Based on the above calculations the new DA is likely to be @ 97.35%, for the months of May 2014 to July 2014. [The DA for February 2014 to April 2014 was 99.90% ] i.e. decrease of 2.55%. (decrease of17slabs) We give below the likely DA for May, 2014 onwards....
Read.........
Bank officers' body to mark May 1 as 'Demands Day'
......Specific to the body's demand is the implementation of regulated working hours and five-day-a-week working schedule for the Indian banking industry. In a statement, the AIBOC said,"The five-day working week will not have any impact on the customer service or any inconvenience to the general public in the midst of technology advancement and enhanced digital delivery of banking services.".................
RBI, Finmin Spar over NPAs at PSU Banks
........ Bad loans at staterun banks have gone up at a brisk pace, unlike their private-sector rivals and foreign banks. The RBI says this was because of reckless lending to corporates, an allegation that has not gone down well with the ministry which says the banks were only following government advice to help boost the economy. In a discussion paper, titled ‘Management and Governance Issues in Public Sector Banks’ and presented to the government in March, the RBI said ............
Economy in black and white
........In such a scenario, the intense focus on recovering black money from offshore bank accounts is partly misguided and it would be much more prudent to invest in mechanisms that will help restrict the generation and outflow of such money. These mechanisms would include reforms in a number of areas identified as most vulnerable to generation of black money such as real estate, bullion and jewellery, financial markets, public procurement, cash economy, trade mispricing and transfer pricing. Moreover, while there are a number of legislations to tackle this problem, the implementation of these needs to be strengthened. In this context,....................
RBI curbs on pre-payment penalty on floating rate loans put banks in a fix
The Reserve Bank of India (RB)’s advice to banks that they should not levy penalty on customers for prepaying their floating rate term loan has put lenders in a fix as they fear corporate houses, if they exercise the option, will create asset-liability mismatch problem.............
Fake rupee notes of Rs5, Rs10, Rs20, Rs50 and Rs100 surfaced!
.......It is time that RBI governor Dr Raghuram Rajan clearly make a policy statement on this issue of polymer currency notes. It is hard to believe what Dr Chakravarty has stated in regard to the "failure" of the bidders to come up to the RBI's exacting needs! Are we to understand that ALL the bidders have failed? ........
What to do if ATMs spew out fake notes for you
......But here’s another problem: assume I withdraw, say, Rs 5000 in thousand-rupee notes, and find out they are fake. I go to the bank, surrender the five notes. The bank will take the fake notes into custody — but will not reimburse me my 5,000 rupees; will not give me good notes in exchange for the fake ones. The bank’s reasoning is, there is no proof I withdrew those notes from its ATM. How fair is this? ..............
Muthoot Finance seeks RBI nod to launch pre-paid cards
...........Muthoot Finance has also requested the RBI to allow it to launch a special card to take care of remittances, under which a receiver could be able to make use of ATMs to withdraw transfered amounts, Mathai said. Explaining the proposal, he said "anybody can send money into the card and it can be withdrawn by the beneficiary from an ATM," and added this will be applicable for both the domestic and international remittances
Temple matters
........The government must think in terms of having a separate department for temple administration with an IAS officer at the helm of affairs. The Reserve Bank of India must take control of the temple assets........
SBI targets govt agencies to push e-payment gateway
..........Over the next three years, SBI plans to bring on board all major public sector banks to use the payment gateway for their debit, credit card and Internet banking transactions. Launched last month, SBI ePay is an aggregator service from SBI, which provides electronic connectivity with various banks and financial institutions, on the one hand, and merchants, on the other...........
‘Merger with Amanath by July’
.....Such a development is expected to augur well for the depositors of the troubled co-operative bank. It would also mean culmination of a long process, which involved approvals being obtained at various levels and some persons approaching the court questioning the merger and seeking probe into the affairs of the ACB.........
HC reserves order on YES Bank standoff
...........The court had ruled it had jurisdiction to hear Madhu's plea, prompting the bank to appeal against the order. "The judgement has been reserved. The judgment can come any day," a source said requesting anonymity. The judgement assumes importance as the hearing on Madhu's plea is scheduled to start on Friday.......
HSBC behaviour with customers in India
......... He also had meetings with officials from the Finance Ministry and Reserve Bank of India (RBI), which according to him were “not too encouraging” as everybody tried to re-direct him to someone else and nobody was willing to act or take responsibility for HSBC's actions. In an interview to Moneylife’s Yogesh Sapkale, Mr Mason-Mahon raised several questions on HSBC’s operations in India. Here are the excerpts from the interview….....
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