........At a time India’s policy-makers are clutching at straws, the news that the rupee has some good company in its decline, can be considered a positive. Albeit in a cynical way, currencies of many emerging markets, the Malaysian Ringgit, the Indonesian Rupiah and the South African Rand — among others, have been battered along with the rupee. The common factor behind the decline — fears that the U.S. Federal Reserve would soon indicate the phase out of its stimulus programme.........
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.
Monday, August 26, 2013
Danger zone
..............Nepal as such can do very little on its own to stabilize its currency against the dollar, let alone reverse the alarming decline. It is in no position to remove the peg with the Indian rupee and even if it is removed, there is no guarantee that the Nepali rupee would halt its slide against the greenback. A decline in the value of currency is a mixed blessing.................
Jalna cops book 29 cooperative bank members
..........Accepting the plea, the government appointed a special auditor class-II, who after auditing, made five reports of each year and submitted his 28-page report on December 29, 2010 and recommended registering criminal cases against the violators of RBI norms. A copy of this was also submitted to the divisional office. "On June 5, 2013, the divisional joint registrar of accounts directed the police to lodge a complaint, but still no complaint was registered. As a last resort, the matter was brought to court, added Kakde. "The amount misappropriated can only be established after a re-audit by the government. The deposits kept by the customers were distributed without even maintaining basic documents. Most of the RBI norms were violated in the distribution of loans," Kamtikar said............
Remit tax dues in advance: RBI
............The Reserve Bank of India (RBI) has advised income tax payers to pay tax dues in advance taking into consideration the heavy rush for remitting dues in the RBI towards the end of September.............
IOB clarifies
This refers to Ajoy K Das' letter "IOB's glitch" (August 23). The author claimed that when the Bank's operations came to a standstill, the chairman and managing director (CMD) was out of station inaugurating the Bank's 3,000th branch. In fact............
Rahman Khan to inaugurate IIM Kashipur's course on Islamic Banking
..............The two day programme will be inaugurated by K Rahman Khan, the Union Minister for Minority Affairs and Prof Gautam Sinha, Director, IIM Kashipur will address the valedictory function. Rahman Khan has recently written to the Reserve Bank of India to allow Islamic banking in the country. "The program is the first such executive course offered by a leading management school in the country on Islamic banking, which is considered the largest alternative financial system in the world today, growing at double digit growth rates with a presence in 75 countries and a total size of approximately of $2 trillion", Program Director and Chairperson (Planning & Development) Prof Baharul Islam said in a statement...........
Saturday, August 24, 2013
The new note on Mint Street
..........Dr. Rajan brings to the job a degree of intellectual capital, perhaps unmatched by any of his predecessors. Still, in reconciling divergent views and revisiting his own, he has his work cut out. He must know by now that no RBI governor can afford to antagonise the finance ministry beyond a point. Nor can he afford to alienate the RBI community, one that is legitimately proud of its traditions and expertise and its standing in the world of regulators.Lower interest rates alone not enough to drive growth: RBI
The Reserve Bank of India (RBI) believes that in a scenario when non-monetary factors are impeding a robust revival in growth, lower real or nominal interest rates are not enough to stimulate growth. “Price stability and exchange rate stability are necessary preconditions to sustainable high growth. Furthermore, when non-monetary factors are impeding a robust revival in growth, lower real or nominal interest rates may not be just enough to stimulate growth,” said RBI's Executive Director Deepak Mohanty in his speech in Pune on Friday............
Ailing Economy – Wailing India
........Dr. S. S. Tarapore, an expert external sector economist and former Deputy Governor, RBI, had observed that Rs 70 is the appropriate level, a couple of months ago. I have argued on the basis of some facts, in the recent past, that there is scope for a substantial adjustment. There are many factors that play a role in exchange rate determination between two countries - illustratively, growth rates, interest rates, and inflation rates. The Indian economy is sliding seamlessly into lower growth rate while the US economy is beginning to strengthen...............
‘Food Security Idea Noble, But Timing’s Not Right’ - Bimal Jalan
Former
Reserve Bank of India (RBI) governor Bimal Jalan has raised red flags
on implementing the government’s food security plan at a time the
economy is battling fiscal stress, joining a chorus of influential
voices sounding caution on the legislation, widely expected to be a
money guzzler. Jalan, who spent time in Parliament as a nominated member
after stepping down as RBI governor in 2003, said that while the food
security idea was noble and had his support, it was important to launch
it when the government can manage the large costs associated with it..........
Read - ET
Subbarao’s legacy: He repeated history as farce and tragedy
Follow uniform holiday calender for CTS cheque clearing: RBI
Mumbai: The Reserve Bank Friday directed banks to adopt a uniform holidays calender to streamline cheque clearing system for Cheque Truncation System (CTS) centres in New Delhi, Chennai and Mumbai............
Financial exclusion, RBI style
.............Ask the average Indian household what is and has been its everyday inflation experience and what it expects on this front. Then look at what the RBI says it has “achieved” on this front. We will know the vast gulf. (The irony here is that households’ inflation expectations are also part of the RBI’s policy documents. But, these are simply ignored as the central bank pats itself on its inflation performance with respect to a price index which, even more ironically, has no relevance for the average household at all!) The conflict between what the RBI says and what it actually does is equally stark in its regulatory/supervisory role. Financial inclusion is a critical objective for us, the RBI says. Indeed, it should be when Census 2011 says that 50 per cent of Indian households do not have any banking services at all..............
Assurances from RBI are encouraging on the current account deficit
..........The assurances from RBI are encouraging but fear lurks in the minds of one and all. Will it go beyond Rs65 today, the last working day of the week? As we have said before, one school of thought strongly recommends the disposal of gold in the international market to meet the current account deficit challenge. And yet taking into account the fact that festival and wedding seasons are close at hand, the government may not decide on this option, though it would ease the situation a bit............
FM's Mumbai soothing today
............"He is meeting FIIs and chairmen of leading banks," a government official said, adding the minister would return to Delhi by the evening. Chidambaram is likely to reiterate that there is no intention of the government to impose capital controls. And, that last week's measures by the Reserve Bank of India were aimed at reducing volatility in the markets and quelling speculation on the rupee............
Fake Rs 1,000 notes increase 18%
You can never be too careful while dealing with Rs 1,000 notes. There has been a sharp increase in fake notes of this denomination during 2012-13, going by the number of notes detected. RBI’s annual report says 98,459 counterfeit notes of Rs 1,000 denomination were detected during the year, compared with 83,280 in the year-ago period. However, the number of total fake notes detected during the period come down to 4.98 lakh from 5.21 lakh in the previous year...........
Everybody’s talking rupee-I
The rupee is on everyone’s mind. What is the “fair” value of the rupee is a question for which no one has a definite answer. In one sense, that is correct. The fair value of the rupee is the value we see—what you see is what it is. Currency markets around the world are inter-linked with an aggregate volume of intra-day trading of about $4 trillion a day. So stop fretting about the value of the rupee—it will be what it will be.............
What RBI does to prop up the Re
..............Finally, the notion that the RBI should intervene presupposes the existence of ' A rate' - the equilibrium rate that the RBI might aim to achieve. However, this runs counter to the notion of a free market. In sum, there exists a trade- off between saving the rupee today, and saving the country tomorrow. By all counts, the choice for the RBI is clear.
Just let the rupee go
India’s currency has been in the news, not just here but
internationally. Its decline has spawned worry, anxiety, panic and also humour.
Two samples: on Rakshabandhan day the Rupee tied a Rakhi to the Dollar saying
“Meri Raksha Karo”! In one of the advertisement, the hero says “Thank God I
have a Dollar underwear. If it was Rupee brand then it would keep dropping!.”
To avert the seemingly bottomless fall of the Rupee the Reserve Bank of India
swung into action a few weeks ago...........
Debt recast: Takru to meet top bankers next week
With no let up in the number of companies seeking debt recast from banks, Financial Services Secretary Rajiv Takru will brainstorm with top bankers in Mumbai next week to evolve a framework to separate the wheat from the chaff. Due to concerns that corporates are taking undue advantage of the banking industry-promoted corporate debt restructuring (CDR) cell, the meeting is expected to examine whether an independent oversight committee needs to be constituted to vet debt recast proposals........
Six state-run banks fined for violating KYC, AML norms
In the third set of action on banks for violating the Know Your Customer and anti-money laundering guidelines, RBI on Friday penalised six public sector banks. Collective fines of Rs 6 crore have been imposed on these banks, and the highest penalty of Rs 2 crore was slapped on Dena Bank. The other banks are Allahabad Bank, Bank of Maharashtra, Corporation Bank, IDBI Bank and Indian Bank..............
SBI, PNB among 5 PSU banks charging customers for SMS alerts
...........In March 2011, the RBI had issued guidelines for banks to send online alerts to customers for all types of transactions, irrespective of the amount, involving the usage of cards. "RBI has reported that it has not issued any guideline on charging by banks for providing these alerts to their customers," the Minister said. He also said "no proposal is under consideration of the government to withdraw the charges levied by banks, for this purpose." Chidambaram said it is not compulsory for an account holder to provide a mobile number. If the mobile number is given and the customer wants SMS facility, the bank provides the alerts............
Lend liberally to women SHGs: Nabard CGM
Karnataka has more than 90 lakh bank-linked self-help groups (SHGs) and nearly 80 per cent among them are led by women with more than nine crore members, said G.R. Chintala, Chief General Manager, Nabard-Karnataka. Interacting with self help group members of Karnataka Vikas Grameena Bank (KVGB) at Dharwad, Chintala urged the bankers to distribute loans liberally to members of women self-help groups (SHGs) and joint liability groups (JLGs) so that they could achieve economic independence...........
Nagrik Sahakari Bank, Indore penalized
....The urban cooperative bank was found involved in the violation of RBI directive and section 36(1) of the Banking Regulation Act, 1949 (AACS). The matter related to loans and advances to directors and their relatives and the firms/concerns in which they are interested and operational instructions issued to the bank by RBI respectively..............
BJD MLAs disrupt assembly over special category tag for state
............The BJD MPs in New Delhi met Reserve Bank of India (RBI) Governor designate Raghuram Rajan to apprise him on the state's demand. Rajan is heading a committee set up by the Centre to consider fresh indicators for according special category status to states. "It is most unfortunate that the Union minister Rajeev Shukla has denied Odisha's rightful demand for special category status. We will continue in our rightful struggle for the demand of more than 40 million people of Odisha for special category status for our state," said Chief Minister Naveen Patnaik.................
Introducing 'Islamic banking'
Islamic banking has been approved by RBI in India. This welcome development was expected after Dr. Raghuram Rajan took over as the governor of RBI, replacing D. Subbarao whose position on Islamic Banking was not favorable. Dr. Raghuram Rajan, a former Chief Economist of IMF(International Monetary Fund) and the Chief Economic Adviser to the Finance Ministry, was head of the high level Committee of the Financial Sector Reforms-CFSR of the Planning Commission, which recommended Islamic Banking to be approved in India. So, when on August 6, 2013 Dr. Manmohan Singh approved Dr. Raghuram's appointment as the governor of RBI, people like me got fresh hopes, and RBI finally gave a 'Go ahead' to it...............
Read - Greater Kashmir
Read - Greater Kashmir
Friday, August 23, 2013
Subbarao, take a bow
 |
| Let us salute Governor Subbarao |
............How will history assess Governor Subbarao’s era? A dispassionate account will surely appreciate the valiant role of Governor Subbarao in keeping the ship on an even keel. He has heroically led the RBI with maturity and judgment, despite being aware that he would be pilloried by the government and others who survive on government patronage. Subbarao can take comfort in the fact that, at some point of time, each of his predecessors in the past thirty years has been vilified, only to be recognised that they were the saviours. Notwithstanding all the attacks on Subbarao — overt and covert — he can close his stint in the RBI with great satisfaction and a clear conscience..................
RBI History Mirrors 1991 Crisis and Reforms
The Reserve Bank of India and the Academic Foundation deserve the readers' thanks for bringing out the latest volume of RBI History in two volumes. The earlier histories were fat and unwieldy single tomes. The RBI is one of the few central banks to have documented its institutional history. The book under review is the fourth volume of the History of RBI and relates to the 16- year period 1981- 1997. During this period RBI had six Governors for different terms -- Dr I G Patel, Dr Manmohan Singh, A Ghosh, R N Malhotra, S Venkitaramanan and Dr C Rangarajan.......
Fourth volume of the history of the Reserve Bank of India
..........This volume is more than a mere narrative of the history of the Reserve Bank; it also provides valuable insights into India's economic development and policy during an eventful and significant period...........
 |
| ..........This volume of history takes us through the difficult times when the Reserve Bank and the Government had to contend with unprecedented strains on the external payments situation...... |
 |
| ........The comprehensive economic reforms, mostly home-grown, that were launched in 1991, with support from multilateral institutions and implemented in a gradual and cautious manner enabled India to gain international credibility............. |
Manohar Parrikar meets RBI dy governor in Mumbai
........In a meeting in Mumbai on Wednesday evening between a Goa delegation led by chief minister Manohar Parrikar and a team of RBI officials headed by RBI deputy governor Anand Sinha, the RBI asked Goa to schedule the SLBC meeting either in late August or early September. The RBI will send their representative for the meeting and once detailed submissions by the government and bankers are made to the RBI, it will examine the matter.......
For a change, visit Udupi’s numismatics museum
............Nearly 1,800 coins from 400 B.C. to the present times are on display at Corporation Bank. Coins in materials such as gold, silver, copper, lead, nickel and steel are on display. There is explanation in English besides all the coins. “We will soon provide explanation of coins in Kannada on each exhibit stand,”..........
RBI receives proposal for Rupee-Saraswat merger
The Reserve Bank of India has received a proposal for merger of Rupee Cooperative Bank and Saraswat Cooperative Bank from the latter two days ago. It is likely that the RBI would give its nod for the merger in a fortnight after which the actual process would start which is expected to take two to three months............
Most transactions still done through cash, cheques
.........According to a vision document by the RBI, developing accessibility, availability, affordability and assurance among other things are needed. In addition, simplifying documentation requirements, increasing role of non-banks in the payment systems, innovation and competition, uniformity, addressing risks could facilitate more usage of the electronic mode of fund transfer...................
Appraisal standards of nationalised banks responsible for steep rise in NPAs, says Chakrabarty
....“There is enough evidence to suggest that a substantial portion of the rise in impaired assets in the sector is attributable to non-adherence to the basic appraisal standards by the banks,” said Dr KC Chakrabarty, deputy governor, RBI, while speaking at a conclave organised by SBI Capital markets..............
HC allowing plea challenging directors’ appointment will cut into RBI powers: Yes Bank
Mumbai: If the Bombay high court allows the Madhu Kapur group to challenge the appointment of directors on the Yes Bank Ltd board, “it will cut into the powers of the Reserve Bank of India (RBI)”, the lender said on Thursday. “RBI does not say it will decide (on appointment of new directors). It gives the powers to the board to decide. Once the board decides, unless you say that the board is bad and has to be replaced...(you cannot change)..............
Rajan's genuine concern
My View on "Rajan wants definitive shape to bank licence by January":
It is refreshingly comforting to see that an executive who is still with GOI has started getting seriously concerned about the goings on in an institution which he will be heading a fortnight later. The need to ensure continuity at the top in RBI is surfacing time and again. Now Dr Rajan also has admitted this by expressing the view that ‘some definitive steps’ on new bank licences should be taken before Deputy Governor Sinha demits office on January 18, 2014. His concern is genuine, as the other person who was responsible for initiating the process necessary for issue of fresh bank licences, Dr Subbarao, would have already moved out, once he takes charge. The environment in which Dr Rajan and his ‘new team’ will have to decide on 5 to 10 ‘in-principle approvals’ from the 26 aspirants has been made more complicated by the time-frame (first quarter of 2014) already announced by the Finance Minister in Lok Sabha and the announcement of ‘All Women’s Bank’ as also an application from Postal Department. FM cannot be blamed, as his anxiety to have something ‘tangible’ before the elections are announced is understandable. One wishes, banking was considered as another business or vocation and individuals or organizations(including corporates) were allowed to enter subject to potential for business and viability of the individual projects, in a well-regulated environment.
- M G Warrier, Mumbai
Forex crisis - A.Seshan
........But what has happened in the last few days that led to the current crisis? The market knows that the Reserve Bank of India (RBI) cannot make any effective intervention since its reserves are equal to just a few days' turnover. Of the total turnover, about one-fourth only are accounted for by real transactions. ................
When umpires turn players
.............. But this unimaginable news of today may soon become a reality tomorrow. Well, if not in the case of the RBI, at least of a few other central banks. Indeed, it is already a reality in the advanced world of finance that has set the model for the rest in the last two decades. Shocked? Read on...............
Coming days will be more tough...........
Very true. Restoring credibility is an uphill task. RBI has been functioning in an uneasy environment for some time now mainly because FM and some officials in his ministry have been asserting GOI’s ownership rights on the central bank. RBI’s work culture and the maturity shown by the RBI Governor and his team, in a way, avoided an open clash in the recent period. The coming days will be more tough from the relationship angle for Mint Road and North Block, as the new RBI Governor has not been through the ‘IAS’ diplomatic experience.
- M G Warrier
RBI's FY13 income grows by 39.8%
The Reserve Bank of India’s (RBI’s) gross income by 39.8% to Rs 74,358 crore for year ended June 2013 from Rs 53,176 crore in Fy12 on sharp increase in earnings from domestic assets. The revenues from domestic sources rose by 60.7% from Rs 33,366 crore in Fy12 to Rs 53,611 crore in Fy13. And, foreign operations saw mere 4.7% growth at Rs 20,746 crore in 2012-13 from from Rs 19,810 crore in 2011-12. ...........
Good monsoon will help growth, RBI says in annual report
The Reserve Bank of India (RBI) on Thursday said growth prospects are looking better for the Indian economy in the current fiscal year on a good monsoon and steps by the government to revive domestic investment. It is also important to reduce high consumer prices to revive demand, said RBI, in its annual report, released on Thursday. It added that monsoon rainfall this year bodes well for both the kharif and rabi crops, and power generation..........
Explore new avenues for revenue, RBI tells govt
The Reserve Bank of India (RBI) warned on Thursday that the government may find it difficult to stick to its fiscal deficit target in the current fiscal year, given the impact of the economic downturn on tax collection and the depreciation of the rupee on the import bill, and called for alternative sources of revenue to be tapped. RBI suggested strategic planning, including larger dividend payouts by cash-rich public sector units and stake sales in state-run companies that are likely to receive investor interest and attract higher prices...........
RBI Comes to the Table on Food Bill, says it’ll Eat into Finances
RBI
has weighed in on the ongoing debate on the viability of the proposed
Food Security Bill, warning the government would find it difficult to
contain spending on the proposal within the budgeted amount even in
2013-14. Further, the central bank, which released its annual report on
Thursday, also asserted that the rise in the quantum of subsidies would
hamper investments.........
RBI increases size of war chest
MUMBAI: Reserve Bank of India (RBI) appears to have had an inkling of the volatility in the foreign exchange markets that was to follow later during the year. In its balance sheet for the year 2012-13, RBI has increased the size of the war chest that it has built up for times of volatility in the financial markets.......
RBI sounds caution on ballooning bank debt to infra sector
The Reserve Bank of India has called for sorting out infrastructure issues as they have potential to adversely affect asset quality of banks. Stress is building up in the infrastructure segment, the RBI said in its annual report released today. Outstanding bank credit to the infrastructure sector, which stood at Rs 7,243 crore in 1999-2000, has jumped over 100 times to Rs 786,045 crore in 2012-13..............
Reserve Bank study sees red in currency futures trades
Currency futures trading in the domestic market and a foreign exchange derivative instrument traded overseas may be partly responsible for the volatility in the rupee and the currency plumbing new depths over the last few days. This was suggested by two studies in the Reserve Bank of India’s Annual Report..........
Have Indian banks gone to the dogs?
.........RBI deputy governor K.C. Chakrabarty admits Indian banks are under stress, particularly the public sector lenders, but says the situation isn’t alarming. Chakrabarty cites precedents—back in March 1994, gross NPAs at Indian banks made up as much as 19.07% of total advances. For the next seven years, until March 2001, they remained in double digits as a percentage of the total loan book. “If the banks could survive that phase, they would definitely come out of the current crisis, too, particularly when they are adequately capitalized,” Chakrabarty argues..............
New boy Raghuram Rajan has his work cut out as rupee nosedives
..........The pre-Rajan RBI has moved in the opposite direction by limiting Indians' ability to sell rupees, which investors will interpret as a last-ditch effort to maintain the currency's value at an artificially high level. In Argentina, similar measures recently led to a black market in pesos and further undermined confidence in the country's economic policies. For Mr Rajan, reversing course will be job one.............
Growth prospects better but rupee fall to spike inflation: RBI
.........“The emerging macroeconomic scenario for 2013-14 is challenging, amid the wide current account deficit, risks to fiscal targets, persistence of high consumer price inflation, risk of exchange rate depreciation feeding into inflation, slowing growth and deteriorating asset quality,”...................
RBI lists the highs and hiccups
The Reserve Bank of India today had some good news amid the carnage in the rupee. The central bank said the current account deficit (CAD), blamed for the rupee’s slide, would be less than the historic high seen in 2012-13 because of policy measures such as the curbs on gold imports................
FM IS CALM IN THE RUPEE STORM
..............He also underscored that there was no cause for panic in currency markets and said communication was getting lost in the din. ‘’ Stakeholders must not distort our messages,” he said.The panic, he added, was feeding into other markets. The press conference came after a three- hour long discussion Chidambaram had with RBI Governor Subbarao, governor-designate Raghuram Rajan and other key officials. Both Chidambaram and Subbarao sought to address concerns of foreign investors saying there is no intention of capital controls and that the issues would be revisited as soon as the rupee stabilized.............
Awaiting panacea
.............There is a feeling that Rajan takes over his job in Mumbai with one hand tied to his back. But compared to many of his predecessors, Rajan is a young economist, who has no baggage of long government service as it had happened to most Governors. Subbarao and his predecessors like Bimal Jalan, Y V Reddy were secretaries to the government. There is huge expectations from Rajan that he would wave the magic wand so that the economy would start sprouting growth signals in the next six months as the countdown for a general election has already begun......................
The only way out
The Reserve Bank of India (RBI) and the government have painted all of us into a terrified corner as the draconian measures they have been announcing almost daily have failed to halt the continuing traumatic collapse of the rupee. The collateral damage in the bond and equity markets is there for all to see...........
The fallacy of 'dollar = rupee' in 1947
........When I encountered this message, my main objection was that the exchange rate of a currency is not really an indication of its strength. I am sure it is nobody's contention that India of 2013 is worse off than India of 1947. What was funny about the 1 USD = 1 INR posts was that it was justified with an argument that since India had no external borrowings, its currency was at par with the dollar. If low borrowings made up for strong currencies then North Korea might have been a front runner..............
Chidambaram meets RBI chief amid rupee crash: report
Finance Minister P Chidambaram has met Reserve Bank of India or RBI governor D Subbarao, according to reports, after the rupee breached the 65 mark on Thursday, hitting an all-time low of 65.56..............
Life @ 70
..........While RBI has informally told foreign banks to desist from making any predictions on the Rupee, others are openly betting on the Rupee at 70 becoming a reality soon. A big four CEO says that it’s just a matter of time. His advice is to make sure that companies hedge even if they have not done it so far.............
Forget dollar, Re 1 = 1.5 cents. Why India needs a new rupee
.......................At 1.53 cents to the rupee, clearly the dollar is the wrong unit to compare the currency with. We should now benchmark against the US cent. Seen this way, the rupee is stronger than the US currency by at least 50 percent. So cheer up..............
Banking services restored at Indian Overseas Bank
.............Considered one of the largest public sector banks with 3,000 branches nationwide, the glitch "largely affected" transactions, hampering day-to-day operations, they said. IOB Chairman and Managing Director M Narendra said services were affected on Monday and restored on Tuesday............
Aadhaar: Does it serve any purpose now?
..........In other words, there is no uniformity in recognizing Aadhaar number as a valid instrument. In a separate development, Reserve Bank of India (RBI) has proposed to credit card-issuing banks that they should consider Aadhaar number for authentication, when shops accept credit cards for transactions. Such a move, if made mandatory, will involve huge investments for upgrading the credit-card swipe machines. Banks will resist this move and may..........
PIL questions gold schemes by jewellery firms
.....The PIL has sought an enquiry into gold saving schemes, alleging that they are no different from deposit-taking schemes. The PIL also alleges that there is “no mechanism (to recover money) if any jewellery shop owner or company has gone into liquidation” and such schemes “need to be banned”. While RBI, Sebi and the police have responded to an earlier Right to Information (RTI) application filed by Agrawal stating that the schemes do not fall under their purview, the PIL has sought a fresh enquiry into the schemes by the regulators. RBI has, however, maintained that since Tanishq and similar jewellery firms are not registered with it as non-banking finance companies, the schemes do not fall under its purview. The banking regulator clarified that schemes like Golden Harvest “do not amount to acceptance of deposits”............
HDFC Bank to almost double two-member branches
............The two-member branch, which is a 250-350 sq ft facility with all the amenities available at other branches, provides the entire bouquet of its services, including phone and Net banking and international credit cards. This concept has been introduced as part of its target of bringing 10 million families (or 40 million Indians) within the banking fold...................
Thursday, August 22, 2013
Rajan wants definitive shape to bank licence by January
......Rajan who is currently acting as officer on special duty (OSD) in RBI, before he takes charge on September 5, have had several one-on-one meetings on Monday and Tuesday, before flying back to Delhi, with Deputy Governors and Executive Directors of RBI. In his interactions with department of banking development and operations (DBoB) which is headed by deputy governor Anand Sinha, Rajan indicated the process of new bank licence should have a definitive step before Sinha’s term comes get over in January 18, 2014.................
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