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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, July 12, 2014
A new alliance
In defence of a unified financial regulator
.........The journey to a unified financial regulator as envisaged by the FSLRC could perhaps be made less challenging by making it a two-step process due to the plethora of regulators i.e. RBI, Sebi, Irda, PFRDA and FMC (Forward Markets Commission). The unified framework would become effective if SAT is quickly upgraded into one common Financial Services Appellate Tribunal (FSAT) for all regulators other than RBI to start with. In step two, the FSAT should have oversight over RBI also. This approach could result in tangible outcomes sooner than later...............
Indian Bank rolls out mobile branch, ATM for slum dwellers
Reserve Bank of India Governor Dr Raghuram G Rajan launched Indian Bank’s two mobile branches/vans with ATM facility, for providing banking services to urban populace residing in the slum areas of Royapuram, Tiruvotriyur, Tondiarpet in North Chennai and Kannagi Nagar, Thanthai Periyar Nagar and Semmencherry in South Chennai, under the Bank’s Urban Financial Inclusion initiatives.........
Students advised to focus on wholesome personality
.............Commenting on career options, Chief General Manager (IT) of the Reserve Bank of India (RBI) A K Hirve advised students to look beyond placement opportunities provided by their institutions and seek careers in the banking sector, particularly in the RBI.............
CVN : Debt of gratitude - Surendra Khot
Shri C.V.Nair essentially belonged to the erstwhille ACD, which was a well-organised Department headed by Dr.C.D.Datey with high-profile colleagues like Dr.M.V.Hate, M.L.T.Fernandes, K.G.Patkar, Kum.I.T.Vaz, R.R.Pradhan who moved over to Combined Seniority Departments under the Combined Seniority Scheme and rose to hold key positions in Central Office. Shri Nair was the Manager, Calcutta Office and later took over as Chief Manager (redesignated as Principal Chief General Manager) and was elevated to the position of ED. For several years, he had steered the RBI Officers Association as President and engaged in negotiations with the Bank's Management in resolving issues and problems concerning officers. Later as CM/ED he had represented Management in negotiations with various Associations/Federation on their charters/agendas. To the credit of Shri Nair and Shri O.P.Taneja who headed erstwhile PPD as Chief Officer, charters with various Associations were settled satisfactorily in 1984 without any staff agitations/strikes, which was unprecedented in the Bank's history. He had tried, among other things, to secure seats in Central Schools run by Central Government for the children of RBI officers on transfer. He was expert and effective in managing administrative and IR matters/issues and provided able and matured leadership while heading the Officers' Association as well as discharging onerous responsibilities in his capacity as Manager (redesignated as RD) and CM and ED. The RBI and its fraternity owes him a debt of gratitude for his immense contributions towards improving their service conditions and welfare and efficient discharge of his duties and responsibilities in his official capacities.. He was a source of strength to his superiors and created a special niche in the minds of RBI-ites. He was ailing for some time but kept track of developments in RBI. May his soul rest in peace!
- Surendra Khot
RBI in way of Amanath – Canara Bank merger
..............Canara Bank is prepared to take over Amanath Bank since January 2014. But the RBI has always tried to keep the matter concealed by giving excuses like code of conduct and approval of the present government. In April 2014, the high court had asked the RBI stating that if Canara bank is ready to take over Amanath bank, then what are the objections the RBI has? The RBI should come forward to help the customers otherwise people will lose faith in co-operative banks. It also instructed the RBI to take a decision at the earliest so that the depositors would be able to get back their money..................
RBI quiz competition
Imphal, July 10 2014: The Reserve Bank of India(RBI) will conduct an all India inter-school quiz competition in Imphal on August 6, 2014, from 9.30am to 12.30pm, in the auditorium of the Jawaharlal Nehru Manipur Dance Academy, Imphal. Imphal is among the 62 locations chosen to conduct the competition by RBI.........
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Mahindra & Mahindra targets bank employees with special scheme
...........Commenting on the scheme, Mahindra & Mahindra Chief Sales & Customer Care Officer, Automotive Division, Arun Malhotra said it is a way of acknowledging support and contributions made by bankers and providing a further fillip to the company's relationship with them going forward. "Financiers are an integral part of the automotive business model since a majority of vehicle purchases are finance based in India," he added...........
World Bank assures Bandhan of financial support
.........A five-member team of World Bank, led by Ruhl, went on field visits in West Bengal’s South 24 Parganas district on Thursday to witness the activities of Bandhan and explore possibility of financial as well as technical support. “Ruhl said the World Bank would like to support Bandhan more on financial as well as technical fronts going forward whenever we need it. He assured us that we can sit together and find out the requirements. It may include equity infusion or debt financing,” Ghosh told FE. “They have given the massage that if we need equity infusion, the World Bank is ready to provide it,” he said...........
Several PSU banks have made consolidation proposals
......Talks of merging smaller public sector banks with their larger peers have been doing rounds for sometime, as asset quality issues and heavy regulatory regime have impacted ability of small banks to raise funds to meet Basel III norms. The government is also considering the proposal to set up a holding company for public sector banks to help them raise funds by leveraging their combined assets, Sandhu said. " We have to examine it, whether that is the right way to go. That is under consideration," he said................
Huge bank recapitalisation bill a fiscal risk: Fitch
Fitch Ratings has said the need to infuse capital in public sector banks is (PSBs) large enough to pose a risk to the Union government's fiscal targets, if the task falls on the latter. The Union Budget has estimated the new investment requirement at Rs 2,40,000 crore in PSBs till March 2019...........
Asset quality improvement in banking is one-two quarters away
.....Over the past few months, foreign fund flows have been strong and equity markets have been riding on the expectation of green shoots for pick up in industrial activity bolstered by a pro-business government. However, Edelweiss Securities Ltd feels that asset quality improvement for banking and financial services sector is still one to two quarters away............
Bypassing RBI tools to raise funds for infrastructure not prudent
............. This is also one of reasons why Indian banks came out unscathed from the global financial meltdown in 2008. So are we risking our banking system by allowing banks to raise long-term resource for infrastructure by bypassing SLR requirements. The lax credit appraisal system in the public sector banks that control two-third of the banking is already showing up by way of non-performing assets. Loans to infrastructure projects have been the worst hit since the economic slowdown. The banks have not only ..........
Pinarayi hits out at RBI
Communist Party of India (Marxist) State secretary Pinarayi Vijayan on Friday urged the Reserve Bank of India (RBI) not to shackle major cooperative banks in the State which performed well. Mr. Vijayan said the RBI was now directing cooperative banks to forgo their social commitment and concentrate on profit-making banking business.
The Hindu
Loan waiver scheme to affect credit discipline: Nabard
..............The governments know that it is not the right thing to do. But farmers would need some help in times of certain problems, Nabard regional Chief General Manager (Telangana, AP) Jiji Mammen, said. He said the bank has an exposure of Rs 7,600 crore in crop loans in the two States. The bank has not received any communication from the Reserve Bank of India on the loan waiver issue............
Agri loan waiver: 6,823 ineligible beneficiaries detected
...................."All direct agricultural loans disbursed to farmers between March 31, 1997 and March 31, 2007, overdue as on December 31, 2007, which remained unpaid until February 29, 2008 were covered under the scheme," he said. Reserve Bank of India (RBI) and National Bank for Agriculture & Rural Development (NABARD) were the nodal agencies for the scheme. They had issued "directions to the lending institutions on January 1, 2013 and January 14, 2013, respectively to examine the cases of any irregularities and take corrective steps.........
After driver's suicide, auto unions ask govt to curb illegal financiers
.......Auto Union JAC member A Sathi Reddy, in a statement, alleged that the Telangana government is turning a blind eye to the illegal activities of the unorganised financiers, who are neither registered with the Reserve Bank of India nor with any other government agency. A few days ago, a PIL was filed in the Hyderabad high court on the same issue, he added...........
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