..............In a growing trend, several government-owned banks are resorting to settlements and write-offs rather than actual recovery. Canara Bank and Corporation Bank are trying to opt for the settlement and write-off route. Gupta, however, cautions that write-offs are hardly the way out of this precarious situation. “The moment you write-off (bad stock), your PCR (Provision Coverage Ratio) comes down. There is a limit to how much you can write off,”........
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 25, 2013
SKS Microfinance may raise Rs 3,000 cr next fiscal
Hyderabad: SKS Microfinance, India's only listed micro lender, may raise Rs 3,000 crore during the next fiscal to meet its lending requirements, a senior official of the company said. S Dilli Raj, chief financial officer, SKS said the recent rate cut by the RBI is expected to show its effect on the borrowing rates April onwards......
Don’t tax interest income
........Interest on bank deposits also violates the canon of economy of collection. Both for banks and the Government, a large workforce is engaged in computing these taxes, collecting no-TDS forms, issuing TDS certificates, filing returns, and so on, including a lot of back-office drudgery. This, we believe, must be costing a lot to banks and the government alike, in terms of money, time and manpower............
Cards top customer complaints in banks
Was your account debited even when the ATM failed to dispense cash? Did your banker levy excessive charge on your credit card and refuse to reverse it? Well, you are not alone. The ‘Banking Ombudsman Annual Report’ for 2011-12 released in January shows at least 14,492 bank customers had card-related complaints during this period, 9,350 of which pertained to ATM/debit cards alone..................
J&K Bank convenes DLRC meets in Kashmir
SRINAGAR, Mar 24: To review achievements under District Credit Plan 2012-13, J&K Bank convened a District Level Review Committee (DLRC) meeting of Ganderbal under the Chairmanship of DDC Ganderbal Itrat Hussain Rafiqi. CPO Mukhtar Ahmad Bazaz, AGM RBI Ved Prakash, the Bank’s Cluster Head Ganderbal Abdul Hamid Khan, all district officers and district coordinators of all banks operating in the district attended the meeting.
Lead District Manager Ganderbal briefed the house about the achievements of the banks operating in the district under District Credit Plan (DCP) 2012-13...........
Read - Kashmir Times
Lead District Manager Ganderbal briefed the house about the achievements of the banks operating in the district under District Credit Plan (DCP) 2012-13...........
Read - Kashmir Times
NPCI flags data hurdle to cash transfers
The direct cash transfer scheme may have got off to a start with much fanfare. But lack of standardisation on the part of state governments in storing beneficiary data is making life difficult for banks to collate the same. And there lies the biggest challenge, believes A P Hota Managing Director and CEO of National Payments Corporation of India (NPCI),................
The UPA's misadventures
Apropos the editorial "RBI runs out of room" (March 20), securing growth must no doubt be an overriding concern. But the other side of the picture needs to be given as much importance. Despite our economy being fairly insulated from the global downturn of 2008, the UPA-II - in a burst of neoliberalism - went in for massive welfare schemes under the guise of economic stimulus. The Reserve Bank of India has been firm on the reduction in policy rates being contingent on containing the fiscal deficit. Despite this,............
PSBs, insurers to pay Rs 9,000 cr dividend
Hard-pressed for funds, the government is expected to get over Rs 9,000 crore in dividend from state-owned banks and insurance companies in 2013-14. These institutions are estimated to have contributed Rs 8,377.64 crore dividend to government in the current fiscal. As per the official data, State Bank of India (SBI) would pay the highest dividend at Rs 1,750.12 crore, followed by Life Insurance Corporation of India (LIC) at Rs 1,564.48 crore and Punjab National Bank at Rs 506.52 crore........
PSU bank holding firm plan gets stuck
.................A finance ministry note, based on recommendations made by RBI-appointed Shyamala Gopinath group on setting up a financial holding company, was to be taken up by the cabinet last month. “The note has been prepared. It has now been sent for inter-ministerial consultations,” a finance ministry official told Financial Chronicle. The official was not willing to hazard a guess on the timeframe for completing the consultations to enable the cabinet to take up the issue...................
Achievements of Rajasthan better than other States’: Gehlot
Rajasthan Chief Minister Ashok Gehlot has described the State’s achievements in different sectors during his tenure as “commendable”, saying the Reserve Bank of India, the Planning Commission and the Comptroller & Auditor General had praised them, and announced some more sops for the urban and rural population..................
Westpac, Sumitomo get RBI nod for India ops
Westpac
Banking Corp and Sumitomo Mitsui Banking Corp are the two latest
foreign lenders to get RBI nod for banking operations in India.
Westpac’s Asia operations are headed by Bala Swaminathan, a veteran with
stints at a number of banks in India. It has big plans for Asia and
aims to grow its balance sheet in the region. Sumitomo Mitsui had
earlier picked up a 4.5% stake in Kotak Bank and had entered into an
investment banking tie-up with the private lender. In 2012, China’s
ICBC, National Australia Bank and Korea’s Woori Bank were allowed to set
shop in India. Although RBI has been hinting at mandatory
subsidiarization for multinational banks, foreign lenders are confident
that this will be limited to banks with a wide branch network.
Credit Potential Of Rs 8221 Cr Projected
JAMMU- Minister for Agriculture, G.H. Mir, today said that State Government has initiated people–centric governance model besides took various developmental measures which culminated into peace, economic progress and stability in the State. The Minister was addressing distinguished participants from State Government, representatives from RBI, Banks, Agriculture Universities and NGOs, after inaugurating State credit seminar, organized by National Bank for Agriculture and Rural Development (NABARD) Regional Office Jammu .........
HDFC Bank leads pvt sector in expanding ATM network
The country’s top three private sector banks appear to be outdoing each other in expanding their ATM network. As at January-end 2013, their collective ATM network witnessed an average year-on-year growth of 31 per cent. HDFC Bank led the private sector banks pack in expanding its ATM network.......
Pvt banks branch out, but remain close to cities
ICICI Bank’s Khatwa branch in Rajasthan is not far from Jaipur. Similarly, the village of Mangalya Sadak in Indore, Madhya Pradesh, where HDFC Bank recently opened a branch, is not exactly in a remote area, nor is Federal Bank’s Nilavarapetti branch near Salem. But all of them fit in the Reserve Bank of India’s (RBI) category of being located in ‘unbanked’ regions, which is why private sector banks, who like their public sector peers have financial inclusion targets to fulfill, are setting up branches here...........
Protect credit cards for nominal fee
...Kotak
Mahindra Bank has taken a lead in offering card protection service to
its customers. Shalini Mehta, executive vice president, Kotak Mahindra
Bank, said
card protection service is becoming immensely relevant in the present
times and the bank is looking for new and innovative ways to deliver
value to customers..........
Read - TOI
Cibil examines using phone, power bill payments in credit history
Mumbai: Credit Information Bureau (India) Ltd, or Cibil, the country’s largest collector of databases on borrowers, is in talks with the Reserve Bank of India (RBI) to use people’s payment history on electricity, water and fixed line telephone bills to help banks assess their credit worthiness. The talks are preliminary, Cibil managing director Arun Thukral said, adding that consultations with multiple regulators and the ministry of finance are required before the agency can go ahead with the plan........
Banks Dangle Foreign Offers to Retain Staff
.....The
managements of some of these international banks will in the next few
weeks prepare dossiers hard-selling the advantages of working for a
worldclass institution. Intangibles such as professional work
atmosphere, skill development opportunities, and prospects of working
with some of the best brains in the world now score over money as a
retention tool. There may be a direct need for more than 7,000 skilled
people as Shriram City Union, M&M Financial and Bajaj Finserv, among
others, scramble for about half-a-dozen banking licences likely to be
issued by RBI.....
Read - ET
Now, learn principles of Islamic banking and finance
Islamic banking and finance is fast emerging as a specialised area of finance sector with its presence in over 75 countries and assets under Islamic finance reaching over $1.5 trillion. To address the need the Bombay Stock Exchange (BSE) Institute and Taqwaa Advisory and Shariah Investment Solutions (TASIS), which have conducted workshops in the past, are now jointly launching an online certification course on Islamic Banking, Finance and Capital Market..............
Sahara: Beginning of the endgame?
...........Six years ago, in 2007, when the group was under tremendous pressure from another regulator—the Reserve Bank of India (RBI)—to moderate the growth of Sahara India Financial Corp. Ltd, a so-called residuary non-banking company (RNBC), and was forced to put every penny raised from the public in government bonds, Roy had sought a meeting with then central bank governor Y.V. Reddy for the “benefit” of his “vision and guidance.” (4 April 2007) Reddy politely declined, saying, “I have no personal vision and guidance that could be considered other than what has been articulated in public and also in the series of discussions between us.”.........
Sebi uses robotics to scan Sahara files
Flummoxed by the humongous task of sorting and verifying tonnes of investor papers received from Sahara group, the market regulator Sebi has put them in a huge warehouse having ‘automated robotic system’ document handling and storage vaults..............
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