........How critical this revamp is was best brought out by then RBI Governor D Subbarao when he said that the advance estimates of GDP for FY10 were initially 6.8%; this was later changed to 7.7% in the revised estimates in May 2010 and finally to 9.1% in the February 2011—a monetary policy that looked appropriate given the initial GDP would have looked loose given the final GDP numbers. Sadly, some of the biggest problems have been with the IIP, which is most critical for RBI. .........
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Tuesday, May 6, 2014
Financial inclusion : Not a cake walk tour!!
.......Though financial inclusion basically means providing financial services to the vast sections of the population not yet covered by the formal financial system in, yet in the broader sense it means providing access to a bank account backed by deposits insurance, access to affordable credit and the payments system. It is a fact that this aspect of promoting broader access to financial services, despite the emphasis placed on this score, received less attention till recently. ..................
Financial Inclusion in India: An Appraisal
.......RBI has adopted a bank-led model for achieving financial inclusion and removed all regulatory bottlenecks in achieving greater financial inclusion in the country. Further, for achieving the targeted goals, RBI has created a conducive regulatory environment and provided institutional support for banks in accelerating their financial inclusion efforts.........
MILOON SARVJAN THANE RBItes
A group of RBItes in Thane (retired as well as serving staff) has been formed by Sarvashri Devidas Manduskar, Suresh Raykar and Jayant Patil. (It may be mentioned that Sri Patil is a member of Group, exrbites, The group has been named MILOON SARVJAN THANE RBItes. The meaning of the Marathi title MILOON SARVJAN is "All Together". The Group collected life certificates of retired employees in Thane and submitted to the Pension Cell, BKC, Mumbai in November last year.
On the auspicious day of "AKSHAY TRUTIYAA" the Group published a PARICHAY PUSTIKAA (Directory) of all its members in Thane, which furnishes the names, dates of birth, address, email ids and telephone numbers etc. A function was arranged yesterday i.e. on 4 may 2014 at 10.00 AM to distribute the copies of the PARICHAY PUSTIKAA. The response was fair. Around 130 members out of 500 were present. The PARICHAY PUSTIKAA was released by Shri D.G.Kale, General Manager, Customer Services Department. During his speech, Sri Kale suggested many alternatives for the retirees to get rid of old age disabilities like dementia, etc. The members were served snacks and cold drink together with a copy of the PARICHAY PUSTIKAA. The function was a grand success.
- Anil Karve
MT - young and enthusiastic about life
My View on "End of glorious innings - DEAPly shocked":
I was touched to read the above ...but she was that kind of person...so happy when I took her a copy of mint milestones and we talked of the books she was reading and she said it was mostly Tamil and she showed some of her Tamil writing as well . A wonderful lady who was perpetually young and enthusiastic about life and loved her books and good conversation . Along with CSR VM Sundar Raj , DG Borkar, she used to come to CPC when Raman was Advisor -- so that is where I used to meet her quite often . Later we came in close touch when we got her to write the RBSC History ...and we spent hours discussing the cover ....We love you Meenakshi .
- Usha
Does RBI say Yes to this?
...........Recently, senior RBI officials had stated that the central bank rejected applications of several leading business houses for banking licenses because they did not meet the “fit and proper” criteria. Outgoing Deputy Governor KC Chakrabarty was quoted as saying that banking reforms were necessary, as “corporate governance needs to improve.” He had said, “What’s good for public sector banks must be good for private sector banks.” While it is for the central bank to assess if activities of Yes Bank’s promoters fall within its “fit and proper” yardstick, industrialists whose applications were turned down recently are unlikely to be amused. ................
RBI's soft approach - A Chandramouliswaran
............In my opinion, the recollection of the events shows the Reserve Bank of India (RBI) in poor light. Here is the country's central bank pleading, cajoling, appealing, requesting - everything except "directing" as is expected from a regulator - the Sahara Group to agree to the decisions of the bank. The narration of the events in the extract also gives an unmistakable impression that the approach of the group of officers, which had engaged in marathon discussions with Sahara, had the approval of the top management of RBI. It is not clear from the extract as to why RBI had to be so meek and submissive in its approach..........
Don't malign RBI
My View on "Should the new government sack Rajan?":
To write such articles without any research on the outcome of poll results is an insult to the institution of RBI. In my opinion, Mr Modi is making all his speeches as though he is already the PM of the country. Perhaps, this overconfidence and rhetoric had cost BJP its elections 2004 when they claimed 'India Shining'. They never mention that NDA will form the govt. Instead Mr Modi goes on telling that BJP would form the govt. It only shows their short-sightedness and little respect for coalition partners. Even if they take about 150+ seats and Congress around 120+ seats, it is more likely that UPA would form the govt this time too. Mr Modi's PM type of speeches would end from 16 May 2014 So, let us not malign a great institution like RBI with such cheap political based articles. Media has responsibility to represent the correct views to the readers and listeners. This article is an exception to this.
- Santhanam
Raghuram Rajan must be respected by incoming govt: Chidambaram
Reserve Bank of India (RBI) governor Raghuram Rajan’s appointment must be respected by any administration that takes power after Indian elections ending 16 May, finance minister P. Chidambaram said. “The central bank governor was appointed based on his reputation,” Chidambaram said in an interview on the sidelines of an Asian Development Bank (ADB) meeting in Astana, Kazakhstan, on 3 May...........
Fiscal consolidation will be tough for new FM: Deutsche Bank
........"If the new finance minister chooses to expedite capital spending to orchestrate a cyclical turn in the investment cycle and boost long-term growth, the short-term casualty will be the debt/GDP ratio, which has improved massively in the recent years... "This will become more difficult, if RBI continues its quest to tame inflation by pursuing positive real rates, debt service will become substantially more onerous, leading to the risk of a conflict of interest between the government and RBI in the post-poll landscape," Deutsche Bank India Chief Economist Taimur Baig said.........
RBI Asked to Vet the Way Banks Raise Tier-II Funds
The government has asked the Reserve Bank (RBI) to set up a committee to look into the insurance regulator’s concerns that some of the instruments issued by banks to raise tier-II capital were perpetual and illiquid. The Insurance Regulatory & Development Authority (IRDA) has also said that some of these instruments are flouting its investment norms. The committee will look into issue of and subscription to tier-II instruments under the new Basel-III capitalisation guidelines, a finance ministry official said. “The insurance regulator has raised concerns over certain instruments. We have asked RBI to take up those issues,” the official said,........
Read - ET
Read - ET
Rangarajan calls for changes in examination system
..........The former RBI Governor also pointed out that the curriculum needs to be updated regularly so as to match up to the global institutes of excellence. “Knowledge expansion is very important and the curriculum needs to be updated fast. The students should be appraised by the teachers on the changes taking place. For instance, medical engineering course is catching up in the West. It was thought that experiments in social sciences were not possible but there is a course called experimental economics,” he explained........
RBI sub-office starts functioning at Srinagar
SRINAGAR: The upgraded sub-office of Reserve Bank of India started functioning at Srinagar for summer session from Monday. Besides, the Cell of Foreign Exchange Department already functional in Srinagar, the Cell of Rural Planning and Credit Department (RPCD) carved out of the Jammu Regional Office has become operational from existing premises at Rajbagh, Srinagar.......
Read.......
Read.......
Meet on Banking held at GM Hall
......Addressing the gathering, Anand Prakash, General Manager of Banking Ombudsman Reserve Bank of India, Guwahati stated that any bank customers who face inconvenience in financial transaction under Reserve Bank of India (RBI) can file complaint to RBI under the Banking Ombudsman Scheme, 2006 through writing or on internet and informed that there is already an office in Guwahati where people of northeastern States could file complaint.....
Read......
Seminar on 'Challenges Before Indian Banks' Held
The Basel-III norms which is to be implemented by banks by March 31, as per the guidelines issued by RBI, will be the major challenging task for the India banks, said Vairam Somasundaram, deputy general manager, Indian Overseas Bank. Inaugurating the seminar on ‘Challenges before Indian Banks’ organised by Bankers’ Club Greater Kochi here, he pointed out that the Indian banks will be required to raise `3 trillion in external capital in the next four year.............
Deutsche Bank sees conflict of interest between RBI, new government
......"When the new government takes over this summer, if the authorities choose to expedite capital spending to orchestrate a cyclical turn in the investment cycle and boost long-term growth, the short-term casualty will be the debt/GDP ratio," Deutsche Bank's Taimur Baig and Kaushik Das said in the report, warning the new government faces a huge fiscal challenge. "At the same time, if the RBI continues its quest to tame inflation by pursuing positive real rates, debt service will become.......
Good news! You can soon write one cheque to allot funds across MF schemes
......But imagine just writing one cheque that ensures your funds are allotted to the mutual funds schemes of your choice. That seems like "investing convenience" at its best. This convenience is not a distant dream, and will soon be a reality. Thanks to the Mutual Fund utility platform which is all set to launch next month. MF utility is a centralized mutual fund distribution platform..........
Robber blasts ATM, takes to heels
........The explosion left the ATM, owned by State Bank of Mysore, filled with thick smoke. Even as a couple of passersby and people residing near the ATM who heard the blast gathered at the spot, the robber escaped on a motorbike in the cover of the night. ...........
CAD likely to be around 2% of GDP on easing of gold imports: Rangarajan
India's Current Account Deficit (CAD) is likely to be around 2 percent of GDP in the coming few years due to slackening of gold imports, among other factors, Prime Minister's Economic Advisory Council Chairman C Rangarajan said today. "With inflation showing signs of decline and gold prices also not rising, the attraction of gold as an asset is coming down. And as we go ahead we should find the demand for gold falling. There are also other factors contributing to improvement in exports..........
FinMin team in Mumbai to take stock of election result day preparations
........Officials from banking sector regulator Reserve Bank of India (RBI), insurance regulator Insurance Regulatory and Development Authority (IRDA) and stock exchange officials are also likely to be present for the event, a source said. It is believed that the feedback from market participants will be placed before the Financial Stability and Development Council (FSDC), which is scheduled to meet next week to discuss the preparedness of the financial markets on the election result day.........
Human resources at risk
Apropos Subir Gokarn's column "Jobs-olescence" (Muddy Waters, May 5), it is stated everywhere that India will be the next superpower and its massive working-age population is one of the driving factors. The bitter component is the lack of ...........
Pvt banks see healthy low-cost deposit growth
At a time when many public sector banks are struggling to attract low-cost deposits — despite having large branch presence — their private sector counterparts saw a healthy growth, on the back of branch expansion and product innovation. Private-sector lenders attributed customer satisfaction as one of the reasons for the growth in current account and savings account deposits (Casa), known as low-cost deposits...............
NPAs render govt banks unfit for pvt PF deposits
...........Norms governing investments by provident funds bar these from depositing funds in a commercial bank in case the NPAs of that bank exceed two per cent of net advances. The Indian Banks’ Association (IBA) has urged the Union finance ministry to relax the norms relating to deposits by non-government provident funds and gratuity funds in scheduled commercial banks. Bankers said though the share of such deposits in banks’ total resource pool wasn’t substantial, a ban might lead to the impression that banks were incapable of servicing repayment obligations..................
Turning dreams into reality with their own savings
......Prospective women entrepreneurs often are ignorant of the Reserve Bank of India (RBI) guideline that no collateral is required for bank loans of up to Rs 1 crore in the micro and small enterprise sector. Nor do they know of the several schemes of assistance offered by the Central and state governments. Undeterred by these hurdles, many women with the passion to become entrepreneurs have succeeded in creating a niche for themselves. ......
EMI at point-of-sale through credit cards gaining momentum
........The Reserve Bank of India had banned EMI at PoS as some vendors offered zero per cent interest EMI schemes for their products as this could be misleading the customers and they would end up paying something which they were not able to afford. After this ban, to increase the credit card business, banks are tying up with establishments delivering high value services...............
UAE Bank Introduces Service for Speedy Money Transfer to India
UAE-based bank 'Emirates NBD' has launched 'DirectRemit' service which would, among other things, enable customers to speedily transfer money to other banks in India. A first-of-its-kind remittance service, it would also allow Non-Resident Indian (NRI) customers to remit money to any HDFC Bank account in India in just 60 seconds, says a report...........
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