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Wednesday, October 30, 2013
Rajan toes the Subbarao line
Rajan does a Subbarao, sacrifices growth to control inflation
.....But the second quarter policy has nothing in it to help revive growth. Rajan is following his predecessor, D Subbarao’s footsteps in fighting inflation and sacrificing growth. We very well know where this policy landed us. For that, we will have to wait for his development policies to be unveiled. Till then we will continue to move with the governor’s foot on the brake pedal...........
Finance ministry remains silent on RBI's actions
......In the past the finance ministry had openly expressed its displeasure over repo rate increase or status quo maintained by the then RBI governor D Subbarao but the official said now the priorities have changed and finance ministry also realizes that taming inflation is also important along with GDP growth.............
Rangarajan differs with RBI on inflation projection
.............."Well I think the inflation rate may not be as high as (RBI) report seems to suggest. I would really think as far as WPI is concerned, it will be around 5.5 to 6%. I don't think that it will exceed 6%...I expect the WPI as well as CPI to remain at slightly lower level than indicated," ........
Maturing with Rajan
Saving the Rupee: 10 questions for Raghuram Rajan
........To anybody who understood even the very basic tenets of Austrian Economics, it was amply evident that the previous two RBI Governors, Reddy and Subba Rao, were running highly inflationary policies at the behest of their political masters. But the financial media being filled with people who probably haven’t even heard of Austrian Economics, were very dutiful in paying encomiums to these RBI governors. If anything, they were out-competing in complimenting them. Not only did the previous two RBI Governors debase the Indian currency enormously and continuously over their tenures, their understanding of basic economics in itself was highly questionable..........
Read...................
IS GOVERNOR RAJAN SHYING AWAY FROM COMMITMENT?
........What is of surprise is the lack of clear - cut commitment on important macroeconomic issues -- growth and inflation. It was expected that Raghuram Rajan would follow the central bank governor’s ‘ Dharma’ of anchoring inflation expectations. With just a mention of both rising WPI and CPI, it is unclear what the R B I Governor wishes to focus on...........
RBI rate hike: Will North block mandarins get Rajan’s message?
Rajan unveils ‘five pillars’ to strengthen banking system
Reserve Bank of India Governor Raghuram Rajan on Tuesday unveiled his five-point plan to overhaul the RBI's developmental measures over the next few quarters. The first of the "five pillars" of the plan is clarifying and strengthening the monetary policy framework..............
5% GDP growth wishful thinking; trajectory at around 4.5%
........On 29th October, we have been told what RBI itself thinks. There is a confidence interval, but RBI expects 5% for the full year. If you look at the latest round of projections, everyone outside the government expects growth at less than 5%. Finance Ministry expects 5 to 5.5% (at the time of the budget, talk was of 6.7%) and Prime Minister’s Economic Advisory Council expects 5.3%. To show its independence from government, RBI is borderline at 5%. In Q1 we had 4.4%, say 4.5%. Q2 is over..................
Read - ET
Rajan cuts to the chase
If simplicity is the greatest form of sophistication, Raghuram Rajan has been doing just that by making small and nuanced changes in the policy document, to the delight of seasoned policy watchers and even those who are trying to de-code it for the first time. Rajan's intention of presenting a clear and precise policy document that clearly lays out the road map for future monetary actions builds on the policy framework he outlined when he took charge of the governor's office.......
Why higher interest rates may eventually be good for growth
.......The stock of financial savings by households has almost been stagnant in recent years because of the shift to real estate and gold—which means that Indian companies could face borrowing constraints when the economic cycle turns. Higher real interest rates on financial assets are a useful way to convince ordinary Indian savers to move money back into the banking system, as inflation comes down and nominal interest rates rise......
Costly mistake
What Raghuram Rajan said on onions
Reserve Bank of India (RBI) Governor Raghuram Rajan may not have been expecting a pointed question on onion prices during the press interaction post the central bank's second quarter monetary policy review, where it hiked repo rate- the rate at which it lends short term money to banks by 0.25 per cent, but the question did come up...........
Why Raghuram Rajan needs to call Sachin Pilot, the minister of corporate affairs
................However, much contrary to the RBI’s intent of encouraging the bond market, the scope for non-banking non-financial companies to issue corporate bonds is almost completely dried up, with the rules for the public deposits, draft of which was unveiled by the Ministry of Corporate Affairs recently. For those who are wondering as to why public deposit rules affect corporate bonds, it must be understood that in India, public deposits include corporate bonds too, unless the bonds fall in one of the exempted categories.........
RBI policy: Rajan’s war on inflation signals UPA’s death knell
.........The RBI’s policy agenda is amply clear. After two successive rate hikes in less than two months since Rajan took over as Governor, he has signalled his hawkish intent to beat down inflation even if it means sacrificing growth. The bad news for the government is that Rajan’s hammer (interest rates) will only have a limited impact on inflation..............
Rajan Needs Help From Delhi in Inflation Fight
......If India wants to get out of this rut New Delhi and the
Mumbai-based RBI have to work together. New Delhi needs to open its
economy more and lower government spending which is pushing up interest rates
and demand, economists said. The central government also needs to help
encourage investment in the country’s overburdened supply chains, roads, ports
and power plants which exacerbate inflation by adding to costs of delivery and
production...
Increase in term repo rate is a positive step: Pratip Chaudhuri, SBI
......So having increased the term repo rate is a positive which takes the country into the money market more towards the term market. But the RBI has been cautious because they are not complacent on the exchange part because ......
Tuesday, October 29, 2013
RBI and transparency in policies - Charan Singh
Superman or not, Raghuram Rajan has indeed made a difference
Read..........
Is it time for members of Dr Chakrabarty Financial Inclusion Committee to resign en masse?
........So, I feel that the time is now ripe for the Dr KC Chakrabarty headed financial inclusion committee (appointed in 11 October 2012) to resign en masse so that the Dr Nachiket Mor chaired concurrent financial inclusion committee (appointed on 23 September 2013) gets a free reign to pursue its mandate in a comprehensive manner. I am sure that the respected governor of the RBI, the deputy governors’ and independent board members of the RBI will agree on the need to save scare resources (at a time of economic crisis such as this) and not have two high powered committees on the financial inclusion working concurrently at the RBI!.......
PRATHYASA
Veterans like Shri P.P.R.Nayar, Shri Sitendra Kumar, Shri L.R.Parab,
Shri G. Mohandas (Chennai) have also written strongly on the issue of pension
updation.......
Read............ - A bulletin of Reserve Bank Retired Employees Association, Kochi
FinMin relaxes norms for top jobs in govt banks
...........The selection committee is headed by Reserve Bank of India (RBI) governor Raghuram Rajan and includes officials from finance ministry and academic world. According to banking industry sources, the new RBI governor is likely to break the tradition of sending his nominee (which is a deputy governor) and would be himself present during the interviews and conduct them. The interviews will be conducted at State Bank of India head office in Mumbai, and not in New Delhi as earlier practiced.........
All-women bank gets branch in iconic Mumbai tower
The iconic Air India building at Nariman Point overlooking the Arabian Sea would house India’s first state-owned women-only Bharatiya Mahila Bank. The ground floor of the sprawling building is already being renovated to house the bank’s Mumbai branch, which is all set to start operations next month. Women employees from other public sector banks have been invited to join the mahila bank on deputation or resign from their current positions to join the bank without interruption of service.........
Next, please?
........Rumours are also doing the rounds that financial services secretary Rajiv Takru might be moved into North Block as expenditure secretary and Das could go to the banking division in his place.
Finance Minister Sachin?
Tea Leaves
......Were RBI to read the tea leaves right, despite there being ‘upside risk’ to inflation rising, producers have virtually no pricing power—indeed, given the rupee stabilising, some part of the inflation potential has been taken care of. Indeed, with the median FY14 forecast of GDP growth being cut from 5.7% in the last survey to 4.8% now and from 6.5% to 5.8% for FY15, it is clear the economy needs a growth shot.........
Banks to recast crop loan in flood-hit areas
......Behera urged the commercial banks, regional rural banks and cooperative banks to restructure existing loans at affected areas as per Reserve Bank of India’s (RBI) guidelines. Banks should also stress on sanctioning fresh loans for the affected farmers to help resume normal business, he added. Besides, he advised the banks to focus on crop finance for the Rabi season and meet the annual credit target for the agriculture and allied sectors in 2013-14...........
Four PSU banks face scrutiny for fall in agriculture credit
Four public sector banks may come under the finance ministry's scrutiny for reporting a fall in credit to agriculture, designated as a priority sector for lending by the Reserve Bank of India. .......
RBI shields bank-defaulters
.............Making names public will save private parties from giving loans to defaulters thus also resulting in checking large number court-cases filed for loan-recoveries by individuals and private parties. Central Information Commission (CIC) in larger public-interest should decide petition against RBI in this regard on propriety basis.
Depositors’ body seeks inflation-linked saving scheme
.........“In substance, the depositors have experienced a negative rate of return (adjusted to the double digit annualised consumer price index-based inflation). This has not only eroded the value of depositors’ savings, but has also shaken their confidence in being able to earn a steady real interest income on their savings with banks.”.........
Walking a tightrope between depositors and deposits
Learning its lessons from the collapse of several collective investment schemes in recent times run by fly-by-night “companies,” the government has proposed stringent rules under the new Companies Act 2013 to protect depositors. Notified last week, these rules propose that companies (other than non-banking finance companies) should henceforth insure the deposits that they take from the public............
Political uncertainties impacting capital markets: RBI
Political developments on account of the forthcoming elections, in addition to other domestic and global factors, are impacting the capital markets, the Reserve Bank of India (RBI) said today..........
An overdue warning
The Reserve Bank of India has done well to communicate a stern message. It has said in its new report on the economy that India could face what it calls “a lasting growth collapse” unless macroeconomic stability is secured...........
Liquidity key to restoring relevance of repo rate
....And, he showed intent — the central bank reduced the marginal standing facility (MSF) rate further in October (after cutting it in the September review) and opened another liquidity window. Now, it is widely expected RBI would restore the 100-basis-point corridor between the repo and the MSF rates in Tuesday’s second quarter review of monetary policy...........
RBI policy review: Inflation focus may herald rate hike
.....According to the RBI report, such high inflation “eroded real consumption, lowered savings, caused financial disintermediation, widened the current account gap and placed additional pressures for subsidized safety nets for the vulnerable population”. “Against this backdrop, monetary policy will have to tread a carefully charted course to support reasonable real interest rates and avert financial repression,” the RBI report said.....
RBI's long history as an inflation fighter: Raghuram Rajan likely to uphold tradition
........On the issue of coordination between fiscal and monetary policy, Rajan was a bit more circumspect. But he has an excellent precedent to help him along. It’s there in the RBI Annual Report, 1984-85 , under the signature of Manmohan Singh, “While careful supply management could help, aggregate demand is a critical factor in the short-run management of prices . In view of the direct bearing that fiscal deficit has on reserve money and on money supply, coordination between fiscal and monetary policies is imperative if money supply is to be kept within limits and price stability is ensured with a view to facilitating growth with equity.” ........
Read - ET
The potential for a surprise from RBI is high due to multiple policy levers: Nomura
...... If the RBI decides to make repo rate the operative rate immediately, then Nomura believes it would be accompanied by a 50bp repo rate hike. RBI has its monetry policy review meeting tomorrow (29 October 2013). Nomura expects the RBI to downgrade its FY14 (year ending March 2014) GDP growth forecast to 5% year-on-year from 5.5% and raise its WPI inflation forecast to 6.5% by March 2014 from 5%..........
Rates obsession
......One-third of all NPAs of PSBs were contributed bythe top 30 NPA accounts in each bank. Deregulation of savings bank interest rates did not add to the interest income of real SB account holders. The net interest margins enjoyed by banks in India are among the highest in the world............
RBI Governor Rajan to set the stage for normal monetary policy operations
Reserve Bank of India (RBI) Governor Raghuram Rajan is widely expected to make a return to normal monetary policy operations on Tuesday when he announces the second-quarter policy review. Rajan, in his second policy review since taking over as the RBI chief, is likely to make the repo rate the effective policy rate that decides lending rates in the economy. Here's how he will likely do it...........
Prices of food products to increase further: RBI’s inflation survey
his was revealed in a survey conducted by the Reserve Bank of India to gauge inflation expectations. The survey, among other things, is an important feedback that the RBI takes into account while framing its monetary policy. The RBI defines anchoring inflationary expectations as one of its key functions. Therefore, it can be interpreted that the expectations of people that prices will only go up might put the RBI ill at ease when it meets to decide the monetary policy today.......
Rajan prepares ground for rate hike on stubborn inflation
Reserve Bank of India governor Raghuram Rajan has prepared the ground for increasing the repo rate– the second successive rate hike in two months – as inflation continues to remain above the central bank’s comfort level. The central bank also sees modest improvement in growth in the second half of current financial year..........
Are consumption pattern change and vegetable inflation linked?
.....One theory that was put forward by senior officials at the Reserve Bank of India (RBI) was that the inflation problem has its roots in a sharp increase in demand for certain food items that people eat more frequently as incomes rise...........
‘NSEL crisis exposes regulatory gaps’
............The Union Government has taken several policy initiatives to plug regulatory deficiencies. It has transferred the administrative control of FMC to the Ministry of Finance and constituted two committees, one under RBI Deputy Governor K.C. Chakrabarty and the other under the Secretary, Department of Economic Affairs, Arvind Mayaram, to look into various aspects relating to this crisis. These committees have since submitted their reports to the Centre, the RBI said..........
Stringent gold import norms may be relaxed
.........“Some discussions are going on to relax the rule. The government is considering a proposal whether importers can be allowed to make the declaration less frequently, say on an annual basis,”.........
Your private data may be online, courtesy govt
To push the government's agenda of greater transparency and accountability, several states and central departments might be, unwittingly, following a bare-it-all approach in posting citizen data online. And, even sensitive and personal information, such as bank account numbers and income status, is not being spared........
Hacking attacks up, bounty for Indian IT companies
Technology companies are expecting a boom in anti-money laundering software sales as Indian financial services firms look to upgrade their technology systems in the wake of scandals and stricter policies from the Reserve Bank of India. Indian banks have been using anti-money laundering software but the last major implementations happened four or five years ago and those systems merely reported abnormal transactions. Banks now want to leverage modern tools such as using analysing real-time data to predict possible frauds or illegal............
Monday, October 28, 2013
Cooperatives, PO savings hold the key - DR. N. A. MUJUMDAR
........Those small borrowers who were thrown out of the formal financial sector, sought refuge in the arms of the moneylenders and have stayed there. All this went on, till say 2008, when financial inclusion became fashionable. There are limits to the PSBs’ ability to reach out. First, physical access and second resource constraint. The credit deposit ratio was 78 per cent in August 2013 and the incremental credit- deposit ratio 70 per cent. Thus the PSBs are already over- stretched. But the solution is not new, small private sector banks, which may take time to grow roots in the rural economy. The cooperative sector holds out great potential in this context. Look at the reach of cooperatives. Cooperatives account for a relatively small share in the bank– dominated Indian financial system. However, given their geographic and demographic outreach, they hold a key position in the financial system. Geographically, cooperatives have been instrumental in extending formal financial services to villages and small towns in India...........
Walk alone but don’t dance alone: Chidambaram to Subbarao
The Independent...............
At the launch function of his book, Barons of Banking: Glimpses of Indian Banking History, author Bakhtiar Dadabhoy delivered a short speech, apparently under instruction from his publishers. He said he was keeping the speech short to compensate for his “bulky tome”, and delivered the perfect punch line: “Even if you don’t plan to read it, buy it!”........
..........Y. V. Reddy, who was chief guest at the launch, took a crack at the debate about central bank independence. A former RBI governor himself, Reddy was often asked about this and this is how he responded: “The RBI is independent. The Governor is very independent. And I have taken the permission of the Finance Minister to say so.”
On Central Banking
......There was a belief or an unwritten law in the past that the central bankers should neither be seen nor heard in the public. It was the late H V R Iyengar, an exceptionally brilliant civil officer and the sixth governor of the RBI (4th Indian governor, 1957-62), who broke this convention and started periodically making public speeches expounding on central banking practices and policies to the benefit of laypersons. From then on it was a quantum jump to the days of Duvvuri Subbarao who effectively brought the concept of central banking to the doorsteps of even the villagers in India, apart from ...............
Vaastu differences
Why is it that every finance ministry official who moves to the Reserve Bank of India as governor turns against the finance minister who is the most responsible person for appointing him? Y V Reddy,D Subbarao and now Raghuram Rajan - all stop seeing merit in many of the things the finance ministry suggests. Subbarao, who had ........
ICAI to point out financial health of WB
.....Kishore Periyar, Deputy General Manager, DNBS, Reserve Bank of India, said, “Over the last two years RBI has undertaken grassroots level sensitization programme in the mother tongue where police officers, consumer welfare officers, district level officials of directorate of small savings are being educated on how the common people should be educated about investment. After all one rupee saved is one rupee earned.” Periyar went on to add that the Reserve Bank of India (RBI) Rural Planning Department has started a new programme called 'Raju and Money' which is run in all village gathering like fairs and weekly bazaar. "Besides this RBI is continuously in touch with Urban Bank Department and advise people not to invest in companies about which they don’t understand," he said.............
Bridge ideas & execution, says RBI deputy governor KC Chakrabarty
At a time when there is no dearth of innovative ideas, Deputy Governor of Reserve Bank of India (RBI) KC Chakrabarty emphasised that it was time to bridge the gap between innovative ideas and its effective implementation...........
Sequencing monetary policy moves
............The menu of monetary policy instruments is quite wide in the October meeting, keeping markets guessing about the details. However, more clarity on financial reforms and the new RBI Governor’s market-development agenda might overshadow the importance of the monetary policy actions
RBI’s just tinkering around
.....You cannot get a stronger repudiation of the extreme short-termism in market reactions to developments in the macro-economy than the former SBI Chairman’s statement. Indeed, if the latest WPI number had come in a shade lower, the “Street” would have sounded the all-clear for a reduction in the repo rate. Such is the fixation on the short-term. The policy recommendation is data release to data release. A perspective on how central bank interest rate moves impact banks’ deposit and lending rates is not obtained in the process; and, in turn, how they influence consumption, savings and investment behaviour in the economy over a period of time. With his hard-hitting comments, therefore, the ex-SBI Chairman may have done a signal service in highlighting the RBI’s challenges................
Radical change in policy approach
......Monetary policy is not just about financial market reactions; it is about fostering stability, something which all investors cherish. Reducing volatility in this environment requires sound macroeconomic fundamentals. Whatever the individual measures now, India’s financial sector will be transformed. This is important not just for meeting India’s voracious need for capital to finance growth, but also to move the country towards emerging as a major international financial centre to.........
RBI and the fight against inflation
.....One criticism of RBI’s monetary stance is that it can only control core inflation (as measured by WPI). That has remained below 3% for a while now and, hence; there is a case to loosen interest rates. Once again, this way of looking at inflation is illusory. Take a look at core inflation, but as measured by CPI, and you see a different picture: for the last four months, from June onwards, core CPI has been consistently above 8% and was the highest at 8.39% in September. One can quibble about what index RBI should track, WPI or CPI. But the fact remains that..........
Raghuram Rajan is likely to uphold tradition
.......So, if opinion is unanimous that the RBI will play with a straight bat - to use new governor Raghuram Rajan's fondness for cricketing analogies - tomorrow, the reasons are not far to seek. They are steeped in history. The RBI, despite its legal infirmities, is an inflation fighter. In all likelihood, therefore, the RBI will raise the repo rate by 25 basis points to 7.75% and, possibly, cut the interest rate on its marginal standing facility at which banks borrow from the RBI by a like amount. .........
Food for monetary thought
A central bank's role doesn't stop with controlling inflation; it also extends to anchoring inflationary expectations. For the Reserve Bank of India (RBI), the latter has been rendered especially difficult, thanks to soaring food prices, against which the standard monetary policy tools are largely ineffective..........
Infusing fresh thought into Monetary Policy
My View on "The RBI’s inflation obsession":
The author has captured the deficiencies in RBI’s monetary policy stance which has been obsessed with a lingering worry about taming inflation. When RBI’s rates announcements or guidance on the direction of interest rates do not influence prices or deposit rates which are the major concerns of common man, why not RBI listen more carefully what the political bosses and industrial houses say and act accordingly?
The new Governor Dr Raghuram Rajan is infusing fresh thought into Monetary Policy. Let us hop his announcement on October 29 will factor in, among others, the following:
i) To the FM’s embarrassment, last week’s review revealed that one-third of all NPAs of PSBs were contributed by top 30 NPA accounts in each bank.
ii) While much ado is there about base rates, deregulation of savings bank interest rates did not add to the interest income of real SB account holders.
iii) The Net Interest Margins enjoyed by banks in India are among the highest in the world.
iv) The theory that ‘interest cost is not the major ingredient in project cost’ is interpreted to mean that small borrowers can afford to pay higher rates of interest.
v) Big depositors get preferential rates of interest and big borrowers get attractive terms for borrowing including special attention when their loans become NPAs.
vi) The impact of changes in base rates on interest rates(both deposit and credit) administered by banks during the last 3 years.
vii) The finance ministry’s linking of interest rates on festival season consumption loans to release of additional share capital to PSBs.
- M G Warrier, Mumbai
Justice black and white
........ I salute Chief Justice N V Ramanna for his strictures against the Sanskriti School. He said, "What is the necessity for various state governments and ministries including the Defence Ministry and the Reserve Bank of India to fund the school run by officers' wives?" These 'wives' are all married to bureaucrats and the Chief Justice made it clear that he disapproved of them trying to 'create a separate island for children of these bureaucrats'.........
Finmin rushes with bank appointments
.......While
it is unclear what has prompted the rush to conduct interviews, sources
suggested that the ministry is keen to finalize the appointments before
the next general elections. Bankers, however, fear that the exercise
may go waste if the next government decides to review the decisions of
UPA-II. The interviews are technically irrelevant as the Central
Vigilance Commission has in the past frowned upon the idea of giving a
blanket clearance several months in advance. But, that is not the only
reason for controversy..........
Will India align with IFRS?
........A major issue for Indian regulators is the lack of IFRS knowledge and experience in the accounting and auditing profession here. There is a need to align the industry-specific accounting guidances issued by various regulators. For example, the Reserve Bank of India issues guidance for banking companies, the Insurance Regulatory and Development Authority issues guidance for insurance companies, the Central Electricity Regulatory Commission issues guidance for electricity companies, SEBI issues guidance for listed companies, and the Ministry of Corporate Affairs too issues certain guidance.............
Fourteenth finance commission on Gujarat visit
......The Commission was set up by Government of India early in 2013 and is expected to submit its report by October, 2014. The period for which the Commission will recommend share of States in the Central taxes will be from 1.4.2015 to 31.03.2020. The Chairman of the Commission is Dr.Y.V. Reddy who was the Governor of Reserve Bank of India for five years till 2008. The other members of the Commission are ..........
The tortuous road to new bank licences
.........In any case, the process of awarding a new bank licence was never expected to be smooth. Among the several controversial issues, allowing large industrial houses to start a bank has been the most contentious. A very large number of respondents to RBI’s discussion paper were not in favour of awarding licences to big business houses. However, such policy issues have been decided. A few large industrial houses will be given permission to start banks. Amidst the riveting interest on the subject, two related developments merit attention..........
Takeover by foreign banks will be delayed
.............. "To allow takeovers by foreign banks means that a change in policy is needed, which can happen only if the Cabinet approves the increase in the cap in the banking sector,"..............
RBI queries applicants, regulators on new bank licences
.......As part of this process, RBI has asked many applicants to provide further details about their promoters, equity structure, financial inclusion programme, proposed banking model, among others, sources said. RBI is also seeking details from other regulators, including capital markets watchdog Sebi and insurance regulator IRDA, about the businesses of the applicant entities under their respective jurisdictions, they added. With regard to some applicants, RBI has also sought to know details about source of funds and compliance to the structural norms proposed for new banking players............
How new banks can win biz
.........It is not merely the right kind of leadership but also the right size at the start which is critical to deliver optimal execution. Banks need to maintain a balance between creativity and control of risk. The ability to use information and not just technology effectively is an imperative. Banking is information business and as such good quality data is central to any business. Banks are still in love with their management information system, which is essentially backward looking. They can gain immensely by deploying predictive analysis and not just stick to descriptive analysis. Technology and information are two distinct disciplines. New aspects such as data mining can make a huge difference. No business model will succeed without customer focus..........
Banker’s Guide to Building a Robust Institution
......But
leaders of new banks need to question what their strategy will be. Many
believe that a mix of an underpenetrated banking system combined with
an industry where 75% of the players are inefficient (PSU banks) makes
the Indian banking industry an attractive investment opportunity. They
are right. Can this really be their principal strategy? Do other leaders
think they have the same self belief and crushing work ethics that the
promoter of the bank they cite has? I doubt it...........
Taking Women on Board a Tough Act for Cos
...The rush is likely to intensify as companies
have a limited pool to searchfrom,said SureshRaina,senior partner at
Hunt Partners, an executivesearch andboard advisory firm. It doesn’t
help that top women bankers such as Chanda Kochhar and Shikha Sharma
can’t be tapped — Reserve Bank of India doesn’t allow bank CEOs to be on
boards of other companies except by rare special permission. Of India’s top 100 listed companies, 34 don’t have any women directors, according to data........
Agricultural Education & Knowledge Management
......The opening essay argues how sustainable agriculture requires the utilisation of both the codified knowledge of the researchers and tacit knowledge of the farmers for its development and adoption. Organisers need to access and apply new knowledge keeping in view the rich practical experience of farmers. The chapter on Agricultural Education emphasizes that it should reflect a right mix of scientific technology and orientation with an international dimension. Academic institutions should include representatives of industry and other employers on visiting committees, on advisory boards and in strategic planning. An analysis of the various phases of agricultural development in India after 1947 has shown that the focus has altered from human resource management to technical management to extension management.........
Read - FPJ - Book review by P.P.Ramachandran
Fed, RBI to drive stocks this week
.......For the week ahead, two central banks will play a key role in deciding the direction of Indian markets. The US Federal Reserve, in its two-day meeting ending Wednesday, will mull over the future of its massive bond purchase programme known as quantitative easing (QE)3. On Tuesday, the Reserve Bank of India (RBI) will decide whether to increase its key policy rate..........
Capital infusion in PSBs rests on December review
Rajeev Takru, secretary in the Department of Financial Services, said banks weren’t finding it difficult in carrying out their lending operations. In December, the Centre would review the performance of public sector banks in lending to the retail segment — consumer, automobile and home loans — before deciding on infusing additional capital in these.............
UPA's infinite wisdom: Minister seeks 2 more digs, ‘airlift’ of 4,000 tonnes of gold
....In a letter dated October 18, the minister of state for agriculture wrote to Culture Minister Chandresh Kumari Katoch referring to "two more treasures which need to be acted upon without any time loss". He asked Katoch to "consider sending a joint team" with representatives of the Ministry of Finance, Reserve Bank of India, ASI and the Geological Survey of India...........
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