.....Talking to The Indian Express, Gokarn said a breakdown of the spending plan will also inform the measures this government plans to undertake to revive investment. “The quality of the fiscal intentions is more important than the numbers, per se,” he said. Gokarn was speaking in the context of the current debate that the government will rework the fiscal math of former finance minister P Chidambaram who had claimed that the deficit had come down to 4.6 per cent of the GDP in the last year of the UPA government......
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.
Saturday, May 24, 2014
Time to Fix Ailing Economy - Charan Singh
.........The Indian economy has been ailing from numerous problems for some time now—low economic growth, weakening financial system, volatile capital flows, infrastructure constraints, rising prices, especially consumer price index, rising income inequality, high unemployment rates, energy constraints, stubborn poverty, uncertainty in exchange rates, rising budget deficits and governance deficit to enumerate a few. The challenges are many and.............
India proposes banking overhaul
.......A strong resolution framework could give banks a greater incentive to deal with stressed assets and help address some of those failings. India is keen to implement the resolution regime before the end of 2015, following an internationally accepted timetable. Market participants, however, warn that many hurdles remain to such a move. “India has different regulators and legislations for different types of financial institutions like banks versus co-operative banks versus insurance companies. The resolution regime will require an altogether separate legal framework that overrides existing laws and legal resolution frameworks. This might possibly come only after a parliamentary approval,”............
Keep an eye on customer transactions, banks told
Banks need to regularly monitor customer transactions to mitigate risk of fraud, according to R Gandhi, Deputy Governor, Reserve Bank of India (RBI). Building transaction based customer profiles in line with existing KYC norms would be significant, he said. Gandhi was delivering a lecture on Know Your Customer: A Balance Between Compliance and Convenience at the Federation of Andhra Pradesh Chambers of Commerce and Industry (Fappci) here on Friday.....
CCTV coverage must for cash operations at currency chests: RBI
.......The diktat comes in the wake of one of the central bank’s regional offices reporting that the work of packing soiled notes by a currency chest was undertaken outside the strong room/vault, which resulted in the CCTV failing to capture the operations ...............
Meet to spread awareness of banking ombudsman scheme held
.....B.K.Mishra, the banking ombudsman for Odisha chaired the meeting and elaborated the benefits of banking ombudsman scheme as well as initiatives taken by the RBI to make banking more customer friendly in the country. He said in a State like Odisha awareness abut banking ombudsman needed to be enhanced. Senior vice president, Banking Codes and Standards Board of India (BCSBI), Mumbai also took part in this meeting and through his speech highlighted the features of code of commitment of banks to customers........
Finmin officials propose I-T exemption of Rs. 30K
North Block – the seat of the Union finance ministry – is seeing marathon meetings, wherein top government officials are preparing representations for the new government, key among them being increasing the income tax exemption by Rs 20,000-Rs 30,000, addressing the retrogressive taxation and taking up expenditure reforms. In their efforts, the finance ministry babus are likely to work through the weekend, before the new government under prime minister elect Narendra Modi is sworn in on Monday.............
Not in race of Finance Minister, says Deepak Parekh
...."The people in the government who are running the country, they have to take a view, they have to then decide whom they want to take advice from, do they want advice or they know it, what are the areas they want to pick expertise from, which are the areas they take expertise from,".....
Reserve Bank of India 'cannot reverse' order on district central cooperative banks
...............However, RBI promptly replied that the decision cannot be changed as there was no such provision in the Banking Regulation Act. The state has also filed an appeal before the ministry of finance (MoF) against the RBI decision. To this, the RBI has said that there is a provision to file an appeal if an existing licence is cancelled, but not if an application to get a licence is turned down, said a source..............
SBI shows some promise in bad loans management
.......While the reduction in outstanding bad loans is similar to the trend seen across public sector banks this quarter, the fall in slippages for SBI is encouraging. Details of asset sales and the sectoral break-up of slippages and other numbers would provide more clarity and are awaited. The bank also seems to have delivered on its third promise of focusing on cutting costs.........
CRR a useful tool in RBI's hands: SBI chief
....."In my wisdom, the CRR is an useful monetary tool in RBI's hands and it depends on how it was being used by the regulator," ......
Court dismisses petition challenging SARFAESI Act
........As per the guidelines issued by the Supreme Court of India, when an asset is treated as a NPA by the respective banks, a rigorous recovery machinery is put into action. It is this provision, which adopts the directions or guidelines relating to asset classification issued by the RBI was put to challenge before the court as unconstitutional, said the order issued by the division bench comprising of Justice N Paul Vasantha kumar and Justice M M Sundresh...............
SBI exploring ways to declare Mallya ‘wilful defaulter’
.........The source said that as per RBI guidelines, it would have to be proven that the borrower had diverted funds which he taken from the bank and is not paying up despite having the ability to pay. “If we are sure on these two points, then the bank will declare Mallya a wilful defaulter,” the source said.........
RBI simplifies Documentation for NBFC Registration
.........It is further advised that the Checklists mentioned are indicative and not exhaustive. The Reserve Bank can, if necessary, call for any further documents to satisfy itself on the eligibility for obtaining registration as NBFC. In the event of the Reserve Bank calling for further documents in addition to those mentioned in the checklist, the applicant company must respond within a stipulated time of one month failing which...........
FIEO hails RBI moves to boost exports
....FIEO chief stated that RBI could consider incentivizing those exporters who show a larger commitment to exports as against the stipulated 20 percent by allowing a commensurate increase in the import cap assigned to them. FIEO Chief further stated that given that India is a major consumption centre gold future have seen a jump following the announcement. The announcement of allowing STH /PTH also reflects that resolve of the New Government towards free market economics as against a canalized/restricted regime in order to propel business both within the country and outside, ....
FICCI, IDBI sign pact for cheaper credit to MSMEs I
...The FICCI-CMSME and IDBI partnership will grant best pricing offered at the relevant time by IDBI including concession of 100 bps and charging of processing fee as low as 0.10 per cent to the proposals referred by FICCI-CMSME, the industry chamber said in a statement.......
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