........Mainstream media, during the last few weeks, starving for controversies, has been generous in dishing out gossips about the continuance of Dr Raghuram Rajan as governor of Reserve Bank of India (RBI), if the dramatis personnae in New Delhi change post-16 May 2014. This writer is not interested in joining issues with those who argue the case on either side mixing politics and economics(or banking?). Still, as one who had defended in the media, the case for an extension of term by one year for Dr Rajan’s predecessor during the first half of 2013, some observations on the subject from this writer may be in order...............
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Friday, May 9, 2014
Replacing RBI governor Raghuram Rajan may lead to a sovereign rating downgrade: HDFC Chairman Deepak Parekh
........."The government, whichever it is, if he (finance minister) changes the governor, he will get a bad name. There is a possibility of a downgrade if you change the governor... that you are politicising the position,"
RBI to issue guidelines for 'on-tap' banking licences in FY15: R Gandhi
The Reserve Bank of India is likely to issue guidelines for issuance of "on-tap" bank licences in 2014/15, RBI Deputy R Gandhi said on Thursday, a month after the central bank granted two preliminary licences to set up new banks..........
RBI: Losing licence bid no bar for stake buy in a bank
An entity's failed attempt at getting a bank licence will not have any bearing on its move to pick up a large share- holding in an existing bank, newly- appointed RBI Deputy Governor R Gandhi said. His comments come against the backdrop of reports that L& T Finance is eyeing a significant stake in private sector lender es Bank. " They might be rejected for bank licence, but as a share- holder if they are going to come, we will examine that. It won't be a bar just because its ( banking) licence has been rejected," .......
Pension updation and opening of fresh option - RBIOA
Pl find attached is the exact status of what transpired between the Bank and the
Associations on the issue of Pension...........
Closure of public counters in RBI
.......Unfortunately, in total disregard to that, Bank's offices, under promptings from the Central Office, are each and every day denying entry and refusing service to customers..........
Beware of Lottery spam scam on RBI's name
.......The Reserve Bank of India (RBI) Governor, Dr Raghuram Rajan has already cautioned people about lottery or beneficiary of fund kinkd of emails. This time, it is a 'Lottery Scheme ' email sent using his name in the so-called meeting of 'United Kingdom Lottery Promotion Council' with a 'Senate Tax Committee on Finance', except that both does not exists. Simlar emails used to be sent out in the name of former RBI governor Dr D Subbarao too..........
RBI conducts financial literacy programme for students
With the objective to create banking awareness among the students, the Reserve Bank of India (RBI) Rural Planning and Credit Department Guwahati conducted a one day literacy programme for students today at Bundrock Chapel Hall, Patkai Christian College .......
Obituary
I regret to Inform you that one of our ex colleague Mr. P.M.Hegde, retd. AGM from Bangalore office expired this morning 7.40 AM due to heart attack. Kindly pray for the departed soul.
- William Panakal
Prepayment penalty ban only for individual borrowers, says RBI
............The Reserve Bank of India (RBI) on Wednesday clarified that its directive regarding a ban on prepayment penalty on floating rate loans was applicable only for individual borrowers, indicating it wasn't for corporate clients. “It is advised that banks will not be permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect,” the banking regulator said on Wednesday.........
Pranab launches RuPay, India’s own card payment network
......The new payment network developed by the National Payments Corporation of India (NPCI), a not-for-profit company envisioned by the Reserve Bank of India (RBI) and created by the banking industry, covers all the automated teller machines (ATMs) and most of the retail and e-commerce platforms. RuPay is the coinage of two terms Rupee and Payment.........
Govt banks lure customers away from private lenders
The perception that customers prefer private lenders topublic sector banks (PSBs) for retail loans might not be prevalent any more, if a recent survey by Nielsen is to be believed...........
No external debt crisis, please
...........What could be worrying the RBI is the rush of money streaming into short term debt instruments — such as 91-day treasury bills issued by the government or commercial paper floated by companies. Such a deluge could be facilitated both by the interest rate differential between western markets and India, as well as the stronger rupee vis-Ã -vis the dollar........
Syndicate Bank moves to catch 'em young
.............“We have already started working on designing a new product for minors. This new guideline from the RBI will help us in achieving our goal of increasing our CASA levels which has dipped to 29.90 per cent in FY14. We will launch the product very soon,”...........
Parents Beware! Operating Bank A/c’s Now Child’s Play
Letting your minor daughter operate her savings bank account may be a great way to teach her about money matters, say financial experts. A day after the Reserve Bank of India (RBI) allowed children over 10 years to open and operate their bank accounts independently, experts feel that it could also make life easy for many parents, especially in big cities, where children get a tidy sum as monthly allowance and spend it both online and offline. .........
Read - ET
Read - ET
'Minor' Major step.........
My View on "RBI lets 10-year-olds sign cheques, do net-banking...":
The First Positive Step from RBI, in the real sense, to teach children practically about banking and financial literacy and promote financial inclusion and inclusive growth. A step to empower children and create a Responsible and Young India. Three years before, my minor daughters opened SB accounts in their individual names, with SBI, but SBI did not provide ATM Card or Cheque facilities. I hope, now they will provide.
- L M Ganesan, MOF, CAB, Pune
Savings accounts for minors to promote financial inclusion
............The central bank has said its latest step will promote financial inclusion and bring uniformity among banks in opening and operating minors' accounts. But should one worry about safety?.....
SBI to launch children's savings a/c in 3 months
...........“We do open accounts for children, but we have restrictions on overdrafts. This is because if there is overdraft, we won’t be able to realise it. However, there is no restriction on deposits. We are going to launch a special scheme for children in the next three months,” SBI Chairman Arundhati Bhattacharya told reporters.....
FinMin nixes India Post's plan to set up a bank
......As suggested by the Bimal Jalan-headed screening committee, the issue came up for discussion at a recent meeting of the finance ministry and RBI, a ministry official said. The ministry said India Post was not ready for a banking foray....
How mis-reporting by banks can hurt your credit rating
When a customer was refused home loan by a government bank due to a negative rating assigned by the Credit Information Bureau (India) Ltd (Cibil), little did he realise his callousness in ignoring a ‘free’ credit card he had never applied for nor used earned him a spot in the defaulter list. A good 30 days were spent in reversing the negative rating, but by then he had lost the opportunity of buying the apartment he and his family had set their eyes on............
RBI brings MSME stakeholders together
........Second of its kind held in the North East, ‘Town Hall meetings’ have been formulated by the RBI to bring all stakeholders of the MSME sector together to meet, listen to each other, understand problems and find solutions to them, explained Regional Director, RBI Guwahati, S.S. Barik in his keynote address. Nagaland has potential, he said, but the push needed for the industries/MSME sector to grow is missing. “That is why the RBI is emphasizing on MSME as it promotes distributive growth,” Barik informed..........
He Trumped Anil Ambani in India's Race to Change Banking
.........Bandhan slowly became India's largest microfinancier, focusing on the northeast and then expanding across the country. "I'm not an economist, I'm not a banker - I learn from my customers," he said. Mr Ghosh recruited poor people to run his branches, declaring only they "understood poverty" and could identify the needy. As Bandhan becomes a bank, Mr Ghosh said some staff will need training to deal with more sophisticated financial products. Just three-fifths of his employees reached the final grade in school.........
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