......To begin with, there is no nationality specification. The ad does not say that the governor would have to be a British citizen. Which means, in theory, that central bankers or senior finance professionals from other countries could also head the Bank of England. For example, YV Reddy, Usha Thorat or Montek Singh Ahluwalia could, if they wished, become serious contenders. Another striking feature, at least by Indian standards, is how early the British government is going about finding a new governor. In India, even for the most senior positions, advance succession planning is taboo. The incumbent would be on extension for months or the post would be vacant for years before the relevant selection process gets completed. ......
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, September 27, 2012
How Rao made Manmohan India’s ‘accidental reformer
‘One Rank, One Pension’ a continuing process: Ministry
......The sources said the overall aim of the package was to cover the gap in a phased manner. It was the third time the government increased pensions of ex-servicemen after the Sixth Pay Commission recommendations had been implemented in 2008. “Every ex-serviceman has benefitted from this latest exercise, which has several measures aimed at enhancing the pension of pre-2006 persons below other ranks (PBORs) pensioners and family pensioners.” This would benefit about 13 lakh pensioners, the total cost entailed being Rs. 1,400 crore......
My View on "Updation of Pension for RBI retirees"
The latest affidavit confirms Bank’s intention to stand by the March 1992 circular committing updation of pension as and when salaries of serving employees are revised. The technical hurdle created by GOI at some stage is sought to be removed by amendment to RBI Pension Regulations, 1990 approved by Central board and forwarded to GOI in October 2011. One hopes this gets sorted out fast and the already approved revision of Family Pension is given effect to fast. Another plea I would like to make to the Governor is to be merciful and grant some reasonable rise in the Ex-Gratia paid to pre-1986 retirees (youngest among them would be nearing 85 now). This institution can afford these costs.
M G Warrier
Egg-proofing inflation
The new Chief Economic Advisor Raghuram Rajan’s argument that inflation is being fuelled by people who have become rich and are demanding food products such as milk, eggs and meat rather than cereals (Business Line, September 26) may be right theoretically, but his solution will help only the rich, in whose household budget food items have low share. The more immediate priority should be to address the impact of price rise on the majority of Indians who spend more than 70 per cent of their earnings on food, shelter and healthcare.
M.G. Warrier (HBL)
Banks Plan Common Job Interviews
20 lenders may give Institute of Banking Personnel Selection the interview mandate; SBI will not be part of it
It may become a lot easier to get a job at nationalised banks. Banks are planning to have a common interview that could open up opportunities in one go in many banks for candidates, who now have to give multiple interviews for jobs in various banks. Public sector banks, which recruit about 30,000-40,000 people a year on an average, expect to save time and cost once this common interview becomes a reality. As many as 20 banks are expected to give the mandate to Institute of Banking Personnel Selection, or IBPS, to conduct the common interview on their behalf.......
OUTSOURCING OF BANK JOBS – BENEFITS AND RISKS
Nowadays, we very often hear about outsourcing of bank jobs in India. What are their implications and intricacies? What are the benefits accruing and risks involved, if we encourage it? Why do the Trade Unions oppose it tooth and nail? Why are the Government of India, Reserve Bank of India and Indian Banks Association very particular about outsourcing of bank jobs?..........
Read........
Read........
It is a fake money, Honey!
......RBI spokesperson Alpana Killawala said, “Counterfeit notes land up at the RBI from sources such as banks and individuals who come to exchange money. “But central banks all over the world try to stay ahead of forgers; introducing plastic notes is an effort in that direction.”......
Cheque clearance through email
Reserve Bank of India General Manager M. Dash on Tuesday said that the bank was taking banking technology to new heights by introducing a unique system of cheque clearances through email. Speaking at an awareness programme on payment of taxes of the State government through e-mode, Mr. Dash said the mail system for cheque clearances was already introduced in Hyderabad on a pilot basis this year and it was proposed to cover the entire State by the end of next year. As the first step, the RBI had involved 20 banks based in Hyderabad for the mail-aided cheque transactions.......
Read - The Hindu
‘Adhesive man’ glues technique to daily life
......“Prime Minister Indira Gandhi was not impressed by the colour of the note we presented and asked us to go to the RBI Governor. But surprisingly, Dr Manmohan Singh okayed the note within seconds.” ......
Now, ATMs that scan your hand to shell out cash
TOKYO, SEP 26:
Forgot your ATM card at home? No worries, this Japanese machine will scan your hand and give cash. A regional bank in Japan on Wednesday started operating ATMs for cash withdrawals, deposits and balance inquiries that do not require plastic cards but instead identify account holders by scanning their hands.......
Making the case for Financial Literacy – Understanding and Addressing Challenges
......Many institutions such as FINO tried to fill this gap, including, which provides a “last-mile” or doorstep banking service through their BC network to clients who don’t have access to formal banks. Despite this effort, low levels of literacy and financial awareness are still impediments to NPFFI goals. Therefore, RBI initiated ‘Project Financial Literacy’ to disseminate information about financial services and products to groups including rural and urban poor, which was undertaken by many institutions using the classroom based FE format, though this format has inherent challenges:......
Read....
Microfinance India – State of the Sector Report 2011
ACCESS Development the publisher of the Microfinance India – State of the Sector Report has made it’s latest annual report available for free download. The 2012 Microfinance India report will released later this year at the 9th Microfinance India Summit 2012.
Agriculture back in focus as growth estimate gets downgraded by banks
......From Morgan Stanley to Citigroup to Standard Chartered and the Reserve Bank of India, nearly every other bank has downgraded India's growth estimate citing a possible poor farm output which is compounded by the global uncertainty owing to the sovereign crisis. It is a reflection of the hard reality that agriculture, notwithstanding its low contribution to the GDP, will remain significant enough for the overall growth just because of the sheer population that it supports......
RBI to take up deposit-to-equity proposals by UCBs
The Reserve Bank of India will consider financial restructuring proposals of stressed urban co-operative banks (UCBs) involving conversion of deposits into equity or debt instruments. This move comes as financially stronger banks are unwilling to acquire weak UCBs, where the deposit erosion is large. In such situations, restructuring of the liabilities (deposits) of the weak UCB may be a viable proposition, said the RBI......
RBI may hold rate in Oct policy
......
"In the last two years, we have been able to bring down the rate of inflation but I admit that inflation is still high and it should come down further,” RBI governor Subbarao said at a function in Himachal Pradesh yesterday. Market participants said while RBI will be keen to support growth, a rate cut is not imminent and the central bank will continue to infuse liquidity so that credit flow to the productive sector is not hampered.......
Banks entice customers to buy gold with special schemes
Despite the RBI discouraging consumers from buying gold, banks under its purview are enticing consumers with schemes to buy gold. For example, SBI group banks, including State Bank of Hyderabad and State Bank of Travancore, have devised special loan schemes to buy gold. These banks have tied up with over 37 jewellery retail brands across the country “of a certain standing” and offer loans to buy gold jewellery from these shops. The jewellery will be deposited with the bank till the consumer pays off the loan.......
RBI allows NRIs to pick-up shares, debentures at face value
......"It has been decided that in cases, where non-residents (including NRIs) make investment in an Indian company in compliance with the provisions of the Companies Act..., such investments may be made at the face value subject to their eligibility to invest under the FDI scheme," RBI said in a circular.......
India yet to see any fallout from QE3, says RBI's Gokarn
......Answering a question from Business Standard on the sidelines of the annual India Investment Forum in New York, Deputy Governor Subir Gokarn said: “To the extent that they have an impact on domestic dynamics, either on growth or inflation, that’s something we’ve got to take into account.”......
Barclays to shut three branches in India
......However, it is not yet known whether the bank will have to face some regulatory issues as the closure of branches are located in non-metro areas. Typically the Reserve Bank of India (RBI) allows a foreign bank to open an urban branch once it opens a rural/semi-urban branch and vice versa. The source said all the factors would have been taken into account before the announcement, but conceded that the wishes of RBI, which has been persistent in taking banking to the hinterland, may have prompted the opening of branches in such places.......
RBI extends deadline for mandatory forex clearing to January 1
The Reserve Bank of India has asked the local currency market association to defer the deadline for mandating that lenders route their forward trades through a domestic clearing house by three months, market participants told Reuters. The new Jan. 1 deadline gives players time to iron out concerns that some foreign banks have over terms such as potential default liability exposures and capital charges in settling at the clearing house......
Read - ET
I don’t know if the economy has bottomed out: Rajan
......What is your outlook for inflation?
Core inflation, which the RBI (Reserve Bank of India) generally looks at, is in the 5-5.5% range; with some help it can be brought below 5%. What has proved harder so far is the CPI (consumer price inflation) which includes substantial food elements, which have been on an upward trajectory, where the supply-side constraints are significant. ......
Bank credit trails services boom
......This highlights the somewhat lopsided flow of credit to the service sectors, prompting the Reserve Bank of India to now lay fresh emphasis on the need for banks to go into the interiors — to nondescript towns and cities — and expand credit linkage in those areas. The added incentive being that providing loans to these segments, particularly for productive purposes, could also help in addressing the issue of retail inflation.......
NBP approaches RBI to open up branches in India
The National Bank of Pakistan (NBP) has formally approached the Reserve Bank of India (RBI) for the opening of two branches in India with a view to facilitate trade between the two countries, sources in the banking industry told The News on Tuesday.......
Read.........
Wednesday, September 26, 2012
4 years at the helm
Reserve Bank of India Governor D Subbarao, who took charge of the central bank in September 2008, amid the global financial crisis, has completed four years. Here are some of the areas which he would like to focus before his two-year extension comes to an end in September 2013..........
RBI to launch core banking solution portal
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General Manager, Reserve Bank of India, Hyderabad, M Das,h speaking at the ‘Awareness campaign for popularising e-payment initiative’ workshop held at Rajahmundry on Monday |
Reserve Bank of India General Manager Mr. M. Dash has said that the bank is going to launch core bank solution portal from next month from which banks, government departments and even customers can do e-banking through this portal. Addressing awareness campaign for promoting e-tax initiatives to different bankers of Rajahmundry on Monday, Mr. Dash said bankers have to bring awareness among the public on e-receipts, e-products and more utilisation of e-banking services.......
KLE team heads to zonal finals of RBI quiz
......Uma Shankar, Regional Director, RBI, gave away prizes to the winners. She expressed her happiness over the quality of participation. She said that the competition was held to create financial awareness among youngsters.
Urmi school wins Vadodara round of RBI quiz
......Nearly 800 students from the participating schools had turned out to cheer their respective teams. Participants took home gift vouchers, besides a certificate of participation, along with an informative booklet on the RBI and a memento, awarded by Reserve Bank's Regional Director for Gujarat, Sudarshan Sen.
Former SBI chairman, OP Bhatt on panel to hunt for new Irda chief
Former State Bank of India chairman OP Bhatt has been appointed on a panel that will assist in the search for the next chief of Insurance Regulatory and Development Authority, a move that signals Bhatt's return to the establishment. Bhatt was at odds with the Reserve Bank of India on several issues when
he headed the country's largest lender from 2006 to 2011, but with the
change of guard at North Block, he seems to be back in favour.......
Updation of Pension for RBI retirees
I hope our Governor, whose sympathy for our case has been appreciated and voiced by all the serving and retired employees, does this quickly. He could perhaps tell the FM that once a favourable decision is taken, the Mumbai High Court could be informed of the decision by the Retired Employees Association, who had approached the court against the withdrawal of the Pension upgradation granted in the past upto a certain period, as well as the Bank and the Government and and submit to the court for withdrawal of the petition. Ministry of Law, Government of India, on whose advice perhaps the matter is being allowed to remain with the Mumbai High Court, should not have any objection to this move.
- A. Chandramouliwaran, Former Executive Director
Read - Bank's affidavit - Sent by L.R.Parab (via e-mail)
Read - Bank's affidavit - Sent by L.R.Parab (via e-mail)
Beware, the message is not from RBI
Playing officials of the RBI, cheats are on prowl in Jammu Kashmir. They send SMS messages to gullible people telling them that they have won prizes.......
Fraudulent tax refund mails in circulation
......The fraud mail originates from the 'tax refund department', bears the address 'service@incometaxindia.in' and has a subject line which says 'tax refund notification alert'. The language and format of the mail is strikingly similar to any formal correspondence from the I-T department. It addresses the receiver of the mail as 'Dear valued taxpayer' and goes on to say that you are "qualified for a refund which could run into as much as Rs 50,000". The mail asks the reader to 'click' on the hyperlink to place a tax-refund request. The hyperlink opens to the homepage of the RBI, but the website address panel shows www.chatbordel.de. The page asks for bank name, ATM number, ATM PIN number, CVV number, card expiry date and transaction password.......
CRR has merits, asserts Gokarn
.......“The CRR is an instrument with multiple attributes. It is a tool to manage liquidity, which is often an end in itself, but can also have monetary implications,”......
Bank review meet held
 |
| Dominic Presentation MLA inaugurating the DLRC meeting in Kochi. Lead District Manager KR Jayaprakash, RBI Assistant General Manager KJ Joseph, Union Bank of India Deputy General Manager S Jayamohan Nayar, District Collector PI Sheik Pareeth and NABARD representative Thrivikraman are also seen |
......
Banks in the district are going ahead with the process of Meaningful Financial Inclusion. The survey conducted by Kudumbasree Mission revealed that there are nearly 20 percent adults in the district without bank accounts. Ward-wise campaigns by banks to open accounts are progressing. Banks will also offer remittance services and micro-insurance policies. The process is expected to be completed by the end of October 2012......
Mamata Banerjee skips SLBC meeting in West Benga
West Bengal chief minister Mamata Banerjee has turned down United Bank of India's request to attend the quarterly state level bankers committee held on Tuesday. UBI, the SLBC convenor in the state, now plans to pursue the chief minister for the December meeting where Reserve Bank of India Governor D Subbarao will be present. It's now become a norm in the banking circle to invite chief ministers in state level meetings. RBI wants CMs to attend at least one SLBC meeting a year so that they can directly address the issues face by banks. .....
FinMin for zero charges on e-transfer up to Rs 1 lakh
......The RBI had recently said that it is 'desirable' that the benefits accruing on account of increasing volume of transactions are passed on to the customers so as to incentivise greater use of the electronic payment system.
Read......
Read......
Evolution of India reform a factor for policy - Gokarn
India's persistent inflation and sub-par economic growth has the Reserve Bank of India (RBI) caught in a monetary policy vise but conditions in the economy should not be considered static, Deputy Governor Subir Gokarn said on Tuesday.......
Inflation still at unacceptable levels: RBI Governor
......"Inflation should be brought down to provide relief (especially) to poor (people)," Subbarao said while addressing the gathering at 'Outreach Programme' to make people aware of banking services.......
Subbarao hopes banks will cut lending rates
Chhaproh (Himachal Pradesh): The Reserve Bank Governor D Subbarao Tuesday expressed hope that banks would lower their lending rate in response to the recent cut in the CRR-- the percentage of deposits banks have to keep with the central bank.......
Read.......
Way to beat a cash economy
......Meanwhile, developments such as the Inter-Bank Mobile Payment Service payments platform created by the National Payments Corporation of India in collaboration with 50-odd banks will help. So will the fact that RBI has doubled the limit on daily transactions in cash to Rs.5,000 and that in goods and services to Rs.10,000. Given that India is a young nation with tech-savvy youth at home with apps, tablet PCs and Internet-enabled phones, the target appears achievable given that in July alone both m-banking transactions and their value grew 198% and 174%, respectively, over the year ago period.
Read - Mint
Economy sees a few green shoots
Analysts say gaining rupee, falling prices will help ease inflationary situation.A strengthening rupee and cooling crude oil prices over the past few months are expected to help lower inflation, ease fiscal deficit and give room to the Reserve Bank of India (RBI) to cut interest rates, besides cooling off pump prices of petrol.......
Can't use Kingfisher brand as collateral, RBI tells banks
The Reserve Bank of India (RBI) has asked banks not to treat Kingfisher Airlines’ brand as collateral since it is intangible. This is because the loan has turned non-performing for most of the banks. The RBI’s rejection means lenders will have to treat their exposure to Kingfisher as unsecured, for which the provisioning requirement will go up substantially.......
Govt backpedals on banking reforms as Parliament bites
......Earlier, the Reserve Bank of India said that it would give fresh banking licences to private entities only after the government amended the Banking Regulation Act. However, now the finance ministry is trying to work out a method by which licences can be granted without amending the act.......
Internet bankers told not to use shared computers
......The Banking Codes and Standards Board of India, an autonomous and independent watchdog body in the banking sector, has cautioned customers utilising internet banking facility against using cyber cafés or shared personal computers (PCs) to access internet banking site. The advice is contained in the list of codes issued by the board as part of improving the services in the banking industry. The codes are reviewed periodically.......
2012 a replay of 1991? Who should you believe, PM or RBI governor?
...... And there's no disputing the PM is a politician par excellence! Remember what the late Dr I.G.Patel, former RBI Governor and noted economist, once said about him, 'Under-rated as a politician and over-rated as an economist'. Well the PM has proved Dr Patel right! Not for the first time!......
I don’t Think We Are Anywhere Near ’91 Crisis
The government's decision to take a few hard steps will go a long way in changing the perception among investors, says Raghuram Rajan.
In an interview with ET Now's Supriya Shrinate, the chief economic
advisor says he's hopeful of some upward momentum in the coming days.
Edited excerpts:
Read - ET
Fixed Income: Risks with NBFCs
......More disturbing is RBI’s belief that NBFCs are immortal. They have permitted NBFCs to issue ‘perpetual bonds’ to investors, with a 10-year option that enables NBFCs to repay but prevents the investors from demanding repayment. It is akin to writing off your wealth for a fixed rate of interest. RBI works in favour of NBFCs by just letting them increase the interest rate by a mere one percent at the end of the 10th year......
Read - Moneylife
My View.......
The issues raised deserve wide publicity and debate among people who can throw light on behaviour of interest rates. Less secure the investment you make, chances are you get higher rates of interest in the short term. NBFCs and NBFC-like institutions and even certain individuals have mobilised huge amounts of money in the past and vanished. To protect the interests of small investors, government and banks should come out with investment instruments with reasonable return. Regulators and GOI, as part of efforts to promote financial literacy, should promote awareness about the risk in being lured by advertisements offering ‘higher than possible’ returns on investments.
- M G WARRIER
Court slams PSU banks, says you are in money, not property business
Coming down on a bank for meting out 'unfair deal" to a client by selling his commercial building for Rs 18.7 lakh to recover a loan due of Rs 19,500, Kerala High Court today reminded the nationalised banks that they are only engaged in money lending and should not take up real estate business.......
Sebi seeks ASBA facility at all branches of designated banks
......"Based on the analysis of the current presence of ASBA facility, it is felt that there is substantial scope for increasing the reach of ASBA facility to make the application process more convenient for investors," Sebi said. "Towards this end, consultations were held with Reserve Bank of India, Indian Banks' Association and other market participants, to explore the possibility of providing ASBA facility at all branches of Self Certified Syndicate Banks (SCSBs)," it added.
Earnings ratios are bottoming out: Richard Gibbs
How do you interpret the Reserve Bank of India (RBI)’s recent move?
The decision to leave interest rates unchanged and to cut only the cash reserve ratio by 25 basis points reflects RBI’s concern on persistent inflationary pressures, even against a background of moderating domestic demand growth. We continue to believe the Indian economy faces difficult supply-side conditions. If these persist, ultimately, the economy’s potential growth would be reduced. Needless to say, we continue to anticipate the government would pursue further measures in respect to its ‘reform and development’ drive, as it recognises building the economy’s productive capacity is the best form of stimulus that can be delivered......
3 of 6 banks govt wants to help have scam-tainted past
If the state considers the Rs551-crore bailout package for the six district co-operative banks (DCBs) currently in the red, it would mean flushing taxpayers’ money down the drain. Six DCBs – Nagpur, Osmanabad, Jalna, Dhule-Nandurbar, Buldhana, and Wardha – all controlled by political heavyweights, could lose their banking licence on September 30 as per RBI directives, jeopardising credit line to farmers. The banks have a history of mismanagement and serious financial irregularities......
Tuesday, September 25, 2012
NABARD and RBI - A 30-Year Legacy Being Upturned
The effort to edge out the Reserve Bank of India from the National Bank for Agriculture and Rural Development's shareholding does not bode well for the future of agricultural and rural credit in the country. This is particularly so, if the past experience with the Industrial Development Bank of India and the Unit Trust of India is any guide....
...... The know-all babus of the banking division of the finance ministry, who neither have an understanding of banking and development finance nor the experience, seek to keep out the RBI from NABARD and bring the institution completely under its control. Through this amendment it also seeks to subvert the autonomy of the institution, render the board powerless and emasculate its functioning. The stellar achievements of NABARD in the 30 years of its existence have been principally due to the relative freedom of operation permitted by the existing Act, the guidance of its board and the presence and support of the RBI as its stakeholder. All these are being sought to be upturned. An institutional legacy is sought to be obliterated by petty-minded and self-serving bureaucrats for whom “institution building” and “vision” are esoteric concepts. It is therefore in the fitness of the things to ensure that the RBI’s role as a shareholder of NABARD continues in the overall interest of the agricultural and rural finance sector of the country. Development practitioners, civil society activists, parliamentarians, public persons and the farmers of the country should raise their voice so that a 30-year legacy of the people is not lost forever.........
- P S Rao (psrao.99@rediffmail.com) - Pune-based development professional who has worked with the RBI and NABARD
Click to read more..........
Microfinance: The sole tool for Rural Economic Independence
......As the Banks and Financial Institutions don’t have a direct say in the rural market, the funds are first given to the mentioned organizations which then direct the fund to the respective class based on a mutual perspective. The assets based lending is done by the Banks and financial institutions to cater to the needs based on a specified set of directives. Such directives are issued by the regulators like RBI and the Finance Ministry and some refinement is also done by the respective fund providers.......
Read.....
RBI stonewalls RTI activists on derivatives fraud
The Reserve Bank of India, having first refused to furnish information under the Right to Information Act about the Rs 32,000-crore derivatives fraud despite a Central Information Commission order, is now refusing to reveal expenditure it incurred in challenging the CIC decision in the Delhi high court............
Eye view on “Foreign Exchange for you”
Workshop-cum-Interface on
“Foreign Exchange for you”
organised by the RBI Jaipur
21 September 2012
CRR cut to pare reliance on bulk deposits: Mallya
Chennai : The cut in cash reserve ratio (CRR) could reduce the need of the banks to go in for large bulk deposits at high rates, Bank of Baroda Chairman and Managing Director M. D. Mallya said here on Monday.......
CRR is an effective tool to cut interest rates: SBI chief
......“We have been consistently of the view that the correlation of the CRR and the bank lending rate is very strong, and if the objective is to reduce the bank lending rate, then CRR cut is possibly the most effective instrument for this purpose,......
Chidu winks, Subbu smiles: Odds on rate cut improve
Are North Block and Mint Street back to bhai-bhai terms? Will we see a rate cut on 30 October?
The short answer: the chances are 60:40 in favour of a cut, since the finance ministry and the Reserve Bank of India (RBI) are back on talking terms......
RBI slaps Rs 5 lakh penalty on coop bank in north Gujarat
......The RBI had issued a show cause notice to the Talod Nagarik Sahakari Bank in response to which the bank had submitted a written reply. "After considering the facts of the case, the bank’s reply and also personal submissions in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty," the banking regulator stated.......
Anytime-anywhere banking, courtesy RBI
......The National Payments Corporation of India (NPCI), the organisation set up by the RBI for all retail payments, has now launched the inter-bank mobile payment service for all merchants. This will allow customers to pay their bills for as little as 25 paise for each transaction. NPCI says, mobile phones will be the next walking talking bank. AP Hota, MD and CEO of National Payments Corporation of India said, "Real time money transfer is almost like RTGS for common man. It operates 24*7 and is operational on holidays."......
SBI, ICICI lead the pack as m-banking gains currency
......Indeed, there is no comparison between m-banking and the use of credit and debit cards, but experts say the potential of the handheld device in the banking space is significant even as RBI is cautiously moving ahead.......
Savings rate strategically kept to handle pressure from post office saving: Pratip Chaudhuri
National Housing Bank may cut home loan rate
...... "More than our cost of funds, it is a conscious decision to signal a lower interest rates, which will also result in higher demand and more growth for the industry," NHB chairman and managing director R V Verma told TOI over the phone. Although the housing finance institution's signaling may not have the same impact as RBI, it still holds sway over HFCs, especially.....
Bank of Baroda to hire 22,000 employees
......According to RBI, the banking sector is expected to grow by 17 percent this year. But Bank of Baroda will out grow the industry's average growth, Mallya said.......
Read.......
Monday, September 24, 2012
Rakesh Mohan tipped to be ED at the IMF
Former Deputy Governor of the Reserve Bank of India, Rakesh Mohan, is tipped to join the International Monetary Fund as Executive Director on the board of the International Monetary Fund. He will get a three-year tenure at the Fund. He will replace Dr Arvind Virmani, whose three-year tenure is coming to an end. As an executive director, Dr Mohan will be representing India along with Bangladesh, Bhutan and Sri Lanka on the 24-member Executive Board of the IMF, which is responsible for conducting the day-to-day business of the multilateral financial institution......
Understanding recent policy initiatives - S.S.Tarapore
......With the Consumer Price Index ( CPI) over 10%, on a year- on- year basis, the need for a cautionary monetary policy by the RBI is understandable. The Mid- Quarter Review of September 17, 2012 has reduced the cash reserve ratio ( CRR) from 4.75% to 4.50%, thereby releasing Rs 17,000 crore of liquidity. The policy move seems to be driven more by monetary- fiscal policy co- ordination rather than any need for enhancing liquidity. The RBI would now be under greater pressure to further liberalise policy at the time of the next review on October 30, 2012. The RBI should not liberalise the monetary policy any further unless there is a visible reduction of the fiscal deficit and a significant and enduring reduction in the CPI inflation rate. The RBI will be in an increasingly difficult bind and resisting political economy pressures would be easier said than done given the RBI- Government power equation......
Man stabs dad 15 times over cash for booze
 |
| Thirty one year-old Atul Jhemse (centre) confessed to killing his father |
PNB's Kamath to be chairman of Indian Banks' Association
......The management committee chose Kamath to head the body at its meeting, said a senior IBA official. T M Bhasin, CMD of Indian Bank, is inducted as deputy chairman. The other two deputy chairpersons are Bhaskar Sen, CMD, United Bank of India, and Chanda Kochhar, managing director and chief executive of ICICI Bank......
FDI decision will keep growth story going: RBI officials
Jaipur : ....... The occasion was a workshop-cum-interface on “Foreign Exchange for you” organised by the RBI’ Foreign Exchange Department here on Friday. “ Only heavy FDI investment will keep the ‘India growth story’ going,” stated Deepali Pant Joshi, Regional Director, RBI, Jaipur, delivering the keynote address.......
.......“India is not that vulnerable to economic disturbances as other nations are,” said D.K. Srivastava, Deputy General Manager at RBI Central Office, Mumbai. The day-long event included participation of another DGM from RBI’s Central Office Ajay Vij and other senior officers, besides officers from RBI Foreign Exchange Department, Jaipur, ......
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