The draft bancassurance guidelines by the Insurance Regulatory and Development Authority (Irda), which proposed that banks could act as brokers and sell multiple insurance products, may be difficult to implement. Insurance industry players said while on one hand some insurers are not comfortable with the idea, on the other hand the Reserve Bank of India (RBI) has raised some concerns about the same................
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.
Friday, January 4, 2013
RBI cancels licence of Swami Samarth Sahakari Bank
......The RBI delivered the order cancelling its licence to the co-operative bank, effective from the close of business as on December 28, 2012. The bank ceased to be solvent as all efforts to revive it in close consultation with the Government of Maharashtra had failed, the RBI said in a statement........
Corporates should not be allowed into banking space: Joseph Stiglitz
........."I think, the real problem in the financial sector are issues of conflict of interests. And when you have corporates opening their own banks, you are opening a venue for conflict of interests," .............
Bandhan, SKS eye banking licence
With the Reserve Bank of India ( RBI) expected to release final guidelines for issuing banking licences soon, two of the country’s largest micro lenders, Bandhan Financial Services Pvt Ltd and SKS Microfinance Ltd, are contemplating applying for banking permits...........
Banking on consolidation
................. As is rightly pointed out, State Bank of India, the “big daddy” of the Indian banking sector, has to become still bigger to funnel the growth story of India — for which the first step would be to merge all its subsidiaries.
India’s gold imports: in for a cut?
........The report is open for comments until January 18 so the markets are moving on suggestion rather than planned action. The fact remains that India contributes a third of global demand for gold, much more than it can satisfy domestically – and the reasons for this are embedded in culture and religion, as well as investment strategy.
RBI defends stance on investing in gold
.........“The argument that a central bank which had diversified its own assets into gold has no moral right to preach against investment/import of gold is missing an important point. A central bank diversifying its dollar reserves into gold is entirely different from private agents in a country having capital controls investing in gold as it has the same effect of allowing such assets to be held in foreign currency,” said G Padmanabhan, Executive Director, RBI in his speech in Thiruvanathapuram on Wednesday............
Gold loan NBFCs’ growth warrants close monitoring: RBI panel
The KUB Rao Working Group has come out with tougher guidelines and asked for better documentation, standardization of interest rates, stricter KYC guidelines and more transparency from gold NBFCs. But the market has interpreted it as being good for gold loan companies.......
Solving the gold riddle
.... the Reserve Bank of India panel’s suggestion seems more rational. While recommending restrictions on gold imports by banks and agencies such as MMTC, which control about 56 per cent of gold imports, it has also acknowledged that the answer to the problem lies not in just curbing the demand but in providing alternatives that give real returns, adjusted for inflation..............
What’s missing in govt’s fight against gold
...........The yellow metal’s status as an investment in India is almost new found. For most Indians, it is just jewellery, which is by and large linked to social status. Gold is also an important part of the dowry (psst!!) in most part of the country. So, how far will the government’s initiatives and the RBI panel’s suggestions be effective in addressing such issues? Very little. As long there are no steps to tackle such traditional and conservative customs still prevalent, gold will remain key for Indians..............
Smuggling to rise on RBI's new plans for gold: Experts
........“Instead of curbing gold imports in India, the governments of China and the United States are encouraging individuals to possess more gold. Hence, the government must understand that gold is not a liability but an asset which makes its holder wealthier,” ...........
Thursday, January 3, 2013
Y.V. Reddy to head 14th Finance Commission
Reddy's self-discipline would come in handy while tackling challenges
During his stint as Governor of the Reserve Bank of India (RBI), it was alleged he was too conservative. However, through tough lending standards, to a large extent, Yaga Venugopal Reddy had insulated the Indian banking system from the effects of the sub-prime crisis that led to the global financial meltdown in 2008. Now, as he sets about steering the 14th Finance Commission, he would have to suggest ways to the Centre and the states to augment their resources at a time when the Union government is seeing tough times on the financial front. Reddy is an early riser. Speaking to Business Standard two years earlier, he had said this had resulted from a rural upbringing. “When you live in a village, you wake up with the sun and go to bed once it sets,” he had said. It is this discipline that would keep the former bureaucrat (1964 batch of the Indian Administrative Service) in good stead in striking a balance between the conflicting needs of the Centre and the states............
2012 was the most challenging year, says Subbarao
Chidu shows RBI who’s boss: but is this what he should do?
The decision of the government to decline an extension to Subir Gokarn as Deputy Governor of the Reserve Bank of India (RBI) does not speak well about our politicians’ tolerance of regulatory autonomy. The finance minister has been trying to pressure the RBI into cutting rates, but Governor D Subbarao has resisted these attempts so far. Gokarn, as his deputy in charge of monetary policy, has been a key player in this. That he is not being given an extension – normally, there is no reason to deny anyone a full five-year term, unless the incumbent has done things to deserve a truncation after three years – means that P Chidambaram wants to send a message on who’s boss to the RBI.........
Urjit Patel: Well cast for new role
...........In fact, this will be his second stint with the RBI. From 1995 to 1997, he served as an advisor, on issues ranging from development of the debt market to pension, banking reforms and exchange rates.........
Urjit Patel appointed as RBI deputy governor - banking secy
Read.........
Urjit Patel succeeds Subir Gokarn at RBI
The stress is showing
.........India’s exports have been declining month after month, as the prospects of a revival in the principal markets of the developed world have not improved. Imports of two commodities, gold and petroleum, have remained sticky and account for a substantial portion of the imbalance. Various measures adopted by the government and the RBI to curb the demand for gold have had limited success. Past experience suggests that measures such as physical controls will be counterproductive and encourage illegal trade. One promising route, though relevant only for the long term, is to popularise gold-based financial products to wean away consumers from their old preference for gold..........
Gearing up for banking reforms
.........When called upon to issue fresh private sector bank licences, it is right and proper for RBI to have sufficient powers to inspect the accounts and business of any associate enterprise of the applicant bank. Associate enterprises that have significant influence in the making of financial or policy decisions also come within the ambit of proposed amendments. The Act equips the regulator with substantially enhanced powers. Nonetheless, until such time as the Bill completes its formal process of enactment, aspirant companies seeking to enter the banking industry concurrently need to be well prepared.
Banking Reform Needs Focus
......A focus
on inclusion would be most timely. It would coincide with the
introduction of direct cash transfers. The scheme is billed as a
game-changer for routing government payments and subsidies. It could
prove a game-changer for banks as well. Millions of accounts will have
to be opened
that carry the promise of huge float funds. Because it meshes economic
priorities with the long-term commercial interests of banks, financial
inclusion should now be the focus of banking reform. If this is
accepted, we have a basis for dealing with licences for NPBs. Among
non-banking finance companies, those that have a network of branches in
the interior should have priority. As for industrial houses, the issue
of licences must be clearly linked to the objective of financial
inclusion.........
RBI may meet NBFCs this month for finalisation of norms
....."The central bank is likely to hold a couple of meetings in January before finalising the guidelines with regard to NBFCs," an industry source said. The apex bank had released the final draft guidelines on NBFCs, based on the recommendations of Usha Thorat committee report, last month...........
Why 2013 will be a crucial year for chief economic advisor Raghuram Rajan
.........For Rajan, known for his famous contrarian view in 2005 on a financial disaster in the making, way before the global meltdown, 2013 is when he will be watched to see how he manages to shape fiscal and financial policies — this time as an insider in the government. ............
Grameena Vikas Bank opens 105 ultra small branches
As part of the financial inclusion drive, Andhra Pradesh Grameena Vikas Bank (APGVB), a regional rural bank sponsored by State Bank of India, has opened 105 ultra small branches in the state on January 2 . These branches are being operated by business correspondent agents (BCAs) by leveraging biometric technology with the help of hand-held mobile devices to offer banking services in small villages having population of 2.000 and above, the bank said in a press release..........
RBI eases KYC norms for money changing activities
The Reserve Bank today eased the 'Know Your Customer' (KYC) norms for money changing activities. "If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her, the document may be accepted as a valid proof of both identity and address," RBI said.........
Stricter norms suggested for gold loan firms
........RBI had set up a working group under the chairmanship of K U B Rao, a senior executive, to study issues related to gold and gold loans by non-banking finance companies (NBFCs). Their draft report has been published on the central bank’s website for suggestions. The group has suggested gold loan companies should consider only the price of the yellow metal and not the jewellery making charges and other taxes in determining the value of the gold...........
NBFCs, banks may continue to deliver gold loans: RBI panel
......."The financial performance of the gold loans NBFC's and the current level of their borrowings from the banking system are not of significant concern. There appears to be no immediate systemic implications in terms of domestic financial stability due to the interconnectedness of gold loans NBFCs and banking system," said the working committee, which was constituted under the chairmanship of K U B Rao, Advisor, Department of Economic and Policy Research, RBI; to study the gold loan business in India............
RBI working group revives gold bank idea
Does India need a gold bank? The debate has been stirred alive by a working group of the Reserve Bank of India (RBI) after more than two decades. The government had proposed the idea of setting up a gold bank back in 1992. The idea was in cold storage for long until the worrisome contribution of gold imports to the current account deficit last year prompted the central bank to constitute a working group to look into the rising demand for the yellow metal...........
Design innovative financial instruments to curb appetite for gold: RBI tells banks
........"Demand for gold will come down commensurately with the availability of alternative instruments for investment with real rates of return. The fact that major portion of individuals' savings are channeling into physical assets, such as, gold and real estate indicates that there is vast scope for the banking system to take advantage of these opportunities." The Reserve Bank's suggestions came on the day when Finance Minister P Chidambaram said the government is considering steps to make gold imports more expensive........
She swallowed coin as child, retrieved it 24 yrs later
......."Usually we have children coming in with coins stuck in food pipes. But such a case, where it has been stuck for so many years, is a first," said Dr Aparna Deshpande, professor of surgery, KEM Hospital. It took a multi-disciplinary approach and a team of 20 doctors from surgery, gastroenterology, ENT and anasthesia to unstuck Ahire........
Wednesday, January 2, 2013
Economist Urjit Patel to be new RBI Deputy Governor
Economist and public finance expert Urjit R Patel is set to be named as the Reserve Bank of India’s deputy governor in charge of monetary policy, replacing Subir Gokarn who left office on December 31 after a three-year term and a one-month extension. Sources said finance minister P Chidambaram has approved Patel’s name for the crucial post as recommended by a panel comprising governor D Subbarao and department of financial services secretary DK Mittal. A formal announcement is expected shortly. Patel — now a consultant with Boston Consulting Group — is credited with over a decade’s experience in the Indian financial sector with a focus on funding private infrastructure projects. For Patel, a PhD in economics from Yale University and an MPhil in economics from Oxford University, the assignment is a homecoming of sorts, as he had an earlier stint with the central bank as advisor. He also worked with the finance ministry for a while, making him the ideal choice for deputy governor who has to do a fine balancing act in monetary policy formulation. Patel’s task in assisting the governor in monetary policy-making is, however, not going to be easy, with the government and the RBI not exactly on the same page on whether the time has come to cut interest rates........Subbarao to handle monetary policy dept
Reserve Bank of India's Governor D Subbarao has taken charge of the monetary policy department following completion of Subir Gokarn’s term as Deputy Governor. The government is yet to announce Gokarn’s successor. Gokarn’ term, who was looking after departments like monetary policy, financial markets and economic research and policy, among others, as Deputy Governor came to an end on Monday..............
My View on "'Grace'ful boss I ever had.............."
I worked with Grace for a brief time and that gave me an opportunity to see her personally and officially at close quarters. My experience brings to mind what Mr.S.A.Hussain used to say about her -- "Grace full of grace !" Very meticulous, diligent and hardworking, she never lost her equanimity no matter what the stress of the moment might be. Best of all, I enjoyed her sense of humour! Her masterly understatements and dry humour often kept me in stitches. I wish her a very fulfilling and happy post superannuation as I don't think she will be leading a retired life.
- Kamala Rajan, Chief General Manager, UBD
Yes, Ms Grace is a person full of love and grace. I have always enjoyed prefacing my conversation with her by saying "with the grace of Grace"!! My wife, Chitra and I wish her a lovely retired life.
- A.Chandramouliswaran, Former Executive Director
VITALINFO - True to its name.........
I am getting a good feed back from my friends circle who ever has access to the VITALINFO site. In one place they get to know what is happening in entire banking and finance.
With regards,
- Dr T.V.Gopalakrishnan (via e-mail)
Microfinance institutions drift from traditional Grameen lending model
Faced with the challenge of bank funding and stringent regulatory norms, many microfinance institutions (MFIs) are drifting from the traditional Grameen model of lending. The idea is to reduce operational cost, while maintaining low default rates. Many MFIs, especially those in the southern states, are experimenting with a monthly repayment system, rather than weekly repayment, to reduce costs.......
Discussion Session - NBFC Sector
Discussion Session on RBI’s Draft Guidelines based on Usha Thorat Committee Report on Issues and Concerns in the NBFC Sector..........
Read...........
Cash at your fingerprints
....Visa has tied up with the Unique Identification Authority of India (UIDAI) to develop a payments ecosystem atop the Aadhaar platform that will facilitate financial inclusion and boost the electronic payments culture in India...........
RBI may seek heavy duty on gold imports
........“RBI wants a clampdown on gold imports,” said an official, on the condition of anonymity. “It has intimated the government that the duty amount should be significant and the government should make gold imports difficult.”...........
Small biz loans in poor growth, RBI moves to aid
....Taking cognizance of this fact and also taking into account finance minister P Chidambaram’s emphasis on increasing priority sector lending, the standing advisory committee of the Reserve Bank of India (RBI) has recommended for setting up of centralised credit processing (CPC) cells. While instructing the banks to set up CPC cells for MSMEs, the deputy governor RBI, KC Chakrabarty said that these cells would act as a single-point appraisal, sanction, documentation, renewal and enhancement of loan mechanism.......
Our profit margin will come down in FY14 & FY15: Shriram MD
Q. In line with banking standards, Usha Thorat committee has proposed a lot of regulatory changes. If implemented, how would those impact your company?
A. We may be impacted due to higher provisioning norms against bad loans. The committee proposed to lower the period from 180 days to 90 days. Provisions will go up due to this. Consequently, profit margin will come down. In FY14, it proposes to adhere to 120 days and then by FY 2015 it will come down to 90 days. They want it to do this in a staggered format...........
Small pvt banks in wait mode
Small and mid-size private banks are not in a hurry to pare their lending rates, even as HDFC Bank, the second largest private sector lender, said it was reducing its minimum lending rate, the Base Rate (BR). While most bankers agree lending rate cuts are imminent, they prefer to wait for a signal from the Reserve Bank of India (RBI) on the direction. Small private banks will also watch the action of bigger rivals such as State Bank of India (SBI) and ICICI Bank before any revising...........
Post Bank of India set to get shape
.......According to a report by the standing committee on information technology, the proposed Post Bank of India will be a profit-making entity that would essentially help the department of posts in reducing its deficit. The Standing Committee, in its report, has also suggested that the Post bank of India should also provide ATM services in remote areas, besides taking core-banking facilities to the rural areas...........
We have not made up our mind on banking: Rashesh Shah
...........We have to wait for the final guidelines from the Reserve Bank of India (RBI). The board has decided that we must wait for the final guidelines before taking a decision. We do believe that India needs many more banks. We have given our feedback to RBI (on draft norms), asking them to ensure a level-playing field. But we have not made up our mind.........
India's jobless growth story
There appears to be some optimism at least within our small community of financial market economists that growth seems to have bottomed out. The next financial year, 2013-14, is likely to post somewhat better numbers for GDP growth than the median forecast of 5.5 per cent for the current fiscal year. This optimism seems to be based on a number of things: the government finally shaking off its policy funk, which could both improve overall business sentiment and get public sector projects going; the likelihood of the Reserve Bank of India lowering interest rates in response to a moderation in inflation; a marginally better external environment and so on. I have a similar view and see no reason to take a contrarian stance. However................
India’s fiscal cliff: Why Chidu may be praying for inflation
............Chidambaram has been shouting from the rooftops about the need to bring down rates. If the RBI finally succumbs to this pressure, Chidambaram will end up fanning the same fires that he has to douse—a rising CAD, and rising inflation spurred by cheaper money. If higher growth spurs a further rise in CAD, the rupee will take a toss, and accelerate inflation..........
Direct cash transfer scheme fails to take off
.....Officials said that the glitch in linking bank accounts with the Aadhaar number is the failure to bring some key banks like Andhra Bank and the State Bank of Hyderabad under the Aadhar-based platform. Most beneficiaries have their accounts in these banks. They were brought under the Aadhaar platform only recently on the directions of the Finance Ministry and the RBI and necessary technical adjustments were being made.....
Tuesday, January 1, 2013
Executive Directors - Portfolios
Shri G.
Gopalakrishna
1. Department of
Communication
2. Secretary’s
Department
3. Department of Banking Supervision
4. Financial Stability Unit
Shri D.K. Mohanty
1. Department of Economic & Policy Research
2. Department of Statistics & Information
Management
3. Monetary Policy Department
Shri S. Karuppasamy
1. Legal Department
2. Premises Department
3. Urban Banks Department
4. Right to Information Act (also First Appellate
Authority)
Shri R. Gandhi
1. Human Resource Management Department (including
Rajbhasha)
2. Central Security Cell
3. Internal Debt Management Department
4. Department of Currency Management
Shri P. Vijaya Bhaskar
1. Department of Non-Banking Supervision
2. Risk Monitoring Department
3. Financial Markets Department
4. Department Expenditure & Budgetary Control
Shri B. Mahapatra
1. Department of
Banking Operations & Development
2. Department of Government & Bank Accounts
3. Inspection Department
Shri G. Padmanabhan
1. Department of Information Technology
2. Department of Payment & Settlement Systems
3. Foreign Exchange Department
4. Department of External Investments & Operations
Shri Jasbir Singh
1. Deposit Insurance and Credit Guarantee Corporation
Dr.(Smt.) Deepali Pant Joshi
1. Customer Service Department
2. Rural Planning & Credit Department
3. Alternate Appellate Authority (under RIA)
HNY - 010113
For a better future and success
New Year gives us dream for that
We will face challenges with confidence
On this new year may your dreams and hopes
Succeed with the blessings of god
Happy New Year and Seasons greetings
Deepali Joshi elevated as ED, RBI
Read - HBL
Urjit Patel Seen as Frontrunner for RBI Deputy Governor’s Post
..........The
government is likely to announce the appointment of Patel as the new
Deputy Governor — in charge of monetary policy — ahead of both Gokarn
and Kalpana Kochhar, an economist with the IMF, said a person aware of
the government’s thinking. The race was largely supposed to have been between Gokarn and Kochhar, according to a story carried in this paper as well as others. Patel
has worked in a diverse range of institutions, both in public and
private sectors. These include stints with the IMF and as a consultant
to the ministry of finance as well as two years at the RBI between 1995
and 1997.......
Think Again, Finmin!
Govt's reported move to replace Gokarn as RBI Dy Governor will be seen as a move to punish independent thinking. According to news reports the Reserve Bank of India (RBI) is set to have a new Deputy Governor in place of Dr Subir Gokarn whose term expires today. This is most unfortunate. Rightly or wrongly, Gokaran is seen as the man who, as the Dy Governor in charge of the monetary policy division of the Bank, was the person who (rightly) stood his ground and opposed the finance ministry's short-sighted efforts to keep interest rates suppressed artificially...........
Gokarn demits office; govt yet to identify his successor
..........This is not the first time that the post of a Deputy Governor remains vacant but there has not been any instance, at least in the past one decade, when RBI did not have a Deputy Governor holding charge of monetary policy.
Gokarn term ends, govt yet to appoint RBI deputy governor
The extended term of Reserve Bank of India (RBI) Deputy Governor Subir Gokarn ended on Monday. The government, however, has not suggested any name for the post...........
New year starts with a number of reasons to worry
.........Current account deficit was at $22.31 billion in the September quarter,
up from $16.4 billion in June and $18.9 billion in the September quarter
last year, RBI said. Nearly two-thirds of the deficit are being funded
by overseas portfolio inflows, which are considered volatile. "Steeper decline in exports compared with imports led to the widening of trade deficit," RBI said..........
RBI interference in banks' pricing decisions would be highly retrograde
......As for the argument that banks must price education loans lower than housing loans because education will 'change the fortunes of the country', we would like to remind the Dy Governor that banks are in the business of banking (read taking deposits, repayable on demand, for the purpose of lending), not changing the fortunes of the country. That is the government's mandate. If government wants any particular sector to be given special treatment, the way to do that is offer interest subvention through the budget, not by asking banks to step into the shoes of the government. It is unfortunate when a Dy Governor of the RBI, and a former commercial banker to boot, fails to see this difference.
Strike by RBI staff deferred
......The forum said in a statement that the decision to defer the strike was taken after the RBI management gave an assurance that the currency and coins counters of the central bank across the country would not be closed from tomorrow............
Traders resent closure of RBI exchange counters
..........“The Reserve Bank had made it clear that it will ask commercial banks to start exchange counters for small notes and coins. But, this will not be effective since they will not give due consideration to this service. This move is as part of RBI’s withdrawal from retail functioning. In order to provide maximum service for the public RBI as well as commercial banks should provide this service,” said K S Raveendran, central committee member, All-India Reserve Bank Employees Association.
Pensioners asked to have account in nationalised banks
.....Pensioners, who have been drawing their pension from banks other than that of nationalised banks, have been asked to open new bank accounts in nationalised banks immediately. This follows an advisory issued by the Reserve Bank of India to disburse pension only through authorised nationalised banks...........
Centre keeps veto over bank boards
..........Interestingly, the delegation is not absolute as it comes with a ‘public interest’ rider. The notification says that the move is subject to a condition that “the central government may revoke such delegation of powers or may itself exercise the powers under the said sections, if in its opinion, such a course of action is necessary in public interest.” Thus, while RBI will have new powers, the government acting through MCA will have a veto.........
RBI to compile list of MSMEs lacking access to bank credit
......While welcoming the RBI’s move, the president of the Tirupur Exporters Association (TEA), A Sakthivel, said, “The government keeps saying that a certain portion of bank credit should be kept aside for MSMEs, but there is no monitoring. They should have a mechanism to monitor whether the target is achieved or not, and stringent action should be taken against banks which do not meet targets.”..........
Coming of age: Digital payments
.....Statistics from the Reserve Bank of India on the Indian payment system throw up several interesting facts. Mobile penetration in India (approximately 75 per cent) far exceeds banking penetration (approximately 20 per cent). The value of banknotes and coins in circulation as a percentage of GDP (12.04 per cent) is very high when compared to other emerging markets such as Brazil, Mexico and Russia. Non-cash transactions per person is a meagre six per year. Over Rs 11 lakh crore is held as cash rather than in banks. ATM penetration is among the lowest in the world, at 72 ATMs per one million people........
Maha State Coop Bank turns black, proposes to achieve 12% CRAR by FY17
Maharashtra State Cooperative Bank (MSCB), which is under administrators' rule since May 2011 after its board was dissolved by RBI for poor financial conditions, has turned black. From minus 1.50%, MSCB’s Capital to Risk (Weighted) Assets Ratio (CRAR) rose to 8.5% as on date and it is expected to increase to 12% in 2016-17. MSCB’s gross NPA of Rs 2,584.87 crore have come down to Rs 2,179.69 crore as on march 2012 which would be further reduced to Rs 1,600 crore by March 2013. The Bank aims to bring down gross NPA below 5% by 2016-17..................
More loans, new banks, less rates: It may all happen in the New Year
....." In view of inflation pressures ebbing, monetary policy has to increasingly shift focus and respond to the threats to growth from this point onwards." If promise turns to action and takes effect in January, it will mark the beginning of a new round of frenetic activity that ropes in several other sectors, notably consumer durables, automobiles, housing and others as banks view to sell more loans and make the deals sweeter, faster and larger. All in all, it sounds like as promising a start as can be for the banking sector in general, notably retail loans that more and more banks seek to covet as they shy away from large scale lending in the light of poor experiences with large borrowers.......
Cheque out the new system
................The standardisation would also help banks to directly process the data to their Core Banking System without manual intervention. Considering the advantages in the new CTS-2010 standard cheques, the RBI has decided to withdraw the old non-CTS 2010 standard cheques from circulation by calling upon the banks to get back the old cheque leaves from their customers and replace them with new CTS-2010 standard cheques. The deadline for the replacement is March 31, 2013.....................
State Bank launches pre-paid mobile wallet
......State Bank of India (SBI) has launched State Bank MobiCash Easy, a mobile wallet which offers facilities such as fund transfer, bill payment, balance inquiry, mini statement, mobile top-ups and DTH recharge to name a few. It is a pre-paid account accessible over mobile phones, enabling consumers to send remittances to any bank account, transfer funds to other wallets issued by SBI. At present, money withdrawal is not allowed, and the customer is not required to fulfil the KYC (know your customer) norm.......
Monday, December 31, 2012
Subir Gokarn in race with World Bank's chief economist Kalpana Kochhar for deputy governor post of RBI
Subir Gokarn, the incumbent, and Kalpana Kochhar, the World Bank's chief economist for South Asia, are being considered for the post of Deputy Governor of the Reserve Bank of India. A committee headed by RBI Governor Duvvuri Subbarao and including DK Mittal, secretary in the department of financial services, has shortlisted Gokarn and Kochhar, said two government officials with knowledge of the matter...............
Read - ET
RBI set to get a new dy governor
The Reserve Bank of India (RBI) is set to get a new Deputy Governor, with the government deciding against giving any further extension to Subir Gokarn. The finance ministry had earlier extended Gokarn’s tenure till December 31, after his three-year term expired in November. Gokarn, in charge of the monetary policy department, was appointed in November 2009. “An order naming a new deputy governor was expected anytime now, maybe on Monday itself,” a source said. Among the names doing the rounds in the finance ministry are Kalpana Kochhar, chief economist for South Asia with the World Bank, and economist Urjit R Patel. However, no confirmation was available on the names................
Executive retirement
To coincide with International Secretary's Day, and keeping in view the fast changing environment in the Bank, the Private Secretaries had organised a PS MEET during December 1 – 2, 2007 at CAB, Pune wherein PSs from all Centres were invited. The theme of the MEET was "Quest for Self Excellence". A website (http://mangesh.tarambale.
'Grace'ful boss I ever had..............
Retiring
from the Reserve Bank is in itself a great pride but when it comes to Madam
Grace Koshie, the Bank will be losing one of its best yet again, to retirement.
Madam Grace Koshie, is retiring today, i.e. on 31st December 2012 after holding a very responsible position as
Secretary & Chief General Manager of Reserve Bank of India. It was an honor
and a pleasure working with her, as her Private Secretary, for over 5 years.
Qualities that she displayed are far beyond words. Her soft spoken words,
making us to understand and work to perfection are her hall mark qualities. Working
under & alongside her, for the last years of my tenure with the bank was a
great and satisfying learning experience. I enjoyed a lot of freedom but at the
same time learnt the disciplined way of functioning as a responsible Private
Secretary under her guidance. No harsh words were ever expressed nor an
environment of unhappiness I faced during my tenure as a Private Secretary to
Grace Koshie, though she was responsible for handling the most challenging
portfolio of directly reporting to the top management in conducting crucial
Board Meetings and Top Management Committee Meetings and to coordinate very
important meetings between the RBI and other Government organisations including
foreign delegations. By virtue of my being Private Secretary to Grace Koshie, I
learnt many techniques in handling sensitive situations and was always guided
by her ever loving approach. I had never seen Madam Grace Koshie to express or
display an upset mood in spite of mounting official pressures. She is, in short
a lovable lady with high degree of sincerity and a great guiding lamp to all
those who worked under her. This I am confidently speaking taking the advantage
of my age – where I am older to her.
Efficiency and Effectiveness are the qualities which require grooming
and those who worked under Grace Koshie would have been brought up and nurtured
with love and affection to earn these qualities so easily with her grace and
humane approach. It was an honor to work with Grace and I wish and pray to God
that he may bestow his limitless grace to her and her family and may she enjoy
a peaceful and healthy retired life.
- Mrs.
Rita Fernandes (9833363073)
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