Ex-RBI guv Bimal Jalan against forming of super regulator

In an interview to CNBC-TV18 Dr. Bimal Jalan, former governor Reserve Bank of India shared his views on the recommendations made by the financial sector legislative reforms commission (FSLRC) to revamp the financial sector. Dr Jalan has been named by an eminent jury and the CNBC-TV18 Editorial Board for his life-time contribution to the financial sector. The jury referred to his extraordinarily handling of the 1997 Asian currency crisis and the fact that he left the RBI with a sharp increase in reserves despite the fact that the rupee saw a near 25 percent depreciation in the five eventful years when he was at RBI...........

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Revamping financial sector: Time for super regulator?

......The commission's approach paper also states that while it will ensure laws are rewritten to make regulators independent from the executives. Meanwhile, the new laws will also ensure strict accountability of the regulators by giving them measurable and non conflicting goals, for example, RBI to ensure inflation control..............

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आपके सामने ये रहा अगला सवाल

आरबीआई ने महात्मा गांधी सिरीज वाले बैंक नोट कब जारी किए थे? इस सवाल के पूछे जाने के बाद पूरे हॉल में सन्नाटा सा छा गया था. दोनों टीमों के कंटेस्टेंट्स डिस्कसन में लगे थे. सवाल इसलिए भी बहुत इंपॉर्टेंट था क्योंकि इसका जवाब ही विनर्स का नाम तय करता. रिजर्व बैंक ऑफ इंडिया की ओर से ऑर्गनाइज क्विज का ये टाई ब्रेकर राउंड था. खैर कुछ देर बाद आंसर आया और इस तरह तय हुआ विनर का नाम..............

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Inter-school RBI quiz organised in city

........Bazil Shaikh, CGM, RBI Central Office inaugurated the event along with K.R. Das,Regional Director, RBI, and UP & Uttarakhanad. In the quarter final, Boys' High School & College was declared the winner, while the team from Air Force school, Bamrauli was runner up............

Read - TOI

RBI censures Nabard for violating RIDF norms

The Reserve Bank has taken ‘serious’ note of violations in financing of warehousing infrastructure under the Rural Infrastructure Development Fund (RIDF) scheme. The regulator made its displeasure known in a communication addressed to the chairman of National Bank for Agriculture and Rural Development (Nabard)..........

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RBI to introduce inflation-indexed bonds soon

......H.R. Khan, Deputy Governor, RBI, explained that the capital (principal) will be adjusted (to inflation) and investors will earn interest on the enhanced capital based on the reference rate. “This (IIBs) is being discussed between the joint group of the RBI and the Government. It will be notified soon,” said Khan at a capital markets summit organised by FICCI.......

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RBI to issue Rs 50 notes with rupee symbol

.....“The RBI will shortly issue Rs 50 denomination banknotes incorporating rupee symbol, with inset letter ‘R’, in the Mahatma Gandhi Series—2005 with improved security features, bearing the signature of D Subbarao, Governor RBI,” the bank said in a statement.........

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Good news at last, but will RBI blink?

 In what is a serving of good news, industrial growth showed a marginal pickup while retail inflation dropped below double-digit levels. India’s factory output, led by manufacturing, grew 2.7% in August, while retail inflation dropped to 9.73% in September. But the big question is whether it is sufficient to convince the Reserve Bank of India (RBI) to cut key rates at its policy review due later this month..........

Read - Mint

Priority lending for off-grid solar products will boost solar industry growth: Ashden founder

CHENNAI, OCTOBER 13: 

The recent decision of the Reserve Bank of India to include loans given by banks to individuals for purchasing off-grid solar products will be a major growth driver for the solar industry, says Sarah Butler-Sloss, Founder-Director of Ashden. Ashden is a London-based not-for-profit organisation that seeks to promote universal access to sustainable energy. Sarah Butler-Sloss, a philanthropist and an internationally recognised authority in the field of green energy, was in India to take part in the International Seminar on Energy Access that was held in New Delhi a few days back. In July the RBI included “loans sanctioned by banks directly to individuals for setting up off-grid solar and other off-grid renewable energy solutions for households” under ‘priority sector’ loans........

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Next budget to focus on investment, cutting expenses: Chidambaram

Tokyo: After announcing a slew of reform measures to revive growth, India's Finance Minister P Chidambaram has indicated that the Budget for 2013-14 would focus on cutting wasteful expenses and promoting investments. "We must have a budget that emphasizes fiscal consolidation and incentivizes savings, promotes investment and cuts out wasteful expenditure," he told a TV channel in Tokyo yesterday. However, he added the government's key social welfare programmes will be fully protected. Chidambaram and Reserve Bank of India Governor D Subbarao are here for the IMF-World Bank meeting.

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Mix risk with safety for retirement

.............The RBI targets an inflation rate of 5 per cent based on the Wholesale Price Index (WPI). If the RBI consistently achieves its target, the purchasing power of the rupee will halve in 14-15 years. That is, you will need Rs 200 in 2026 to buy the same goods and services that Rs 100 can buy today. In practice, the RBI has never achieved its targets consistently. Inflation has run at 7-8 per cent through the 21st century. Hence, the value of the rupee tends to halve roughly every 9-10 years. Let’s assume that this rate of 7-8 per cent will remain the long-term trend............

Read - BS

IRDA gives banks options in bancassurance

The Insurance Regulatory and Development Authority (IRDA) has come put with a revised set of draft regulations on bancassurance tie-ups under which banks can sell insurance products either as a corporate agent or a broker for insurance companies.............

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Recent reform measures a good beginning: Kochhar

TOKYO, OCT 13: 

The Government’s recent measures are a good beginning to improve the investment climate, ICICI Bank’s Managing Director and CEO Chanda Kochhar said here today. ”...some of the measures that have been announced by the government (of India) in the recent past is a good beginning to start improving the investment climate,” she said at a seminar on ‘The Role of Asia in a Changing World’ on the sidelines of IMF-World Bank meet here........

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Chidambaram calls for 'calibrated risks' from RBI

........."Decision making in life is about taking risks. That's my view," Chidambaram said. "But I'm not the governor.".............

FM tells RBI to cut rates, again, almost

This time, it’s more straightforward. Finance minister Palaniappan Chidambaram said interest rates “must come down”. If that sounds like an order, it is. The usage of ‘must’ as a verb is unlikely to be lost on Duvvuri Subbarao........

Read - DNA

Swap rates curve suggests RBI may ease interest rates

.....The RBI holds its next quarterly policy review on Oct. 30, and many economists believe it will keep its policy repo rate unchanged at 8.0 percent, due to concerns over an inflation rate that is the highest among major Asian economies...........

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The interest in growth

...... Other reforms steps have been initiated even if Parliament may not pass all of them. And the moves on GAAR, on retrospective taxation, on retail-FDI among others have excited investors—the National Investment Board is another such, but has to demonstrate its effectiveness. In which case, RBI can’t take refuge in the old argument that the government wasn’t doing its fair share of the heavy lifting.......

Read - FE Editorial

Goa chamber of commerce and industry wants RBI to draw up package

PANAJI: The Goa chamber of commerce and industry (Ghas urged the Reserve bank of India to draw up a package for rehabilitation of people adversely affected by the stoppage of mining in Goa.........

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Aphro Trust MD, aide arrested in Bangalore

...CCB police had issued a lookout circular against Yesudoss for violation of RBI guidelines and collecting money after offering people bank loans. All airports were alerted to prevent Yesudoss from leaving the country. Investigators earlier froze 14 accounts operated by Yesudoss and other trust members in three private banks............

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Gopalkrishna, Gandhi in race for RBI Dy Governor Feb 2013

Two senior most Executive Directors of the Reserve Bank of India- G Gopalakrishna and R Gandhi - are in the race for the post of Deputy Gvernor that will fall vacant after the Anand Sinha retires in February 2013. Although the central bank has recommended an extension for Sinha, the government is unlikely to accept this, sources said. "Those two Executive Directors are the potential candidates for the post of Deputy Governor. Extension for Sinha remains a remote possibility as he will turn 62 next February. The government will have to set a new precedent if it extends his tenure beyond the age. It is unlikely," a senior RBI official told moneycontrol.com on condition of anonymity.........

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