.......there has been a good response to the RBI programmes on financial literacy from all sections of the public, especially students. A.O Basheer, RBI General Manager (Mumbai), said the perils of financial illiteracy are too high to be ignored and therefore the public, the students in particular, should avail themselves of the outreach programmes of the RBI and learn to guard themselves...........
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
Saturday, July 6, 2013
Foreign exchange expo
Reserve Bank of India unfurls its two-day exhibition on ‘Foreign Exchange for You’ at KRC Auditorium at GITAM University from Friday. Regional Director of RBI, Hyderabad A.S. Rao and a group of senior officials will be interacting with the visitors on foreign exchange transactions and help spread the awareness on its facilities available to residents and non-residents, rules involved in foreign direct investment in India and external commercial borrowings. The expo is open till Saturday between 10:30 a.m. and 5:30 p.m.
RBI Chief offers worship to Lord Venkateswara
............After an overnight stay on the hills, Subbarao and Urmila paid their obeisance to the presiding deity of Lord Venkateswara this morning and left the hills,................
Experian launches three new products
.......The theme for this year’s event was “The Next Frontier for Innovation, Competition and Productivity” and featured experienced and distinguished leaders from different industries, who shared their experiences on how they have leveraged data, insight and analytics in their respective organisations. The guest of honour at the conclave was Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India...........
'Allow banks to have pacts with up to five insurers'
.....There are other regulatory hurdles, too. RBI had said that banks assuming the role of insurance brokers could lead to a conflict of interests where the bank is also the promoter of an insurance company. “Further, some provisions of the exposure draft, if implemented, may expose the banks to reputational risks,” RBI had said in an earlier Financial Stability Report......
Make Aadhar common id for banks: RBI
........“Let us have only one ID, that is Aadhaar, which will be much more convenient to people and easier to identify,” said KC Chakrabarty, Deputy Governor, RBI. “The use of Aadhaar will help in rooting out many cases from identity frauds (due) to unauthorised documentations,”..........
All banks defy RBI circular on disclosing all service charges on their websites
.........During an ongoing research on bank charges, we discovered that banks are merrily flouting a directive by the Reserve Bank of India to disclose all charges on their websites.Not a single bank out of a sample of 20 (foreign, national and private banks), disclosed the complete list of basic banking service charges that a consumer would be charged during his day-to-day banking activities..............
Banking aspirants face a long road to Bharat
......... “Rural is going to be a challenge. It's difficult to comprehend risk because most of the rural population don't have income proofs and no proper documents. The second is that there are huge fixed costs involved; so small ticket sizes of businesses might not be enough for a branch that caters to a small area.” ...............
India's Risky Step to Boost Banks
............Experts worry that the RBI may not have the ability and staff to supervise all units and related parties of these proposed banks. "It's a challenge," said Thomas Richardson, India representative for the International Monetary Fund, adding that the RBI will need "to have additional skills and resources to keep track of the risks." But some experts say India could achieve some of this growth from existing banks itself..............
Indian Business = Good Banks
This
refers to ‘New Banks / Old Business’ (ET, Jul 5). Jaithirth Rao argues
against banking licences for industrial houses. Failed western banks
with diversified ownership structure were not controlled by industrial
conglomerates. The failure was largely due to the greed of professionals
to take advantage of the skewed incentive structure. Reference to the
late R K Hazari’s report, written in 1960s, is also not relevant as the
market conditions in India have substantially changed since then. Some
business houses, known for good governance, can add value to the banking
industry.
- S SOLOMON RAJ (ET)
- S SOLOMON RAJ (ET)
What is in new banking licence to attract companies?
.........What is in it for aspirants to get the banking license? This is the most important aspect of this analysis. The aspirants from the corporate sector have presence either in NBFC space or in financial markets or both. In the NBFC space, most are into lending to retail sector or commercial/ corporate sector or mix of both. The brokerage houses that are in the race have extended reach to mid to top end of the economic pyramid through their products and services across asset classes spanning equity, currency and commodity markets. So, for most aspirants, building client base and business around them is not an issue while the major advantage will be from building low-cost liability franchise through products that would involve use of checking accounts viz., savings and current account. The issue for them will be......
Post Bank of India?
...........The decision to foray into commercial banking now is only an extension of its presence in financial services through the post office savings bank which is used by millions across the country. Apart from offering savings schemes with attractive interest rates, post office savings bank accounts can be used normally like any other bank account. The name of the game in banking is an extensive branch network. And India Post is unbeatable in this with over 1.55 lakh post offices across the country, 90 per cent of them in rural areas. How many retail banks in the country can boast of such a network? The bank with the biggest network in India, SBI, has 14,816 branches; together with its associate banks the number will not exceed 20,000. Even if India Post were to convert just 10 per cent of its branches into banks, it will be larger than SBI.........
A Hobson’s choice
The Finance Minister, P. Chidambaram’s ‘advice’ to public sector banks to cut their base lending rates highlights the classic dilemma facing governments as both upholder of public interest and owner of firms – which, in this case, happen to be listed as well. There is no doubt that in the current circumstances, a cut in interest rates will do no harm to the economy. At the least, it will help companies to partially offset the cost push pressures from the rupee’s weakening and higher fuel prices, which they are unable to pass on in a weak demand environment. Thus, from a public interest perspective, Chidambaram’s resort to moral suasion is quite justifiable. But from the banks’ standpoint, a cut in base rates – below which they cannot lend – is easier said than done.........
Mr FM, interest rates in India should be at least 17%
.........the idea behind Chidambaram’s call for lower interest rates is that people are likely to borrow and spend more. And this in turn will get economic growth going again. Theoretically this just sounds perfect. But then theory does not always match practice. Banks raise deposits at a certain rate of interest and then give out loans at a higher rate of interest. So unless the interest rate offered on deposits goes down, the rate of interest charged on loans cannot come down..............
Now Chidambaram finds a friend in bank rate cut call
.....A day after Union Finance Minister P Chidambaram’s call to banks to pass on the benefit of rate cuts to customers, RBI Governor D Subbarao on Thursday said the central bank was also ‘very conscious’ of the need to be supportive of economic growth. On Wednesday, Chidambaram had exhorted banks to cut minimum or base lending rate in line with periodic interest rate cuts being made by the Reserve Bank of India (RBI).............
Poorvanchal gets first talking ATM
........The Talking ATM has a specially designed voice interface that enables the visually challenged customers to make transactions like pin change, balance enquiry and cash withdrawal independently just by following audio instructions that they will hear through the headphones both in Hindi and English specially made for the purpose. Also the ATM machine will have at several places, brail labels that will guide these customers as how to keep the machine display-screen blank while they are transacting............
Read - TOI
RBI to study fraud schemes targeting rural Tamilnadu populace
......In Tamil Nadu, the RBI would conduct an exploratory study in one district in consultation with the State government on why people became attracted towards fraudulent schemes and the modus operandi of the operators. “We will have 11 teams comprising junior RBI officers and each team will cover two or three villages,” Subbarao said. The RBI Governor also stressed the need to sensitise police officials on the issue and the need for track disposal of seized assets of the fraudsters to repay the public deposits. Stating that the Reserve Bank Staff College in the city would draw up a training capsule, especially for senior police officials, he exhorted the State government to help the Central bank in ramping up publicity about such fraudulent schemes. “The public can complain to any regulator and all regulators will coordinate resolution of complaints among themselves,” he said.............
Banks must improve Tripura’s credit-deposit ratio
KOLKATA, JULY 5:
Banks should take measures to improve the credit-deposit ratio of Tripura to 40 per cent by March 2014, up from 34 per cent as on March 2013. At the 105th SLBC (State level bankers’ committee) meeting held in Tripura recently, banks have been asked to set up branches in 80 locations and install 170 ATMs to enable financial inclusion..................
Police suspect persons outside law enforcement
.........The police are also not ruling out the possibility that any one of their own men, perhaps those moonlighting for private detective agencies contracted by certain victims of the financial fraud or others with strong political associations, could have sourced the call data record of Sarita through illegal means and leaked it to television channels. Investigators said that other than law enforcement agencies, only the Reserve Bank of India and the Securities and Exchange Board of India (SEBI) were recently given power to access CDRs to investigate cases of insider trading and money laundering..........
Scam-accused Kedar 'brokers' property deal for coop bank's revival
NAGPUR: The Nagpur District Central Cooperative Bank (NDCCB), which was left with a hole in its balance sheet due to the government securities scam which took place 11 years ago, is likely to get an indirect bailout package from the state government. The bank, which is facing strictures from the RBI, needs Rs 44 crore to wipe out its past losses due to the Rs150 crore scam, in which its former chairman, and now a Congress MLA, Sunil Kedar is one of the accused...........
UTI finally gets a head, splits CMD post
.........More recently, shareholders rejected Puri’s candidature after he was short-listed, citing lack of qualifications as mentioned in the advertisement. Puri has a dual Masters degree from Oxford and Cambridge, while the job advertisement required UTI’s CMD to have a management degree or chartered accountant. The requirement was revised later. After the split of the CMD post, the chairman’s post is likely to be taken up by a veteran public sector official in a non-executive role................
M.S. Raghavan takes charge as IDBI Bank CMD
M.S. Raghavan has taken charge as the Chairman and Managing Director of IDBI Bank. Prior to this, he was the Executive Director of Bank of India. Raghavan will be at the helm of IDBI Bank up to end-June 2015..........
Vijaya Bank’s ‘GenNext’ branch
....... “The younger generation, with high disposal income, exposure to latest trends and innate knowledge of technology, has specific banking needs. To cater to their needs, the GenNext branch is being opened.”.....
Nabard issues clarification
.....“The RBI has the responsibility to evolve a stable, safe and secure payment system. The financial transactions like ATMs work through their payment system. Therefore, the membership to the payment system is restricted only to banks. Thus, there were no instructions from Nabard specifically to primary agricultural cooperatives as to issuance of KCC to farmers. Cooperatives should understand the emerging reality,”............
Friday, July 5, 2013
CII puts pressure on RBI to cut rates, says it needs to work along with government
The Confederations of Indian Industries (CII) said that the Reserve Bank of India should work in tandem with the government to revive the economy. CII president and Infosys executive vice-chairman Kris Gopalakrishnan said that RBI should ease rates by at least 100 bps in this year..............
RBI Guv’s Last Hurrah: Listen to FM, Slash Rates - Charan Singh
 |
| Good way to go out...... |
(The author is RBI Chair Professor at IIM-Bangalore)
Read - ET Mumbai Edition page 14
RBI backs Chidambaram's call to banks to cut lending rates
......When the Reserve Bank calibrates its short term policy interest rate, the expectation is the monetary transmission will takes place and the banks should respond by calibrating the lending rates.........
RBI not targeting any exchange rate: Subbarao
Subbarao prods banks to hasten monetary policy transmission
 |
| Board meeting |
Action against some more banks on the anvil: D Subbarao, RBI Chief
CHENNAI: Reserve Bank today said it will take action against some more banks for alleged violation of regulatory norms following an expose by a news portal. "Well, we have taken action against specific banks. Action against some more specific banks is in process. We will take a final view on that," RBI Governor D Subbarao told reporters after the board meeting here.............
Police to get training to deal with ponzi schemes
CHENNAI, JULY 4:
The RBI Staff College would train senior police officials to deal with cases associated with fraudulent money collection schemes, said D. Subbarao, RBI Governor. Chairing a special Sate-Level Bankers’ Committee meeting here on Thursday, he said banks in Tamil Nadu should speed up opening of branches and bank accounts in remote areas of the State as infrastructure in Tamil Nadu was relatively better. According to a press release from the Press Information Bureau, in the next two months, the State Government will identify 10 districts of where business correspondents can be trained, with the help of banks, in actual banking activities so as to facilitate financial inclusion.............
My View on "VITALINFO - Philosophically speaking............"
Mangeshji, you deserve all the praises and greetings from the members of the group. Your effort to keep retired people connected to the world - the banking and finance where they lived for over four to five decades. Hearty congratulations. Wish you all the strength and spirit to continue your task untiringly with all energy.
- Aarupathi Mani (K S Iyer)
The death that was not.............
I died yesterday. Quite a few of you may jump in your seats. I also
jumped in my seat when my eyes fell to the news item appeared in local
paper; Sharad Fadnavis is no more. I panicked and pinched myself to
ensure that I was not in heaven, or more appropriately, in hell. I
reread the obituary and it dawned on me that it related to my
namesake,lot of details matching to a great extent. There was a
photograph also but some of my friends whom I have not met since ages
may very well believe it to be my own taken in my younger days. I
braced myself to receive telephone calls and condolences, but to my
great surprise, none was received. Intrigued by this, I again
went through the news and then realized the reason for my
unpopularity. The deceased Mr. Fadnavis was a water conservation
specialist (may God bless his soul) and my nearest and dearest
relative, including my better half would also never believe that I could
be a specialist in any field, let alone water conservation.
- Sharad Fadnavis, EXRBITES Group
Bankable innovations
..........The Union Government has shown a strong commitment to boosting credit to this sector and has instructed public sector banks to play a pivotal role in providing critical assistance. The Government wants to double the credit flow to this sector in the next five years. To back this, Reserve Bank of India (RBI) has mandated all scheduled commercial banks to achieve 20 per cent year-on-year credit growth to the sector............
Chidambaram rushes to do what Subbarao couldn’t
What Reserve Bank of India (RBI) Governor D. Subbarao could not do through a series of rate cuts, India’s finance minister P. Chidambaram now wants to achieve through a gentle nudge..............
Read - Mint
Read - Mint
New banks to increase inclusion, create new jobs: Survey
The Reserve Bank's decision to allow new players in the banking sector would result into improvement in efficiency, increase in capital base to meet the credit needs of the economy and generate huge employment opportunities, says a survey by industry chamber Ficci....................
Open more banks, but not at depositors' cost
..........The RBI must now scrutinise all the new applicants thoroughly as failure of public deposit-taking banks has wider and far-reaching implications than in case of other industries. These concerns are more valid in the post-2008 global financial crisis era than they were when the government had decided to open banking for the private sector in early 1990s............
Bank licences for corporates in national interest: RBI
......"We debated extensively on the matter and the decision to allow corporates to apply for bank licences was done in the national interest," Subbarao said. "As Indian banks go out and open branches abroad and foreign banks come and set up operations inside the country, there is no way we cannot implement Basel III,"...........
RBI to consult govt on Aditya Birla Nuvo’s banking licence application
Chennai: The Reserve Bank of India (RBI) intends to consult the government about any possible conflict of interest in Aditya Birla Nuvo Ltd seeking a banking licence and Aditya Birla Group chairman Kumar Mangalam Birla being on the board of the central bank, RBI governor D. Subbarao said on Thursday...........
Will look into possible conflict of interest in Birla's bank licence plea: RBI
Chennai: RBI Thursday said it will look at whether there is any conflict of interest arising out of a bank licence application filed by Aditya Birla Nuvo, whose group Chairman Kumar Mangalam Birla happens to be on the board of the central bank. "We have to take a view on that. This is a very recent development," Reserve Bank Governor D Subbarao told reporters after a meeting here of the central board.........
'Industry approves RBI conditions on new banks'
.........A big majority (88 per cent) gave a thumbs-up to RBI's condition that applicants be prepared to set up at least 25 per cent of branches in hitherto unbanked rural centres. Currently, only 35 per cent of the population has a formal bank account, as compared to an average of 41 per cent in other developing economies............
India Central Bank to Take 3-4 Months to Examine Bank Applications
CHENNAI—India's central bank will take three to four months to examine the 26 applications it received for an unspecified number of bank licenses it plans to issue, Governor Duvvuri Subbarao said Thursday. The applications will then be vetted by an independent panel of experts before the Reserve Bank of India makes its final choice........
New bank licences: Tough obstacle ahead, says Fitch
.......According to the agency, the new banks won't increase competition in the medium term because of additional profitability pressure from their expansion plans and the financial inclusion conditions. " New entrants may bring some much-needed innovation to a sector where only around 50 per cent of households have access to banking services" Fitch said..............
New banks is not equal to old business
...... The
late RK Hazari was an illustrious Deputy Governor of your institution.
Hazari produced a brilliant report in the 1960s which showed how
cleverly our business houses used the permit-license raj to enrich
themselves and hold back economic growth of the country as a whole. The
control of banks and insurance companies by the honourable business
houses was in fact cited frequently those days as having baneful
economic consequences............
One regulator, two voices
One department of the RBI says there is no forex exposure to be hedged, another penalises companies for not doing so
...One department of the RBI has proposed that non-bank finance companies (NBFCs) progressively reduce the period for classifying loans into the non-performing category (NPA). From the present 180/360 days, the period is to be brought down to 120 days and then 90 days. That will bring in regulatory parity with the banking sector, the RBI says.But is a narrow focus on reducing perceived “regulatory arbitrage” blurring other policy objectives? One wonders if this is an appropriate time for making the borrowing environment even tougher for those “financially excluded” segments catered to by the NBFC sector. As it is, the economy is quite weak and lenders (NBFCs included) will be circumspect in expanding their loan book..............
RBI clamps on rupee speculation overseas
........However, even before the slide began, RBI had issued a circular on April 25 specifying that foreign entities/structures with equity participation of Indian firms offering financial products linked to the rupee (such as non-deliverable trades involving foreign currency, rupee exchange rates, stock indices linked to the Indian market, etc) will have to take its approval. Their activities, if without the central bank’s approval, would be treated as violation of the Foreign Exchange Management Act (Fema), the circular clarified...............
Life after 60
.........In the absence of substantive reforms before the general elections of 2014, economists said the currency will remain under pressure. Part of the reason is that going by the real-effective exchange rate, which measures a currency’s export competitiveness against a basket of other major currencies, the rupee, despite its depreciation, is in the “neutral” territory, while .........
RBI conscious of need to be supportive of economic growth: Subbarao
....."We don't have an exchange rate target. We don't have exchange rate plan. We try to manage volatility in the currency movement, volatility very broadly defined, and we use also the instruments at our command. I have nothing more to say on that,"............
FM Lifts Bulk Deposit Cap on State Banks
Finance
minister P Chidambaram has instructed his ministry to lift the cap of
15% on bulk deposits for PSU banks, a move that would help them raise
more deposits, but may at the same time, increase their cost of funds.
When Chidambaram raised the issue of slow deposit growth at a meeting
with bank chiefs on Wednesday, some bankers said that the 15% cap has
been a stumbling block......
Read - ET Mumbai Edition page 12
Read - ET Mumbai Edition page 12
Rising NPAs in education loans worry bankers
CHENNAI: Bankers can expect to breathe easy on account of delinquencies in education loans. The government has proposed to set up a credit guarantee fund to address educational loan defaults. "The insurance scheme for educational loan is pending with the government. If it comes into force, banks would be more proactive about lending to meritorious students at the branch level," Dr K C Chakrabarty, Deputy Governor, RBI, said..........
Govt banks writing off more loans than they recover
Public sector banks are writing off more loans than they recover, despite repeated advisories from the finance ministry. In the fourth quarter of the last financial year, of the 26 state-run lenders, as many as 17 banks had written off more loans than they recovered. The write-off by these 17 banks in the January-March quarter of 2012-13 was higher than the write-off by all the 26 public sector banks in 2011-12................
HFCs set to tap ECB market after RBI reviews guidelines
Housing Finance Companies (HFCs) are all set to raise money through external commercial borrowings (ECBs) for affordable housing projects. RBI last week had revised the norms for raising ECBs for HFCs. “We have received application from HDFC” said R V Verma, chairman, National Housing Bank (NHB)...........
Liquidation of Charminar Bank in final stages
.......With a strong dose of help from the DICGC, by 2004 the bank paid off 80,000 of the total 1,02,000 depositors whose deposits did not exceed Rs 1 lakh. By 2007, it returned deposits to another 22,053 depositors. Later it scheduled eight installments for those depositors who had put Rs 10 lakh or more and cleared six of them until March last year. In fact, the bank had to give away the last of the installment in September 2012 to the last set of 136 depositors......
A Fixed Deposit For Polls: Mahila Bank
.........The
Bhartiya Mahila Bank will not offer any concessional rates to women,
though. “It is a commercial bank, which will follow the guidelines
stipulated by the Reserve Bank of India,” the
official said. The bank will primarily draw its human resource from
existing employees in public sector banks. “The idea is to empower women
in the country and bring banking services at their doorstep. The bank
will take initiatives to open accounts of women not only through branches but by organising camps all across the country,”..............
Don’t Arm-Twist State-Owned Banks
..........Instead
of pretending that a reduction in lending rates would revive
investment, the government should make its contribution to macroeconomic
stability and speedy project clearance. Tough curbs on the fiscal
deficit will help rein in the current account and excess demand feeding inflation. Proactive supply-side measures are needed to combat food inflation..........
RBI directive on banking charges
Dear Editor,
It refers to welcome directive by Reserve Bank of India (RBI) rightly requiring all the banks to have uniform and transparent system of levying service-charges irrespective of the service being availed from the branch where account exists, or through some other branch of the bank. Department of Financial Services (Banking Division) should take a step further by ensuring common and uniform rates of service-charges and interest-rates at least for all public-sector banks. Banks can compete by better service rather than rates of service charge and interest............
It refers to welcome directive by Reserve Bank of India (RBI) rightly requiring all the banks to have uniform and transparent system of levying service-charges irrespective of the service being availed from the branch where account exists, or through some other branch of the bank. Department of Financial Services (Banking Division) should take a step further by ensuring common and uniform rates of service-charges and interest-rates at least for all public-sector banks. Banks can compete by better service rather than rates of service charge and interest............
Why financial institutions should comply with anti-money laundering laws
......Banking industry that accepts business from high risk customers must have systems, controls and practices to manage that risk. Despite occasional aberrations, India has consistently maintained a robust Anti Money Laundering (AML) system. Historically, the country’s strict foreign exchange laws and transaction reporting requirements, together with the RBI’s Know Your Customer (KYC) policy guidelines make it difficult, though not entirely impossible for criminals to use banks or other financial institutions to launder money...........
Kochi banks top in credit-deposit ratio
KOCHI: Kerala's financial hub Kochi has ranked 20 among the country's top 200 urban centres, based on the total deposits accepted by scheduled commercial banks in these towns. In terms of the loans arranged by the banks in these centres,Kochi has come in at the 14 position.........
Rural banking push
This refers to the editorial “Licence to be cautious” (July 4). If the Reserve Bank of India’s real motive is financial inclusion, then the need for inviting new applicants is irrational. We have an almost saturated banking industry. New allotments would not solve the problem of “financial inclusion” in totality, as new organisations will take time to settle, including facing the greater challenge of rural customers...........
Extend services to rural areas, Joshi tells bankers
........Speaking at the meeting of the District Level Review Committee and the District Consultative Committee of the District Lead Bank, held at the Karnataka Chambers of Commerce and Industry (KCCI) here on Tuesday, Mr. Joshi pointed out that there was little progress on the opening of rural branches in the district. “If rural residents do not get loans in a place near to them, they will approach moneylenders who may fleece them. If we have to free them from the high-interest loans taken from moneylenders, extending banking services to rural areas is essential,” he said.............
.........An RBI official from Bangalore, Vanita Purushottam, pointed out that the bank guarantee scheme for small industrialists had come into effect from May 2013 and asked bankers to extend the facility to rural areas.........
Calculating corporates' unhedged exposure a tall task: SBI
...............The biggest problem here is going to be: how the calculations will be made. The guidelines came out yesterday night and we have not gone through the fine print. There are two or three things, which stand out. Firstly, the entire un-hedged position of the corporate across banks has to be ascertained..............
Product crack: Western Union’s remittance services
..........Till now Western Union could only enable cash-to-cash transaction from the US and the UK. In February, the Reserve Bank of India (RBI) had extended rupee drawing arrangement (RDA)—one of the provisions in that approves receiving money in India through a bank—to all the countries compliant with the financial action task force (FATF). Earlier,................
I-T dept may make d-o-b proof mandatory for PAN card
New Delhi: As part of its drive against fake Permanent Account Number, the Income Tax department is considering making proof of date-of-birth mandatory for issuance of PAN card. "The department might ask for proof of date-of-birth for issuing a PAN card. Ration cards and rent receipts might no longer be accepted as proofs of identity and address for issuance of a PAN card," sources in the finance ministry said..........
Thursday, July 4, 2013
RBI must tender accountability to enjoy autonomy: Duvvuri Subbarao
 |
| .............."In order to claim, demand autonomy from the government, and to enjoy that autonomy, we must remember that we must tender accountability,".......... |
RBI cannot operate from ivory tower: Subbarao
..........What clearly emerges is that the central bank should go well beyond monetary policy. Subbarao further said the RBI cannot function from an ivory tower and should refrain from shutting itself up in its own world. It should be attentive to what is happening around the world by becoming a knowledge institution............
Subbarao's 10 commandments for the central bank
...........Elaborating on the theory of RBI becoming a knowledge institution, Subbarao gave 10 attributes for the central bank to be future-ready, to facilitate itself to transform knowledge into wisdom. The attributes he listed were..............
Must take market as given and respond: Subbarao
.......“We very generously guard our autonomy, but in order to demand it we must first render ourselves accountable. I have suggested that the RBI Governor should go in front of a parliamentary committee to encourage the accountability process. Even if nobody asks, we must volunteer to render accountability,...........
RBI working on creating public awareness about Ponzi schemes
........"Communication should be two way. We should talk to people and listen to them. We had this Saradha incident in West Bengal about two months ago. And there has been lot of thinking within RBI itself about what we should do to spread awareness on these kind of things," .................
My View on "FM takes on Subbarao again":.......
It is intriguing that FM who interacts with RBI frequently, gives an impression that he has to speak to media to convey his expectations from RBI. Dr Subbarao, Governor, RBI has indicated more than once that GOI and RBI are on the same page and perceptions sometimes vary on specific issues, which is natural.
- M.G.Warrier
National Seminar on Financial Consumer Protection
Distinguished Dignitaries:
DR. DEEPALI PANT JOSHI, Executive Director, RBI
YOGESH AGARWAL, Chairperson, PFRDA
ANANTA BARUA, Executive Director, SEBI
Date: 24th July' 13 Venue: Hotel Royal Plaza, New Delhi
Mining ban hits banks in Goa
.......Understandably, while at the SLBC meeting while the State Chief Secretary B. Vijayan tried to push for restructuring of advances to the various stakeholders of mining like transporters and barge industry, etc., the Reserve Bank of India(RBI) representatives continued to be non-committal. Regional Director, RBI, Mumbai J. B. Bhoria was present for the meeting along with Ms. Anshula Kant, SBI’s General Manager, Regional Head Office, Mumbai.................
VITALINFO - Philosophically speaking............
Hearty congrats, Mangesh. Tributes are pouring in for your efforts in bringing out VITALINFO and you richly deserve them. I also agree that it should continue to be your baby and let not any official agency have any sort of control over it. The present coverage is good and comprehensive enough. In fact, to be frank, I am not able to see all the items in full on all days as it is not advisable for too much energy and time (even if there is time) of seniors to be spent on Internet. The point made by Shri Seshan is borne out of anxiety that this sort of an useful Newsletter should continue. But then, philosophically speaking, there is an end to everything in this world when its time is over !
A.Chandramouliswaran, former Executive Director
The FM and RBI - Dr.T.V.Gopalakrishnan
......RBI is the saviour of the economy to a great extent with its’ tight and also flexible monetary policy is what is to be accepted and appreciated. Even then the present stability of the financial system and monetary system cannot be said to be as comfortable as they were a couple of years ago. This should be the worrying factor both for the Govt and RBI at this juncture.
Read...........
Who will decide the new RBI Governor
Who will decide the new RBI Governor ? PM Manmohan Singh, Finance Minister P Chidambaram, C Rangrajan Chairman of PM's Economic Advisory Committee or Montek Singh Ahluwalia Vice Chairman Planning Commission?
Source..........
Source..........
The dilemma of coin shortage
............ The coin shortage is also posing problems for the businesses. In some cases, as in Kolkata, shopkeepers have been purchasing coins from beggars at a premium! On the flip side, large number of coins are lying unused in the donation boxes of temples. The RBI needs to formulate a policy to bring these back into circulation. Due to rising costs of minting the RBI has been reducing the size of the coins. Thus the new one rupee coin resembles like the 25 paise. On the other hand, it has become extremely difficult for people to distinguish between the new two rupee coin and the old one rupee as both of them look identical.....................
RBI detects fake currency, complains to police
PANJIM: The Reserve Bank of India, Navi Mumbai has lodged two separate complaints with the Economic Offences Cell of Goa Police after finding fake currency amounting to Rs 4,300. In the first complaint, Assistant Manager RBI V I Saunchu complained that prior to April 2013 unknown persons deposited 12 forged Indian currency notes at State Bank of India Treasury Branch, Panjim and SBI Mapusa Branch. “RBI Belapur Navi Mumbai found that these notes were counterfeit,” the complainant said. The police said that the complaint states that eight notes of Rs 100 denominations, three of Rs 500 denominations and one of Rs 1000 deposited in the two banks were fake. Another complaint filed by Manager RBI, Belapur in Navi Mumbai L Bagwan alleged that one note of Rs 1000 denomination deposited at Bank of India, Patto Branch in Panjim was detected as fake.
Police have registered the two cases under sections 489-A and 489-E of the India Penal Code.
Source - Herald, Goa
Police have registered the two cases under sections 489-A and 489-E of the India Penal Code.
Source - Herald, Goa
Subscribe to:
Posts (Atom)