Shri Anand Sinha, Dy. Governor, Reserve Bank of India has released Hindi version 'Itihaas Pustika' of Central Bank of India, brought out on the occasion of completion of 100 years in a glittering function held at Bank's Head Office on March 29, 2012. Guest Speaker Samish Dalal, Professor, S.P.Jain Institute of Management & Research, Mumbai has also enlighten the gathering about the topic of much importance of today's scenario 'NAVPARIVARTAN' i.e. INNOVATION. Shri Anand Sinha in his speech lauded the role of Central Bank of India and said that it is indeed a great achievement for the Bank for completing 100 successful years and was optimistic that Central Bank of India will continue to march ahead. Shri M.V. Tanksale, Chairman & Managing Director of the Bank gave the credit for this achievement to all the past and the present members if the Bank who followed the ethics of the great visionary founder of the Bank Sir Sorabji Pochkhanawalla. He also assured that Central Bank of India will regain its past glory in years to come. Shri R.K. Dubey, Executive Director of the Bank welcomed the Guests and highlighted the important portion of the Book and expressed his feeling that the Book is worth preserving. Shri Atul Agarwal, General Manager, Rajbhasha also spoke on this occasion. Smt. V.R. Iyer, Executive Director of the Bank proposed the vote of thanks.
Sunday, April 1, 2012
Moderation in inflation can lead to eased monetary policy: Pranab
....Moderations in the core inflation rate in the past month have improved the prospects of reversal in the policy rates cycle and I am sure in the coming month, the Reserve Bank, in formulating the interest rates policy, will take into account the situation prevailing at that point of time," Mukherjee said at an interactive session organised by the Calcutta Chamber of Commerce.......
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Banks eyeing stake in National Payment Corporation
At least five banks are eyeing stakes in National Payment Corporation of India (NPCI), the nodal agency for the first-ever indigenous payment gateway - RuPay, which charges banks a lower rate as compared to other two payment gateways: Visa and MasterCard……..
Read........'New Currency Notes to Tell India's Growth Story'
.....It has been decided to add new features to currency notes. When anyone will look at a Rs 500 or a Rs 1000 note, it should also reflect India's growth and development," Bimal Julka, Director General, Directorate of Currency, said......
Read - outlookindia.com
Read - outlookindia.com
‘Indigenous production of paper to curb fake currency'
....The paper and ink were mainly being imported from two countries. However, now we have been able to manufacture paper in two of our factories in Mysore (Karnataka) and Husnabad (Andhra Pradesh). This has helped address the issue of fake currency notes production,” Mr Mukherjee said.....
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Assault On Banknotes
..... Anand Sinha, Deputy Governor of the RBI, was spot on last month when he observed, “Channel innovation will play a crucial role. It could take many forms — a high-tech branch, a more intelligent ATM, social media, cloud banking or a cellphone that replaces both cards and currency.”.......
Read - Businessworld
Read - Businessworld
RBI mulling doubling coins: Pranab Mukherjee
…..There has been ever increasing demand of coins in the country. Keeping this in mind, the RBI is mulling to double the number of coins from the existing 6 billion pieces. An expert committee will also be set up to do the feasibility study and make necessary recommendations,"……
Read...........RBI calls for greater focus on state finances
The Reserve Bank of India has called for greater attention on structural issues confronting state finances in the country. Releasing a publication today which focuses on the study of budgets of state finances, the RBI said there is need for greater focus on structural issues confronting state finances, particularly for those states that could not undertake rule-based fiscal corrections prior to the crisis years of 2008-09 and 2009-10………….
Read............Realty, gold can create asset bubble
…..The RBI’s forcing a cutback in lending against gold is part of a consistent policy by the central bank. It is very conservative about debt exposures against ‘risky assets’ such as real estate and now, precious metals. The logic is inescapable. Real estate, gold and so on, can develop pricing bubbles. Loans offered when rates are high can go dramatically sour……..
Read...........How to resolve ATM-related grievances
...............Moreover, if the recommendations of the Damodaran Committtee on Customer Service in Banks (2011) are accepted, customers can well see their banks offering a temporary credit of the full amount. After all, why should we suffer for no fault of ours ? Don’t we have the right to get the wrong debit of funds immediately reversed.
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Charminar Bank liquidator transferred
.....Kiranmayee, joint registrar and district cooperative officer, was appointed the bank's liquidator on November 15 last, seven days after the RBI declared it insolvent and cancelled its license. Sources said Kiranmayee, who reportedly enjoys the reputation of a straight officer, had begun working on plans to recover outstanding loans of the bank that stood at nearly Rs 107 crore.....
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India’s Growth Outlook remains Promising, despite Global Economic Volatility
Speaking at the CII Western Region’s Annual Meeting, Mr. Subir Gokarn, Deputy Governor, RBI talked about India’s high economic growth in the first decade of the new millennium which was a result of many factors. “Both global and domestic factors contributed to this growth. Overall the global economy grew at 4.5% and almost all countries reaped a windfall from the same. Good policies and benign oil prices led to a virtuous circle of low inflation and micro economic changes that supported and sustained growth performance. Growth in the telecom sector helped people stay connected, increased productivity thereby accelerating growth,” Mr. Gokarn said. ............
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Saturday, March 31, 2012
Rare coins donated to RBI Museum
Chennai, March 30: The Reserve Bank of India has released an information brochure showcasing a few of the 138 rare antique coins donated from the collection of late M. R. Jambunathan by his daughter Ms Indira Anantharam Iyer. Jambunathan was a vedic and upanishad scholar who published books in English and Tamil. The collection includes coins encompassing various regions and time periods. The particularly rare coins include the ancient ones issued by the Cholas, Cheras and other Southern Kingdoms dating back to AD 250. The collection also included a few coins of Tipu Sultan of Mysore, the Mysore Wodeyars and the Hyderabad Nizams. Coins issued by the French and British East India Companies were also donated as part of the collection. The coins will be on display at the Reserve Bank of India Monetary Museum, Mumbai. “The collection has added to the value of the Museum and will attract notice of both scholars as well as lay enthusiasts,” said the RBI Governor, Dr D. Subbarao.
HBL
RBI Governor Duvvuri Subbarao: Mindful of credibility of action for foreign exchange intervention
The Reserve Bank of India is mindful of the credibility of its actions, robustness of foreign exchange reserves and inflation situation while taking a decision on intervention in the foreign exchange market, Governor Duvvuri Subbarao said on Friday………
Read........... GST can help contain inflation: Subir Gokarn
...."The GST is going to make a huge difference in the way the government is going to manage its finances. And as it comes into play, it will be a critical reform in terms of catalysing growth.
"This is because it will help contain government finances and help take off demand pressures that, as we have seen, has been contributing to inflation over the past few years," RBI Deputy Governor Subir Gokarn said.
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"This is because it will help contain government finances and help take off demand pressures that, as we have seen, has been contributing to inflation over the past few years," RBI Deputy Governor Subir Gokarn said.
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Globalisation double-edged sword for India: Subbarao
….."In a globalised world, the challenge for us is to accelerate growth and make it inclusive, as we are a poor country in terms of per capital income and other social indicators though we have a large economy at an aggregate level," Subbarao told business school graduates of the Indian Institute of Management-Bangalore (IIM-B) at its 37th annual convocation address……..
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RBI favours dynamic provisioning norms
,,,,,The RBI said that the present provisioning policy has several drawbacks, including the rate of standard asset provisions has not been determined based on any scientific analysis or credit loss history of Indian banks.,,,,,,
Read - The Hindu
Read - The Hindu
May their souls rest in peace……
I deeply regret to advise you of the passing away of two of our friends. Many of you would have worked with them closely.
1. Shri Dipchand J. Sabhnani passed away on 21st March 2012, in Mumbai. He was born on 2nd March 1940 and worked in RBI from 21/12/1960 to 31/3/2000. He retired as Assistant Manager from DEAP. He was a very genial person, who sported a perennial smile. He is mourned by a wide circle of friends and well-wishers.
2. Shri.K.Neelakandan, fell victim to a massive heart attack and passed away in Trichur on 22rd March 2012 in Trichur where he had settled down after his retirement. He retired as DGM from Trivandrum Office. He worked in RBI for over 35 years and was 72 years at the time of death.
- P.P.Ramachandran (via e-mail)
'Fake' currency notes recovered from ATM
..... These notes were being referred to the RBI and the Nasik Printing press for verification, Superintendent of Police K. Raghuram Reddy said......
Read - The Hindu
Read - The Hindu
23 NBFCs operating in State without RBI nod: Govt
GUWAHATI, March 30 – There are 109 non-government financial institutions operating in the State. They are registered with the Reserve Bank of India (RBI) and working as Non-Banking Finance Companies (NBFCs). But the RBI has granted permission to none of these companies to collect people’s money as deposits…………….
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