IMPHAL, Oct 2: Comet School was declared the winner of the Quarter final round of the Imphal edition of RBI Inter-School Quiz (RBIQ) which was held today at UNACCO School, Imphal. P.K.Jena, Regional Director, Reserve Bank of India, Guwahati inaugurated the event in the presence of a gathering of around 600 people consisting of students, parents, teachers of various schools of Imphal. The quiz was conducted by Barry O'Brien, a reputed quiz master. The selected team would participate in the zonal final round in November. Regional Director of RBI handed over the prizes to all the winners while all participants were presented mementos, RBI special brochures and participation certificates. The RBI has been launching an all India RBIQ with the initiative to promote financial literacy at school level among classes IX, X, XI and XII students.
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, October 4, 2012
What’s RBI waiting for?
........RBI needs to quickly put in place the norms proposed by the Mahapatra Committee—among them, higher provisions of 5% and personal guarantees by promoters. With the economy yet to get back on track, banks need to be extra cautious; they need to heed what the RBI panel has said—that slippages can be as high as 30% and not 15% as was earlier believed.
Read - FE Editorial
Tenure of non-official directors in RBI board may be capped
.........According to Section 8 (1) of the RBI Act, 1934, the Centre has the powers to nominate such experts as non-official directors to the RBI central board. The latest move is part of measures being taken to improve the governance and functioning of the RBI, they said. "Even the RBI Governor and Deputy Governors normally get a maximum of two tenures only. So it won't be proper to give indefinite tenures to non-official directors," an official said.........
Read - FE
RBI calls for expanding e-payment infrastructure
........The RBI said that an electronic GIRO instrument (A GIRO transfer is a payment instruction from one bank account to another bank account) for effecting credit transfer by a payer from any branch of a bank or from any other authorised non-bank would be explored. Further, considering the fact that cheque continues to be a dominant payment instrument in India, the scope of implementing a cheque based GIRO system would be examined.........
Read - HBL
Payment Gateway Systems - Alternative to MasterCard & Visa
Read........
Bhojpuri likely to be included in Eighth Schedule
.......Besides, it is expected from the Reserve Bank of India (RBI) to mention denomination on currency notes in all the scheduled languages. The RBI has, however, not been able to fulfill this provision with respect to all the 22 scheduled languages due to space constraints in the currency notes. "The RBI's provision will not be a problem as it can be dealt with through an executive order," said the official........
Demise of a veteran......
Com. N.A. Naganathan, General Secretary and founder member of All India Reserve Bank Retired Officers Association and, also in the past, of All India Reserve Bank Staff Officers' Association (Now All India Reserve Bank Officers Association) passed away on 1 October 2012 at his residence at Andheri, Mumbai, due to old age. He had retired as a Gr. D officer in 1985.Late Com. Naganathan was born at Pallakad, Kerala on 18-10-1927 but had his education in Mumbai. An avid communist, he joined Reserve Bank Employees Association soon after he was employed in the Bank. He was Secretary of the Mumbai unit of the Association as also of All India Reserve Bank Employees Association. He was a studious officer and also very knowledgeable trade unionist . Along with the then senior comrades, he formed Staff Officers Association in the light of the Supreme Court decision making staff officers non-workmen. On retirement, he also took initiative in formation of Retired Officers Association. Because of the efforts of Late Com. Naganathan and his likes, we are enjoying pension to-day. However, our these seniors were deprived of pension, though they fought for it through-out their lives and later for pre-1986 retirees in Supreme Court. Although these comrades continued with Retired Officers Association (now defunct) and did not merge it with Reserve Bank Retired Employees Association, his advice was always available to us till last. We recall, he and Shri S.N. Elavia (now in his nineties) even participated in our Association's Dharna programme for improvements in pension.
We pay our respectful homage to the departed leader. May his soul rest in peace!
- R.P.Donde (via e-mail)
Fine product of Trade Union Movement......
Sorry to hear the sad demise of Com Biren. During late Com. Ashi Sen's leadership of AIRBEA, Com Biren was ably looking after statistical aspects of wage negotiations.Those days a small calculator in his hands did wonders not only to RBI community but also to the Banking Industry. He did yeoman's job when computers were not available for Trade Unions. We are grateful to him, a fine product of Calcuta Trade Union Movement ! Salute to him for his devoted work on trade union front.
- L R Parab (via e-mail)
My heartfelt condolences to the bereaved family of Com. Biren Sen who was doyan of AIRBEA and one of the architects of RBEA Calcutta. He was a shrewd negotiator of Bi-partite settlements and even the managements proposals were subjected to his sharp scrutiny which had benefitted the class III staff and thereby all others in RBI.
- V.Raveendran, RBI, Thiruvanathapuram
My heartfelt condolences to the bereaved family of Com. Biren Sen who was doyan of AIRBEA and one of the architects of RBEA Calcutta. He was a shrewd negotiator of Bi-partite settlements and even the managements proposals were subjected to his sharp scrutiny which had benefitted the class III staff and thereby all others in RBI.
- V.Raveendran, RBI, Thiruvanathapuram
Govt working on guarantee scheme for educational loans: RBI
Puducherry: In a bid to remove problems faced by students in obtaining education loans, government was working on a scheme under which it would extend guarantee for advances upto Rs 7.5 lakh, RBI Governor D Subba Rao said on Wednesday. "There are grievances of students not getting loans or encountering problems... Understanding that there is a problem, the government is now working on a guarantee scheme," he told students in Puducherry at an interactive programme organised by RBI and a national news channel..........
The ‘twin deficits’ myth
........Take the RBI’s latest Annual Report, which repeatedly warns of the risks emanating from the twin deficits, while claiming the CAD to have widened “due to impact of large government spending on aggregate demand”. And like all gospel truths, this one, too, requires no evidence! It is nobody’s case that CADs are good or governments (for that matter, even households and firms) must live beyond their means. But building dubious theories around them does no good to the pristine discipline of economics.
Read - HBL
Why India's FM and central bank chief have a tougher job than their US counterparts
........Fiscal and monetary policy should become less immune to such electoral vagaries. Constraints generally hamper optimal decisions, under the assumption that appropriate objective functions are being maximized. However, if there is uncertainty about objective function being maximized, more constraints are a good idea. If nothing else, they prevent FM and RBI Governor from doing what is known to be myopic and short-sighted, but is being indulged in for political compulsions. As the economy matures, budgets and monetary policy should both become continuing processes, not earmarked for one or two days of the year. Subbarao-Chidambaram might not quite state it in these terms, since independence from immediate government implies scrutiny and constraints imposed by Parliament. In addition, they will be robbed of some of their halo and mystique.........
India Inc meets Chidambaram, wants consumer finance rates brought down
........At the meeting, convened to seek industry suggestions for revving up investments and growth, India Inc also suggested reduction in fiscal deficit as a step towards encouraging RBI to cut interest rates. Industry chambers have been contending that high interest rates were stifling industrial growth and policy interventions were needed.........
Deadline over, Nagpur District Central Cooperative Bank no closer to meeting RBI norms
NAGPUR: Even as the deadline for Nagpur District Central Cooperative Bank (NDCCB) to meet RBI parameters regarding finances ended on September 30, the bank is facing a tough time raising the Rs 160 crore required to meet the norms. The bank had been planning to sell off a major commercial complex it built in Mahal and get at least Rs 80 crore. The rest of the funds were to be contributed from profits and reserves. However, it has not been able to find any buyer.......
Classify HFCs separately from NBFCs: ASSOCHAM urges FinMin
.......In view of the shortage of the housing stock and low mortgage penetration, the Reserve Bank of India (RBI) has qualified housing loansas one of the priority sector industry. In its communication to the finance minister, ASSOCHAM has recommended that HFCs with their sole focus on housing finance should be treated at par with banks for priority sector lending.........
Read...........
Overdue NPA provisions to hit banks hard in Q2
........Though RBI carries out financial inspection every year, the process has been expedited from this year. Earlier, these inspections were carried out with a lag of 12-18 months. However, to ensure banks take corrective measures immediately, the banking regulator has now decided to complete the report of the previous year in the current year.........
PSU, other banks flock to portal for resolution of NPAs
Indian banks and financial institutions, which had cumulative non-performing assets (NPAs) worth about Rs 1.25 lakh crore by March 2012, are seeking help from a dedicated portal for resolution of their NPAs........
Diesel, power hikes need to be reviewed from growth angle: RBI
Ahead of its monetary policy review, RBI today said recent increase in diesel prices and a possible hike in power tariff will impact inflation but the central bank will have to view it from growth angle and be a “little sensitive to various adjustments that might take place”. “We have recognised the likely short-term impact of diesel price revision on inflation numbers. But we have to look at it in terms of (growth) trajectory and to the extent of helping to contain the fiscal deficit,” RBI Deputy Governor Subir Gokarn told reporters on the sidelines of a conference........
RBI to take into consideration government's recent decisions in Q2 policy review
Chennai: The Reserve Bank of India (RBI) will take some recent government decisions into consideration in its second quarter review of monetary policy, scheduled for October 30, 2012, RBI Deputy Governor Subir Gokarn said today. At its last policy meeting in September, the RBI left a section of India Inc. and markets disappointed with its decision to not cut the Bank Rate despite reducing the Cash Reserve Ratio by 25 basis points......
Reserve Bank's overkill on gold loans
.........That RBI has acted out of its responsibility to prevent critical risks from materialising is not in question. But what has fallen off the radar is a recognition of the potentially transformative impact of gold loans, particularly in monetising India’s vast stock of private gold, and in advancing financial inclusion (about 65 per cent of our gold is held by rural India). By restricting LTV to 60 per cent and selectively applying it to gold loan NBFCs, there’s the risk of stifling the original innovators in the business, and of needlessly reinvigorating the unorganised sector. Indeed, RBI would do well to keep an eye out for the flip side of it all, and not hesitate to recalibrate its policy responses when the evidence calls for it.
RBI aiming to ensure gold lending risks are controlled: Subir Gokarn
CHENNAI: The Reserve Bank is only trying to ensure that risks of lending towards gold are "controlled" by its regulatory steps like tightening prudential norms, RBI Deputy Governor Subir Gokarn today said. In major steps, RBI had asked banks to reduce exposure to NBFCs giving loan against the precious metal and set up a working group to suggest ways to deal with the issue..........
FDI in multi-brand retail will help increase productivity: RBI Deputy Governor
.......Observing that India has a low foodgrains productivity and inefficient distribution, he said increasing the scale of investments in organised retail is one way to increase productivity and distribution efficiency. “FDI is an enabler of that. Whether you accept the argument that FDI will do this or not, we have low productivity, we have inefficient distribution (mechanism)”, Gokarn said at the 102nd AGM of Southern Indian Chamber of Commerce and Industry........
Seriously, how many savings accounts do you really need?
Competition among banks is giving rise to innovation, much to the benefit of the consumers. For instance, after the Reserve Bank of India (RBI) deregulated interest rates on savings accounts last year, banks have been vying with each other to woo consumers........
Read.........
Subscribe to:
Posts (Atom)