............A veteran of 90 such applications, retired banker Abhay Kolarkar has had better experience with central government agencies. " LIC, RBI and PF departments give quick replies." The information received is useful and clears ambiguity .........
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, April 15, 2013
Cobrapost expose: IRDA report likely next week
.....Yesterday, Deputy Governor of RBI, H R Khan had said the central bank is initiating action against ICICI Bank, HDFC Bank and Axis Bank in connection with allegations of money laundering by Cobrapost. “Actions are on the way. Scrutiny has been done, action is being taken both in respect of systemic level and at the individual banks,” he had said when asked if RBI has completed investigations on Cobrapost exposes.......
Be world class, Narayana Murthy tells corporates -
.....Creating more jobs and better income is the way to removing hunger and ill-health from every part of the country. Only true leadership can bring in the change, he said. A.P.Hota, Managing Director, NPCI; Salim Gangadharan, Regional Director, Reserve Bank of India; Shyam Srinivasan, MD, Federal Bank; P.G.Jayakumar, MD, Dhanlaxmi Bank; and C.V.George, president, Bankers’ Club, Kochi, and others spoke.
Finance ministry wants 20% dividend from banks
......"It's absurd to make such demands when banks are not doing well. It would be prudent to retain profits instead of paying steep dividends. Ultimately, the banks have to go back to the government for capital infusion,"........
Read - ET
Sliding rupee and CAD wrecking Indian economy
.....The pressure on rupee continued in 2012-13 because of the ongoing euro-zone crisis. The import cover for forex reserves as a result has declined from 14.4 months in 2007-08 to less than seven months now. It has further hit the rupee. Some estimates say if the situation does not improve it could go to Rs 60 and beyond. The RBI is scared of intervention. It has a cost. It leads to further dwindling of reserves. The liquidity of rupee also increases. It may stoke inflation, which already remains high. It impacts every aspect of the economy.......
FDI inflow
.....But, these figures could be misleading. Most of the businesses and industries operating in various states like Reliance and Tata have their Corporate Offices in Mumbai and the FDI flowing to them is taken as if in Maharashtra. Unless..........
Read - Kashmir Times
Wilful defaulter: Who will bell the cat?
.........According to the Reserve Bank of India, a wilful defaulter is one who has the ability to pay up but doesn’t pay; who diverts funds; or, who has sold the property that was used as a security to obtain the loan. Since money is fungible, it is extremely difficult to establish that a borrower has indeed diverted bank funds. After the collapse of US investment bank Lehman Brothers Holdings Inc. that led to an unprecedented credit crisis globally and sharply eroded value of many companies, quite a few Indian corporations went shopping overseas...........
Finmin asks banks to bring down net NPA to 1% by Mar '14
......Banks are free to choose which ever way they would like to bring down their bad loans. Whether they do it through specialised recovery branch or other method, it is up to the individual banks to decide..........
Banks do one third of entire year's business in March
......According to figures released by Reserve Bank of India on Friday, bank deposits and credit have grown 17.4% and 17% respectively. The surge in deposit and credit growth in March has been so sharp as to enable the banking industry surpass Reserve Bank of India's credit and deposit growth target of 16% and 15%. Incidentally, banks have..........
India Security Press stir at Nashik called off: Union
A 'stop work' agitation at the India Security Press and Currency Note Press units here was called off today following assurance from top officials of the Security Printing and Minting Corporation of India, a union leader said. "SPMCIL Deputy General Manager B J Gupta, New Delhi, and General Manager of India Security Press T R Gauda held meeting with the protesting union leaders and assured them of resolving the issue within a forth-night", said Working President of ISP labour unit Jagdish Godse. ...........
Is the gold boom over?
.....“People may prefer keeping gold in physical against electronic form because RBI (Reserve Bank of India) may come out with some gold deposit schemes. They may want to earn some interest on gold from deposit schemes rather than losing out on the management fees to the fund house as gold prices are falling.”..........
RBI turns its focus to gold loan cos
The crash in gold prices has turned the spotlight on gold
loans companies. The Reserve Bank of India has moved into a high-alert
mode and will call for information from gold loan companies and provide
directions to those with high loan-to-value ratio, sources said...........
Private banks eye a bigger share of agricultural loan business
...."The move will ensure a level playing field among public and private banks. Till now, public sector banks have been enjoying a cost advantage over us. Small and marginal farmers preferred public sector banks because of lower interest rates. The subvention scheme will allow us to compete with them,".....
Public Sector Banks Don’t Want to Play Aadhaar Cards
The
government’s plan to make the Aadhaar number the centrepiece of the
cash-transfer system is now facing opposition from a new quarter: banks.
Several banks, led by State Bank of India, have expressed reservation
against jettisoning their current systems in favour of the platform
created by the Unique Identification Authority of India (UIDAI), which
issues the Aadhaar number and wants to make it the basis to authenticate
an individual’s identity before every transaction in bank accounts into which welfare benefits are deposited..........
Read - ET
Read - ET
Banking agents encourage multiple transactions in bank accounts to earn higher commission
Business correspondents
(BCs) have found an innovative way to milk the government's financial
inclusion agenda by encouraging multiple transactions in bank accounts
to earn higher commission...........
Ponzi schemes: Familiar plots, different players
.....The reason why the schemes still sprout is the absence of clarity on who will police them. The financial sector regulators or Parliament have not drawn up solutions. The latter is worried about encroachments on state powers, so it is most commendable that UK Sinha’s team has taken it upon themselves to bring faith in the regulators and belief in a regulated financial sector.
RBI may suspend licence of Amanath Bank
The fate of thousands of small-time investors and savings bank account holders is uncertain as the Indian banking regulators started tightening its noose around minority cooperative society Amanath Bank. Now, the bank is staring a possible suspension of its licence by Reserve Bank of India (RBI) in the face........
Amanath leaves customers in spot
Bengaluru: Somashekhar, a resident of Shantinagar is worried over his aged father’s lifetime savings deposited at Amanath Bank. With the Reserve Bank of India (RBI) capping the withdrawal limit of accounts at the crisis ridden Amanath Bank at Rs 1,000, thousands of investors and account holders continued to crowd the bank’s branches posing questions on when they will get their money back.............
Abraham to move Lokayukta court in Wakf scam
.....Releasing a list, Abraham said that the total estimate of Karnataka Wakf properties scam is around Rs 2 lakh crore. "Reserve Bank of India has indicted Rehman Khan and others, including his sons, daughters, son-in-law, brothers, wife and relatives of embezzlement to the tune of around Rs 300 crore..........
Saturday, April 13, 2013
Union Bank opens regional office at Sambalpur
Union Bank of India opened its 60th regional office at Sambalpur, its second in Odisha. The regional office was opened by H R Khan, Deputy Governor of Reserve Bank of India (RBI) in the presence of D Sarkar, chairman and managing director of Union Bank. This office will cater to the branches of the public sector bank in 15 districts- ...........
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