........Some of the country’s large public sector banks have also been lobbying against the proposal, concerned that India Post, with its vast branch network, could pose a threat to their business, said the official, who’s directly involved with the proposal. “The larger idea of setting up a bank is to further the cause of financial inclusion. Entry of India Post into banking can significantly help address this situation,” the official said. However, “They (finance ministry officials) are asking too many questions. Why (do) you need a bank? What is your expertise to run a bank?” the official said.......
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, May 10, 2013
Thrust on rural lending
......"Our state has not yet been successful in giving land to RBI and NABARD to come up with their offices," said one of the RBI officials responding to which development commissioner A K Sarkar said the proposal is being considered seriously...........
Credit-deposit ratio crosses 50% in UP
.....The state has been urging the Reserve Bank of India (RBI) and commercial banks to take proactive steps towards improving the ratio in UP. India’s aggregate ratio is over 75 per cent, while some states such as Tamil Nadu have a ratio of above 100 per cent. The RBI has mandated a minimum ratio of 60 per cent for all states........
Innovative ATMs Help India’s Banks Expand Their Reach
..Vortex’s Gramateller ATM, for instance, can run on solar power, has a built-in uninterrupted power supply (UPS), doesn’t need air-conditioning, prints receipts in regional languages, is designed to work in extreme temperatures and can operate through biometric authentication. Its Ecoteller model is a low-cost, low-power-consuming machine.........
Capex cycle shows revival signs
.....According to a few economists, the growth might not be broad-based. However, even if ones goes by the most conservative baseline projection of Gross Domestic Product (GDP) growth, of 5.7 per cent by the Reserve Bank of India (RBI) for the current financial year, some revival in the capex cycle could definitely be expected. “The level of optimism has definitely gone up, compared to what it was till the third quarter. Revival of the capex cycle is definitely on the cards,” said Rupa Rege Nitsure, chief economist, Bank of Baroda..........
Tata Group's Indian Hotels Company seeks RBI nod to hive off international operations
....IHCL, the largest Indian hotel company, operates over 100 hotels under brands such as Taj and Vivanta across the world. This is the company's second attempt at getting RBI approval for the proposal. The bank had shot down an earlier plan as the proposed structure had many levels of offshore subsidiaries which the central bank was not comfortable with. Structures of this sort are not permitted under new provisions of the Companies Act. The new law does not allow creation of subsidiaries two levels below the holding company. The sources quoted earlier said the new plan has resolved these issues. .......
Thursday, May 9, 2013
RBI Governor Meets J&K Governor
........During their meeting, the Governor discussed with Dr Subbarao various important issues relating to the rapid socio-economic development of the State, functioning of the banking sector in J&K and ways to enhance financial inclusion, particularly in the rural areas..........
RBI Governor In Kashmir
The Governor of Reserve Bank of India, Dr D Subbarao is going to chair a meeting of central board of directors of RBI in Srinagar on May 9, 2013. The meeting is going to be held in Kashmir after a gap of eight years, last time RBI held a meeting in Srinagar in May 2005...............
Read.......
Read.......
RBI listens to 'silent voices' hurt by inflation, says Subbarao
Srinagar: Dismissing the criticism that RBI's steps to check inflation have hurt growth, Reserve Bank Governor D Subbarao on Wednesday said the monetary authority has the responsibility to listen to "silent voices" of millions of people impacted by rising prices..........
Former Delhi state football player Swaraj Kumar Jolly passes away
........He got associated with various clubs here and promoted players also. He was the sports coordinator of Reserve Bank of India for many years and was the man behind the recruitment of numerous football players for the first time in Delhi branch of Reserve Bank of India.............
Versatile person no more................
Shri K.V. Vaidyalingam, retired Assistant General Manager from RPCD-CO expired suddenly on May 7, 2013 at around 2.30 am in Bangalore, where he had settled after his retirement. Shri Vaidyalingam joined the Bank in 1973 and had worked in Calcutta and Chennai Office. In Mumbai, he was attached to DEIO and RPCD-CO. He retired in September 2010 from RPCD-CO. He was 62. Shri Vaidyalingam is survived by his wife, a son and a daughter who are married and settled in USA. Shri Vaidyalingam was a versatile person and was extremely popular amongst his friends.We have lost a great and noble soul in him. May God give his wife and other family members the strength to withstand the unbearable loss. May his soul rest in peace.
- Kumaresan Rajasekharan, EXRBITES Group (via e-mail)
I am deeply shocked to know of the sad demise of Mr.Vaidyalingam. He
worked with me in RPCD., C.O. when I was CGM-in-C of the Department. He
was a conscientious and friendly officer. He was active even on Face
Book. May his soul rest in eternal peace.
- C.S.Murthy, EXRBITES Group (via e-mail)
- C.S.Murthy, EXRBITES Group (via e-mail)
Shri
K.V.Vaidyalingam was promoted on the same day with me and we were
together in Dover lane Quarters, Kolkata for about 7 years and
subsequently we were together at Chennai Office for a few years before
he was transferred to Mumbai. He was a bold and jovial person. It was
indeed very shocking to hear the news about his death. I pray god to
give courage to his family members to bear his loss.
- G.Mohan, EXRBITES Group (via e-mail)
- G.Mohan, EXRBITES Group (via e-mail)
We, all
the members of Exrbites, pray to God to grant peace to the soul of Sh K V
Vaidyalingam and give courage to the family to bear this loss. He
joined our Group on 1st June, 2011 (M-129) and today we have lost one of
our versatile member. He was only 62. I remember in between for some
time after his retirement he had shifted to a place "Molur Meadows", a
colony specially constructed for senior citizens, near coimbatore. He
had sent even photos of his apartment to the Group. We will miss him for
ever.
- Madan Gauria, EXRBITES Group (via e-mail)
- Madan Gauria, EXRBITES Group (via e-mail)
Perfect toy bunker........................
A poignant poem written by Gopi Krishnan Kottoor along with a famous
photograph (see attached) which had shaken the entire world a few days ago. The
poem was published in The Hindu on May 5, 2013 (Sunday).
Who is this Kottoor ?? Gopi
Krishnan Kottoor is none other than Shri R G Nair, DGM (OBO),
Reserve Bank of India, Thiruvananthapuram. Many people in RBI do not know that Shri R
G Nair, who writes under the pen name of Gopi Kottoor, is an
award-winning internationally acclaimed poet and one of the foremost
contemporary Indian poets writing in English. His immortal poem “Father,
Wake Us in Passing” is a path-breaking effort in Indian English literature.
|
Dr Tapan
Kumar Pradhan
Assistant General
Manager (ABC Cell)
Reserve Bank of
India
Thiruvananthpuram
90% habitation in India without banking: RBI Governor
.........“There are 6 lakh habitations in country and out of which only 10 per cent have been included with banking system. 90 per cent of the habitations have no bank branches,” he said.”RBI is trying to go for financial inclusion. We not only want people to have bank accounts but also want them to know how to use it for their benefit.”...........
Islamic banking impossible in Indian regulatory set-up: D Subbarao
RBI Governor D Subbarao on Wednesday said implementing Islamic banking model in India would be impossible because it is inconsistent with the banking regulatory set-up where interest is charged and given. However, he said he has suggested the government that the decision being political, it must debate and............
Omar asks banks to increase CDR
......The Chief Minister stressed the need for the banks in fulfilling the target of Kissan Credit Cards and increasing advances in agriculture and allied sectors falling under priority zone. Omar said the State Government would shortly come up with SARFAESI Act. Governor, RBI, Dr. Subbarao who conducted the meeting fixed a target of 40 per cent for CD ratio across the State for the Banks during the current financial. ...........
Monetary policy transmission to markets assymetrical: RBI
........"The transmission of monetary policy works well in the call money rate, as it is impacted immediately with robustness. As regards other financial market variables, except for the stock market, the study could find evidence of transmission from the monetary policy shocks,"........
RBI to launch plastic currency notes with longer shelf-life
........ "We are trying to introduce plastic currency...We hope to introduce it on trial basis and if that succeeds it will be replicated in the entire country,"..........
Increase loan payback period to 20 yrs: JKHC urges RBI
.....“J&K Banks and other banks have at many occasions used force to recover loans from defaulters which RBI Governor should take serious note of. The businessman is never willful defaulters but occasional turbulence in valley makes him a defaulter. The banks have raided houses of the businessmen in the past which is regretful. It has damaged the reputation of the businessman,” .......
IMG on curbing fraudulent investment schemes to meet on May 16
.....The high level panel, headed by Department of Financial Services' Additional Secretary, will have representatives from Corporate Affairs Ministry, RBI and SEBI. "The first meeting of the Inter-Ministerial Group is scheduled for May 16, 2013," the Finance Ministry said. The IMG has been set up to ensure "proper enforcement of regulatory framework for multi-level marketing companies, non-banking finance companies and companies running collective investment schemes"........
Is extra tax to compensate Saradha victims fair? asks RBI
.........“If you go back to the West Bengal Saradha scheme, the Chief Minister said ‘I will levy additional taxes on cigarettes and some other things to compensate the people who have lost money’ ... Is it fair?,” Subbarao said while delivering a lecture to economics students here to mark the Platinum Jubilee celebrations of Jammu & Kashmir Bank................
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