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Saturday, July 5, 2014
Former RBI governor: I would give Rajan A+ rating
'No need to set BPL for fin inclusion'
.........Rajan was speaking at a press conference to mark the visit of Queen Maxima of the Netherlands in her capacity as the United Nations secretary general's Special Advocate (UNSGSA) for inclusive finance for development. "There has been a lot of discussion in poverty and my answer is that it does not matter that we have a precise definition as there is so much demand for financial services," said Rajan. He added that what was needed was to create an environment where financial services could expand............
RBI norms on differentiated banking this fiscal year
Financial inclusion of women: Myth or reality?
.........A Reserve Bank of India (RBI) report indicates that women’s credit outstanding from commercial banks accounts for only 5% of all credit outstanding (RBI 2013). Many experts argue that although financial inclusion initiatives are targeted towards the general population (including women), most initiatives are introduced without comprehensive understanding about women’s socio-economic conditions, intra-household bargaining position, and restrictions on mobility. For example, rural women are actively engaged in agriculture, yet, many of them face constraints when accessing agriculture credit because................
Congratulations to the Founder of FinClusion
My View on "HR Khan back as RBI Deputy Governor":
- Santhanam
Nice to see the news about Harun Khan. He deserves. Congratulations to him thru this medium.
- B.K.Katyal, CGM (Retd.)
RBI set for rejig; 5 verticals, new posts to be created
.........Since the RBI Act also prevents a private sector banker from holding a deputy governor position, the central bank may use the position of officer on special duty to bring in former ICICI Bank executive Nachiket Mor to head the internal administration vertical...........
Read - FPJ
Financial awareness camp held in Odisha town
......In their address, retired Chief General Manager, RBI, Dasarathi Mishra, chief manager, Bank of India, Bhagavat Rana and Braja Kishore Mishra of the Axis Bank talked about ideal saving habits, methods of saving money, basic banking, RBI initiative on financial inclusion and financial literacy, procedure to open no-frills accounts in a bank etc. A quiz program covering basics of banking and economy was also conducted on the occasion...........
RBI quiz
The Reserve Bank of India, Kochi, will conduct quiz competitions for school students in Kozhikode and Kochi on August 4 and 6 respectively as part of promoting financial literacy. Students of IX to XII standards can participate in the competitions. Last date for submitting applications for preliminary rounds is July 20. Contact 0484-2400076, 2401153 for more details.
The Hindu
Growth Partners: Banks and operators collaborate to drive rural mobile banking
.......In its efforts to promote and encourage the adoption of mobile banking services, the government, along with the RBI, has taken several steps. The RBI issued mobile payment guidelines in 2008. The guidelines were amended in 2009 to increase the limit on the transfer of funds and purchase of goods from Rs 5,000 to Rs 50,000 per day for each customer. This limit was removed altogether in December 2011 and banks were allowed to put their own restrictions on daily transactions on the basis of the risk perception of their customer profiles. To ensure interoperability among different telecom service providers and various banks, the National Payment Council of India launched the interbank mobile payment system (IMPS)............
HC creates record of sorts by solving urban bank row
.......A Division Bench of Justices V. Ramasubramanian and V.M. Velumani on Thursday directed the liquidator of the bank to disburse Rs.9.18 crore to individual depositors besides paying Rs.15.16 crore to Deposit Insurance and Credit Guarantee Corporation (DICGC). Allowing a writ petition filed by the DICGC seeking arrears of Rs.22.96 crore from the liquidator, the Bench said the bank was established around 100 years ago as an institution of cooperative micro-financing and it flourished until 2001.........
CBI to Fill UP posts on deputation basis
..Eligibility conditions for appointment on deputation: Officers under the Central Government or State Governments or Union Territories or Government Financial Institutions including RBI, NABARD, SIDBI or Public Sector Financial Institutions (including Public Sector Banks):..........
Read....
Banks, LIC, SSC to Conduct Written Tests in Only Online Method?
..........Banking sector officials are of the opinion that valuable time is being wasted in paper based method. The officials have to work hard to decide the exams centers in paper based method. Sometimes the questions papers are leaked and there are security problems also in this method. Scanning the OMR sheets and announcing the results is taking at least two to three months time. Completion of recruitment process is also taking much time. Thus banks prefer to conduct the recruitment exams in online method as they are believed to be safer.......
Read........
RBI bans cooperative bank in UP from conducting business
..........The bank was put under a multi-agency probe by the finance ministry last year after money laundering allegations had surfaced in an Intelligence Bureau report. Prior to the IB report, the RBI had carried out its own investigation and found that the cooperative bank was allegedly running fictitious loan accounts, had cash deposits and withdrawal of crores of rupees in which the beneficiaries were 'unknown'. ......
Banking on better times
......... The RBI has projected the capital requirement for the banking industry for the next five years at nearly ₹500,000 crore, of which ₹415,000 crore is required by PSBs alone. Even if only a third of the capital is from equity — the rest through subordinated debt and various hybrid instruments — the Centre would have to contribute ₹90,000 crore or so to maintain its existing stakes in PSBs. Given its precarious fiscal position.........
RBI yet to approve YES Bank board appointments
............It is learnt RBI's nod is still pending. While the reasons are not known, the central bank typically examines 'fit and proper' criteria before permitting board-level appointments in private sector banks. "An application to RBI has been made by the bank recently," a spokesperson of YES Bank told Business Standard in an e-mailed response. The spokesperson, however, did not respond on the reasons for the delay.......
Narendra Modi's golden opportunity - T C A Srinivasa-Raghavan
................But it is probably futile to think it will be abolished. That wouldn't work politically in a democracy full of poor voters. So the second-best solution is to minimise the evil and keep the rates down to an absolute minimum - like 20 per cent for those who earn more than Rs 1 crore a year, 15 per cent for those who earn between Rs 10 lakh and .............
Fighting food inflation
......... The fight against food inflation is critical for the government as it will have an impact on the monetary policy of the Reserve Bank of India. Food inflation rebounded in May to 9.50 per cent after a slight dip in April, and the June data are unlikely to be encouraging — which means that easier interest rates to spur growth are now that much more distant.
A fresh poverty line
........There is another issue. Poverty-level income (or expenditure) should be measured on the basis of households, not individuals - because the spending unit is the household, not the individual. A five-member family would find it easier to manage on Rs 10,000 per month than a two-member family on Rs 4,000, though both households have the same level of per capita income. But data matching income or expenditure to size of household do not exist, and will have to be worked out. The subsequent task of enumerating...........
Narendra Modi’s reforms to target bank funding
........A growing asset-liability mismatch in the Indian banking system and the need to ensure a steady flow of long-term capital for the infrastructure sector have pushed officials to consider reforms to the use of senior bonds as a bank funding tool, the people said. Details of the measures are still under negotiation ahead of the 10 July Union Budget statement, but the discussions ongoing within the finance ministry underline the new government’s determination to address the failings of India’s banking system.......................
Sensitise NGOs on compliance of rules on foreign funds: Rajnath
......... NGOs should be sensitised about adhering to rules and regulations while receiving foreign grants. Mr. Singh’s observations come after a recent report by the Intelligence Bureau alleged that foreign grants by NGOs were being misused to obstruct various developmental projects in the country. The Home Minister was given a presentation by the Foreigners Division on Visa Policy Citizenship Act, Foreigners’ Contribution and Registration Act (FCRA) and related issues........
Kaushal is new IDFC risk officer
Infrastructure financier IDFC, which was recently granted a commercial banking licence, has appointed Pavan Pal Kaushal as its chief risk officer. Kaushal has taken charge from Tuesday. Before joining IDFC, he was heading the Financial Services Risk Practice in Ernst & Young. He has also worked ........
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