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.
Saturday, December 15, 2012
Pinnamaneni award for former RBI Governor
Direct cash transfer can help control inflation: KC Chakrabarty, RBI Deputy Governor
MUMBAI: Describing the government's ambitious direct cash transfer scheme as a "powerful tool", Reserve Bank Deputy Governor K C Chakrabarty has said the initiative will help reduce fiscal deficit, which in turn will also bring down inflation if implemented well. "The direct cash transfer scheme will reduce the fiscal deficit, which in turn will facilitate inflation control," Chakrabarty, the senior-most of the four deputy governors at the Mint Road, told PTI in an interview...............
Nomination facility also available for joint account holders: RBI
....The banking regulator said has noticed that sometimes customers opening joint accounts with or without "either or survivor" mandate, are dissuaded from exercising the nomination facility. It clarified that nomination facility is available for joint deposit accounts too and advised banks to ensure that their branches offer nomination facility to all deposit accounts including joint accounts holders. In a note to regional rural banks issued earlier this week, RBI has once again focused on this issues. "Banks are advised to ensure strict compliance of the instructions," RBI Chief General Manager C.D.Srinivasan said. .....
‘Education loan can be obtained from any branch’
G.H. Rao, Assistant General Manager, Reserve Bank of India, has said that there is no restriction on service area for banks to extend education loan to eligible customers. The service area limitation is applicable only to government-sponsored schemes. Speaking at the district-level bankers’ committee meeting here on Friday, Mr. Rao said that people could obtain an education loan from any bank branch of their choice, irrespective of the location of their residence. “No bank can reject a loan application on the grounds that the residence of the applicant is out of the bank’s service area,” he reiterated...............
Now, you may use your old cheques till March 2013
Banks will have to roll out cheques compliant to CTS-2010 standards from April 1 next year
Read - BS
.....RBI in its circular to the banks also said, “Residual non-CTS-2010
standard cheques that get presented in the clearing system beyond this
extended period (March 2013) will continue to be accepted for the
clearing but will be cleared at less frequent intervals." This means the non-CTS-2010 compliant cheques will take more time for the clearing beyond March 2013. The central bank, however, indicated that it might impose some kind of fees for such cheques after March 2013........
Read - BS
Surmounting the insurmountable
........Of late, there is a clear recognition of the magnitude and dimensions of the inadequacies in credit flow to weaker sections and sectors with low individual credit needs at higher levels in GOI and RBI. Perhaps, rural credit is the most talked about and studied subject in our country since late 1950’s and from the establishment of SBI to the current efforts to develop MFIs, there have been a number of fresh initiatives to support rural development. Last July, while speaking on ‘Challenge of financial inclusion’ RBI Governor Duvvuri Subbarao referred to the magnitude and dimensions of the inadequacies in credit flow to weaker sections and sectors with low individual credit needs. Such recognition of the need for action, at the highest level, is comforting. ..............
Bitter medicine needed to get back to high growth path: Chidambaram
...........“Some bitter medicine has to be taken this year. We have to take some bitter medicine. There is no other way...this bitter medicine is good medicine. It will restore the health of the economy and next year we can look forward to much higher growth,” ..........
Moderation in inflation a very good signal: Montek
...........“I don’t regard seven plus per cent inflation as comfort zone. But the important thing is that if you think it is heading down, then may be the time has come to recognise that inflation is clearly softening and growth is weak and I am sure that RBI knows what to do,”........
Will the RBI cut rates?
.....The RBI’s first duty is to keep inflation down. So, it will not take any action that will serve to increase it. This means that it will not lower interest rates by any significant amount because lower rates will mean higher borrowings and greater spending. The problem, however, is that inflation is still running at a very high level. More money to spend will mean an immediate upward pressure on inflation because supply takes time to catch up. On balance, therefore, it is reasonable to expect the RBI not to cut rates in December........
Counterfeit notes may impact inflation, says RBI
....."The Reserve Bank of India has informed that the presence of large number of counterfeit notes may impact inflation and can be used for anti-national activities," said Minister of State for Finance Namo Narain Meena in a written reply in the Lok Sabha. He, however, said no estimates of counterfeit currency in circulation was available........
New rules to rein in money chains
The State government is all set to bring in fresh rules to rein in money-chain companies and multi-layered marketing firms in the wake of mounting cases of ‘ponzi’ schemes being operated in the State. The new rules, Money Circulation Scheme (Banning) Rules, 2012, are being framed under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, in exercise of the powers under sub-section (1) of Section 13 of the Act and in consultation with the Reserve Bank of India (RBI), official sources told The Hindu on Friday......
Banks tap Wolters Kluwer for RBI complaince
.....With our solution, customers are assured of the end-to-end workflow of regulatory reporting," said Shawn Paul, regional director - Asia-Pacific and Japan (APJ), at Wolters Kluwer Financial Services. "RBI has notched up the pressure on banking institutions in order to secure complete Automated Data Flow compliance by March 2013. Therefore firms in India are requiring a provider with strong local expertise of the requirements in order to start producing the reports by the end of 2012.".......
Door-step banking a boon for NREGA workers
....Tripura is the only state where more than 90 per cent of the population are covered by the Aadhar scheme. The Tripura government first introduced Aadhar-enabled payment system in old age pension on October 18, 2012 at Borakha village in West Tripura district. Dinesh Mushahary, chairman of the Tripura Gramin Bank, said that Tripura was one among a few states taking banking facilities to the doorsteps of the masses..........
Is Aadhaar being used as a political tool by the UPA government?
......According to Dr KC Chakrabarty, Deputy Governor Reserve Bank of India (RBI), only 40% Indians have bank accounts. HR Khan, also Deputy Governor of RBI, had said that as of June 2012 around 1.88 lakh villages in India were connected to banking system. This also means, residents from about 5.12 lakh villages (if the Aadhaar linked DCT is really meant for such financially excluded regions), are still out of the banking system. In other words, to make the DCT a success, the UPA government need to bring people from these villages into banking system first........
Bounced cheques: SC offers a new interpretation
The apex court has taken a strict view of cases where cheques are dishonoured
In a recent judgement on cheque bounce issues, the Supreme Court, while taking into consideration genuine cases, has suggested to follow the principle of the Laxmi Dyechem Vs State of Gujarat & Others, on a case to case basis as it is also necessary to properly judge the intention of the accused to avoid wrongful conviction.......
Read - Moneylife
RBI received large number of credit card complaints against SBI, ICICI Bank in FY12: Government
........During 2011-12, Reserve Bank of India (RBI) has received 5,198 complaints against State Bank of India (SBI), followed by ICICI Bank (1,211) and HDFC Bank (1,153), Finance Minister P Chidambaram said in a written reply to the Lok Sabha. The Minister said that complaints have been received from customers on issues, including those on undue penal charges, late payment charges, issue of unsolicited cards and harassing telephone calls among others..........
Kotak ‘positive’ On NBFCs after RBI released draft guidelines
......Kotak Institutional Equities (Kotak) has voiced positive sentiments on Non-Banking Financial Companies (NBFCs) on the back of the recently announced draft guidelines issued by the banking regulator, the Reserve Bank of India (RBI). The report released on 13 December 2012 stated, “We are positive on the business of asset-finance NBFCs even as the recent rally caps upside.” In other words, it is positive on the sector even though the market has discounted the upside movement because it believe the guidelines will make NBFC fundamentally stronger over the long-term........
Subscribe to:
Posts (Atom)