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Tuesday, May 13, 2014
Take RBI Into Confidence and build the economy strong - Dr.T.V.Gopalakrishnan
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Music, Yes, but High-Pitched
My View on "A Modi Victory may Not be Music to Rajan’s Ears":
This refers to ‘A Modi Victory may Not be Music to Rajan’s Ears’ (ET, May 12). Let us see how Raghuram Rajan manages “surging inflows”, if that really happens. The figures of external debt and forex reserves quoted in the report do not lead one to assume a crisis. After all, the richest country has a debt of around $16 trillion, and its “reserves”, whatever the level, did not save that country from problems in recent years. No central bank can insulate itself from problems. What the world will be interested in knowing is how best the problems are tackled.
- M.G.Warrier
Published in ET
Published in ET
No More Salsa?
So, has he done all his reading, travelling and salsa dancing? Otherwise, why opt for the dry world of consulting. Ex-RBI guv D Subbarao, who had famously said in 2013 that he'll spend time with books, travel and dancing lessons, is taking up an assignment with the Boston Consulting Group. ET hears RBI has already given its go ahead. Subbarao can take tips from one of RBI's deputy guvs, Urijit Patel, who was a BCG man before he discovered the joys of central banking.
Conned Indian Financial Consumer
.....Who better to endorse this than Dr KC Chakrabarty, the former deputy governor, who never failed to say that it took years to implement even obvious decisions in India? Personally, I see the 6th and 7th May directives as a signal that Dr Rajan is beginning to take a hard look at how customers are treated. RBI is focused on financial inclusion, but without a clear consumer protection framework which spells out accountability and punishment. As a result, every effort to bring in new customers will only lead to more disenchantment.
Cricket credit card by Ratnakar Bank
........This is an innovative and special credit card with many exciting features. Those who will avail this card will get the chance to get the IPL passes of the match featuring Delhi Daredevils. This platinum card with lot more features. Customer will also get the facility of gift vouchers, redemption of points collected on each purchase.........
Obituary
Shri C.JAYACHANDRAN (89 YEARS), Retd. Exchange Control Officer, RBI, Chennai passed away on May 11, 2014. He was an active Office Bearer of the erstwhile Reserve Bank Retired Officers Association. His son Sri J.Balaji is a serving employee of the Bank and residing at PH Road Qrs.
Address:
C/O. Sri J.Ravinder, 880/1, 11th Street, Syndicate Bank Colony, Anna Nagar West Extn. Chennai 600101
We convey our heartfelt condolences to the bereaved family and pray for his soul to rest in peace.
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New currency notes
The Reserve Bank of India will soon issue currency notes in the denomination of Rs. 20 and Rs. 1,000, incorporating the rupee symbol on the obverse and reverse sides without inset letter in both numbering panels in the Mahatma Gandhi series-2005. The new notes will bear RBI Governor Raghuram G. Rajan’s signature. Also, on the reverse, the year of printing ‘2014’ will be marked,....
High interest among foreign investors: Shikha Sharma
.......Answering a question on banking sector reforms, Ms. Sharma lauded RBI’s efforts on appointment of committee on bank governance, while she said RBI’s focus on quality of reporting by banks and data sharing to handle the credit quality issues, among others were all good steps in the right direction.
Regulation Should Prevail Over Ownership at Govt Banks: RBI
....According to the RBI, the regulator, and not the government, should decide the fate of a financial institution. Since “regulation has to be ownership neutral”, whatever rules apply to private banks should apply also to public sector banks, it said. Since the government has a say in the appointment of the board members of a bank, corporate governance practices vary between public sector and private banks, despite both being regulated by the RBI......
Read - ET
Indian banks can offer structured derivatives abroad without RBI permission
......“Banks should ensure that their foreign branches/subsidiaries, dealing with such products in foreign jurisdictions, have adequate knowledge, understanding, and risk management capability for handling such products. At other centers, banks may offer only those products that are specifically permitted in India,” .....
RBI may allow credit enhancement to support infrastructure bonds
....“The whole idea of a corporate bond market is to diversify risks from the banking system. But, in India, we make banks investors in corporate bonds perhaps to the same extent in which they have their loan exposures,” ........
RBI says corporates should voluntarily access bond market
The Reserve Bank of India (RBI) believes that corporates should voluntarily access the bond market for meeting their financial needs as this would lead to development of the market. “The corporates should voluntarily accessing the bond market for part of their own financial needs,” said Chandan Sinha, Executive Director, RBI at an event organised by Confederation of Indian Industry......
The phenomenon called ‘female financial paradox’
Women are a growing economic force and expected to add about $6 trillion in earned income globally over next five years according to the research by the Boston Consulting Group. Yet many women lag behind men when it comes to using those assets to plan and build financial security. This phenomenon is termed as “the female financial paradox”........
Rana Kapoor should not be allowed another term as YES Bank CEO: Madhu Kapur tells RBI
..."...you are requested to give no approval to the appointment of any person as chairman and managing director of the bank unless it is jointly recommended by Rana Kapoor and us (successors of late Ashok Kapur) as per the Articles of Association," said a letter dated May 9, addressed to the RBI deputy governor. The letter was jointly signed by Madhu Kapur, her daughter Shagun Kapur Gogia and son Gaurav Kapur.
ATM frauds on rise, Police nab two youth from Mango
....Another police officer added that it was indeed a pity that the leading banks, instead of being a role model to other banks in the district, was careless in adhering to security norms laid down by the RBI. It was only after the heist, the bank was now contemplating to put security systems in some places.......
PF denial costs bank 3 lakh
.....In his appeal, the complainant said that he was an employee of the bank and his services were terminated. His provident fund as far as his contribution was concerned was given by the bank, but it was delayed. The officials refused to disburse the contribution of the bank towards his provident fund. Unnikrishnan filed a complaint for interest on the amount which was given late by the bank. .........
Now, get info on farm tech
In a bid to create awareness on farming techniques and to increase productivity, the Karimnagar District Cooperative Central Bank (DCCB) on Sunday launched Farmers Development Centre, a first-of-its-kind initiative in the country. The FDC, launched in association with Nabard and e-fresh portal, would enlighten farmers about the latest farming technology and methods for increasing yield..........
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