............India Post has touched the life of every Indian. To preserve its heritage and extend its glory, post offices need not become banks, but could certainly consider a symbiotic business partnership with commercial banks to enhance financial inclusion and mobilise deposits.
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, June 7, 2014
Human capital is the most critical issue for banks
......Whether it is financial capital or human capital, it is driven by the kind of institution that you have and are you able to show continued, sustained progress. You’re hiring youngsters—they have a lot of energy, but very little experience. The middle-aged workforce is highly experienced. There’s a cultural mismatch, an ethnic mismatch and an experience mismatch. How do you foster that together, and bring a culture that requires leadership and a drill that needs to be deep into the organization? That’s the biggest challenge for the next three-five years… This is the time to talk less financial capital and talk more human capital..........
Sealing the Victory of the Corporate Sector
......Let me now turn to the background of the report of the RBI’s Nayak Committee report on public sector banks (PSBs) and the likely consequences of the acceptance of its recommendations. There was some illusion among Indian politicians and publicists that India would be immune to the global economic crisis beginning with the bankruptcy of Lehman Brothers. But once the economic crisis hit India, businesses began to fail and default on bank loans and non-performing assets of banks piled up. But paradoxically enough, analysts of the Indian banking system became concerned, especially from 2012 about the burgeoning loans of Indian corporate houses from domestic, especially PSBs..........
Students of IFIM Business School Awarded Post Graduate Degrees by Dr. K.C Chakrabarty, Former Deputy Governor, RBI
The lighting of the lamp signified the commencement of the august function. PGDM students of the 2012-14 batches were awarded their post-graduate degrees by Dr.K.C. Chakrabarty, while top performers of the batch were bestowed with awards for excellence in various fields. Dr. Chakrabarty congratulated the students & best performers during the ceremony, also said “Leadership is what sets apart individuals from the rest. Such skills are valued in organizations since it requires inherent qualities that surface to align a team.”.............
Reserve Bank of India ends penalty for dormant accounts
.........According to the RBI notification, banks should not take undue advantage of customer difficulty or inattention. Instead of levying penal charges for nonmaintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to basic savings bank deposit accounts and restore the services when the balances improve to the minimum required level. Banks should not levy penal charges for nonmaintenance of minimum balances in any inoperative account. Banks should also limit the liability of customers in electronic banking transactions in cases where banks are not able to prove customer negligence, the RBI said.......
IBA wage talks on Friday
The Indian Banks’ Association will hold the 10th round of wage revision talks with the United Forum of Bank Unions in Mumbai on June 13. All India Bank Employees’ Association General Secretary C. H. Venkatachalam said, “19 months have passed since officers and workmen organisations in the banking industry submitted their charter of demands for the 10th bipartite settlement. There was a standstill in the talks on account of the Lok Sabha polls. We expect the new government to expedite the settlement at the earliest.”
The Hindu
Obituary
SHRI JNS SHARMA, who retired as Assistant General Manger from Banking Ombudsman's Office, Bangalore passed away on June 6, 2014 in Bangalore. He was suffering from cancer for the past year or so. He was very humble, quite and a thorough gentleman. During his service, as I remember, he had never hurt any of his colleagues. His always smiling and kind face remains forever in our minds. He lived quietly, retired quietly and finally left quietly for his heavenly abode.
OUR SINCERE CONDOLENCES TO THE FAMILY GRIEVING THE IMMEASURABLE LOSS THEY SUFFERED IN THE DEATH OF SHRI. SHARMAJI. IN SUCH MOMENTS, THE WORDS WOULD BE SUPERFLUOUS. GOD REST HIS SOUL IN PEACE.
- S. I. QUADRI, (M-298)
RBI organizes financial literacy cum awareness programme at Kheer Bhawani
Reserve Bank of India, Srinagar set up a Financial Literacy cum Awareness stall on the occasion of Mela Kheer Bhawani at Tulmulla in Ganderbal District of central Kashmir.
In a statement issued here said a large number of people visited the RBI Stall in which Financial Literacy material prepared by RBI was distributed. The material covered various aspects of banking services, non-banking services and the grievance redressal mechanism available to the customers besides literature on basic banking concepts of thrift, saving and lending products, .........
Read........
In a statement issued here said a large number of people visited the RBI Stall in which Financial Literacy material prepared by RBI was distributed. The material covered various aspects of banking services, non-banking services and the grievance redressal mechanism available to the customers besides literature on basic banking concepts of thrift, saving and lending products, .........
Read........
SBI to have live electronic eye on ATMs in 6 months
Manned ATMs may soon be passe at State Bank of India (SBI). SBI and subsidiaries, with more than 27,000 ATMs all over the country, are readying to move its ATM security to electronic surveillance. We have floated tenders for comprehensive electronic surveillance of ATM installations as early as February 2014. In fact, we expect to put the act together in about six months,”..........
Never part with debit/credit card PIN: RBI
...........However, there are no specific instructions for traders. “Most banks transfer the amount to traders only after a few days. We insist customers register their mobile numbers with their banks to receive an intimation of the transaction as soon as the card is swiped,” said the RBI official. It is better to change the PIN every three months to prevent cyber fraud. RBI is also joining hands with various banks to hold electronic banking awareness and training (e-Baat) programmes.
Cyber criminals con senior citizen of Rs 60,000!
................With the boom in various e-payment services, cyber criminals seem to have invented a new modus operandi, as the case of Shriram Kulkarni (61) shows. The priest from Nashik lost Rs 60,000 from his State Bank of India (SBI) account to a conman posing as a representative of the Reserve Bank of India (RBI). Kulkarni got a call on his mobile at 5.30 pm on June 3 from someone who identified himself as a RBI representative. The person told Kulkarni that since he hadn’t submitted his Aadhar card, the two ATM-cum-debit cards, which he possessed, would have to be re-issued. He claimed that this exercise of verifying the cards and reissuing them had been going on a daily-basis for a year now.........
RBI invites Applications for Prof. K.N. Raj Memorial National Fellowship Scheme – 2014-15
The objective of this scheme is to encourage distinguished research scholars in India or abroad to work in academic institutions in India for a short period and to facilitate interaction between the scholar and other faculties of the institution in which the scholar would work. The theme will be identified by a Steering Committee on Economic and Policy Research (SCEPR) of the Reserve Bank of India........
Finmin plan to create holding co for PSU banks under fire
.........K.C.Chakrabarty, former Deputy Governor, RBI says: “Holding company structure is not going to serve the purpose for a longer time. It may solve your problem temporarily. Best thing is why don't you divest in existing PSU banks and let them go to the market… My basic question is why government needs to hold banks. Government’s job is not to do business, but to facilitate business.”...............
NO SURPRISES IN MONETARY POLICY
........Due to persistent inflation levels and subdued economic growth the central bank has been hawkish about the key interest rates in the past few quarters, keeping the rates tight including liquidity in an effort to contain the surge in inflation. But for a change this time the RBI’s stance has been more dovish than hawkish, signalling a positive sentiment post-election results. Perhaps the RBI too expects ...........
Aditya Puri remains highest-paid bank CEO in India
HDFC Bank's managing director (MD) Aditya Puri remained the highest-paid banking chief in the country in financial year 2013-14 (April-March). Puri, who is also the longest serving chief of an Indian bank, received a remuneration of Rs 6.07 crore in 2013-14, or 20.9% more than what he earned in the previous year. Chanda Kochhar, MD and CEO (chief executive officer) of ICICI Bank – the largest private sector lender in the country, received an increment of only 2% during this period. She earned Rs 5.23 crore during the year. However, the remuneration of Puri and Kochhar are not strictly comparable ...........
Bank NPAs: More loan defaulting cos under CBI glare
........According to the list of defaulters released by All India Bank Employees Association (AIBEA) last month, Rajat Pharma/Group has not paid loans of around Rs 434 crore. Similarly, Century Group has not paid loans of around Rs 624 crore. AIEBA has released list of 406 defaulter accounts amounting to Rs 70,300 crore, against whom banks have initiated legal action. The top fifty defaulters have unpaid loans of about Rs 40,528 crore. However, Kingfisher Airlines, which is topping the defaulter list with Rs 2,673 crore unpaid loans, is yet to face any action from CBI........
RBI asked to share info on coop bank
............"From the above submissions as well as on a bare perusal of the provisions of the BR Act cited by the Respondent, there appear to be restrictions on access to information held by or under the control of RBI. This is prima facie inconsistent with the RTI Act, which mandates disclosure of information unless exempted under Sections 8 and 9 of the RTI Act. Therefore, in accordance with Section 22 of the RTI Act, the Bench holds that the provisions of the RTI Act shall override the provisions of the BR Act as regards furnishing information. Consequently, whether or not information should be furnished has to be examined in light of Sections 8 and 9 of the RTI Act only.".........
Finance Commission team in J&K; meet local bodies
The 14th Finance Commission led by former RBI Governor Y V Reddy, which is in Jammu and Kashmir for a two-day visit, has met representatives of rural and urban local bodies of the state who apprised it of their fund requirements among other issues. The Commission, including former Planning Commission member Abhijit Sen, former Finance Secretary Sushma Nath, National Institute of Public Finance and Policy Director M Govind Rao and former acting Chairman of National Statistical Commission Sudipto Mundle, arrived here yesterday, an official spokesman said. ........
Despite state aid, DCCBs can't resume operations soon
....It was expected that RBI may accept the cooperatives' application to conduct operations after the aid was granted. However, sources say the cabinet move to approve Rs319 crore assistance to the three banks this week should have come a bit earlier. The situation would have been different had the aid been granted while the banking applications were still under consideration. For the RBI too, this comes as a unique case. "Now, the case will have to be considered afresh. Apart from considering the financial parameters, even legal aspects will have to be examined as never before such a case has come forth," said a source........
Banks ask Fin Min to reject AP govts farm loan waiver proposal
....... “We've (also) told the banking secretary that such a measure at this point will vitiate the (loan) recovery environment,” said a senior banker with direct knowledge of the matter. “We have said the proposed step should be properly examined. The Andhra government should look at alternative ways to support farmers.”.......
Sistema Shyam’s FIPB proposal must get RBI nod: DoT
The Department of Telecommunications will ask Sistema Shyam to take the approval of the Reserve Bank of India for issuing fresh redeemable preference shares to a Singapore subsidiary. The department has taken a view that since such instruments are considered debt, it falls under the rules governing external commercial borrowings (ECB) and not the Foreign Direct Investment laws..........
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