.“The value of RBI’s gold reserves—557.75 tonnes—declined from $34.08 billion (around Rs.1.84 trillion today) in September 2011, when the international gold price peaked at $1,900.23 per ounce (28.35 gram), to $24.17 billion early this week, when the yellow metal tumbled to its 26-month low of $1,347.95 per ounce.” However, with prices falling, central banks actually have an opportunity to buy into the yellow metal because holding the metal is part of a long-term strategy for diversifying currency reserves.........
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.
Friday, April 19, 2013
RBI's gold reserves take a beating
Fall in gold price will likely result in a $1.37-billion dip in value of gold reserves with RBI................
Saving economies from economists
.......Economics has become an intellectual casino and does not deserve to be characterised as a ‘science’. A ‘science’ tests theories and experiments to accurately predict outcomes. Think physics, chemistry. Economics hardly qualifies, having got things wrong more often than not. And with disastrous consequences for all........
Crackdown on 'cheat' schemes
....According to financial experts, these firms had adopted some innovative techniques to raise money to bypass RBI and Sebi, like raising money through private placement of debentures and taking deposits against land. They offered very high returns - 20-30% - drawing lakhs of rural and semi-urban people...........
Keep your money safe: Avoid Chain-money schemes
.......The fact is that dubious financial schemes are proliferating so much that the SEBI chairman recently suggested a separate regulator for them. Understand the basics of how to keep your money safe, it is the first step to smart investment, returns come next!...............
Indian banks' overseas workforce expands
At a time when foreign banks operating in India are reducing their employee count here, Indian banks have increased their overseas workforce. The number of employees working abroad with Indian banks rose 6.1% in financial year 2011-12, according to the Reserve Bank of India's (RBI) survey on international trade in banking services. The employee count in foreign banks operating in India, however, decreased 2.9% during the financial year..........
Ibibo Group company PayU India launches online payment service PayuPaisa
Online payments company PayU India intends to make buying and selling over the internet more convenient with PayUPaisa, an e-commerce portal that allows sellers to create free websites to market their products without any physical paper work. Sellers have to submit details of their PAN card, bank account and products to be sold to get started..............
Govt tries to breathe life into SEZs
.......There was a promise of more to come with the Reserve Bank of India reviewing the dollar-credit window for exporters...........
RBI nod for sale of CSB shares to Yusuffali
Catholic Syrian Bank (CSB), on Thursday, said it had got the Reserve Bank of India’s permission to sell 4.99 per cent of its stake to Dubai-based Kerala businessman Yusuffali MA, who runs retail chain Lulu Centre in the Emirates..............
NRIs can get car loans in India, but conditions apply
..........As per the Reserve Bank of India (RBI), repayment can be done only through remittance received from outside India through normal banking channels or through non-resident external/ordinary accounts or out of income earned from a rented property in India. RBI has also allowed resident Indians to repay loans on behalf of their close NRI relatives............
ICICI Bank to up unsecured lending, says exec director
ICICI Bank will increase its portfolio of unsecured lending, including personal loans and credit cards, with a cautious approach, Rajiv Sabhrawal, the executive director of ICICI Bank said........
‘Customers prefer human contact in banking’
.............Speaking on human touch in banking, Krishnaswamy said the brick and mortar banking kept the bank and its customers connected on a daily basis. He said the concept of ‘know your customer’ was a reality here, and it was not based on documents...........
Rupee Bank impasse: Appointment of Pune based officer sought
....The depositors have demanded that the OSD should operate from Pune, as it will help fast-track the screening of almost 3,000 pending applications of depositors seeking emergency withdrawals. They also met Cooperative Minister Harshavardhan Patil in Mumbai on Tuesday and expressed concerns over the delay in withdrawals due to applications being routed to RBI headquarters in Mumbai instead of processing them in Pune. However, the depositors have hailed the role of the RBI-appointed administrator in spearheading the bad loan recovery drive............
Banks making good progress on farm loan waiver scheme
..........The CAG report, tabled in Parliament last month said loans taken by farmers for non—agricultural purposes and others which did not comply with the eligibility norms got benefited from the scheme and blamed bank officials for the mess. Following the disclosure, the Reserve Bank had swung into action and asked banks to rectify the administrative and accounting lapses by verifying each and every account. It had also thrusted the responsibility to do so individually on the heads of the banks..................
Foreign banks made Rs 9400 crore through fee income in 2011-12, says RBI
MUMBAI: Foreign bank branches operating in India generated a fee income of Rs. 9400 crore where as Indian bank branches over seas made a fee income of only Rs.6800 crore in 2011-12, according to a survey released by the Reserve Bank of India...........
HSBC says ready to follow RBI norms
....."We will move whichever way the RBI requires us to do," HSBC India Country Head Naina Lal Kidwai told PTI on the sidelines of an event here, when asked if the bank will be fine with going the subsidiary way. The comments come in the wake of recent reports that RBI had firmed up its mind on the way forward for foreign banks and would be insisting on them to operate as subsidiaries..............
ICICI Bank to grow personal loans, credit card business
......Risk of delinquencies since the 2008 economic meltdown has made the bank shrink its unsecured lending portfolio. As per Reserve Bank of India data, credit cards issued by ICICI reduced to 2.84 million in January 2013, from 2.86 million during the same period last year. It stood at 3.19 million as on June 2011........
Federal Bank launches Rupay debit card
.....Since the Rupay Transaction processing will happen domestically, it would lead to lower transaction cost for Federal Bank compared to international schemes, the Kerala-based bank said in a statement........
HDFC Bank reaches new milestone
HDFC Bank, the second largest private sector bank has reached a milestone of 200 branches in Andhra Pradesh. The latest one has been set up in Vemulawada, a pilgrim town in Karimnagar district. The bank will focus on opening more branches in the rural parts of Andhra Pradesh..................
Thursday, April 18, 2013
Who will step into Subbarao's shoes?
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