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| "I am not sure that it is at this point a safe call that everything is going to move down and settle there. I think there are still upside risks to oil prices and that can re-exert the pressure," |
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Wednesday, May 1, 2013
Need to resolve structural issues; gold crash helps: Gokarn
Monetary policy for the aam aadmi - A.Seshan
..........While one can understand different estimates being made by private and international agencies, how does it help the consumers and producers in taking decisions if there are different official estimates from the RBI, the Finance Ministry, the Planning Commission and the Prime Minister’s Economic Advisory Council? Can the four agencies not exchange their ideas and come out with one estimate on each variable, based on a consensus that would help entrepreneurs estimate demand for their products, and plan production and investment accordingly?.......
Horns of a dilemma
...........The RBI will also be worried that commodity prices, which have aided in the decrease of the WPI, are unpredictable, and may well go up again. Oil, for example, is hardly likely to remain below $100 a barrel, and has already shown signs of moving up to at least the $110-115 zone. A revival in world growth, especially in China and the United States, would likely push commodity prices up further. That would also be bad news for India's outsize current account deficit, on which the RBI will have one worried eye....................
Obituary
I am sorry to advise you of the demise in Mumbai, on April 16, 2013, of Shri.R.L.Talwar. He was 92 years old ( born on 20--09-1921). He was a highly disciplined person and was active even a day before he died. He was a leading member of the "Laughter Club" in Bandra West. He had joined in the Lahore Office of R B I. He retired as D G M from the Bombay Office and was a highly popular colleague. He leaves behind a large circle of friends. May his soul rest in peace.
- P.P.Ramachandran
RBI sub-office resumes functioning in Sgr
Srinagar, Apr 29: The upgraded sub-office of Reserve Bank of India Monday resumed its functioning in Srinagar for summer months, in line with Darbar movement of State Government from Jammu to Srinagar. Besides the Cell of Foreign Exchange Department (FED) which is already functional here, the Cells of Rural Planning and Credit Department (RPCD) and Department of Banking Supervision (DBS) carved out of the Regional Office Jammu, shall function from the existing premises at Amir Manzil, 1-C, Raj Bagh, Srinagar- 190008 (Kashmir). The sub-office is headed by Ramesh Chand, Deputy General Manager............
Lower inflation will help RBI consider rate cut: Mayaram
............"We would be happy if the RBI continues the trend of softening the rates. To what extent, we'd leave it to the wisdom of the RBI. We do believe that there's a case for continuing with the easing,".........
Hat-trick opportunity
..............Lacklustre economic growth is at least bringing the benefit of a decisive retreat in cyclical inflationary pressure, evidence of which has continued to accrue since RBI’s last policy review. Headline wholesale-price inflation slowed to below 6% in March while RBI’s preferred gauge of underlying inflation pressure—non-food manufactured goods prices—decelerated to 3.4%, its lowest reading since February 2010. With little prospect of a decisive re-acceleration in economic growth for at least several quarters, “core” inflation should continue to subside through the rest of the year as the economy continues to operate below potential. RBI’s “core” gauge could realistically retreat to below 2% by the year-end..........
Depositors’ body moots ‘inflation-proof deposits’
.........The AIBDA has represented that the interest rate for small depositors and senior citizens should be at a mark-up of 3 percentage points over the annual average consumer price index (CPI) based inflation, said. The Association defines small depositors as those with deposits up to Rs 5 lakh, and senior citizen depositors, who generally prefer to park their terminal benefits in bank deposits, as those with deposits up to Rs 15 lakh. This is the first time the central bank has invited a depositors body for the pre-policy consultation exercise. The RBI will unveil its annual policy on May 3...........
Legislation to safeguard non-bank depositors
.............However, a coordination committee meeting, attended by development commissioner, crime branch ADG, finance department, RBI and SEBI officials to discuss measures to curb the menace of chit fund companies, did not discuss much on the state's action plan in connection with Saradha Group's alleged embezzlement of public deposits in Balasore and Puri districts. "The crime branch would speak to the West Bengal police and see what best can be done," an official said...............
Chit fund scam: CBI team to meet Assam Police in Guwahati
....................The Department of Financial Services (DFS), Ministry of Finance, had also written to all the Chief Secretaries of State Governments in July 2012, requesting the state governments to strengthen the coordination mechanism between their regulatory institutions like the Economic Offences Wing of the State Police and the central agencies such as RBI, SEBI, Registrar of companies, Revenue Department and Enforcement Directorate. The RBI has also been addressed in this regard in Feb 2013 and the matter is currently under examination by them............
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