You may be carrying plastic money in your wallet till now in the form of credit and debit cards but soon you will also have a `10 plastic note by your side. The Reserve Bank of India (RBI) is mulling over the introduction of plastic currency to resolve the issue of wear and tear of paper notes. Plastic notes will increase the life of a note. RBI is planning a pilot project of `10 notes and will print such notes worth `100 crore. It has completed the process of issuing tenders for this purpose. In an exclusive chat with Zee Business, RBI deputy governor, K C Chakrabarthy (pictured)said, “We are starting on trial with one ........
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.
Friday, January 3, 2014
Fears over scribbled notes despite RBI clarification
.......... The RBI has clarified it has not issued any such instruction,” said the RBI, in a notification on New Year ’s Eve. However, many people complained that shopkeepers have stopped accepting notes with scribbles, stating that they were now out of circulation owing to an RBI directive. Kanchan Bisht, a Delhi resident, said: “While paying my electricity bill, the official refused to accept a scribbled note and said such notes are no more valid. Then I was told that the RBI has issued some instructions in this regard.”..........
Ease in getting student loan
.........The committee, headed Damodar Acharya, Director on RBI’s Central Board has asked the banks to create awareness among students and their parents regarding education loan by organizing several camps and guide them about loan recovery and sanction process. Further the committee recommended that..........
More points to pension this year
.....“A few years back, NPS wasn’t very popular. In fact, if you look at the number of subscribers you would still find it small. But this year (2013), we have seen the popularity surging. People are realizing the need to invest for retirement and are increasingly becoming aware of NPS’ benefits. From here on, we should see more people lining up for NPS,” ............
BCSBI’s code of banks’ commitment to MSMEs is a mere lip service
.............. This is not the only issue. Getting a loan application acknowledged is also a gigantic task. Looking at the issues faced by MSMEs inborrowing money from banks, one really wonders as to why this happens, when there is a code of banks’ commitment to micro and small enterprises. These codes are set by Banking Codes and Standards Board of India (BCSBI). Let us look at some of these codes to see how seriously these codes are followed by the banks:..........
National Payments Corporation of India convenes banks' meet on ATM charges
........Most public sector banks are against a hike in charges. This is because on a net basis they end up paying for their customers using ATMs of other banks. Such banks are referred to as net issuers as the cards they have issued exceed the number of ATMs required to service them.........
Banks free to charge 'reasonable ATM fees': RBI
: Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services. "If banks charge a reasonable fee on ATM transactions then the RBI will have no objections," Chakrabarty, in charge of banking services at RBI, told reporters on the sidelines of an event here this evening...........
Taxmen train eyes on Bitcoin community
.........The ‘visits’ by I-T department come a few days after the Enforcement Directorate (ED) raided India’s biggest Bitcoin trading platform and a week after the Reserve Bank of India (RBI) issued an advisory that warned the public of the risks involved with virtual currencies. A team of close to 15 tax officials `visited’ Tumkur-based Coin Monk Ventures, a Bitcoin mining start-up that creates the digital currency, on Wednesday.........
Do you have good banking habits? A checklist!
Banks are the safe haven for parking one’s money and debit cards are a boon to avoid carrying bulky purses and wallets while also ensuring increased saving. However, banks have strict regulations which have been put in place to protect their own interest as well as those of the customer. If the customer breaks any of the regulations they are levied a penalty which can be an expensive affair and eat into the profit you earn in the form of interest when you maintain a balance in the savings bank account. We discuss here the bad money practices that might invite additional bank fees.........
Why FinMin wants public sector lenders to rush into selling insurance
...........Why is the finance ministry asking banks to open broking shops? Bankers said, one of the reasons might be the non-performing asset (NPA) norms. In the draft guidelines, one of the eligibility criteria is that, the net non-performing assets of a bank should be less than three per cent for the previous financial year...........
IBA Protests RBI’s Diktat on Policy Sales
....Indeed,
chief executives of many PSU banks had expressed reservation over the
finance ministry ruling during a meeting in Mumbai last week. Also, IBA,
in a letter to the finance ministry, pointed out that since many banks
have exclusive tie-ups with insurance companies, it would be difficult
for banks to follow this mandate..........
SBI, AXIS, ICICI and UCO Bank are charging for IMPS transactions
.....The RBI policy of forbearance (allowing bankers to decide charges themselves) with regard to service charges leads to the frequent hikes in banking service charges. Banks are charging money for almost every small transaction or service they offer........
An Indian women's commission wants to restrict gold at weddings
...........the Kerala State Women's Commission is proposing a law that would restrict the amount of gold that can be used in a wedding – limiting what a bride and groom can each wear. C Rosakutty of the Commission said the measure "may reduce the affinity to wear the gold." The Reserve Bank of India sees gold as a major contributor to the country's current account deficit and has been implementing a series of measures aimed at reducing imports...............
Thursday, January 2, 2014
RBI chief has no Hamletian dilemma
........."I have been singularly fortunate to have taken over from Dr D Subbarao, whose exceptional leadership put RBI in the forefront of policy action in combating the global financial crisis and also brought along a new ethos of public service into the central bank. Subbarao took charge in early September 2008, days before the collapse of Wall Street investment bank Lehman Brothers, which eventually led to a financial meltdown that affected several countries, including India."..............
When opportunity turns into a challenge
The year 2013 has not been kind to banks in India. The deterioration in credit quality, the stress on profitability and the absence of loan demand have made life difficult for bankers. For many foreign banks the India opportunity has turned into a challenge. Often perceived as ..........
Bankers who could be newsmakers in 2014
...This year, three DG positions will fall vacant — Anand Sinha, handling new bank licences and administered banking operations, HR Khan, who handled markets, and, of course, the inimitable KC Chakrabarty, leading the financial inclusion charge and who is already on an extension, are all set to leave their posts............
VITALINFO - Missing the unique initiative : Usha Thorat / C.Krishnan
Dear
Tarambale, I had sent my wishes to your email I'd . But it bounced! Anyway, the festivities must be over and may
I wish the young couple a fulfilling life together giving each other and their
bear and dear much joy. We are missing you ! Best
- Usha Thorat, Former Deputy Governor
Dear
Mangesh, Wonder if you recall or even remember me . Please accept my belated
but wholehearted Good Wishes to the young couple. May GOD BLESS THEM with his love
and kindness. I have been following your infoline with interest and this in
more ways than one enables me to keep in touch with the Bank and the evolving developments
thanks to your very unique and very useful idea and initiative. GOD BLESS you too. Warm regards
- C.
Krishnan, Former Executive Director
Dear Shri Mangesh ji, Hearty congratulations !!! Many
thanks for inviting us to the marriage ceremony of your son Chi Harshal. I and
my wife Sairani wish the marriage function a grand success and wish the young
couple a very happy and long married life. Regards
- JRP Ratnarao, Ex CGM Mumbai
Dear मंगेश
सर्वप्रथम माफ कर या पामराला
उपस्थित न राहिल्याबद्दल स्नेहभोजनाला !!
इतके हटके आमंत्रण
प्रथमच अनुभवले !!
समारंभाला येऊ न शकल्याबद्दल
मन खरोखरच हळहळले !!
स्नेह-बंधन व स्नेह-भोजन
नक्कीच झाले असेल झकास !!
हर्षल आणि विशाखाला
शुभेश्चा मनापासून खास !!
--- विष्णु यादव
Always a shortage of 1, 5-rupee coins
There is an acute shortage of coins of one and five rupee denominations. Shopkeepers and others approaching bank branches usually say that there is no supply of coinbags in these denominations. However, two-rupee denomination coins are easily available. Of course, the one and five-rupee coin bags can be had at a premium from unauthorised dealers. How is this tolerable to the authorities? People are forced to accept unwanted items like candy etc in place of one-rupee coins. The minting of two-rupee coins should be stopped for now and the denominations in short supply should get more attention. RBI should suo moto declare on its website the number of coin bags of different denominations in circulation and new packs of currency notes supplied for public distribution to various bank branches in different cities, mentioning also the dates of their supply. Bank branches should be directed to maintain complete records of distribution of coin bags, to prevent their ‘black-marketing.’
- Madhu Agrawal (FPJ)
- Madhu Agrawal (FPJ)
RBI grants new status for CCIL
Reserve Bank of India (RBI) granted the status of qualified central counterparty (QCCP) to Clearing Corporation of India Ltd (CCIL) in the Indian jurisdiction on Wednesday..........
RBI clarifies on ‘scribbled notes’ rumour
.....“In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the Reserve Bank has urged members of public not to fall prey to such rumours and to use their banknotes without any fear. The Reserve Bank of India has clarified it has NOT issued any such instructions,” the RBI said in a notification............
Be ready to pay more for ATM transactions this year
You might have to pay more for your transactions at automated teller machines (ATMs) in the new year. Bankers have proposed a reduction in the number of free ATM transaction a month to five — irrespective of whether you are transacting at ATMs of your own bank or those of other lenders. At present, there is no cap on free transactions at own-bank ATMs, while customers can use other banks’ machines up to five times a month without any extra cost.......
Punish the baddies
.......... Non-performing loans are created by bank boards, officials and borrowers. There are many ab initio NPAs in banks as loans get sanctioned by the board without detailed inquiries. The RBI approach can only help ............
Read.........
RBI seeks taxman’s feedback on bank licence aspirants
.......The RBI also wants to know whether the entities are facing any prosecution proceedings under the Income-Tax Act and/or whether they were convicted for any offence under the Act. Besides, the CBDT will give feedback on whether the entities have filed their returns up-to-date; whether any tax dues are outstanding; and whether the entities are complying with the provisions relating to deduction of tax at source. Should the CBDT raise a red flag on any of the six issues ........
SBI not to carry out transactions based on email requests
......When Business Line asked the RBI Deputy Governor K. C. Chakrabarty why the banking regulator did not come up with any instruction on Internet-related frauds, he said: “Any fraud is a fraud. The problem is there; but it is a law-and-order issue. This has to be dealt with differently. If something...........
SBI clarifies
......... The reason for the fall in profits mentioned by in the report as an attempt to cleanse the balance sheet is absolutely wrong. None of the provisions made during the period indicate any such unexpected item(s). The rest of the contents of the report article paint a negative picture of an otherwise...........
Tuesday, December 31, 2013
Intractable, vulnerable and contestable - Dr.Subir Gokarn
......However, even as this picture is relatively reassuring, we should not forget what brought us to the edge of the current account deficit abyss. In a nutshell, we stopped exporting iron ore and we started importing non-coking coal. Over a two-year period, these developments imparted an adverse shock of about $13 billion to the current account - more, if some indirect effects are..........
Inimitable VITALINFO with historical perspective - S.n.Bagai / Yerram Raju
My dear Mangeshji, Hamari Mangal Kaamnayen sweekar
keejiye.Nav Dampati evam aap sab pur Prabhu Kripa bani rahe. I also hope
that your inimitable VITALINFO series would restart at the soonest. With very
best regards,
- S.n.Bagai
The amazing
network of VITALINFO going single handed by Mr Mangesh Taramble needs support
from institutions like the RBI - a substantial grant with no strings as the
site provides a historical perspective which at a future date the RBI would
like to access, has to pay lakhs. One way is to provide grant with the proviso
that the RBI would have free access to the archives of VITALINFO.
– Yerram
Raju
Dear Mangesh, I am really pleased to see your
popularity and happy to see the personal touch in so many responses to your
invite. It is a true reflection of the fact that sincerity and hard work alone
brings in the richly deserved accolades and complements. I am sure you are
sucked in the vortex of the recognition for good work and I am sure you have no
choice now but to continue to take VITAL INFO to greater heights of glory. My
belief is that this work of yours will become a movement and many of the RBITES
will lend their time and resources and would love to work with you. Pl let me
know how I could be of any use. Regards and best wishes again for the happy
occasion of the marriage of your son on 28th.
- B K
Katyal
Dear Mangesh, Please accept our
heartiest congratulations on the auspicious occasion of marriage of Chi
Harshal. We will try to join the celebrations. Our blessings to the couple and
best wishes to the family.
- Kiran Sharma and DP
Sharmas
Dear Tarambaleji, I wanted to be the
first one to wish the newly-weds just as I was the first to receive the novel
invitation card. But let me not be the last one. Here is wishing the young
couple the very best in their lives of togetherness which they have just embarked
upon. Regards
– Alpana Killawala
Dear Shri Tarambale Saheb, Kindly include my name also in your ‘mailing
list’ Rgds
- A Krishna
Gopal Joint Legal Adviser Legal Department
Thank you very much
for the warm invite for the marriage celebration of ur son Harshal. I extend my
best wishes to the newly married couple for a happy and cheerful married life
for years to come.
- M.O.
Sebastian, GM(Retd),RBI,Kochi
Dear Mangesh, Thanks a lot for your hearty invitiation. I am unable to
be with u due to logistical probs only. entally we are with you. Congrats to
Harshal andBest Wishes from RBI Retired community Kochi. Regs
– P.N.Nandakumar
Dear
Mangesh, Our congratulations on this happy occasion. Please convey our very best wishes to
your son Harshal and his bride Vishakha for a wonderful marriage.
- Jnanendra, GM ( Rtd.) NABARD
Dear Mangesh, Thank you for the beautiful Wedding Invitation. I’m
wishing you in advance a day of glory (28th December 2013), opening with
firework for the ceremony, with best friends and all quests around, And the sun
in the sky as the crown, with soft wind of sweet music in the air, Clouds
resembling the words "Congrats, my dear friend Mangesh to you and your
family", And with the tiny brightening stars, Twinkling to bring a
smile in all of your hearts. Heartfelt wishes on the marriage of your Son
Harshal and his bride Vishaka! Congratulations to a beautiful bride
and a groom. All the best to you and your family at this special time and
always! With best personal regards.
- Pauline DSouza and family
तारे चमक रहे हैं, चंदा खिला हुआ है
धरती के दो सितारों का अब मिलन हुआ है
हरशल की है शादी, सेहरा चमक रहा है
आँखों में नूर सा है, चहरा दमक रहा है
हरशल बहुत है प्यारा, मम्मा का है दुलारा
पापा हैं मुस्कुराते, नाचे है अब जियारा
विशाखा बनी है दुल्हन, प्यारी सी लग रही है
हरशल के साथ जोड़ी ये अच्छी सज रही है
हम सब की यह दुआ है, हर वक़्त प्यार में हो
खुशियां हों ज़िन्दगी भर, जीवन बहार में हो
ए. यू. शेख़
( सेवानिवृत्त
) भारतीय
रिज़र्व
बैंक, मुम्बई
Dear Shri Mangesh ji, Hearty congratulations !!! Many
thanks for inviting us to the marriage ceremony of your son Chi Harshal. I and
my wife Sairani wish the marriage function a grand success and wish the young
couple a very happy and long married life. Regards
- JRP Ratnarao, Ex CGM Mumbai
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