........Winding up the discussion on the Bill in the House, Mr. Chidambaram said the modified legislation would help create "world size" banks in India. "We need more banks. Yes, we are opening new branches, but that's not enough... We need two to three world size banks," said Mr. Chidambaram, adding that the new regulation would help achieve this objective.........
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.
Friday, December 21, 2012
Bank licences by Dec-end; FinMin, RBI plan guidelines
............The finance ministry is now preparing a letter that will be sent to the RBI on Friday morning regarding the submission of the final guidelines that will be later considered by the finance ministry. Some of the suggestions listed by the finance ministry include the categorisation of banks banks into three groups - local, regional and national banks and international banks.......
Moves afoot for mergers of public sector banks
.......“The issue of consolidation (of public sector banks) has been taken up by the finance ministry, though it is still at a nascent stage,” said a senior finance ministry official on condition of anonymity.........
Banking Amendment Bill: What are its benefits to the banking public?
The measures contained in the Banking Amendment bill are expected to create more confidence among investors, depositors and the public in the banking system. But a lot more requires to be done in the area of improving corporate governance, better customer service, and more importantly freeing the public sector banks from the political interference and the dual control of banks by the finance ministry and the RBI.....
Shriram splits holdings with eye on bank licence
The Shriram Group has moved its non-financial businesses worth Rs. 4,500 crore to a new holding firm, Shriram Venture, to meet Reserve Bank of India (RBI) norms and apply for a banking licence, a top official of the Chennai-based firm said.........
Govt bank employees strike, residents inconvenienced
Employees of government banks observed a complete strike on Thursday at Sangrur. Protesting under the banner of All India Banks Employees Association (AIBEA) and Banks Employees Federation of India, employees demanded the roll-back of the recent Banking Regularisation Act and slammed the government's move to grant banking licences to big business houses..........
The lure of gold
........As far back as July 1958, I G Patel predicted in an essay titled “Turning Gold into Base Metal”, carried in the Economic Weekly, that “gold bonds would prove unattractive to most people”. This essay concluded that “dethronement of gold from the position it occupies in India — deserves serious consideration”. Well, many Indians continue to want to keep their gold holdings confidential. Consequently, to reduce demand for gold, alternative investment avenues would need to be devised to facilitate anonymous cash purchases of inflation-proof, low-risk and potentially high-return instruments. Clearly, this may not be feasible or ethically justified........
RBI begins check on collateral adequacy for corporate loans
...........A senior official associated with CDR said RBI’s move on checking collateral adequacy made eminent sense, as questions on quality and adequacy of securities were often raised when recast proposals came. The feasibility of restructuring crucially depended on the collateral and securities offered, he added.
Stop resorting to strikes, Chidambaram tells bank unions
Finance Minister P. Chidambaram on Thursday asked bank unions to desist from resorting to protest strikes, stating that such actions were not desirable in an important industry such as banking. The Finance Minister’s advice came on a day when over five lakh bank employees and officers went on protest strike, paralysing banking operations in many parts of the country..........
RBI directive on ATMs
IMPHAL, Dec 20: Representatives of Reserve Bank of India (RBI) today instructed officials of banking institutes to ensure sufficient availability of cash at their respective ATM booths..........
RBI asks payment operators to move to IPv6
.........“The DoT has undertaken the initiative of migration from IPv4 to IPv6... They have expressed that the migration of all payment gateways, banks, financial institutions, insurance companies, etc, including their websites should be completed at the earliest,” RBI said in a notification. Since migration to IPv6 is an eventuality that has to be accepted and manage proactively, government wants it to be done in a planned manner, it added. “We...advise you to initiate necessary action by constituting a special team to complete the migration at the earliest and keep us informed of the progress made by March 30, 2013,” RBI said in a notification.......
Strike hits banking activity
.....Banking activity in the State was hit on Thursday as a result of the strike by employees and officers in protest against the amendments to banking regulations that are aimed at facilitating the entry of Indian corporate groups to venture into banking.......
On strike: Why bank unions are opposing banking bill
...........The passage of the bill will be a giant step towards de-nationalisation of the PSU banks that have played a pivotal role in the growth of India’s economy........
ATMs, e-payment options take sting out of bank strikes
....Compared to earlier days when bank strikes had brought the normal financial world of the public to a halt, bank-strikes these days seem to be a non-issue for many, thanks to technology. The increasing presence of ATMs, usage of Internet banking and e-payment gateways are obviously working in favour of bank customers these days. “I think technology made bank-strikes irrelevant for many because of increasing use of alternative channels,’.......
SBM in your pocket
State Bank of Mysore has embraced mobile banking and internet banking to serve its customers. The bank, through this medium, has found an alternate delivery channel for the customers’ banking needs. This is just like having the bank in your pocket or at your house/office..............
CanMobile - banking while you are on the move
....While some banks launched mobile banking at an early stage under different SMS and GPRS-based platforms, Canara Bank worked hard to introduce a strong and secure solution for mobile banking to facilitate its customers.......
Karnataka Bank opens new delivery channel for customers
....“To begin with, our bank is proposing to have over one lakh customers subscribing for ‘KBL-Mobile’ services.” Karnataka Bank wants to make use of mobile banking services as a financial inclusion platform by reaching out to large section of people across India,........
Banks take deposit route to cross-sell products
The latest entrants in the banking sector are focusing on retail liabilities, which in turn are used for cross-selling products to boost fee income. These are looking to grow their customer base by first offering a savings bank account and then cross-sell loan products........
As bad loans rise, rival banks share info on clients
With bad loans turning an increasingly heavy millstone, it’s time for enemies to turn frenemies on Banking Avenue. The Reserve bank of India (RBI) has ordered banks to mandatorily share information on borrowers and public sector players have kicked off the process in right earnerst............
Takeover news false: Karnataka Bank MD
The Karnataka Bank Ltd (KBL) is not facing any takeover moves and reports to that effect are all “rumours”, according to managing director and CEO, P Jayarama Bhat. According to him, the bank is, in fact, looking at increasing its export credit from the current Rs 1,500 crore to Rs 2,500 crore in the current financial year (FY13). “The Reserve Bank of India (RBI) said it was advisable to have export credit at 12 per cent, and we were planning to achieve that. We have a target to reach about Rs 2,500 crore of export credit. We are at around Rs 1,500 crore now, so there is a Rs 1,000-crore gap. We are planning to cover this in 2012-13,” said Bhat..........
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