........The key shift that needs to be made is in the relationship of the government with the public sector banks. Till now, government control, especially through the finance ministry, has been complete with the banks being used to achieve objectives of state policy. This “government-as-sovereign” role has deeply politicized governance in these banks. Directors on the board are appointed either in keeping with anachronistic provisions of laws such as the Banking Regulations Act, 1949 or through political interference. As a result, ............
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Thursday, May 22, 2014
Indian Banking At Cross Roads ?
........Thus in nut shell we can say that there are challenging periods ahead for Aam Banker, as they have to continue to struggle with long working hours, poor salary and pressure from unions to go on strikes frequently on issues on which they may not be interested to go on strike etc. They have to bear the wrath of the government and public for the ills for which they are not directly responsible. Now they need to take their independent decisions rather than swayed by emotions. If bank reforms take place in the right earnest and government holding is brought just below 50%, they will have more positive impact than negative vibrations. In such a situation officers may be out of CVC clutches and RTI. They will not be forced to give loans purely on political and corrupt considerations. With options of new banks, youngsters can look for greener pastures elsewhere. However, ............
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Monetary relics
.....For a start, the RBI could remove the SLR/CRR obligations on long-term bonds or deposits raised by banks to fund infrastructure projects. This is especially relevant in an economy in dire need of big-ticket investments. Given that infrastructure already accounts for over a third of all outstanding loans by banks to industry — not to mention a significant portion of their stressed assets — banks may well be reluctant to lend further ............
Recovering NPAs
.............This refers to the Charan Singh's article "Why are NPAs higher in public sector banks?"(May 20). Comparing non-performing assets (NPAs) and the recovery practices of private and public banks is like comparing apples and oranges since the internal ecosystems both work in are poles apart. The very fact that private banks have urban, higher ticket-size assets and mostly do not tread in the muddy backwaters of the Indian economy - infrastructure and direct agriculture - helps ........
New Govt to decide on RBI Dy Governor appointment
.......The Prime Minister’s Office has now returned the file to the Department of Financial Services in the Finance Ministry with a note that the next Government will take a call on the RBI Deputy Governor’s appointment, sources close to the development said.............
Banks must build a structure to provide superior and efficient customer service - Deepali Pant Joshi
Inaugural address by Dr Deepali Pant Joshi, Executive Director of the Reserve Bank of India, at the Conference of Principal Code Compliance Officers of banks, convened by the Banking Codes & Standards Board of India (BCSBI), Mumbai, 20 May 2014
.........Financial consumer protection, when reinforced with financial inclusion and financial literacy, will lead to enhanced financial stability. We have had a great thrust on financial inclusion; as a result, several new consumers of banking products have come into the banking system. We have to ensure adequate customer protection for these new users of banking services. We have to help them through financial education, literacy and awareness to use the diverse range of products and services offered by the banks. Awareness of the customer has to be increased. With greater awareness of customers, must come, heightened responsibility of the provider of financial services. Please appreciate that today RBI, BCSBI and banks are all working under a greater lens of public scrutiny and under Right To Information...............
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Bharatiya Mahila Bank included in second schedule to RBI Act
.......Post inclusion in the second schedule or commercial bank category, the lender becomes eligible for loans from RBI on bank rate and also acquires membership of clearing houses. Also, it provides that any activity of the bank would not adversely affect the interests of depositors. The Reserve Bank in a notification today said, ". The name of Bharatiya Mahila Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934.".............
રિઝર્વ બેન્કમાંથી ૨૦ રૂપિયાની નકલી નોટ મળી
.........તમારા ખિસ્સામાં પડેલી ૫૦૦ કે ૧૦૦૦ની જ નહીં પણ ૨૦ અને ૫૦ રૂપિયાની નોટ પણ નકલી હોઈ શકે છે..! હાલમાં જ રિઝર્વ બેન્કમાંથી ૨૦ રૂપિયાની નકલી ચલણી નોટ મળી આવી છે. છ મહિનામાં ૨૫ લાખ રૂપિયાથી વધુની ૪૨૦૦થી વધુ નકલી ચલણી નોટ શહેરની એક ડઝન બેન્કમાંથી મળી આવી છે. ઉચ્ચ પોલીસ અધિકારીઓનું સ્પષ્ટ કહેવું છે કે, પાકિસ્તાન ભારતને પાયમાલ કરવા માટે હવે ૧૦૦૦ કે ૫૦૦ નહીં પરંતુ આવી નાની ચલણી નોટો પણ છાપવા લાગ્યું છે........
Raghuram Rajan's RBI to banks: Make all new ATMs talking machines from July
...........The RBI's directive today came on its prior advice to banks in 2009 to make bank branches and ATMs accessible to people with disabilities and make at least one-third of the new ATMs installed as talking ATMs with Braille keypads. "It is, therefore, reiterated that banks should make all new ATMs installed from July 1, 2014, as talking ATMs with Braille keypads," RBI said in a notification............
नई पहल, अब ATM से निकलेगा 50 रुपये का नोट
.....RBI ने निर्देश दिया है कि अगर ATM में 500 रुपए के नोट रखे हैं तो उसमें 100 रुपए के नोट होने चाहिए। इसी प्रकार 100 रुपए के नोट हैं तो उसमें 50 रुपए के भी नोट होने चाहिए। RBI से मिले इस आदेश के बाद कुछ बैंकों ने अपने ATM में 50 रुपए के नोट डालने शुरू कर दिए हैं।
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RBI defers Aadhaar-linked payment plan mechanism
..........."This was communicated by the regulator to Indian Banks Association...While the project has not been scrapped, it has been kept in abeyance," said a banker. IBA is the association of bank managements. "It took a while for RBI to take the decision... that we believe is because of the importance that the UPA II government had placed on Aadhaar. It was a favourite project under Nandan Nilekani, who everyone thought was very close to the power centres. The panel's report was not made public,"
SBI Launches Tab Banking Service
.........Under Tab Banking, the bank’s staff will visit the customers at their home or office and by using the tablets get complete formalities for opening an account like photographs of applicant, scan identity/address proof and fill in the application in front of the customer and upload it to the central hub for further processing.........
Cheque clearing plaints force review of uniform holiday calendar
.....A Reserve Bank of India circular has attributed the delay to ‘taking extension for return-clearing on days which are not declared as holiday under uniform holiday calendar’. The circular said that the Department of Payment and Settlement Systems did not favour providing blockage/extension on days which are not declared as holiday according to the calendar. It may be recalled that the uniform holiday calendar was launched in Chennai and Mumbai last year and covered several States/Union territories.............
Inflation control tops RBI agenda for new govt
........With inflation-control on top of RBI Governor Raghuram Rajan’s mind, sources familiar with the developments said implementation of the Urjit Patel committee’s recommendations will be the main agenda the central bank will take up for discussions with the new finance minister. The Patel committee had suggested inflation targeting should be RBI’s singular mandate and the central bank should be accountable for meeting the target.........
Bank fined Rs. 12,000 for not returning property documents
..After this the complainant requested the bank to hand over his agreement documents. The bank however failed to do so. Aggrieved by this, the complainant approached the forum and filed a complaint. The forum after going through the complaint asked the bank to file its reply. The bank however failed to do so. The forum while passing orders maintained that after the complainant had repaid the entire loan amount, it was the bank’s duty to hand over the documents, but it did not do so. ..........
Many NBFCs Not Following Rules, Says Home Minister
.........The RBI code asks all NBFCs to publish their interest rates on websites and other media. The loanees should be given awareness on interest rates and other conditions. ‘’Though the RBI is the authority to act against such violation, the police can act up on specific complaints,’’ he said. The minister said micro-finance agencies are also liable to follow the RBI guidelines...........
RBI shores up currency reserves
.......“The RBI maintains a foreign exchange reserve buffer that is commensurate with the needs of the Indian economy,” the central bank said. Meanwhile, an RBI committee is reviewing measures rolled out last year to stabilise the rupee, according to one of the officials. Those steps included currency swap concessions for banks raising money from abroad and a special dollar window to state oil companies.......
Reserve Bank of India eases gold import rules
........Commenting on the RBI decision, the All-India Gems and Jewellery Federation (GJF) Chairman Haresh Soni said this is a positive step for the industry as supplies will increase. It will help in reducing the domestic gold prices as this smoothening of supply will help in reducing the premiums, which currently is ruling at USD 80-90 an ounce, he said. India is the largest importer of gold, which is mainly utilised to meet the demand of the jewellery industry......
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