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.
Wednesday, March 20, 2013
RBI postpones meet on Surat bank
........According to bank officials, RBI's Mumbai headquarters had assured to place the merger case with Mehsana Urban Cooperative Bank at the meeting scheduled on March 18 in Mumbai. This would have ensured the accounts of 44,000 SNSB customers move to Mehsana Urban Cooperative Bank. However, the meeting had to be postponed as RBI's Executive Director S Karuppasamy has gone on an official tour abroad..........
Awareness programme on financial literacy held
..............Reserve Bank of India Assistant General Manager V. Raveendran led a class on the banking services available for people, and also on the methods to identify fake currencies...........
Corporation Bank plans to reach out to rural pockets
..............“Basing on the guidelines issued by the Reserve Bank of India, we have short-listed the worst affected farmers and small traders and provided them the opportunity of onetime settlement. For farmers, we are ready to provide fresh loans, once the outstanding is cleared,” ..............
Govt infuses Rs 3,004 cr into State Bank of India
.....“We are confident that with this capital infusion, we will meet the capital adequacy requirement prescribed by the Reserve Bank of India,” ....
Improving customer services in Public Sector Banks : Namo Narain Meena
................In order to improve customer service in banks, majority of recommendations of the Damodaran Committee have been implemented by the banks. A Working Group has also been constituted by the Reserve Bank of India to review and update the BO Scheme and also the changes in services and product delivery strategies of banks. Incognito visits by RBI Officers are conducted to bank branches to make independent assessment of the level of customer service provided by the Banks.............
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Bahrain bank's branch atAluva eyes NRK diaspora
.........The bank is already operating branches in Mumbai and Hyderabad and is looking to open a fourth one in New Delhi, Bucheery said, adding that the bank's application is with the Reserve Bank of India, pending approval. "We hope to get it soon," he said.........
Assam to amend Assam Protection of Interest of Depositors (in Financial Establishment) Act, 2000
GUWAHATI: Following the advice of regulator, RBI and SEBI, Assam will suitably amend Assam protection of interest of depositors (in Financial Establishment) Act, 2000. The act will be amended and draft is circulated to other departments to suggest necessary changes. The state government intends to table the bill in the ongoing budget session of the assembly........
Money Transfer mail from Shyamala Gopinath transfer manager RBI bank
Some Indian are playing paying bad game with, our indian, such as win EURO million lottery, win car... I have few name , Ragu Guptta, Sunil singh,Shayam enterprise, R.linganam They all are in Dehli , hariyana and UP regions they are provided account number and saying submit money to win lottery prize. Also they send mail from RBI read below...........
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Banks could face hefty fines if found guilty of money laundering: experts
...........“The officers involved in the act could be tried under PMLA act,” Y P Trivedi, senior Supreme Court lawyer said. “As far as bank is connived, it will not be very easy prove their role as they would put entire blame on officers” he added. However if their role is proved banks would be fined he said. In the cases where money laundering actually may have happened RBI has no power to recover the money and it will have to go through the regular procedure of going to magistrate court for demanding the money, he said..........
Consulting beats finance to the top at IIMs
........."It is true that after the financial slowdown of 2009, the hiring of investment banks took a backseat and consulting as a career option became most sought after. Even though situation improved during the last two years, with RBI's strict regulations regarding the banking industry in India, many multinational banks are shutting shop and slowing down their recruitment,"..............
Banks could face hefty fines if found guilty of money laundering: experts
...........“The officers involved in the act could be tried under PMLA act,” Y P Trivedi, senior Supreme Court lawyer said. “As far as bank is connived, it will not be very easy prove their role as they would put entire blame on officers” he added. However if their role is proved banks would be fined he said. In the cases where money laundering actually may have happened RBI has no power to recover the money and it will have to go through the regular procedure of going to magistrate court for demanding the money, he said..........
No charge for settling credit card dues with cheques, cash
......The Finance Ministry has withdrawn a ‘controversial circular’ that asked all public sector banks to emulate HDFC Bank and charge a processing fee on cash or cheque payments received for credit card dues..........
Bank to pay Rs 88K to man for clearing forged cheque
......."This is not a case of negligence alone but a mischievous act of commission or omission on the part of bank officials, who made the payment against a forged cheque. "The bank cannot escape its liability for such a gross and grave negligence or mischief in causing not only financial loss to complainant but also forcing him at this ripe age to knock the door of this forum for redressal of his grievance," ............
Read - IE
Mallya hits out at SBI chairman
A day after State Bank of India (SBI) Chairman Pratip Chaudhuri told reporters in New Delhi bankers “are blazing all guns and taking all steps” to recover Kingfisher Airlines’ loans, the grounded carrier’s Chairman Vijay Mallya today hit back. “I seriously wonder what motivates bank chairmen to constantly speak to media on loan recovery from Kingfisher Air. What about others?” Mallya tweeted.............
Tuesday, March 19, 2013
Two Economists clash over the state of ecomony
C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, is a highly respected economist in the country and what he says is taken as a last word. But the government’s new chief economic adviser, Raghuram Rajan, has chosen to disagree with him publicly. If Rangarajan is venerated in the country, Rajan is well regarded in present-day global economists pantheon. He is credited with having sounded the warning note at a meet of US Federal Reserve at Jackson Hole just before the financial meltdown struck. The public disagreement was therefore a battle royale of sorts.
But then, what was the difference?........
RBI may oblige with rate cuts, but it’s government that is killing economy
..........RBI is not truly independent. A truly-independent RBI might have left rates unchanged. But, in all probability, January IIP
figures (2.4% increase) and continuous badgering will persuade RBI to
provide a growth stimulus. Hence, perhaps a 25-basis-point cut in repo
rate. Does this help growth?...........
What does RBI really think?
......We do not fully understand the compulsions that determine RBI’s monetary policy decisions. It is entirely possible that Subbarao was merely defending the January monetary policy decision and not giving us clues for the rate decision to come today. ..............
My View on "Lend a big hand, RBI"
This comment is not directed to RBI (RBI knows its job), but to RBI-watchers who get carried away by observations like this from rating agencies and analysts. The continuous pressure on RBI to ‘cut rates’ and the assurance that a rate cut will do wonders in economic growth and the threat of downgrade are tactics being played by vested interests which do not care about the impact of inflation on more than 60 per cent of India’s population who contribute most to the country’s growth and have no voice in deciding the wages they should get or the price they should be paying for their survival needs. RBI should (and will) continue to have a total view of the impact of its policy measures on the common man. The fiscal policy which is caged by the rich and the powerful as also external pressures need a makeover factoring in the concerns expressed by RBI expressed through Monetary Policy statements, almost bi-monthly, these days.
- M.G.Warrier
CRR cut critical
Though RBI has boxed itself in by conveniently referring to elevated levels of CPI and the current account deficit (CAD) as being the reason for not cutting policy rates from time to time, and then ignoring them when it has felt the need to cut rates, it is clear that if a rate cut is to help, this has to be accompanied by a CRR cut. Right now, with low deposit growth, banks have no option but to hike deposit rates across different tenure—so the only way to break this cycle and lower lending rates is to cut CRR or find other ways to infuse liquidity........
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