Visakhapatnam: Reserve Bank of India is conducting a series of programmes to popularize the concept of financial inclusion. As part of this initiative, they are organizing a programme on ‘Urban Financial Inclusion and Financial Literacy Programme’ at Prema aided school, Prema Samajam, Visakhapatnam on March 1. A. S. Rao, Regional Director, Reserve Bank of India, Hyderabad. Manoj Khattar, Deputy General Manager (B&O), State Bank of India, Visakhapatnam, officials of RBI, Controllers of Banks and officials of various Government Departments are participating in the programme.
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, March 1, 2013
Rollout of New Pension Scheme in SBI challenged
......As per this, Defined Contribution Pension Scheme (DCPS)/NPS would apply to those joining services on or after April 1, 2010. But this settlement between Indian Banks’ Association and unions of other banks would not apply to SBI, the petitioner contended. This is because the bank was not party to this settlement insofar as pension-related matters were concerned. But central board of SBI on November 8, 2010, decided that all employees joining in permanent scale on or after August 1, 2010, shall be offered only the benefit of DCPS. The SBI Act did not empower the central board to amend pension fund rules, and that too with retrospective effect, it was contended.........
The Jaipur Foot's Standing Dilemma
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| “One reason why the Jaipur Foot can’t be replicated is because it is driven by the passion of one man.”
Devendra Raj Mehta was a career bureaucrat who rose to the top, advising prime ministers as the deputy governor of RBI and taking on big corporate names during his stint as the Sebi chairman. But as one sits in his ‘office’ of over a decade, at the Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS) in Jaipur, the absence of any trappings of power from that 40-year career is striking.........
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This link has been forwarded by Shri M.G.Warrier for the readers of VITALINFO. He says -
FM will be making several announcements touching lives of 1.2 billion people today. This organisation provides support to about 60,000 humans every year who need limbs to stand up again. The person behind this effort wants to continue this organisation to do this free and needs some support. A small one time grant from GOI can help him live his dream.
Budget 2013: Will Subbaro take Chidambaram's cue on fiscal deficit
Read - Business Today
Inflation-indexed bonds to be launched soon, says RBI
....."This will be done next fiscal...We will have our cash and debt management meeting towards the end of this financial year and hopefully, from the first or second month of the next fiscal, we will launch inflation-indexed bonds," Deputy Governor H.R.Khan told reporters at a customary post-Budget press conference here...........
Govt cash balance to cross Rs 1 trillion mark this fiscal: RBI
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| “The government’s cash balance is quite comfortable and as per the Budget estimate…it will increase by additional Rs 5,000 crore over the last year’s closing balance. They will be building slightly higher cash balance. Current level is around Rs 1 trillion,” Deputy Governor, H R Khan, who is in charge of the government finances department at the Mint Road, said at the customary post-Budget press meet..... |
Mixed bag for banks, farm loans target can prove a burden
......We are working with RBI and Nabard to bring all other banks, including some cooperative banks, on CBS and e-payment systems by December. Public sector banks have assured me that all their branches will have an ATM in place by March 2014.
Comfort for RBI, rating agencies: Kaku Nakhate
.......The finance minister has been able to contain the fiscal deficit to 4.8 per cent which will give comfort to both the Reserve Bank and the rating agencies, and should encourage the central bank to lower interest rates in the near future.......
Budget paves way for lowering twin deficits, says RBI
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| "The Budget has taken significant steps forward for taking the overall fiscal deficit down and the challenge of subsidies is being met....This is a medium-term programme and we have both 2012-13 and 2013-14 numbers, which indicate the Government expenditure and borrowings are being brought down and I think, overall that's a good thing. |
RBI flashes thumbs up to Budget
Until Thursday, the Reserve Bank of India's (RBI) prime worry has been the government's fiscal consolidation plans. But that morphed into quiet relief as finance minister P Chidambaram disclosed his strategy for taming fiscal risks in his Budget proposals. The RBI said the Budget will go a long way towards lowering fiscal risks. “The budget has taken significant steps for keeping the fiscal deficit down and the challenge of the subsidies is being met,” the bank's Deputy Governor Urjit Patel..........
Next market trigger will be RBI policy: UBS India
.....,"I think the next big trigger will be Reserve Bank of India's monetary policy and GDP growth rate. I expect RBI to cut interest rates by 25 basis points, if inflation data doesn't sees an uptick. Regarding GDP, I think any figure below 5-5.5% will result in sell-off."......
Branches of foreign banks will need to convert into local entities
.....The Reserve Bank of India is believed to incorporating the condition of conversion of branch operations into a wholly-owned subsidiary (WOS) at the time of giving permission for the entry of a new foreign bank, said a foreign bank representative. In its discussion paper on the presence of foreign banks in India, the RBI has underscored that from the financial stability perspective there would be a need to mandate at the entry level itself a subsidiary form of presence. Similarly, it would be mandatory.......
FM’s CAR crashes into PSU banks
........The Rs 14,000-crore capital infusion announced by the finance minister,
of which SBI is expected to get the lion’s share, falls short of
industry demands. Also, capital adequacy ratio (CAR) is expected to
remain under pressure as loans continue to grow and bad loan provisions
eat away profits...............
Banks permitted to act as insurance brokers
......In his budget speech the Finance Minister announced that banks will act as brokers for selling insurance products of multiple companies. At present, banks can sell products of one life, one non-life and a standalone health insurer. The bancassurance guidelines are still under consideration of the Insurance Regulatory and Development Authority (IRDA). Reserve Bank of India (RBI) had recently expressed concerns about banks becoming brokers......
RBI asks banks to move towards real time fraud monitoring system
As cyber-attacks are becoming more and more unpredictable and electronic payment systems are becoming vulnerable to new types of misuse, the Reserve Bank of India (RBI) has asked banks to move towards real time fraud monitoring system at the earliest, said a press release issued by RBI on Thursday...........
No more queues: postal customers to get ATMs
.....At present, Reserve Bank of India has authorised ATMs to be operated exclusively by postal customers. It will allow extension of services to bank customers based on their performance. An official said customers need not wait in queues to withdraw cash from savings bank accounts or to avail of their monthly pension. The system will be introduced in other post offices in the city in a phased manner........
YPayCash introduces ‘pay via mobile’ service
Have you ever tried using your mobile as a wallet at a mall, restaurant or anywhere else? Though at a nascent stage, the mobile wallet concept appears to be catching on. “Making people pay via mobile is a global challenge and YPayCash aims to revolutionise the payment system,”........
Banking Information Technology Summit (BITS) & Exhibition
"Leveraging the power and promise of technology"
6th March 2013, JW Marriott, Mumbai
...... Banknet Conferences has brought more than 150 CEOs, CTOs and Business Heads as speakers/panelists from Ministry of Finance, RBI, IDRBT, NPCI, IIB, Nasscom, IIM Ahmedabad, WE, NMIMS, KPMG, McKinsey, Delloitte, Major PSU, private, foreign & cooperative banks and technology vendors globally. ..............
Thursday, February 28, 2013
Towards prudent banking
Twenty years ago, the Indian banking system was in a crisis. Reform of public sector banks was the cornerstone of the economic reforms that were unveiled then. The government and the RBI had just introduced new norms for income recognition, provisioning and capital adequacy for Indian banks in line with international norms. It was a reality check for banks and they failed it badly. Till then they had been run in a manner completely at variance with sound prudential norms. The focus was only on...........
It’s not prudential to bank on discretion
.....For example, under “Procedures of RBI Decisions” the guidelines state, “Licenses shall be issued on a very selective basis to those who conform to the above requirements, who have an impeccable track record and who are likely to conform to the best international and domestic standards of customer service and efficiency.” There is no qualification of how “impeccable track record” will be determined or how “best international and domestic standards of customer service and efficiency” is defined........
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