Back in 2004, when India’s foreign
exchange reserves crossed the $100 billion mark, Planning Commission deputy
chairman Montek Singh Ahluwalia proposed using a part of what was then viewed
as excess reserves to finance infrastructure projects. The
proposal remained on paper and was abandoned many years later. Reserves,
however, continued to balloon........
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.
Saturday, March 9, 2013
Women banking with women, since 1974
.........The country’s first all-woman public-sector bank, announced in the Union budget, is due to come up in November. The SEWA bank has been running for decades, a cooperative set up under a trade union in 1974..........................
Empowered with a bank
Instead of having a women's bank, Mr FM, set up more branches and expand post office network to foster financial inclusion
....... I am reminded of nationalisation of banks here and whether the rural outreach could have been achieved even in limited way without the nationalized and public sector banks? Besides, the prerequisite of proving your identity to open a bank account will ensure that financial inclusion does not happen, not only for women but also for men who are not empowered enough to own a property to establish residency.........
Read | Business Standard
Committee to prepare blueprint for women's bank
The government Friday set up a committee headed by former chairman and managing director of Canara Bank M.B.N. Rao to prepare the blueprint for the country's first women's bank. The six-member committee has been asked to submit its report by April 30, 2013, the finance ministry said in a statement...........
Banks offer cheaper home, education loans to women
.......“The banks are doing this as part of their social responsibility. Women are punctual in repaying any sort of loan. And these are good schemes which not only empower women financially, but give them legal rights also. Therefore,........
Central Bank rolls out scheme for women
Central Bank of India has opened a women entrepreneur cell in Mumbai. The bank has also launched a new scheme — Cent Kalyan............
Regulators join hands to monitor financial conglomerates
Financial regulators today signed a memorendum of understanding (MoU) for cooperation in the field of consolidated supervision and monitoring of financial groups identified as financial conglomerates. The regulators include the Reserve Bank of India (RBI), Securities & Exchange Board of India (Sebi), Insurance Regulatory & Development Authority (Irda), and Pension Fund Regulatory & Development Authority (PFRDAI)........
New private banks to boost financial inclusion: Central Bank
NEW DELHI: The Reserve Bank move to award new banking licences to corporates will help promote the government's financial inclusion initiative, Central Bank of India said today. "Well I absolutely welcome, because (in) those licences (guidelines), the policies are very clear that those banks will have to equally commit themselves to the priority sector in the financial inclusion," CBI Chairman and Managing Director M V Tanksale said on the sidelines of an event here. ...........
Over to RBI
.......So, a reasonable estimate of inflation in 2013-14 is 5.5 %; with luck and a sensible UPA and sensible RBI (see below for both), Indian growth should exceed 7 % in January-March 2014, and average 6.5 % for the year. This would yield nominal GDP growth about 1.5% less than that budgeted............
Interest rates: Chidambaram expects RBI to look at fiscal steps
Government gets warning on populist programmes
...........RBI Governor Duvvuri Subbarao said today that "we must recognize that the government does not have the fiscal capacity to continue entitlements and welfare programmes at this level." Subbarao was speaking at meeting of the bankers in New Delhi on Friday. Subbarao's warning should be seen in the background of increasing subsidy bill that is telling on the budget deficit..........
RBI chief rejects high inflation as 'new normal'
RBI will address concerns over new bank licences: FM
.........."The government has not asked RBI to clarify anything, what the RBI has put out is quite clear to us ... These requests of clarification have come from private parties ... RBI will offer clarifications,"...........
RBI rate cuts to depend on inflation scene: Rangarajan
Ahead of the Reserve Bank’s review of monetary policy on March 19, Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan on Friday said policy rate cuts by the central bank will depend on inflation movement, among other factors. “It (policy rate cut by RBI) will depend upon how inflation behaves,” Dr. Rangarajan told reporters on the sidelines of an event organised by International Chambers of Commerce (ICC) in New Delhi.........
RBI norms make gold loan biz less prone to price falls
.....Among other regulations, RBI had specified the loan has to be securitised only after three instalments and loans with bullet payment of both principal and interest cannot be securitised. These norms took away securitisation as an option to raise funds for gold loan NBFCs......
Govt, RBI discuss long-term money for stunted venture fund
The government is in talks with the Reserve Bank of India to get long-tenure money for the India Venture Opportunities Fund (IVOF), meant to fund micro, small and medium enterprises..........
Has CAD become the new FAD?
............. With the usual tossing of issues of interest rates and growth stimulus between the RBI and the ministry of finance becoming passé, the CAD has caught everyone’s attention. At times, we have gone overboard to also say that the fiscal account deficit (FAD) is responsible for the CAD. Are we missing something somewhere? The CAD is actually one aspect of the economy over which no one has any control and is largely market-driven. It happens exogenously and neither RBI nor the government is responsible for the number. ...........
RBI signs currency swap agreement with Bhutan's monetary authority
he Reserve Bank of India signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. The Royal Monetary Authority of Bhutan can make drawals of US dollar, euro or Indian rupee in multiple tranches up to a maximum of US $100 million or its equivalent. This is expected to further economic co-operation between Indian and Bhutan, said the RBI press release.......
Maharashtra-based Abhinav Sahakari co-op bank to be wound up
The Reserve Bank of India (RBI) has cancelled the banking licence of Maharashtra-based Abhinav Sahakari Bank Ltd. The central bank, in a statement, said the co-operative bank’s licence had been cancelled as it had ceased to be solvent and all efforts to revive it in close consultation with the Government of Maharashtra had failed..........
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