A plan proposed by the Reserve Bank of India and the Securities and Exchange Board of India to hold a nation-wide survey on financial inclusion and literacy and launch a programme of education is very welcome. A concept paper, National Strategy for Financial Education, has been thrown open for public debate and the ideas it generates may be incorporated in the plan. India is poor both in terms of financial inclusion and education............
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.
Thursday, August 9, 2012
National Housing Bank scraps pre-payment charge on dual rate loans
....Housing finance companies like HDFC and LIC Housing Finance will be affected by the move. The Reserve Bank of India, the banking regulator, has already removed pre-payment charges on dual rate schemes. "We will respect the NHB circular and will implement it," said an HDFC spokesperson. So, in case of a dual rate loan, housing finance companies will charge a penalty only if the loan is refinanced from another financial institution......
Read - ET
Read - ET
Why Sid thinks you must use chip-based cards
.....While the Reserve Bank of India (RBI) has taken the initiative to make two-factor authentication mandatory for card-less transactions (e.g online), the same requirement for card transactions is at least a year away........
ICICI Bank gains low-cost deposits but no fee income
........“There are people who are coming (to buy the stake). They are not welcome...the answer is no.” Three months later, in August 2010, India’s largest private lender ICICI Bank Ltd acquired BoR in a forced takeover overseen by the Reserve Bank of India (RBI).................
Textile firms' loans of Rs.35,000 crore to be restructured
.....The Reserve Bank of India (RBI) has opined that there is no need for any special regulatory dispensation and "banks can provide two-year moratorium on term loans and convert working capital into working capital terms loans with repayment period of 3-5 years as part of restructuring, in terms of existing RBI guidelines,"........
Will Chidambaram walk the talk on faster disinvestment?
.......However, while Chidambaram’s finance ministry seems to be beginning to get its act together, major challenges loom on the economic front. A critical meeting between the finance minister and Reserve Bank of India (RBI) Governor Duvvuri Subbarao has also been keenly discussed in financial circles since it is now well known that Subbarao has, by and large, made further easing of interest rates conditional to fiscal consolidation. Both the ministry and RBI will need to address the problem of slowing growth and the continuing threat of inflation in a fluid global economic situation. And to that extent the meeting assumes great significance, particularly since RBI did not reduce rates even at its last policy review on 31 July, choosing instead to reduce the statutory liquidity ratio (SLR) by 100 basis points to 23 percent to give banks some room to lend.....
Five economic Bills that need attention
..........The Public Debt Management Agency of India Bill, 2012: The Bill is ready for a cabinet nod. It is to establish the Public Debt Management Agency of India. This was announced in the Budget speech in March. The idea is to separate the Reserve Bank of India’s role to fix interest rates and also act as a debt manager...........
Wednesday, August 8, 2012
Award for Jaipur Foot chief patron D R Mehta
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| D.R.Mehta, Former Deputy Governor, RBI |
D R Mehta, founder and chief patron of an organisation that popularised the Jaipur Foot, has been selected for the Rajiv Gandhi National Sadbhavana Award this year, the Award Committee announced today. The Award, which carries a citation and a cash award of Rs five lakh, is being given to Mehta, also a former chairman of the Securities and Exchange Board of India, for his outstanding contribution towards promotion of communal harmony, peace and goodwill...........
Read - BS
Shri Mehta can be contacted at drmehta.jaipurfoot@yahoo.com
Arvind Mayaram nominated as director in RBI board
...."...The central government has nominated Arvind Mayaram, Secretary, Department of Economic Affairs, Ministry of Finance, as a director on the Central Board of Directors of the Reserve Bank of India with effect from August 7, 2012 and until further orders vice R Gopalan," ......
Par panel summons Subbarao, differs on monetary policy
Strong disagreement on various aspects of the RBI’s monetary policy led to a heated argument between Members of Parliament and Governor of the central bank D Subbarao, though the head of the nation's topmost financial nerve centre was forthright about the "difficulties" being faced by the nation's economy on the whole..............
‘Outreach’ to develop model villages: RBI GM
The Reserve Bank of India embarked upon an outreach programme in an effort to shape under-developed and unreached villages into model villages by undertaking developmental activities through banks and has selected 15 villages in 15 districts in the State to conduct outreach programmes including Kammavaripalle in Porumamilla mandal in Kadapa district, RBI General Manager Rajagopala Rao said on Monday...............
Of Financial Inclusion and Financial Literacy
The backdrop of giving this headline is because this column today tries to analyze some facts regarding the Financial Inclusion, the latest thrust by the Reserve Bank of India (RBI) on promoting Financial Literacy and its various aspects. Over the last few years, the Reserve Bank of India (RBI) as well as the Government of India has attached significant importance to the idea of Financial Inclusion.........
..........We, therefore, welcome this initiative taken by the country's apex bank and hope that this will go a long way in promoting financial inclusion as well as bringing about improvement in the quality of the lives of the poor and the downtrodden and bring in progress for the nation as well. We hope that this is realized by the authorities responsible for making the process a success and that the initiative is pursued in right earnest.
Do not play politics with currency notes
The RBI should not even entertain the thought of featuring personalities other than Mahatma Gandhi on the rupee. It’ll be playing with fire
Dear Mr D Subbarao: While we wish you the best in piloting a vibrant monetary policy for the country at this critical juncture, we would also seek your mediation in handling the vexatious issue of who should feature on our currency notes..........
IDBI Bank launches IDBI Samriddhi online portal
.....The portal is launched by Anand Sinha, deputy governor, Reserve Bank of India at an event held at IDBI Bank's head office at Mumbai. "Banks need to fully leverage on the potential of technology," says Anand Sinha, deputy governor, Reserve Bank of India who commended the initiative. He further added that technology provides great opportunities for increasing transparency, enhancing efficiency and also in reaching out to a wider investor base......
No case for removing margin cap on MFIs: Chakrabarty
....“The cap on margins is a must. We have had to introduce the cap because the industry had not behaved responsibly,” K.C.Chakrabarty, RBI Deputy Governor, said at a financial inclusion conference organised by Sa-Dhan and FICCI.........
Indian banks can weather drought impact: RBI
New Delhi, Aug 7: The Reserve Bank of India today said Indian lenders are resilient enough to weather the pressure on farm loans caused by drought-like situation because of deficient monsoon. “Whenever there is drought, there is a pressure (on farm loans). But we have sufficient rehabilitation measures so that banks can weather it out,” RBI Deputy Governor K.C. Chakrabarty told reporters on the sidelines of function here.Indian banking system, he added, “has enough resilience (and) will be able to face the stress”............
Top PSB appointments may face FinMin review
.....The recommendations of the appointment board, headed by the governor of the Reserve Bank of India, were sent to then finance minister Pranab Mukherjee. However, the file was sent back to the appointment committee, after stiff opposition from some bank chairmen, who raised the matter with the top echelons of the finance ministry. The board, however, stuck to its stand of no lateral movement......
State Bank of Travancore on recruitment drive
.....Candidates, will have to appear for a written test to be conducted on October 7 and 14. Candidates can visit www.statebankofindia.com, or www.sbi.co.in under the 'Recruitment link' for online registration, last date for which is August 13, an SBT release said.
Programme on Treasury Management by CAFRAL
Venue: Hotel Taj Lands End Bandra (West)
Objective: This programme is specifically designed at the Heads of Treasuries, of banks and their senior level team, who are responsible for management of funds and investments in their banks. The objective is to give an overview of the major issues that those heading/ managing treasury operations would need to address in the context of the evolving macro-economic and regulatory environment.
August 11, 2012
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The expectations downshift
.... Recall that the consensus forecast was for a dramatic fall in inflation, which, in turn, would facilitate aggressive easing by the Reserve Bank of India (RBI). Expectations about rate cuts have undergone a dramatic shift, especially after the recent guidance by the RBI. The concerns are understandable given that Brent crude oil price has surged since bottoming in June. Also, the government is pussyfooting on the anticipated fuel price adjustment and the overdue fiscal correction. Finally, the impact of the poor monsoon will be much more relevant to inflation than growth.......
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