Know your customer or keep away that customer? -T.V. Gopalakrishnan

.....It is no wonder that financial inclusion does not take off — most people would prefer to remain outside the banking system than comply with the Know Your Customer (KYC) norms of banks as reportedly prescribed by the Reserve Bank of India. My experience with the country's largest bank, the State Bank of India, is something worth recording to bring to the authorities' notice that the KYC procedure should be a simple one to understand your customers and not to keep away or kill your prospective customers...........

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Fake notes entering UP via Nepal

……The Reserve Bank of India (RBI) and other nationalized banks have recently drafted a detailed list of security features on currency notes which can detected by common man and do not require a gadget or an expert to establish if the currency is counterfeit or genuine.

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Raise provisions to keep banking healthy

.... I can’t recall another instance of RBI buying bonds from banks just ahead of the close of a fiscal year and after the completion of the government’s borrowing programme. In……

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Indian Overseas Bank asked to pay Rs 10k as damages to widow

....... "By not following the guidelines of the Reserve Bank of India (RBI), the bank caused hardship to the complainant (Seema), who suffered after the death of her husband and could not pay the school and examination fees of her son. The act of the bank has caused deficiency in service," the forum said…….

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RBI asks cops to probe counterfeit currency

….The Reserve Bank of India has approached Delhi Police to take action against some people who they suspect deposited forged or counterfeit currency notes at banks this month…..

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RBI needs to enable, not disable

RBI must recognize the mandate and the mission of local banks and be more sensitive to the needs of peripheral economies in the country

….Reserve Bank of India (RBI) governor D. Subbarao, during a visit to Jammu recently, seems to have been disturbed by the abysmally low level of credit-deposit ratio—just 35% in 2011—in Jammu and Kashmir (J&K). For a professional, this reflects a rather poor state of banking affairs. But for the local businessmen it is a way of life. A credit-deposit ratio of 35-40% has been an endemic feature of the state for almost as long as one can recall; except for a brief interlude.…..

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‘Next 30 years will be most happening for all banks'

.....Union Bank of India is aiming to become largest public sector bank in domestic operations after State Bank of India by 2020, which is its centenary year, said Mr M. V. Nair, in an interview with Business Line just before he retired on March 31. With this in mind, the bank has started taking steps like wooing the Gen Y customer through its remodelled branches and technology offerings, as also tapping the unbanked population. ..........

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RBI must address the factors responsible for liquidity crunch

….The reduction in CRR was, in fact, at odds with the stated position of the RBI governor and other top officials of the bank who had repeatedly stressed that the battle on the inflation front is far from over. Yes, the RBI had intervened to shore up the exchange rate of the rupee vis-a-vis the dollar in the closing months of the last calendar year. Yes, forex inflows had slowed down impacting that reserve money creation. Yes, broad money growth was lower than in the comparable period last year, but then so was the level of economic activity…..

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MSCB misses deadline for banking licence

The Maharashtra State Cooperative Bank (MSCB), which is under administrator’s rule since May, has missed the March 31 deadline for getting a banking licence from the Reserve Bank of India. The state cooperation department confirmed this development saying that the delay was due to procedural issues. The department said it hoped RBI to issue the licence on Monday or this week, as it has reconfirmed fulfilment of necessary criteria with RBI and Nabard. The banking licence for MSCB was made mandatory according to the Rakesh Mohan Committee report.…..

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Treat education loans as national investment: Coimbatore Collector tells bankers

Mr M. Karunakaran, District Collector of Coimbatore, urged bankers to concentrate on education loans and look at the education loan portfolio as a national investment instead of considering it as an unrewarding advance. He made this remark after unveiling the Annual Credit Plan for 2012-13, which envisages 18 per cent growth over the earlier year's outlay of Rs 5,315 crore......

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FIIs remitting funds abroad may face tax liability

…..As per Reserve Bank of India (RBI) rules, FIIs have to furnish a clearance statement signed by professional accountants to custodian banks for transferring funds overseas. "The dilemma is most accountants will prefer putting in a caveat since there is no full clarity on the tax issue….

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Finances of State power utilities, precarious: RBI

The financial condition of power distribution utilities in the country is precarious, according to a Reserve Bank of India report. The report also expresses concern over the large exposure of public sector banks to these utilities..............

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Regulations around savers, please

….The products and the selling process in both cases are supposedly created and designed with you, the saver, in mind. But are you in the picture at all? Especially after you add a third major player and its regulator to the scene — banks and the Reserve Bank of India (RBI). Anecdotal evidence shows that among the biggest sources of mis-selling are banks — possibly because they enjoy the trust of the savers, have access to their data, and are large impersonal organisations……

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Foreign policy to decide banks' foray abroad

FinMin talking to home ministry, RBI for guidelines on PSB branches outside India

The finance ministry is in talks with the home ministry and the Reserve Bank on guidelines for expansion of public sector banks (PSBs) abroad, in sync with India’s relations with other countries…

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Kolkata Mint celebrates Diamond Jubilee

…….Mukherjee, who reminded the audience of the “history that is associated with the Mint”, cited the importance of fighting currency forgery. “In today’s world there are many ways of causing harm to a state and one such way remains the process of counterfeiting which can not only make the people lose their trust on the government but also cause harm to the economy. At one point it was quite high but today we have come a long way from that situation,” he said…….

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WB has competitive strengths in some industries, says Gokarn

……………"West Bengal is exploring a long-term strategy for industrialisation as the relative growth performance in the last decade was not encouraging," Gokarn said at a seminar on West Bengal organised by industry body Assocham here today…………….

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Gold loan firms hit a wall in cash hunt

.....“RBI wants to tighten the noose around these companies for the way they have been raising funds indiscriminately through NCDs and deposits. Imagine, a single company raising funds through a new instrument like retail NCDs thrice in a matter of six months. If something goes wrong, people will lose faith in the instrument itself,”.....

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Five reasons why the Bankex rally ran out of steam and will remain so

.... Apart from that, the dangers from a fiscal slippage and further pressures from hikes in under-priced fuel and power remains. Thus, even if there are rate cuts in the June quarter, it is likely that the RBI will follow its “baby steps” policy.

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Central Bank Of India : releases its ‘Itihaas-Pustika’

Shri Anand Sinha, Dy. Governor, RBI, (Second from right) Professor Samish Dalal, Professor, S.P.Jain Institute of Management & Research, Mumbai, (second from left) Shri Mohan V. Tanksale, CMD, Central Bank of India, (extreme right) Mrs. V.R.Iyer, Executive Director and (extreme left) Mr.Rajiv Kishore Dubey, Executive Directors of the Bank

Shri Anand Sinha, Dy. Governor, Reserve Bank of India has released Hindi version 'Itihaas Pustika' of Central Bank of India, brought out on the occasion of completion of 100 years in a glittering function held at Bank's Head Office on March 29, 2012. Guest Speaker Samish Dalal, Professor, S.P.Jain Institute of Management & Research, Mumbai has also enlighten the gathering about the topic of much importance of today's scenario 'NAVPARIVARTAN' i.e. INNOVATION. Shri Anand Sinha in his speech lauded the role of Central Bank of India and said that it is indeed a great achievement for the Bank for completing 100 successful years and was optimistic that Central Bank of India will continue to march ahead. Shri M.V. Tanksale, Chairman & Managing Director of the Bank gave the credit for this achievement to all the past and the present members if the Bank who followed the ethics of the great visionary founder of the Bank Sir Sorabji Pochkhanawalla. He also assured that Central Bank of India will regain its past glory in years to come. Shri R.K. Dubey, Executive Director of the Bank welcomed the Guests and highlighted the important portion of the Book and expressed his feeling that the Book is worth preserving. Shri Atul Agarwal, General Manager, Rajbhasha also spoke on this occasion. Smt. V.R. Iyer, Executive Director of the Bank proposed the vote of thanks.

http://www.4-traders.com/CENTRAL-BANK-OF-INDIA-9059895/news/CENTRAL-BANK-OF-INDIA-releases-its-Itihaas-Pustika-14250407/

Moderation in inflation can lead to eased monetary policy: Pranab

....Moderations in the core inflation rate in the past month have improved the prospects of reversal in the policy rates cycle and I am sure in the coming month, the Reserve Bank, in formulating the interest rates policy, will take into account the situation prevailing at that point of time," Mukherjee said at an interactive session organised by the Calcutta Chamber of Commerce.......

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