Shri P. D.Gupta, former Chief Officer DBOD is no more. He passed away
this evening, 23-6-2014 around 7.00 pm and his cremation is taking tonight at 11.00 pm at
Chandnwadi.
- G.Gopalakrishna
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.
Tuesday, June 24, 2014
RBI under Rajan can show regulators the way - SUCHETA DALAL
...........While it is true that this problem won’t be fixed by bundling all financial regulators under one roof, we hope that Dr Rajan will order an internal review to ensure that various consumer-related departments within RBI will act cohesively. It would also be a good idea to implement the Cabinet secretary’s note of 5th June, which asks all financial regulators and banks to cut bureaucracy, scrap redundant rules and regulations, reduce decision-making to four layers and ensure that departments collaborate to improve the speed of decision-making. RBI is known for its slow decisions, mainly because senior officials are forever travelling and there are turf issues between departments. The very existence of large and expensive entities like BCSBI and CAFRAL (Centre for Advanced Financial Research and Learning), which are only seen as sinecures for retired bankers, also need to be re-examined, since they operate like clubs with selective customer interface.........
The fiscal middle distance
..........The Sixth Pay Commission scales were accommodated within the fiscal stimulus sanctioned after the global crash in 2008-09, but the difficulty of applying the brakes on that stimulus is what we are seeing right now. The 13th Finance Commission recommended that Centre and states make annual contributions towards a fund to cover decadal pay scale revisions. There is still time. The Seventh Pay Commission was not due to be appointed until 2016-17, and its report is not due until 2017-18. With the forthcoming Budget, the Centre could make a start on a fund build-up..........
Structure of banking in India – seven principles
The CAFRAL conference on Banking Structure for India[1] has produced several useful insights and generated useful markers for a sound policy on banking structure and regulation. The speech by the Governor to the Competition Commission of India earlier in May set the tone. Then, we have also had the P.J. Nayak Committee report on the state of governance of Indian banks. The CAFRAL conference too has generated ideas on the subject. The decision that faces policymakers is a challenging one. They need to determine certain principles that will help them cut through arguments, counterarguments, and the intellectual clutter surrounding the banking structure. Obviously,.............
Differently treated - M.K.Bandopadhyaya
My View on "Unfortunate to be unresolved":
What would be the use if the upgradation and relative benefits reach the pensioners after they leave this world? Many of our fraternity have already left this world in expectation that they may get something for the last several years with tears in the eye. Our law makers including the former FM did not feel shy to upgrade and enjoy the financial and many other benefits to MPs, the legislatures in many States which also did so all at the cost of we poor Indians, the pensionary benefits and upgradation was approved for the judiciary and all Central Govt.Employees, the Defence Personnel, I fail to understand why we pensioners are being treated differently? I feel some forces are inimical to RBI and all its present and past employees and has/ve some axe to grind. While the immediate preceding and the present Governor had objectively persued our case with the Almighty Finance Ministry headed by PC, this was not so earlier after some good had been done by Dr.Bimal Jalan for pre-1997 retirees. It may not be difficult to identify the personalities behind our pain. Let us hope some bright light may be seen under the present dispensation.
- M.K.Bandopadhyaya
RBI conducts financial Literacy Camp at Sapormeina
.........peaking on the occasion, Assistant General Manager (Rural Planing & Credit Department), RBI Guwahati, M.T. Muanding Guite explained that the main objective of the camp is to create awareness on financial and banking related matters among the students, who will in turn help in spreading financial literacy to the other people who are in the dark regarding the same. He pointed out that though India has achieved Independence in 1947, yet 60 per cent of the country's populations still do not have any bank account due of ignorance about banking and its services provided to the people. The AGM further dwelt on salient features of genuine bank notes and demonstrated how to differentiate genuine bank notes from fakes one...........
Read.........
Now, RBI Sets a Timeline for Itself
.........The central bank’s decision to come up with a timeframe coincides with Prime Minister Narendra Modi’s decision to fix responsibility on bureaucracy and to clear files in a time-bound manner. For decades, writing a letter to the Reserve Bank of India was like sending it into a black hole. Neither did bankers have the temerity to demand a response nor was the RBI obliged to explain its stance. For the first time, RBI officials will have to stick to a timetable. ...........
Read - ET
RBI sets deadlines for regulatory approvals
The Reserve Bank of India (RBI) released timelines for regulatory approvals on Monday. It said it will revert to the applicant if the deadline is likely to be exceeded. Among other deadlines, few included...........
INDIA POST LIKELY TO GET ‘PAYMENT’ BANK LICENCE, AWAITS FINMIN GUIDELINES
..........‘’India Post can best carry out operations as a payment bank and it needs to project itself as sush now as the RBI has opened up the banking licences and made it available on tap” AP Hota, CEO and MD of National Payments Corporation of India told The Pioneer. NPCI is the nodal agency set up by RBI to provide and monitor retial payments through various gateways in India as well as overseas. Payment banks can only do rudimentary functions of a commercial bank as they cannot do credit or lending or other financial services that a normal commerical bank would do.”The Government is considering this matter as consultation is going on,” added Hota............
Read - The Pioneer
RBI Limits Users' Hit to Rs 10k in Online Frauds
......The Reserve Bank of India has the last word on banking rules and the directive is part of the code prepared by its Banking Codes and Standards Board of India (BCSBI) unit, which seeks to ensure that customers do not get a raw deal. Banks are usually implacable when it comes to redressing such losses, asking customers to prove their innocence before restitution is made. The new code says that for any unauthorised internet banking transactions, the customer’s liability is limited, irrespective of the funds moved out of the account. An unauthorised transaction is one that doesn’t have the express and implied approval of the account holder............
Banking's Just Got Easier for the Differently-abled
...........ATMs that talk, attached with headphones, Braille stickers on keypads, bank branches with ramps and magnifying glasses, and much more... Thanks to the Reserve Bank of India's (RBI) directive to make branches and ATMs more accessible to physically and visually challenged customers, Indian banks are getting ready to serve differently-abled persons............
Return of the Working Women
......This April, Axis Bank launched a programme called `Re-connect', offering jobs to former women employees who have left the system in the past 10 years, in select states. The bank now plans to take it national. In January, Google rolled out gCareer, inviting qualified women professionals who have tak en a break from active working life for a year or longer to work with the internet giant..............
What’s ‘Form 16’ and what to do with it
..............Every year your employer will issue this document. It is a certificate under section 203 of the Income-Tax Act, 1961, which gives information on the tax deducted at source (TDS) from income chargeable under the head “salaries”. Simply put, it gives details of the tax deducted by the employer. If you have not received your Form 16, you can use the..................
Read - Mint
Read - Mint
RBI asks banks to provide data required by special investigation team
Indian banks must make available information required by a government-appointed special investigation team, the Reserve Bank of India said on Monday, referring to a panel appointed by the government to unearth "black money".........
ICAI plans national conference on UCBs
The National Conference on Urban Co-operative Banks is being organized by Committee for Cooperatives & NPO Sectors (CCONPO), Institute of Chartered Accountants of India on 8th and 9th August, 2014 at ICAI Tower, BKC Mumbai. The Reserve Bank of India will be joint organizer in the program with ICAI. Regulators and leaders of UCBs and seasoned speakers from professional field have been invited to address the burning issues pertaining to Urban Co-operative Banks. Delegates from all over India representing various stakeholders are expected to attend the event, claims a press release sent to the Indian Cooperative...........
Shamrao Vithal Co-operative Bank readying itself to convert into a full-fledged commercial bank
.....Unveiling the bank's new logo in Mumbai on Monday, the bank's chairman Suresh Hemmady said, We are trying to make sure, we are in the right direction. This (unveiling of the new logo) would be the first step towards it (converting into a commercial bank). The banking is awaiting RBI guidelines to start dialogue with the regulator and is also working on a road map internally. "Unless there are clear norms from RBI, we cannot take things forward" said Shrinivas Joshi, managing director o ..
Death knell to co-op banks! Nafscob protests
....... “Though there will be additional burden on the non-Scheduled SCBs and all DCCBs – a matter of concern to many DCCBs due to increase in CRR level, the increase may not really affect their bottom line to a greater extent for the time being. However, any increase in future to keep at par with Commercial Banks without payment of interest will create problems for these Banks as they do not have adequate resources to cope with the changes from time to time.” Nafscob MD further says “you may kindly agree with us that keeping into consideration the peculiar functioning of these banks in the restricted areas, the Banking Regulation Act, 1949 itself specifically allowed them to maintain CRR at the minimum statutory level of 3.00 per cent. We sincerely hope that you appreciate the genuine issue involved in this regard and consider payment of interest on CRR balances.”...........
India needs Gujarat growth model to create more jobs - Charan Singh
..........To immediately revive growth in the economy, a distinct short-term strategy should be devised, which should provide seamless continuum into the long-term. In this context, lessons from the developmental model of Gujarat can be of significance for national policymaking. The ......
The Overseas Deal
.....Recently however in June 2014, the RBI felt it appropriate to revise the limit under the LRS to $125,000 per financial year. The industry is therefore now keenly expecting and hoping that the ODI limit would also stand revised and hopefully reinstated to the full value as previously permitted. As regards the permission available under the FEM CAT Regulations for acquisition of immovable property outside India, the restriction imposed in August 2013 came as a surprise. Further,........
Banks as insurance brokers may not be on Finmin to-do list
........Post this, RBI has set up a committee with representatives from banks and insurers on this model. While the final report is yet not out, sources that the panel in its interim report had suggested that banks should not be mandatorily asked to become a broker and they should be given a choice to exercise this option at their own will. There are several public sector banks that have insurance joint ventures. Hence,..........
Andhra Pradesh tries to get RBI nod on loan waiver
Hyderabad: The AP government is making all out efforts to convince the Reserve Bank of India (RBI) to accept rescheduling of agricultural loans. The P. Kotaiah committee appointed by the state government to study and make recommendations on waiver of farm loans is likely to meet RBI officials on Tuesday. If the RBI accepts rescheduling of farm loans, the banks will reschedule them for 3 to 5 years. AP finance minister Yanamala Ramakrishnudu said once the banks reschedule loans, farmers will be able to get fresh loans and ........
Read - Deccan Chronicle
Read - Deccan Chronicle
Andhra Bank offers overnight lockers
......... Safeguarding the jewellery presented to bride is biggest challenge to the people who hire marriage halls. So, the bank has come up with concept of overnight lockers. The bank would give lockers for safe custody of the bridal jewellery or other valuables presented at the marriage. The lockers would be available on payment of Rs. 200 for overnight. All that they (customers) would have to do is to inform the bank authorities and fill up necessary application. They can deposit the jewellery at the bank lockers before 10 p.m..............
Subscribe to:
Posts (Atom)