.........Bringing all export transactions under the scanner of the Reserve Bank of India (RBI), the government has asked the central bank to set up a monitoring cell that will coordinate with banks to track all banking transactions of exporters. "The automated and unified data processing and monitoring system will scan all exports from the country," minister of state for finance Namo Narain Meena had informed Parliament on Friday. Under this system, all data will flow first to the RBI server and then to authorized dealer banks............
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.
Monday, March 11, 2013
RBI rules out revision in inflation goal
.......Stating that there “is no empirical evidence to establish that the benefits of higher growth outweigh the cost of welfare loss associated with higher inflation,” the Governor felt that the context presented no sufficient condition for the RBI to revise its inflation goal. “The responsibility of the RBI is to anchor inflation expectations, and ensure price stability,” he said. “Neither theory nor empirical evidence presents a credible case for acquiescing in a new normal for inflation in India,” he made it clear.......
RBI to lower interest rates by 0.75% in 2013: Stanchart
......."We expect a positive combination of lower inflation, fiscal consolidation and signs of improvement in the capital account deficit in the first quarter of 2013 to facilitate the rate cuts," ..............
શું RBI વ્યાજદરમાં ઘટાડો કરશે
......શુક્રવારે રિઝર્વ બેન્કના ડાયરેક્ટરો સાથેની બેઠક બાદ જ્યારે તેમને એવું પૂછવામાંઆવ્યું કે તેમણે રિઝર્વ બેન્કના અધિકારીઓ સાથે વ્યાજદરમાં ઘડાડો કરવા સંબંધીકોઈ વાતચીત કરી છે . તો તેમણે જણાવ્યું હતું કે મને તેમની મજબૂરીઓ પણ ખબરછે .............
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US-64 fiasco - A.Seshan
........But no references were made to UTI officials themselves, withdrawing their investments with the advantage of their insider knowledge. A few years earlier, a committee had recommended an enquiry into UTI buying the shares of Reliance Industries at a considerably higher than market price. There was no follow-up..............
Up to the government
This is regarding the report “Govt has done its bit, ball in RBI’s court:FM” (FE, Mar 9). The government cannot remain satisfied by giving it over to RBI. The downward trend of inflation and the upward trend of GDP growth are welcome. But instead of relying on or looking up to numbers, government will have to work in real terms. As pointed out, the MSP on paddy may be a decisive factor. We hope RBI will play its part well by cutting the rates so that there will be a revival in the industry. Also, attention should be paid to the increase in the growth of agriculture. “Centre seeks Parliament’s nod for additional spending of R49,000 cr” for subsidies contained in various forms just after presentation of Budget. That means not RBI, but the government has to be more vigilant on cutting expenses and increasing earnings.
- Jacob Sahayam, Thiruvananthapuram (FE)
Assumptions galore
.......Simple arithmetic suggests that economic growth during the last quarter (January-March, 2013) should be significantly higher to bring the year’s growth rate to something around the RBI’s forecast of 5.5 per cent. The pronounced dip in the growth rate has not dissuaded the policymakers from aiming high. While the Finance Minister hopes that the country has the potential to grow by 8 per cent, a rate which one should strive for, the XII Plan has been much more ambitious.............
Savers and senior citizens short- changed - S.S.Tarapore
......The KUB Rao Working Group of the RBI has come up with concrete suggestions for monetising domestic idle gold and has also suggested the setting up of a Gold Bank. The absence of any reference to these recommendations is glaring. Mere exhortations to refrain from buying gold is unlikely to yield any results, unless strong steps are taken to activate idle gold holdings. In the absence of measures the common person has innate common sense and would, and should, continue to invest in gold.......
Gambling for growth again
.....According to YV Reddy, former RBI Governor and chairman of the 14 Finance Commission, "the new approach does not replace the notions of output or income that contribute to well-being but is considered an antidote to the tendency of economists to focus exclusively on the material determinants of social welfare, such as the gross domestic product (GDP)". A consideration has to be made between "happiness and a longer term and broader goal of life satisfaction".........
Measures to make netbanking safe started
Nationalised banks have started taking precautionary measures to ensure that people don’t lose their money through netbanking fraud. The measures were taken after Rs1 crore was transferred from an account with a nationalised bank to various accounts in 45 minutes using National Electronic Funds Transfer (NEFT)........
Looking for scapegoats
.....But yes, it does show that the rush to ensure the loan waiver reached beneficiaries in time to extract political mileage inevitably resulted in lack of due diligence in checking credentials of those claiming eligibility as well as poor oversight by monitoring authorities. That includes the National Level Monitoring Committee consisting of two Secretaries to the Government of India, the Dy Governor, RBI, Chairman, Nabard, the chairmen of two public sector banks, two regional rural banks and the MDs of two state level co-operative banks..........
Read - ET
Is large government cash surplus creating liquidity shortfall in the banking system?
.....The government keeps its fiscal surplus with the RBI (out of the banking system), and when it runs a large balance, it stresses banking system liquidity. This factor may seem minor, since it is temporary in nature, as stress is released when the government spends the money. However, given the absolute increase in the size of the government in recent years, it can materially stress the banking system at certain times of the year.......
Software exports new silk route for black money
..Software exports have already come under the scanner of Reserve Bank of India with the central bank's data showing software exports worth Rs 1.51 lakh crore did not match with their bank transactions (i.e. remittances received against exports). .....
Errant Vidarbha banks to face farmers' 'music'
....."Not in this case where thousands of farmers have already died. We shall continue beating drums outside these errant banks till they comply with the RBI directives and reveal all the frauds that have taken place in this scheme,".......
Beware loan defaulters! Banks to publish photos in newspapers
..........Adopting a name and shame policy to make borrowers pay their dues, banks have decided to publish in newspapers photographs and details like names and addresses of wilful loan defaulters and market leader SBI has taken the lead in doing so.............
This urban credit cooperative society strikes gold in farm loans!
NAGPUR: If banks have to be pushed to meet their farm loan targets, this urban credit cooperative society has literally struck 'gold' in this business. The Buldhana Urban Credit Cooperative Society (BUCCS) has an exposure of Rs 700 crore from loans doled out to farmers. With this, it sits on as much as 1.5 tonnes of gold pledged by borrowers to get the sum. The cooperative has its headquarters in the drought hit district of Buldhana............
India’s mysterious love affair with gold
.........I asked a finance ministry official whether he suspected something else to explain the erratic trend in imports of gold. The official was, however, sanguine and dismissed theories that suggest that some of these imports may be money laundering or round tripping of money made through illegal means in India. To be sure, these are speculations and presumably the finance ministry official knows better............
Sanjiv Misra takes over non-executive Chairman of Axis Bank
Sanjiv Misra, former Secretary, Department of Expenditure, Ministry of Finance, today took over as the Non-Executive Chairman of AXIS Bank Ltd. This follows RBI approval of his appointment......
Sebi makeover set to be expedited
.............This is the first time that a regulator in India has opened itself to a performance review by an outside agency. As part of its mandate, the consultant is to develop various scenarios for the development of Indian securities markets, identify possible triggers for change, assess implications for market participants and envisage the role of Sebi in the Indian financial sector for a 5-10 year time horizon...............
YES BANK's innovation for Social Inclusion gets multiple recognitions
............. The YES Money program is a unique domestic remittance solution that enables rapid remittances across the country, without the customer ever having to visit their own Bank or the need to transact during banking hours. Additionally the program, has witnessed tremendous success, benefiting over 4 lac customers since launch and having received 9 national & international recognitions from reputed agencies.............
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