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| VITALINFO could not be updated for 5 days since I was on family vacation. I received several calls, e-mails and sms asking reasons for the missing VITAINFO. I am short of words to thank all the avid readers of VITALINFO................... |
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.
Wednesday, January 30, 2013
Missed u so much............
‘Central Banks’ Autonomy is an Overrated Fiction’
....I
believe the autonomy of central banks is a fiction. I also believe it is
much overrated. The question in the political economy of central
banking is “independent of whom?” central banks are deeply political
institutions and it is disingenuous to pretend otherwise. The struggle
to determine how they should allocate credit and to whom is very
emotion-charged and important to examine closely. Should central banks
be independent of humans in the name of some abstract notion called
price stability? If so then what is the value of price stability in
bettering the lives of the citizens? .......
RBI wants to issue new licences as soon as possible: Subbarao
......It’s in the final stage. We had consulted the government. They have made certain points to which we have responded, and I don’t know how many reiterations it might go through; but now we are awaiting the government’s response to that. Both the government and RBI will want to launch this as soon as possible.
RBI: Urgent need for new investments
.......Subbaro has clearly passed the buck to the government to create an environment which encourages investment, both from within the country and from outside. Government’s focus currently is more on attracting global capital rather than improving domestic sentiment. Here the governor points out to the precarious Current Account Deficit (CAD) scenario which has touched an all-time high and is unlikely to come down soon. In fact he has warned that ability to attract foreign exchange will be hit if the economy slows down further..........
RBI pushes for inflation-linked bonds, buyback of gold by banks
..... “We had a discussion with banks today on introducing inflation-indexed bonds. We had introduced these bonds some years ago, but this time we would be redesigning them. We consulted banks if these would be successful. Banks asked us to which inflation index the bonds would be linked, say consumer price index or wholesale price index or any other index, and what interest rate will be offered. They asked us if these bonds would attract retail investors or bulk investors.”......
RBI wants banks to raise lending to exporters; sets up panel
Worried over the low share of export credit in the books of banks, Reserve Bank Governor D Subbarao today constituted a technical advisory group to look for solutions to help the sector. The announcement of the committee, to be headed by RBI Executive Director G Padmanabhan, comes on the same day when Subbarao declared the burgeoning current account deficit as "biggest risk for inflation and macroeconomic management"..................
CRR cut to perk up investments, affect interest rates: Montek Singh Ahluwalia
 |
| "The Cash Reserve Ratio (CRR) cut will be welcomed by the markets because it will essentially create more resources for the banks to lend. I think this is the right thing to do at this point given that we feel that economy is beginning to bottom out,"......... |
RBI rate cut to stimulate growth: C Rangarajan
 |
| "RBI has taken a very balanced view. This will ensure that stimulus is provided to growth while continuing efforts to contain inflation. The RBI will cut rates if inflation behaves as per its projection,"........ |
New director on SBH board
Hyderabad: The Government has nominated social activist Syed Mazher Hussain as Director on the Board of Directors of State Bank of Hyderabad. He would be on the board for a period of three years with effect from January 16, according to a release.
Financial literacy including populating Electronic Payment Products – visit to Mumbai Marathon and staff colonies
Mumbai Regional Office of
Reserve Bank of India took the opportunity of spreading awareness on electronic
payment products during the event of 10th Mumbai Marathon on January
20, 2013, which witnessed participation of more than 35,000 persons of about 165
companies. The awareness was done through distribution of leaflets related to
electronic products (NEFT/RTGS) in various languages to the participants of
marathon and general public. This was well appreciated by Hon’ble Governor of
RBI and Regional Director for Maharashtra and Goa of RBI. Mumbai Regional
Office of RBI also took the awareness campaign at the resident colonies of RBI
employees at Mahim and Malad, on 64th Republic Day by distributing
leaflets in regional language on NEFT/RTGS. The residents were also explained the
benefits of using electronic methods of payments in terms of ease, low cost, fast
and security
Over to government now
With RBI doing its bit by cutting repo rate 25 bps, indeed more if you keep in mind no one expected the 25 bps CRR cut, the focus is once again back to the government and what it plans to do to fix India’s growth prospects. RBI’s rate cuts, needless to say, were along expected lines given the slowing in core inflation and in economic growth............
Subba’s Big Bang Theory
I thought the world will end on December 21, 2012 as the Mayans had said - and as the physicists say we go into a Big Bang collapse - and RBI will disappear with a high inflation record. That did not happen so we are in a relentless pursuit of higher growth and lower inflation.................
Central bank’s risky bet
..............RBI underscored this concern both in its macroeconomic review and policy statement. With such a large external vulnerability weighing on the economy, making it cheaper for exporters, importers, and companies with foreign exchange obligations to short the currency isn’t what any central bank would prescribe, regardless of the growth-inflation dynamics. But RBI chose to do so. And in doing so it added to the very risks that it exhorted us to guard against.
Timing it right
At the customary press conference after the monetary policy announcement, RBI Governor Duvvuri Subbarao was asked whether he cut the policy rate this time around because he might have missed the bus with inflation expected to head up again next fiscal. “I may have missed many buses,” Subbarao said laughing, and much to the amusement of those present.
FE
Inflation still an issue, so’s CAD: D Subbarao
... By far, the biggest risk for inflation and macroeconomic management is current account deficit (CAD) – not just high CAD, but high CAD amidst slowing growth and high fiscal deficit. If inflation eases more than we expect it to and if CAD moderates further, there will be more room for monetary policy easing. However, if inflation rate and CAD move along currently expected lines, then the scope for further easing will be limited. We expect CAD to be lower in the fourth quarter – it has to be significantly lower..............
Challenge for banks to pass on RBI rate cut: Indian Overseas Bank Chief
................Stating that RBI has "guardedly" cut policy rates, public sector Indian Overseas Bank today said it would be a challenge for banks to pass on the benefit of the rate cut to push growth.............
The dilemma remains
......Monetary policy’s traditional dilemma of supporting growth versus countering inflation can perhaps never be fully reconciled but the compact and lucid third quarter review has done a very good job of articulating an inherently complex stance.
RBI delivers twin cuts, stays cautious
Shedding its nine- month long hawkish monetary policy stance, the Reserve Bank of India ( RBI) reduced its key interest rate by 0.25 per cent and decided to inject Rs 18,000 crore liquidity into the system to perk up sagging growth.....
RBI could have cut rates a bit more
A symbolic rate cut
.........Now, nobody in his right mind would dislike higher growth, but, again, no one in his right mind would like to trade higher inflation with higher growth. It is this balance between growth and inflation that the RBI has been mandated to strike while formulating its monetary policy............
Cash injection
I t is wrong to believe that the Reserve Bank of India’s (RBI) decision to cut its benchmark interest rates by 0.25 percentage points has been a result of succumbing to pressures from the Finance Ministry or India Inc. The reduction was inevitable even from a technical standpoint...............
Wrong diagnosis, wrong prescription - A.Seshan
The announcement by the Reserve Bank of India (RBI) of the relaxation in policy rates and the Cash Reserve Ratio by 25 basis points each is the result of the wrong diagnosis of the current situation that is no different materially from what it was on the occasion of the last review. The basic causes are the wrong benchmarks used for measuring inflation and liquidity.........
A well-calibrated monetary policy: S S Mundra
....At this juncture, the major worry for the Reserve Bank of India (RBI) is the stresses on balance of payments and their implications for the currency and overall macroeconomic stability. Hence, in its economic review, it has said even if inflation recedes further, the wide current account deficit may slow the pace of monetary policy easing. RBI has also sensitised the public about the inflationary risks originating from suppressed inflation, pressure on food prices and high inflation expectations getting entrenched into the wage-price spiral.............
India Inc happy about RBI rate cuts
Reeling under slowdown, India Inc. today hailed the Reserve Bank of India’s move to reduce repo rate and CRR by a quarter per cent, saying it will spur growth and ease the prevailing tight liquidity condition..........
Canara Bank to open 2,000 ATMs by March 2014
.....“In order to increase our delivery channel, we will be opening 2,000 ATMs by March 2014,” Canara Bank’s executive director AK Gupta said while inaugurating the first e-lounge of the bank in the capital.......
Thursday, January 24, 2013
Obituary
Former Executive Director I.T.Vaz passed away this afternoon (24th January 2013) in Jaslok Hospital at Mumbai. She had developed blood clots in brain. Funeral will be on Saturday morning at Stephen Church, Warden Road. This was informed by her neighbour Mr. Erick Lobo (9224524003).
May her soul rest in eternal peace.
Rough, tough and impossible........... 'Her'story is now history.....
Crusty,kind. Tough, soft. Fiery, nurturing. Bitter, sweet. Gumption and guts in equal measure - ITV
She was my first Deputy Chief Officer in the erstwhile Agriculture Credit Department. Many many years ago. I remember our first meeting. " So you are the new wonder boy in the Bank. Just you remember this is ACD. This is the best Department. More we are a family. We take care of our own. Do you follow? Ofcourse, I did'nt. But I nodded. Don't shake your head young man, speak up. That was ITV. Straight. Both barrels at a time at a time in an institution where words were carefully measured and counted.
She was my Principal Inspecting Officer, and I have seen her trudge uphill and down dale visiting Primary Societies, branches in far flung, remote areas - unafraid, giving all the men a run for their money and putting errant Board of Directors to flight. She was my Chief officer. My Executive Director. I have seen her face the Governor and all the Deputy Governors together on an issue where she thought giving in would detract from the stature of the Bank. When it looked as if she was going to lose, she gathered herself and said " Sir in that case I would like to record my dissent. I do not want those who come later to say that no one protested" I was there. I have also had the dubious privilege of being thrown out of her room. I was protesting on a decision which had been taken at a much higher level and telling her to go and articulate her real feelings. She explained things to me twice or thrice and then said " What is your problem.? Go. " I stood my ground. " In that case will you get out of my cabin". I did. So did she. But we headed in different directions. I down. She to the 18th floor.
And now it is too late for me to say Ma'am, i was so proud of you. I could go on and on. She was rough, tough, absolutely impossible at times but she was a great boss, a great. Lady, a great friend.
God, wherever you are, look after her.
- Dr.Y.S.P.Thorat, Former ED, RBI & Former Chairman, NABARD
Chidambaram says no rift with RBI on rate cut
........Terming it as a "healthy debate", the finance minister said that the final call will be made by the central bank which in line with its independent existence. The statement comes days before RBI's quarterly policy review on Tuesday. Over the four months or so, the finance ministry has gone public with its suggestion to shift to a monetary easing stance given the severe moderation in industrial growth and a decline in exports. ...........
RBI Governor likely to meet Chidambaram tomorrow
NEW DELHI, JAN 23: Ahead of the monetary policy review next week, RBI Governor D. Subbarao is likely to discuss the prevailing domestic macro-economic as well as global situation with Finance Minister P. Chidambaram tomorrow.........
Fake currency: AP police to have strict checks at airports
..............Andhra Pradesh Police today decided to have more stringent checks at airports by the Customs and Airport Security to curb the flow of fake currency in the state. Last year fake currency of more than Rs 75 lakh were seized from different parts of the state. A decision in this regard was taken today at a meeting of state level committee for detection/ seizures of counterfeit notes/ Fake Indian Currency Notes (FICN), attended by senior officials of RBI, NIA and IB..............
NAFCUB is on the lookout for a suitable person to assume charge as Chief Executive
......The work requires understanding of issues and problems of the urban cooperative banking sector and interacting with RBI and Govt. on regulatory policy, appraising the Board of NAFCUB comprising of members elected from the member institutions, implications of such policy measures, putting up analytical note for suggesting changes in policy, reviewing the performance of urban cooperative banks and sector as a whole,..........
Read...........
Why RBI needs to RAISE interest rates
On 16th January 2013 , speaking at an outreach programme of the Reserve Bank of India (RBI) at Lalpur Karauta village in the state of Uttar Pradesh, India, Governor Dr. D. Subbarao said this: "If you see the currency note, it is printed on it that 'I promise to pay the bearer the sum of Rs 100' and it has my signature as the RBI Governor. What does the promise and signature mean? It means that the RBI will control inflation and maintain its purchasing power". It is another matter that the stream of journalists present did not report this very important statement (see here, for example) when they filed their reports on the event. Either they did not really understand what the Governor said, or did not like what they heard..............
Read........
Read........
Stage set for lowering policy rates
......The market’s difficulty in gauging RBI’s mind and actions has increased of late, with the central bank vacillating between wholesale and retail inflation as its policy anchor. While it makes sense to anchor inflation at the consumer level from the common man’s perspective, the monetary authority has only limited influence on consumer price outcomes...................
My View on "RBI needs to stimulate growth as containing inflation: FM"
The FM does not manage RBI, but he ensures that his intentions and desires are scrupulously followed. Holding the power even to fix the salaries and pension of RBI staff and making the institution to gradually lose its international image as a well run Central bank, the Finance Minister dictates terms to RBI. Except for the last few months where the Governor has been stubborn, (only in its monetary policy stand) the FM has made RBI to function as the ministry wants. These pronouncements mean nothing but to confuse the public.
- Dr.T.V.Gopalakrishnan
Banking licences: Corporate honchos rule out conflict of interest
....... “More than the ownership, RBI needs to put greater emphasis on corporate governance, transparency, the business model and long-term commitment. This will ensure organisations, corporate or otherwise, obtaining banking licences engage in fair business practices and operate within the regulatory framework, as prescribed by RBI,”.............
New secretaries named in finance ministry
The government on Wednesday appointed 1979-batch IAS officer Rajiv Takru as secretary in the department of financial services in the finance ministry. In another key appointment...........
Retirement planning: Why you should avoid the New Pension System
..................More than three years ago, we were excited by the NPS. But continuous tinkering and no PFRDA Act have changed the scenario. Unless the government addresses all the issues we have detailed, stay away from NPS.
RBI bars foreign investors from buying more Pantaloon shares
...."No further purchases of shares of this company would be allowed through stock exchanges in India on behalf of foreign institutional investors," the RBI said in a notification on Wednesday............
SHG and Obama – What a great combination!
All those associated with the micro-finance movement, both in India and
world wide, know pretty well the
expansion of the term ‘SHG’. It stands for ‘Self-Help Group’. On 23 Jan 2013, while reading a news item in
the ‘Firstpost’ on the first ever presidential inaugural ball organised by Indian Americans
to welcome Barack Obama’s second coming and loudly register the community’s
presence, I stumbled on the term ‘SHG Foundation’ in it.
Dr S Santhanam PhD (Eco), CAIIB
General Manager (Retd), NABARD &
Consultant - Development Finance
Pune, Maharashtra
M: +91 9850839776
Read............
Banks may miss RBI's deposit, credit growth estimates
............."I think credit growth is going to be much slower this year than what the RBI has projected because of cumulative slowdown in industrial and economic growth and, unless credit picks up, deposit growth is unlikely to grow,"........
Gold seen ruling firm as inflation hedge
....In the global market, gold was holding at one-month high. In India, any rise in the rupee that will make imports of commodities such as gold, crude oil and vegetable oils cheaper and the steep rise in prices after the Government raised the import duty to six per cent from four per cent will come into play..........
Read - HBL
Will the RBI Dy Governor contradict this article which has come out clealy that investments in gold is to hedge against inflation. The economy today is in a precarious condition due to persisting inflation and without controllintg it nothing can be achieved. It has taken away the ethics ,values morale and social harmony in the society and given rise to aggressive pricing of goods and services by all including the govt thereby letting loose a semblance of anarchy in the management of the economy.Pre liberalisation conditions were much better and things were under control.Now the economy seems to have lost its focus and there is neither growth nor equitable distribution of wealth.The system of Governance has been missing every where and the economy is in a mess where the Gold is the only safe way of investment to protect what ever is left.Time the authorities both the RBI and the Govt sit togother and analyse the mistakes and come around to find a lasting solution to contain inflation.
- Dr.T.V.Gopalakrishnan
Charge prepayment penalty only on fixed rate loan dues: RBI
Home loan borrowers who have opted for fixed rates may have easier terms on their mortgages as the Reserve Bank of India has advised banks to revise the penalty structure on prepayments and charge it only on the outstanding amount. It has also recommended that banks should focus on raising long-term deposits to fund more long-term loans to help reduce the EMI burden on home loan borrowers.........
Is it still too much to expect bonus shares from public sector banks?
The finance ministry and RBI should quickly lay down guidelines for banks to issue bonus shares, and also raise the FII limit to 30% for investment in PSBs, which will not only be another dose of reforms, but greatly assist the PSBs in raising fresh capital from the market............
Indian banks must finance the poor to prevent another subprime loan crisis
....The Reserve Bank of India has published guidelines for micro-financiers and set up a licensing system. Interest rates have been capped at 10-12 percentage points above lenders’ borrowing costs, after the rates they charged customers soared to 28-30% in 2010. And companies are barred from lending to anyone with more than one outstanding loan. The revival looks dangerous, however, as the new rules may not prevent old problems re-occurring......
Stabilising Indian Banks through coercive rights
....Importantly, selling the rights at a discount to the market value or the
book value of the bank does not make the existing shareholders worse off
because after they exercise the rights, they retain the same
proportional ownership of the banks' assets. This is particularly
meaningful in public sector banks, where the government is expected to exercise the rights and, thus, retain its share of control of these banks..........
Reforms to help economy gather pace, shows poll
.......But the poll also showed inflation will remain persistently high, preventing the Reserve Bank of India from cutting rates too aggressively, and that economic growth will not soon return to levels as strong as just few years ago...........
Welcome signs of greater autonomy for public sector banks
...............Elected governments must work towards fulfilling the mandate for which
they are elected. But that must be done using budgetary resources, not
by using the banking system to achieve objectives that fall squarely
within the government's domain. Hopefully, the holding company and NIF,
by distancing PSBs from their ultimate owners (government), will
transform PSBs and make them more like banks and less like government
arms.
HSBC sees only 25 bps rate cut by RBI on Jan 29
.......A cut in the cash reserve ratio (CRR), the amount of deposits banks park with RBI, "is not a given", HSBC said, adding given the liquidity deficit, RBI may "signal continued efforts to bring this (liquidity deficit) down"............
LVB gets RBI approval for 71 more branches
Lakshmi Vilas Bank has received RBI permission to open 71 more branches. The new permission allows the bank to open branches in Metro, urban, semi-urban and rural centres.......
Wednesday, January 23, 2013
RBI needs to stimulate growth as containing inflation: FM
 |
| "I don't manage RBI. I just convey the views of the government. It is for RBI to take a call. Our stated position is that RBI must balance between the needs of stimulating growth and containing inflation," |
Finance Ministry to move cabinet to create debt management office
Recent govt moves to pressurise RBI to ease rates: Ahya
......The government’s measure will probably create some pressure on RBI to act. So, we are expecting a 25 bps cut on January 29. However, if you look at some of the key macro indicators such as deposit growth, CPI inflation and trade deficit, we think ideally it would be better that RBI defers a rate hike to ensure that some of these critical macro stability indicators show some turnaround.......
Disaster resilience norms may become mandatory
.........The Reserve Bank of India (RBI) has directed all scheduled and commercial banks as well as other lending institutions to adopt the NDMA guidelines and insist on the loan applicant to comply with the disaster resistant features laid down by the authority before sanctioning a loan. According to a circular issued by the RBI, the authority has insisted on observing the guidelines on finding that there were certain critical gaps in the context of disaster resilience and hence the guidelines were issued for addressing the gaps before clearing loan applications.............
Creating an economic constitution for india
........There have been a few other attempts at imposing rules on policymakers. The landmark Fiscal Responsibility and Budget Management Act of 2003 essentially meant that Parliament was using its powers to impose limits on government fiscal policy. Being part of the World Trade Organization automatically forces the Indian government to respect global trade policy rules. Another example: The terms of reference of the 14th Finance Commission headed by former Reserve Bank of India (RBI) Governor Y.V. Reddy has an interesting item: “The need for insulating the pricing of public utility services like drinking water, irrigation, power and public transport from policy fluctuations through statutory provisions.”.........
SBI pitches for cut in repo rate, CRR
Pitching for a cut in interest rates and cash reserve ratio by the Reserve Bank, SBI Chairman Pratip Chaudhuri today said the move will boost investment and growth...........
Case for teaser rate return
A panel appointed by the Reserve Bank of India (RBI) to assess the feasibility of more long-term fixed rate loans products today suggested that banks should consider relaunching teaser or dual-rate loans. The panel, headed by K.K. Vohra, chief general manager, internal debt management department of the RBI, however, recommended that a large portion of such loans should carry a fixed rate of interest. Earlier, a small portion of the dual-rate loan was fixed.............
Monetary policy-making under fiscal shocks
........... The need of the hour is to focus more on employment generation and growth, as the ad hoc nature of fiscal adjustments has compounded the problem of inflation uncertainty for India. We feel a reduction in the repo rate of 50 basis points might to some extent negate the disruptive effects of the painful fiscal adjustments.
Microfinance banking
This refers to Subir Roy’s column “The next step for Indian banking” (Value for money, January 16). Despite vigorous branch expansion, the present banking system – both private and public – has not been able to ensure that the vulnerable sections of the population utilise basic banking services. Against this background, it is worthwhile to note that several Asian and African countries have established microfinance banks that cater to basic banking requirements (both credit and savings) of low-income communities with relatively hassle-free procedures. Even a small country like Pakistan has 10 microfinance banks — the last one having been inaugurated last week in Karachi. Then, the Central Bank of Nigeria created a record of sorts by licensing 37 microfinance banks in Kano on a single day on January 13. Indian microfinance institutions could also be considered for conversion into microfinance banks under the New Branch Licensing Policy.
- B Vithal Rao Hyderabad (BS)
Do your worst, Mr C; India isn’t about to give up on gol
........This is really the crux and why finance ministers have been unsuccessful with all their gold schemes. Investing in gold is an indictment of the government’s fiscal and monetary policy. This is what P Chidambaram hates, and why he is making such a song-and-dance about gold imports. Raising duties and banning this or that is no solution to the problem of a repressive fiscal policy that debauches the value of the rupee. Indians’ attraction to gold will be inversely related to the trend in the purchasing power of the rupee at home and abroad......
RBI panel wants banks to go in for more long-tenor FD schemes
A Reserve Bank of India (RBI) panel has suggested that banks should popularise fixed deposit schemes with tenors of above five years as they are eligible for tax exemption. “This would, to some extent, meet the long-term funding requirement of banks,” the committee said. The RBI released the report of the committee which studied the feasibility of introducing more long-term fixed rate loan products by banks on Tuesday.............
Read - The Hindu
RBI for periodic interest reset on long-term fixed-rate loans
The central bank proposed banks be allowed to reset interest on fixed-rate long-term loan products instead of charging a fixed rate throughout the tenure as it will be costlier for a borrower than floating rate loans. Banks could reset interest rates after a period of 7-10 years, said a Reserve Bank of India panel's report on assessing feasibility of introducing more long-term fixed-rate loan products by banks on Tuesday..........
Corporates Getting Ready to Bank
New bank licences are a certainty after a wait of nearly a decade as the Reserve Bank of India prepares to release norms. ET’s Sangita Mehta lists some candidates who could come to own banks......
A SIM can empty your bank account
.........They intercept one time password by obtaining duplicate SIM cards,” says Rakshit Tandon, advisor cyber security. “This is called ‘Identity theft’. The modus operandi is that hackers generate a duplicate SIM. After the SIM gets activated, hackers have access to the account of the victim on the internet. They can easily use the user-id and password and transfer the money. The bank automatically generates a onetime-password (OTP) which is received through SMS on the duplicate SIM as well,” says Rakshit. The fact that the process of acquiring a duplicate SIM is so easy, highlights the laxity on part of the mobile operators, a fact pointed out by CGM, RBI and the banking ombudsman, M Sebastian: “Because of the certain vulnerability on the part of mobile operator, the fraudsters were impersonating and obtaining duplicate SIM cards. About 40-50 complaints were received during 2011-12.” He had then urged the banks to take up the issue with the mobile operators but it would appear little has happened in the matter............
Say Bye To Swipe, Pay With Android Phone Card Reader
Bangalore: Soon the credit card point of sales (POS) will do away with “zip zap” swipe machines, thanks to Android card reader. The RBI has given its nod for a card reader that in conjunction with an android phone, does everything that a POS terminal can do,............
Making payments on the go
........For the last few years, the Reserve Bank of India (RBI), the Mobile Payment Forum of India (MPFI), the National Payments Corporation of India (NPCI) and the Indian Institute of Technology Madras (IITM) have been working with all the stakeholders to construct interoperable and security standards for mobile financial payments and services. Today, over 50 banks and financial institutions have adopted the common standards and architectures which such a service requires.........
CCTVs not functioning in most ATMs
The audit report of the Cyber Defence Research Centre (CDRC) has exposed the inherent flaw in the management of Automated Teller Machine (ATMs) in many areas of Ranchi. The guideline of the RBI makes it mandatory for banks to not only install CCTV cameras in the ATM counter but ensure its functioning at the same time..........
Citibank launches paperless payment system for cardholders
..........“The secured paperless transaction not only does away with managing charge slips but also combines the many benefits enjoyed by Citibank card customers, including instant redemption of reward points, ability to opt for EMI payment option while using this new payment alternative," ..........
NABARD for better balance sheets of co-op banks
According to the Vision 2013 , the National Bank for Agriculture and Rural Development (Nabard) would strengthen and help the district cooperative banks overcome their difficulties and show better balance sheet so they could become part of the mainstream banking...........
Tuesday, January 22, 2013
Inflation remains a concern for India’s growth prospects
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