..........Dr Rajan deserves most credit for his publicly stated resolve not to look at quick-fix solutions, but to focus on correcting the larger structural issues. Given the Indian environment, achieving even a part of that mission before he leaves office would be a considerable achievement.
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.
Thursday, September 4, 2014
Raghuram Rajan powerless to back Modi amid inflation risk
......Modi, elected in a landslide win in May, needs to boost investment to aid the economy’s recovery from close to the slowest growth in a decade. Nomura Holdings Inc. and Citigroup Inc. predict Rajan will have to keep the benchmark rate at 8% though the end of 2015 to bring inflation below 6%. The median estimate in a Bloomberg survey is for no cut in the next nine months....
RBI's Khan to head panel on unclaimed funds of PPF
Finance Minister Arun Jaitley has set up a committee under Reserve Bank Deputy Governor H R Khan to take stock of unclaimed deposits in the Public Provident Fund (PPF) and post office saving schemes and suggest how these funds can be utilised for the benefit of senior citizens. The committee will also suggest whether the unclaimed deposits should come to the government or be kept in a separate account. The committee members include........
Financial inclusion makes business sense for banks, says RBI official
.......“Why are foreign investors willing to come into the country in the microfinance segment? This is because they can get returns on their investment. So, the business case has been built up. What we need to build up in financial inclusion is also a similar business case. You do have profit at the bottom of the pyramid,” said Deepali Pant Joshi, Executive Director, Reserve Bank of India, on the sidelines of a recent financial inclusion conclave..........
RBI sets up supervisory college for Axis bank
......P.R. Ravi Mohan, Chief General Manager-in-Charge, Reserve Bank of India, Department of Banking Supervision, presided over the deliberations of the college and gave a presentation about the supervisory role of the Reserve Bank with an insight into the new approach in supervision, that is, Risk Based Supervision. Sudharshan Sen, Chief General Manager in-Charge, Department of Banking Operations and Development gave a presentation on the regulatory set up in the country.
Obituary
Shri. P.R.Palekar passed away in Mumbai on August 14, 2014. He was 86 years old. He joined RBI in 1951 and retired in 1988, thus serving in the Bank for 37 years. For long years he worked in ACD, Garment House and retired from Urban Banks Departnebt. A simple Gandhian, he was always Khadi clad and decided not to get married and also not to opt for promotion. He retired as a Research Assistant. A very popular person he had a wide circle of friends. We pray that his soul rests in peace.
- P.P.Ramachandran
Presaging a turnround?
..........In terms of economic activity, the turnaround in mining and quarrying (2.1 per cent) and manufacturing (3.5 per cent) are particularly impressive as they were in negative territory last year. These sub-sectors along with electricity, gas and water supply, which posted an impressive 10.2 per cent increase have benefited from recent policy decisions and, especially in the case of mining, environmental clearances. There has been a slight decrease in agriculture growth to 3.8 per cent from 4 per cent a year ago. However,....
SUPREME COURT ORDERS RBI TO TRANSFER GREENPEACE FUNDS TO IDBI BANK AC
The Delhi High Court today issued notice to the Ministry of Home Affairs (MHA) seeking its response in a petition filed by Greenpeace India alleging that the government had blocked its foreign funds. The court also directed that Greenpeace India’s blocked funds to be moved from RBI’s account to the NGO’s account with IDBI Bank, Greenpeace said. The money has to be put in a fixed deposit until October 10. The government has to file their response to the HC notice in the next two weeks. The next hearing of the case will be on 10th October.....
RESERVE BANK CONDUCTS CHANDIGARH ROUND OF RBIQ
As part of its continuing initiatives for promoting financial awareness and education, Reserve Bank of India (RBI) Chandigarh conducted RBIQ, an Inter-School Quiz today at the Tagore Theatre, Sector 18, Chandigarh. The main objective of the quiz was to create awareness and interest in the young student community about banking and finance, the history and role of RBI, other banking/ financial institutions, economics, current affairs,......
Customers facing hardships in transactions as banks brace for ATM fee switch
......Retail bank customers using the automated teller machines (ATMs) of banks where they do not have accounts are facing hardships as software glitches in banks' migration towards payment for ATM transactions have led to many machines rejecting the demand for withdrawal, or dispensing less than half of what is sought, increasing the number of transactions.............
Maharashtra’s women coop bank spreads wings
........"At present, MannDeshi Mahila Bank has seven branches at Satara and Pune. The NBFC model will help us begin micro-lending initiatives in other parts of the country and scale up pan India gradually," she explained. "The model for growth has been very simple. Expand branches and, alongside, also open rural business schools for women in the area," Sinha added. Mann Deshi has enabled 1,85,000 women to save, 10,000 to own property and 42,000 to set up businesses and emerge as developers of their local eco-systems. Last year, ...........
RBI stipulates conditions for acquiring UCBs by commercial banks
...The RBI has introduced the above mentioned stipulations to ensure that the process of consolidation by way of non-disruptive exit of weak entities by a scheme of transfer of assets and liabilities of urban co-operative banks (UCBs) to commercial banks is undertaken in a transparent manner..........
Implementation of OTS scheme only after RBI nod: banks
PANAJI: Ahead of the notification of the one-time settlement (OTS) scheme, bankers said that action on the scheme can be taken only after receiving permission from the Reserve Bank of India (RBI). The Goa government, bankers pointed out, is eager to relieve the loan burden of barge owners, truck operators and mining machinery operators through the OTS scheme. But executing the scheme is not a straightforward process and is likely to take time from the bank end, they said. The Reserve Bank of India’s endorsement is crucial for co-operative banks too, said senior officials of state urban banks adding that once it is received, they will also have to seek consent from their shareholders. Co-operative banks have held several meetings with the government on .........
Foreign banks allowed to lend in rupees
..........The Reserve Bank of India (RBI) on Wednesday allowed non-resident foreign banks to offer debt to local companies in Indian rupees. Foreign lenders can extend external commercial borrowings (ECBs) in Indian currency, if they mobilises Indian rupees through swaps undertaken with authorised dealers in India. Ashutosh Khajuria, president, Federal Bank, said, “This will be a competition for domestic banks as foreign banks will not be bound by the reserve requirements of cash reserve ratio (CRR) and Statutory Liquidity Requirement (SLR). So they may be able to lend at cheaper rates.”......
SBI to hire 2,986 probationary officers
........The online registration can be done during September 1 – 18, 2014. The written examination would be conducted tentatively in November 2014. Graduates who are in the age group of 21-30 years are eligible to apply and age relaxation would be extended as per the Government norms..........
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