....It is no one's case that the organisational structure of any institution, least of all of the central bank of the country, should be cast in stone. But it creates a bad precedent when a structure that has by and large stood the test of time, is sought to altered to accommodate one particular individual, however deserving. It also paves the way for future ad hoc appointments............
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Saturday, August 16, 2014
RBI renovate hits jump | Which debt-laden cos to deposit in?
.........Meanwhile, a offer to sinecure people from outward a organization is being against by staff who pronounced in a minute to a RBI house that a establishment has functioned good though a initiation of talent from elsewhere. Lateral hires could harm a career enrichment of existent staff and a pruning of several departments might not be in a best interests of a executive bank, according to employees. Staff kinship member will accommodate a administrator on Tuesday to plead grievances. “For a past 7 to 8 decades there have been many vicious situations and a existent indication has worked efficiently. We do not feel it is required to boost a series of executive directors and emissary governors,” pronounced Samir Ghosh, convenor of a United Forum of RBI Officers and Employees. “There is stress among a staff that parallel recruitment could hinder promotions and opportunities for a existent staff. To get imagination and specialists, a RBI should initial demeanour within a organisation.”..............
RBI Governor Raghuram Rajan to meet employees on recast plan
......... "We strongly oppose plans of an organisation revamp as it will hamper promotions, and one more officer almost in the rank of deputy governor will reduce the representation of RBI officers among the deputy governors. This is the first time there is so much of discontent within the organisation. We will not compromise on our stand of allowing outsiders to enter the rank and file of RBI.".............
Raghuram Rajan’s plan to overhaul RBI runs into opposition
...............For one thing, there's a dramatic contradiction in the interpretation of what happened at a central bank board meeting on Sunday in New Delhi between the RBI and the finance ministry. The central bank said on Thursday its proposals for the overhaul were approved and issued a statement to that effect, reaffirming an ET Page 1 story. The RBI statement indicated that the government was broadly in agreement with the central bank on its plans to revamp hiring, trim the number of departments an ..
RBI, finance ministry differ over COO post
........India’s financial services secretary G.S. Sandhu said that while the proposal was discussed at the RBI board meeting on 10 August, it was not approved because the RBI Act needs to be amended before any change can be made. “We have asked RBI to justify the creation of the new post and send the proposal to the government. First, we have to amend the RBI Act to increase the number of deputy governors after which we will see if a new post needs to be created or not. The new post, if created, also has to be approved by the Appointments Committee of the Cabinet,” he added. The 17-member RBI board has two government representatives—economic affairs secretary Arvind Mayaram and Sandhu. Part of the ambiguity on whether the proposal for a revamp had been “approved” by the board may have emerged from the fact that while the RBI board discusses and debates a number of the issues, it is not a voting body........
Why FinMin-Rajan unease is growing
......Rajan aimed to reform the central bank itself - the organisation, its functioning and human resources. And now, with differences between RBI and the finance ministry on the issue of appointing a chief operating officer (COO) coming out in the open, central bank watchers say it is the idea of transforming the organisation where the seed of the problem was sowed..........
RBI talks of HR recast, silent on COO decision
The RBI on Thursday said that its board has approved the broad contours of an HR restructuring plan to align the central bank with the needs of the domestic economyand changes in the economic environment. Although the RBI said it had proposed the creation of an additional position of a chief operating officer, its statement remained silent on approval by its board of directors on the issue............
Nachiket Mor faces resistance as many fear COO tag would make him No. 2 in RBI
.......But what led to a backfire is the designation — many RBI senior officers with aspirations to become executive directors and deputy governors and sticking to a well laid out line of reporting, were flummoxed at the possibility of the governor's buddy becoming the virtual Number 2 with a unfamiliar designation and no clear job description........
Daddy's Day Out: Raghuram Rajan loves playing video games with son
........The question: How does he feel to be so young and occupying a post that is usually considered the domain of silver-haired seniors? Rajan, one of the youngest RBI governors, took the question gamely. The mirth in his tone unmistakable, he replied one can be as young as one wants to be. "One needs to adopt new ideas. I exercise and play video games with my son and...I also try and adopt new ideas as much as I can," he said. Despite these exertions and his belief that age is just a number, Rajan went on to reveal that his son is none too impressed........
Young and jobless in India - Charan Singh
..........There is one silent segment of the population, the elderly, which gets neglected in most of the policies of the government. There are more than 11 crore elderly people in India who are above the age of 60 years — generally women — who are in urgent need of care, as nearly 90 per cent of them who are associated with the unorganised sector are not included in any sustainable social security programme. While some three crore elderly people who are under the ‘below poverty line’ category get about Rs. 500 as old age pension, the remaining eight crore have to fend for themselves. In view of the.......
RBI in talks to ease foreign investors' trade in securities
.........“We are discussing with various players to see what best can be done to smoothen the process of trading by the foreign investors in Indian securities”, RBI deputy governor H R Khantold reporters on the sideline of Odisha Economic and Banking Conclave, 2014 organised by the Bankers' Club here........
PLENARY SESSION “BANKING- THE CATALYST TO ECONOMIC GROWTH OF ODISHA”
The plenary session began with sharing of thoughts & ideas by the delegates over the different aspects of Banking and its effects on the economic growth and development of Odisha. The discussion was initiated by Mr. P.K. Jena, Regional Director RBI & President, The Bankers’ Club, Bhubaneswar who addressed the gathering about the conclave being a major step in giving a clear picture about the ideas to be followed by the banks in achieving the ultimate goal........
RBI Quiz Witnesses a Tight Contest
.......RBI Regional Director Nirmal Chand, who presented participation certificates and an RBI Financial Literacy kit to all participants, said that the competition was part of the financial literacy campaign by RBI. He said that children were the most captive audience. He said that schools were chosen for holding the quiz as children are in a position to tell their parents and friends about what they know of banking, economy and financial inclusion.
RBI to issue new Rs 1,000 banknotes within MG series-2005
........."The Reserve Bank will shortly issue Rs 1,000 denomination Banknotes incorporating rupee symbol, with 'R' inset letter, in the Mahatma Gandhi Series-2005," the RBI said in a notification. The year of printing '2014' will be printed on the reverse of the banknote.........
Back into the reckoning
My View on Former RBI chief prepares for new role as chairman of government....
It is heartening to know that Dr.Bimal Jalan, an illustrious former Governor of the Reserve Bank of India, who had steered the ship of the RBI through most difficult times, is back into the reckoning in Government corridors with his appointment as head of the Expenditure Management Commission. He was earlier associated with various Committees/Group but those were mostly set up by the RBI. He was nominated to the Rajya Sabha in August 2003, by the President of India 'for distinguished service to the country'. As is well known, Dr.Jalan had held several high level positions in India and abroad, including as Chief Economic Adviser to the Government, Banking Secretary, Finance Secretary, Chairman, Economic Advisory Council to the Pime Minister. Whereas many RBI Governors have been honoured by conferring Padma Awards, including Dr.C.Rangarajan and Dr.Y.V. Reddy who were recipients of Padma Vibhushan, the second highest Civilian Award, it appears that for some inexplicable reasons, Dr. Jalan has been overlooked for this deserving and coveted honour. Was it because he was nominated to the Rajya Sabha during NDA regime?
- Surendra Khot
RBI, CABINET SECRETARY SCRUTINISING APPOINTMENTS OF PSB CHIEFS
........."Time has come to be strict with PSU banks. I have urged the Cabinet Secretary and the RBI Governor to examine recent appointments in public sector banks," he told reporters in New Delhi. The CBI had recently written to the Finance Ministry alleging "irregularities" in appointments of chiefs of PSU banks, following which Jaitley called for a closer scrutiny of recent appointments.........
Centre bans campus recruitment of bank officers
.........It cites a decision of the Bombay High Court against campus recruitment in a connected petition, which has since been confirmed by the Supreme Court. “The said decision of the High Court may be brought to the knowledge of the board of directors of the bank immediately for meticulous compliance,” it added..........
Only 3 free withdrawals from other ATMs, 5 from own
........This will apply for transactions done at ATMs located in six metro centres — Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad, which are well-served in terms of payment infrastructure. RBI said banks are free to offer free transactions above this mandated limit but not many banks are likely to offer freebies as cost of maintaining small accounts has risen over the years.
Charging for higher ATM use will lead to more branch visits
............."For banks, ATMs were supposed to save costs. Customers were encouraged to go to an ATM to withdraw money instead of visiting bank branches. But in the past few years, the volume of non-financial transactions has increased substantially. Banks do not earn any revenues from these transactions. Also, the ticket size of financial transactions has reduced significantly, making the entire process expensive for banks. Unless there is a control, banks are losing a whole lot of money. Hence, introduction of these charges was necessary," ............
Multi-crore Cossets scam: Two convicted, fined Rs. 1.12 lakh each
.......UT police had booked Nanda and Dugala in 2002 on complaint from Reserve Bank of India (RBI) on charges of duping residents of money. However, charges of cheating and duping residents were not proved.A complaint dated November 16, 2002, was lodged by SP Negi, deputy general manager-in-charge, RBI, Sector 17, Chandigarh, accusing Cossets Marketing Private Limited, Sector 26, Chandigarh, of fraud. The complainant submitted that the multi-level marketing company that had started operations in 2001 had enrolled three lakh members and had 40 centres across the country. The investors had made several complaints against the company of large-scale fraud......
Ex-RBI officer surrenders in Rs 650 crore Pen bank scam
NAVI MUMBAI: In a major breakthrough for the Rs 650-crore Pen Urban Cooperative Bank scam case, former deputy general manager of Reserve Bank of India, Abdul Bari Khan, has now surrendered before the Alibaug sessions court on Wednesday..........
Mobile banking: Govt banks fail to tap the cost advantage
.........But the story so far for the public sector banks has not been that encouraging, with the exception of State Bank of India (SBI) – that has clocked Rs 546 crore via mobile transactions in June. Some of the other state-run banks that are known to be tech savvy like Bank of Baroda recorded only Rs 35 crore transactions......
SM Swathi appointed Bharatiya Mahila Bank ED
SM Swathi, General Manager of Corporation Bank, has been appointed as Executive Director of Bharatiya Mahila Bank. She had assumed office on August 14..............
Bandhan, India's newest bank, takes shape
........."Most applicants said that as an employer, Bandhan would provide them the opportunity to be part of a team setting up a bank with a new business model," says a human resource official at Bandhan. This might be a job-seeker's perfunctory reply to a commonly asked question in an interview, yet it hints at why Bandhan could be a game-changer in the world of banking.......
SBI chief: Jan Dhan scheme will bring down use of cash
..........Bhattacharya, in a statement, said with such rapid financial inclusion, the use of cash in India will decline in line with developed countries such as the UK (2 per cent), Australia (3 per cent), and Japan (6 per cent) going forward. According to an RBI empirical study, alternative payment channels such as cheques, credit/ debit cards and Internet banking are not only more efficient than paper currency, but also leave paper/ electronic trails, facilitating tax audit. Usually, such payment mechanisms act as partial substitutes for high-value currency. The SBI chief said the positive spillover from this structural transformation (via financial inclusion) in the long-run would be enormous. This apart, the move towards digital India would make good use of cost-effective cellular technology in future banking growth........
Andhra Bank CMD gets award
........The Rotary Club of Coimbatore has conferred the Pride of Coimbatore Award on the Chairman and Managing Director of Andhra Bank CVR Rajendran for his contribution to the banking industry for over four decades. Rajendran, a native of Devakottai, started his career as a clerk in Corporation Bank in the mid-70s. He served in various capacities across the country before being appointed to the helm at Andhra Bank...........
Petty peeves, the poor and a never ending corruption story
.....But after reading the first three papers you will have no idea where Rajan said these things. Did the Reserve Bank issue a statement? Was there a press conference to announce future measures? Only the Indian Express report tells you that these statements were part of the Literature Live! Independence lecture the RBI governor gave on Wednesday to an invited group at the Oberoi Towers rooftop...........
Information-less Reserve Bank of India with poor planners
........Poor knowledge of RBI was also reflected when it could not reveal under RTI response about the change in system of issuing silver-alloy commemorative coins not being made available to commoners at their face-value. RBI should update its knowledge that India in post-independence period for the first time issued silver-alloy coin of rupees ten again on occasion of Gandhi birth-centenary on 2nd October 1969 that too at its face-value so that even commoners could become part of commemoration by having .........
Dalit-run firms starved of funds as banks fight shy of lending to medium sector
.....But officials at medium-sized units allege that banks have been opting to invest in the RIDF rather than lend to medium-sized units fearing bad loans from such accounts, thus affecting the funding prospects of these firms. It also ensures that the principal amount is safe, said a bank official. "Banks are hesitant to fund several medium-sized units despite the fact that these loans will qualify to be PSL. They would rather invest in the RIDF," said Milind Kamble, president of Pune-based Dalit Indian Chamber of Commerce, an industry body for small and medium-sized firms run by Dalit entrepreneurs. The chamber, set up in 2003, has about 3,000 member firms with turnover ranging from Rs 10 lakh to Rs 2,000 crore. Besides the PSL, banks are also required to make available..........
HOW CAN THE STATE BANK OF INDIA PAY INTEREST IN GOLD?
.........An article caught my eye this week. The Tirumala Tirupati Temple in India has deposited gold at the State Bank of India, and is getting paid interest on their deposit. There is something unique about this. The interest is paid in gold. To understand why no one else is paying interest in gold, let’s first look at how one can use any asset class to make a dollar income: speculation............
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