Encouraged by the response of financial outreach camps organized as part of its platinum jubilee celebrations across Northeastern States during 2009-10, the Reserve Bank of India (RBI) is launching the second phase at Karsingsa from February 12. The purpose of the camp is to bring awareness on banking facilities to every adult citizen in the targetted areas as well as to bring them under mainstream banking. The camp will also aim to disseminate information on various facilities and schemes. Stalls will be set up by the RBI, SBI, UCO bank, Arunachal Pradesh Cooperative Apex Bank, NEDFI, SIDBI, KVIC, NSIC, Agriculture and Veterinary department, State Forest Research Institute and model village among others. Among others, Deputy Governor, RBI, Syamala Gopinath will attend as chief guest while Chief Secretary, Arunachal Pradesh, Regional Director, RBI Surekha Marandi, Banking, Ombudsman for North East, Chief General Manager, State Bank of India NE Circle, General Manager, NABARD, District Magistrate will also attend the camp. -The Sentinel
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Monday, February 7, 2011
Why a banker questions RBI
There aren’t too many instances of the chief executive of a bank questioning the wisdom of the Reserve Bank of India (RBI) in the country’s banking history. The State Bank of India’s (SBI) refusal to set aside money for making provisions, as directed by RBI, for the so-called teaser home loans is raising many eyebrows. No banker is willing to formally comment on the stance of Om Prakash Bhatt, chairman of SBI, the nation’s largest lender, but in private, a few say Bhatt “has the guts to take on the regulator” while the more diplomatic ones dub his “defiance” as “creative tension between the regulator and a regulated entity”. Bhatt has done something no Indian banker has done before. According to the regulator, teaser loans carry high risk and it is willing to revert to bring down the provision rate from 2% to 0.40% for those loans which do not turn bad one year after the loan rates go up. Bhatt contests RBI’s perception of risk and says the home loans that SBI offers at a discount for the first two years are special loans and no teaser loans. He also claims while giving such special loans the bank takes into consideration a customer’s capacity to service the loan when the rates go up. In the absence of any risk of default, the bank does not need to make extra provisioning, as directed by RBI. The audit committee of SBI’s board, headed by chartered accountant Dileep C. Choksi, has endorsed the chairman’s decision. Shyamala Gopinath, an RBI Deputy Governor director of the bank’s board, is a member of the audit committee. Apart from higher provisioning for teaser home loans, Bhatt also has reservations about RBI’s decision on 70% provisions for bad loans. In a television interview, after announcing the bank’s third quarter earning, he dubbed the RBI norm as “arbitrary”. There are three types of bad loans—substandard, doubtful and loss assets. Till recently, banks were required to set aside the entire amount of loss assets, or those assets which can never be recovered, while provisioning requirement for other two categories varied, depending on their age and quality. RBI in 2009 made 70% provision mandatory for bad assets for all banks. In other words, irrespective of the degree of deterioration, banks need to set aside Rs70 for every Rs100 worth of bad loans. SBI has so far done close to 64% provisioning for its bad loans and sought time to raise it to 70%. Bhatt’s argument is while money has already been set aside for different categories of bad assets, what’s the point in raising the overall bad loan provisioning to 70%? Can a commercial banker question the rationale behind a regulator’s decision? While the industry is divided on this, I would be curious to know how does the RBI nominee on the bank’s board react to such moves? RBI says teaser loans are not only risky, but also an instrument that discriminates one set of borrower against others. This is because new customers get such loans at a discounted rate while the existing customer had paid higher interest rates. If this indeed has been the case, why can’t the RBI nominee on the board settle it at the board level? There is a government nominee, too, on the board. Can a bank chairman overrule these representatives when it comes to taking decisions on such contentious issues. After he steps down in March, Bhatt’s successor in April will have tough time in keeping both the regulator and the investors happy. I am taking a break and will not write this column for the next two weeks. - Mint
When economists turned the spotlight on themselves at Davos
The just-concluded meeting of the World Economic Forum at Davos had proved to be a virtual non-event, overshadowed as it was by the crisis in the Islamic world. But economists basked in the limelight as they were a much-sought-after tribe. Their wide-ranging forecasts — the likelihood of the next economic crash, growth outlook for China, the possibility of a debt crisis, et al — were in demand, at a time when their track record has never been more pathetic — a fact that, ironically, came to the fore in the conference itself. Economics, we all know, is not an exact science and, when it comes to forecasts of this profession, taking them with a generous pinch of salt would be in order. How credible are these forecasts? In his thought-provoking Three Sacred Cows of Economics, Alex Rubner spoke of an economist who had forecast the age of a river as one million and twenty-one years. Asked how he can be so accurate, the economist replied that, twenty one years ago, the age of the river was estimated at one million years. Nearer home, the Reserve Bank of India, when it came to projecting the inflation rate by the end of March 2011, it had simply shifted the sign post. In stead of the earlier 5.5%, it has now revised it to 7%. Why? Because between the second- and third-quarterreviews, the underlying price scenario had changed for the worse. When the forecasts cover a wide field and many uncertainties loom large, the perils of economic prediction are obvious. But, undeterred, at the World Economic Forum 2011, five top contemporary economists ventured to predict the future of economic forecasting. But economists are not the ones to shy away from problems and this time around in Davos, they understood that they are the problem. At a closed-door dinner session, some of the best minds in the profession decided to turn the focus on themselves. Among the galaxy of attendees were such luminaries as Robert Shiller of Yale University, Joseph Stiglitz, the Nobel laureate, Simon Johnson of MIT Sloan School of Management , Raghuram Rajan, formerly director of research with the International Monetary Fund and now with the Chicago Booth School of Business, and professor Carmen Reinhart of Maryland University. And, for a change, this debate generated more light than heat. The underlying complexities were examined — the uncertainties, the political factors, natural disasters, outbreak of wars — and why forecasts based on such variables tended to go wrong. As one executive of an asset management company put it, an economic forecast is one input among many. It could be the starting point of an analysis or discussion. Raghuram Rajan referred to IMF’s forecast about Africa, which was belied when the economy of one country had collapsed following an outbreak of conflict, impacting the growth estimate of the entire continent. - DNA
Egypt crisis to impact policy: RBI
Events in Egypt will have an impact on Indian monetary policy, the country's central bank Deputy Governor told reporters on Sunday. "After making the policy announcement on 25th Jan, a whole set of events unfolded in the Middle East, which are starting to have an impact on oil prices, obviously, which we did not anticipate at the time we made the announcement," Subir Gokarn, Deputy Governor at the central bank, said. TOI
India to use indigenous paper and ink in currency notes
To counter the menace of fake currency notes, the government will soon start using indigenous paper and ink, Union finance minister Pranab Mukherjee said today. So far, we have been using foreign paper and ink. But now, we will start making our own paper and ink to control fake currency notes," Mukherjee said. - DNA
Sunday, February 6, 2011
Need for regulatory forum to resolve customer grievances - Dr.K.C.Chakrabarty, RBI Deputy Governor
“Scams are everywhere. And they will continue to be, because every sector has finance involved. But citizens suffer because of scams, and they need to be empowered, said Sanjay Nirupam, member of Parliament, speaking on the first anniversary of Moneylife Foundation on Saturday. He also released a Position Paper on issues faced by retail investors prepared by Moneylife Foundation. Dr K.C.Chakrabarty, Deputy Governor of the Reserve Bank of India, spoke on customer issues relating to banking and para-banking services. He said, “In this country, 50% people don’t have bank accounts, 90% don’t have access to loans and 98% don’t have access to capital markets. Banks must increase their reach to rural people, and ensure better service.” He also said that there is a need for effective regulatory forum, and there should be a system to resolve the issues. Customers must raise their concerns and demand justice. Speaking on the problems faced by the customers in banks, he said, “India is a big country, and I agree there are many problems. Unfortunately, banks are not properly equipped, technologically or otherwise, to solve the problems and provide good service. There needs to be a strong movement. But the citizens should also understand that there are certain limitations, many of them are legal.” Moneylife Foundation was launched by Mr Sanjay Nirupam a year ago on 6th February.
RBI clarifies stand on gold loan move
High interest rate and lack of clarity on end use of funds was the primary reason behind the regulator asking banks not to classify loans to non-banking finance companies (NBFCs) for on-lending against gold jewellery as priority sector lending. On Wednesday, the Reserve Bank of India (RBI) had asked banks to not classify loans extended to NBFCs which were lent by NBFCs against gold as priority sector loans. Gold loan companies are lending the money at a very high rate to customers. The money may not be going to priority sector borrowers. We do not know whether the gold loan companies are using the money, which they borrowed from banks, for borrowers who come under priority sector,” K C Chakrabarty, Deputy Governor of the Reserve Bank of India, said on Friday. According to norms, banks have to extend 40 per cent of their loans to the priority sector. NBFCs, however, do not have such mandate. Chakrabarty, however, clarified that banks could continue to lend to the NBFCs which are in the gold loan business.”
The way forward for microfinance
Social sciences literature now recognises social, human, and cultural capital, in addition to economic and physical capital. Even though independent, different types of capital possess attributes of interdependency and reciprocity. Simply, this means that even social capital can be transmuted into economic capital. And, women groups repaying loans to microfinance institutions through frequent instalments in a group setting exemplify social capital at work. The underlying idea, as Robert Putnam found in the Italian rotating credit associations, is that membership in associations (or SHGs) generates trust and norms of reciprocity. Typically, SHGs are small groups possessing ‘thick trust’ (trust based on personal knowledge of other actors in the group) that makes responses of group members predictable and enforcement of loan repayment relatively easy; therefore, attracting financial institutions to lend. Accordingly, in social capital — relationships of trust embedded in social networks — the poor have a non-monetised resource that metamorphoses into loans and the attractiveness of the SHG model is founded on inclusiveness, the unique democratic accessibility of social capital, because all other forms of capital exclude the poor, ignorant, and unpropertied. Furthermore, researchers agree that social capital is a multidimensional construct having several forms and two forms of social capital — bonding (that links people together with others like them) and bridging (social ties that cut across differences such as caste, class or religion) — distinguished by Avis Vidal, are generally accepted. Bonding social capital promotes exclusive identities, gives precedence to the group over community and generates specific reciprocity; in contrast, bridging social capital is outward looking, promotes acquaintances with different and distant people and leads to generalised reciprocity. Importantly, as the work of Xav Briggs has shown, the outcomes associated with the two forms of social capital are different. Bonding capital helps the poor to get by or cope with particular challenges (social support), as opposed to bridging capital that helps to change the opportunity set and get ahead in life (social leverage). Presently, lending activities of MFIs are primarily confined to lend and enforce collections drawing down on the social ties found in supportive groups. Recently, Dr Rangarajan, chairman of the PM’s Economic Advisory Council, also referred to the “flawed business model” in which the MFIs primarily leverage on the existing social ties to engage in multiple lending, that too for consumption. Additionally, insights available from a recent MIT study (Abhijit Banerjee and others, 2009) in 104 slums of Hyderabad show the importance of context while designing interventions for the poor. The MIT study found that pre-existing conditions of households matter. In response to MFI loans, households with existing businesses increase spending on durable goods (e.g., investment). Households with high propensity to start businesses, finding loan amounts to be inadequate to start businesses reduce spending on temptation goods (e.g., tobacco, alcohol). And, households with low propensity to start businesses increase spending on nondurables spending (e.g., food, marriage, illness). Therefore, the challenge, in addition to broadening and deepening ties, is to design specific interventions that are based on the existing business activities of households and their propensity to engage in income-generating activities. The fact that the bonding and bridging capital interact and mediation by intermediary structures is possible provides a useful way to access outside resources (build bridging capital) to transform social ties to economic capital. Drawing from practice stories elsewhere, MFIs can work as intermediary organisations to design deep contextual interventions. Households having pre-existing businesses will require social ties that provide more than mere emotional support and everyday favours. More useful are bridging contacts that can help them to get a crucial new idea or news of an impending market downturn or provide political and managerial access. The value of such bridging networks lies in the fact that they are not passive bridges, but are active links relaying important information and are also capable of endorsing (vouching for) the poor having limited access to money and other scarce resources. For households with little propensity to do business, the MFIs intervention will include training and other support to help the households — including those with no formal schooling or language skills — to acquire and practise ‘public life skills’ to earn more than subsistence wages that only help them to cope with daily life. Research by Michael Woolcock and others is increasingly pointing to the contribution of such linking social ties to help the poor to expand their opportunity set, for example, getting jobs through external contacts. Finally, for households with high inclination to engage in income-generating activities, getting ahead in life will require training and other support, such as leveraging funds from the government and locating funding sources to meet their complete fixed and working capital needs. All in all, social capital is about relationships; therefore, freely accessible to the poor and the common availability differentiates social capital from other forms of capital. The MFIs have mainly limited themselves to using the existing bonding capital in groups to lend and recover. However, the simple but crucial support/leverage distinction and the fact that the two forms of capital interact and mediation by intermediary structures is possible have the potential to give competitive advantage to the poor by broadening and deepening their social networks and the MFIs can purposefully facilitate the development of meaningful bridging ties by working as intermediary organisations to help the poor to get ahead in life and move beyond the support networks that only help them to stay where they are and only cope with calamities of life. - Sameer Sharma, IAS
RBI fines 2 Gujarat-based banks
The Reserve Bank today imposed a penalty of Rs 1 lakh each on two Gujarat-based banks for irregularities in reporting of cash transactions. The RBI said the two banks -- Ghoghamba Vibhag Nagrik Sahakari Bank and Janata Co-operative Bank -- had violated the guidelines for reporting of cash transactions of over Rs 10 lakh.
Not surprised if RBI increases rates by 25%: Rangarajan
With a spike in food inflation, C Rangarajan, Chairman of Economic Council to the Prime Minister, today said he would not be surprised if RBI hikes the rate by 25 basis points to contain it. Replying to a question about whether he expected another hike in the rates due to the increase in food inflation, Rangarajan said, "I will not be surprised if the RBI raises the rate by 25 basis points". Driven by high prices of fruits, milk, meat, eggs, India's food inflation crossed 17% for the week-ended January 22. Rangarjan, who was speaking on the sidelines of a book release function organised by Southern India Mills Association, said RBI would continue to act as long as there was a need to contain the rapid escalation in food prices.
SKS threatens exit from Andhra
SKS Microfinance may consider pulling out of Andhra Pradesh if the state government does not revoke its recent restrictive legislation on microfinance institutions by April 1. “Until RBI (Reserve Bank of India) steps in and does something on the AP Act, we are going to see some uncertainty. The committee (Malegam panel, which recently gave a report on the issue to RBI) has given seven reasons why the state government should not have its Act. The committee has also said April 1 is when it would like to see these recommendations in place,” said Vikram Akula, chairman of SKS Microfinance.
Foreign bankers hope RBI plan won’t up tax burden
Although appreciative of the Reserve Bank of India’s stance that foreign banks should operate in India as wholly-owned subsidiary (WOS) rather than as a branch of the parent, foreign bankers are hoping the conversion would not mean too much of a tax liability.
Moreover, the RBI's proposal that the WOS become a listed entity over time, resulting in a dilution of the parent bank's holding, has not gone down too well with the fraternity. A dilution of the parent bank's stake would mean it would have to give up total control and also some share of the profits. A local listing, foreign banks fear, would restrict their ability to capitalise on the parent bank’s balance sheet. Some foreign banks are dispapointed that the RBI may restrict the entry of new players as also the expansion plans of existing foreign banks once their assets in India exceed 15% of the assets of the banking system. “We would suggest that the RBI consider increasing this limit given that the opportunity in the country is tremendous,’’ said the CEO of a foreign bank. There are 34 foreign banks operating in India as branches, accounting for 7.65% of total banking assets as on March 31, 2010, up from 9.03% a year ago. If credit equivalent of off-balance sheet assets are included, their share was 10.52%. The share of top five foreign banks alone was 7.12%. Currently, top five foreign banks account for more than 70% of total balance sheet assets of foreign banks in India.
Friday, February 4, 2011
India's microfinance sector can expect healthy growth if RBI the sole regulator for the sector
India's microfinance sector can expect healthy growth if the Reserve Bank of India (RBI) becomes the sole regulator for the sector, SKS Microfinance chairman Vikram Akula said on Thursday. The fast-growing Indian microfinance sector suffered a setback in October when Andhra Pradesh, which had the largest microfinance market in the country, approved legislation to regulate the industry following complaints about high interest rates, aggressive recovery practices and overextended borrowers. "The Banking Act supercedes anything else in the country," and it would be a matter of time before the RBI became the single regulator of for-profit microfinance companies resulting in "measured, yet healthy growth," Akula told reporters. Growth in the sector would be significantly affected if Andhra Pradesh does not recognise the RBI as the sole regulator, he said, adding the company may have to downsize its operations in the state. The RBI panel earlier this month recommended an interest rate cap of 24.7 percent, limited to two the number of microfinance firms that can lend to the same borrower, and also called for a customer protection code for microfinance companies. The creation of a separate classification of MFI-NBFCs (microfinance institution - non-banking finance companies) and access to priority sector lending to companies that fall under this category were two of the recommendations that Akula highlighted as being positive to the sector. The RBI formed a panel in late October in response to the Andhra Pradesh rules, which severely curtailed microfinance activities in the state, curbed collections and hurt new business.
Set up risk mitigation system: RBI to Fx dealer banks
Revising the guidelines for foreign exchange business, the Reserve Bank of India (RBI) today asked banks dealing in forex to set up a comprehensive risk management procedure for trading as well as non-trading activities. "Banks should have a comprehensive and adequate risk management procedure covering both trading and non-trading activities...Such a procedure will assist in limiting and monitoring risk taking activities," the RBI said in revised guidelines for 'Internal Control Over Foreign Exchange Business'. The central bank has also advised the Authorised Dealer (AD) banks to tape conversations in the dealing rooms. "The tapes may be preserved for at least two months and where a dispute has been raised, until the issue is resolved. Access to the equipment and tapes should be subject to strict control," it said. The RBI has also asked the banks to set the limits for inter-bank business as well as transactions in overseas markets. "The limits when exceeded should be promptly reported to appropriate senior management and got approved," it said, adding the procedure would help in exercising control over the forex business and contain risks. Asking the banks to strengthen concurrent audit mechanism, the RBI said that minor irregularities in forex trading should be rectified immediately and the serious ones should be reported to the controlling authorities for action. The RBI has also asked the ADs to segregate their operations into dealing room, risk management, and settlement and reconciliation of accounts. The AD banks, RBI said, should ensure that brokers should not take over the functions of dealers. "Complaints relating to malpractices by brokers should be promptly brought to the notice of the Foreign Exchange Dealers Associations of India, Mumbai," it said. The internal control guidelines were initially framed by the RBI in 1981 and were revised in 1996. The RBI said they are being revised again in view of rapid changes in the global and domestic forex markets and developments in the field of information technology, and introduction of forex derivatives trading.
RBI Governor appears before PAC on 2G issue
The Reserve Bank of India (RBI) Governor D Subbarao, who was Finance Secretary when the 2G spectrum allocations were made, today appeared before Parliament's Public Accounts Committee (PAC) and shared "accurate information" on the controversial issue. Subbarao, as Finance Secretary, had raised questions over the entry fee for mobile operators ahead of the 2G spectrum allocations that led to the resignation of Telecom Minister A Raja and his subsequent arrest by the CBI. "The current RBI Governor was the Finance Secretary and he shared accurate information regarding his communications with the Department of Telecommunications (DoT)," PAC Chairman Murli Manohar Joshi told reporters here. He said the Committee members held "significant discussions" on the issue but ruled out submission of an interim report on the matter during the Budget Session of Parliament. He said the Finance Ministry, Telecom Regulatory Authority of India and DoT were interconnected and hold consultations before taking any significant decisions. “We have received very important and pointed information from him,” said PAC chairman Murli Manohar Joshi after the meeting.
RBI to tighten oversight norms for portfolio management
The multi-crore fraud at the Gurgaon branch of Citibank has prompted the banking regulator to review existing norms for the portfolio management services (PMS) of banks. With the Reserve Bank of India’s (RBI’s) inspection report on the Citibank fraud ready, banking industry sources said RBI would compile a comprehensive report on the loopholes in PMS guidelines. The report, which is being prepared by the department of banking supervision, will be discussed by the board for financial supervision and the guidelines revised based on feedback. According to RBI norms, no bank can offer PMS without specific permission. However, bank-sponsored non-banking financial services companies are allowed to offer discretionary PMS. PMS offered by banks are classified into four categories: Referral services, investment advisory, non-discretionary and discretionary. Sources said present norms do not clearly distinguish between investment advisory and non-discretionary PMS. The regulator will address the issue while revising the norms. It will also look into the way discretionary PMS are provided by banks. According to sources, the central bank may also bring in norms to govern relationship managers, something current guidelines do not. “Some countries do have norms for relationship managers, and the central bank feels the need to have some kind of code of conduct for them,” said a source. Sources also said that until fresh guidelines are formed, RBI may go slow on issuing fresh permission to banks for PMS. Some government-owned banks, which were planning to offer PMS, are now awaiting RBI’s revised norms before starting operations. Present norms do not allow funds to be accepted by portfolio managers for less than one year. In addition, portfolio funds cannot be deployed in the overnight, inter-bank term deposit & bill rediscounting markets or lent to corporate bodies. Banks must maintain client-wise records of funds accepted and investments made. Portfolio clients are entitled to a statement of account.
Kerala HC paves way for India’s first Islamic bank
The Kerala high court on Thursday 8 dismissed a petition challenging the state government's plans to co-promote an Islamic 8 finance institution. The move could pave the way for introduction of Islamic finance products by existing lenders and also reduce regulatory objections for an Islamic Bank. On Thursday, a division bench comprising Chief Justice J Chalameswar and Justice P R Ramachandra Menon dismissed petitions objecting to the creation of an Islamic financial institution and said the proposed body was to work in accordance with financial laws of the country even while it complied with sharia rules. The move has much broader implications considering Islamic finance has not taken off due to a stand taken by RBI that such a form of banking is not possible given present regulation. This stance was taken by an internal working group of RBI whose report was never made public. In the past, Islamic scholars had made representations to RBI to allow such products. Subsequent representation to allow Islamic finance products was stalled as the government was awaiting the verdict of the Kerala High Court. The key difference between Islamic and conventional banking is that while the conventional form offers interest on deposits mobilized, Islamic finance works on the principles of investment and sharing of profits. Islamic banking products are offered by leading banks in the West who also use Shariah compliant products to mobilize funds from the Middle East. Exisiting lenders like State Bank of India too have considered the feasibility of launching Islamic finance products through its international banking operations. However, these products have not taken off because of lack of regulatory clarity. Some bankers feel that considering that India has the second largest Muslim population in the world, there will be large potential for Islamic banking products.
UK Sinha appointed Sebi chairman
A 1976 BATCH IAS OFFICER OF BIHAR CADRE, UK SINHA IS CURRENTLY THE CHAIRMAN AND MANAGING DIRECTOR UTI AMC. HE ALSO HEADS THE MUTUAL FUND INDUSTRY BODY AMFI. Market watchdog's eighth chief's three-year term to start on February 18. The government on Thursday appointed UTI AMC chief U K Sinha as the chairman of capital markets regulator, Securities and Exchange Board of India (Sebi). A 1976 batch IAS officer of Bihar cadre, Sinha replaces C B Bhave who retires on February 17, 2011. Sinha has been appointed as Sebi chief for a period of three years from February 18, 2011, said a notification issued by the government on Thursday. He will be the eighth chief of Sebi.
CARRYING THE TORCH OF TRANSFORMATION
Dr.C.Rangarajan, who served as governor of the Reserve Bank of India from 1992 to 1997, was also a distinguished academic, having held faculty positions at University of Pennsylvania and Indian Institute of ManagementAhmedabad. During his tenure at RBI, first as deputy governor and then governor, Rangarajan was responsible for initiating several reforms such as harnessing information technology to streamline banking sector operations. His contribution in helping India manage the fallout of the 1991 financial crisis is notable. It was due to his efforts that the automatic monetisation of the government’s deficit was terminated, which enabled the central bank to absorb the huge losses incurred through various non-resident schemes. Upon completion of his tenure at RBI, Rangarajan was appointed chairman of the Prime Minister’s economic advisory committee.
Sushma Nath appointed as Finance Sec
With barely a month to go for Budget 2011- 12, the government appointed Sushma Nath as the new Finance Secretary and gave her an extension for two months till May 31 this year. Nath, now the Expenditure Secretary, succeeds Ashok Chawla who retired on January 31. She will continue to hold the charge of Expenditure Secretary as well. Nath was to retire on March 31. Meanwhile, R Gopalan, who has been appointed as Secretary, Department of Economic Affairs, will hold charge till April 30 this year. Both Nath and Gopalan are expected to be the main architects of the Budget which will be presented by Finance Minister Pranab Mukherjee on February 28.
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