..........Prime Minister Dr. Manmohan Singh, who is also rumored to be an economist, has welcomed the new system and declared its adoption with immediate effect. He wondered why someone as sharp as Montek Singh Ahluwalia couldn’t come up with this earlier.............
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, June 3, 2013
Surat Nagrik Bank to merge with Mehsana bank
SNB will be the first of the 15 suspended banks by RBI to get back to work in the last decade. With no objections received in stipulated 30 days time limit to object merger, the bank will start functioning with the new name with the same staff. RBI had suspended SNB from clearing house following a negative balance sheet on May 1, 2013........
SEBI at 25, still on a learning curve
............The RBI might not have had the mandate to regulate capital market or for that matter insurance. But until the SEBI and the Insurance Regulatory and Development Authority (IRDA) came into being, regulation in those areas was slack, and the RBI, because of its sheer stature, was presumed to have the final say in all matters, even those not directly connected to its core areas of banking and monetary policy.........
MCA to companies: Declare public fund raising in compliance to Sebi, RBI norms
NEW DELHI: In the wake of huge public money being raised through various ponzi schemes, the government has made it mandatory for new companies to give declarations that no funds would be collected without meeting the applicable norms of Sebi, RBI and other authorities.........
Protecting customers from 'banksters'
......The RBI issued a separate master circular on customer services in July last year, a 95-page clerical masterpiece that even includes a "Format for Comprehensive Notice Board" at the branches. But not a word about distribution of third-party products; as though malpractices in such distribution don't even exist. By the way, the RBI does not even mandate that banks should not sell unregulated products. The RBI has promoted something called Banking Codes and Standards Board of India. BCSBI has a 39-page banking code on customer services. There are two small problems with it: one, the code is voluntary; and two, there is not a word in it about ethical selling of third-party products. The RBI's message to banks: mis-selling is not an important issue to the regulator............
My View on "RBI advisory cautions public on depositing money with entities"
.......GOI, RBI, state governments and banks need to do much more to create awareness among the public about the cheats in the financial sector, perhaps in a much more intensified way than the recent RBI initiative to promote financial inclusion ...........
RBI TIGHTENS NORMS FOR AGGRESSIVE SALE OF GOLD COINS AND INSURANCE PRODUCTS - THESE PONZI LIKE SCHEMES MUST BE BANNED
......... These things have now come to light after the Cobrapost sting operation. Now even CMDs / EDs / GMs can not put the same under carpet, which they did when I first wrote last year. Even after the Cobrapost sting, Mr K. C. Chakrabarty, DG at RBI, tried to give clean chit to three banks. Was he afraid that fire may not reach back to the period when he headed two large banks in India? Thank God, he miserably failed in his attempt in giving clean chit to such banks, and RBI Governor over-ruled him and has agreed that these banks indeed flouted the norms...........
Little hope for Saradha revival
......The year 2003 turned out to be a historic year for Peerless. It was able to announce a full turnaround. Ghosh was able to deliver within the seven years time that he had taken from RBI. The annual general meeting that year which took on record the accounts for 2002-03 sent a powerful message through the financial sector and the media picked it up...........
Soon, just wave your card and pay
A wave and your payment is done. No more having to swipe your credit or debit card or inserting them in a point-of-sale device. This is thanks to the wireless antenna embedded in your card. This contactless payment technology feature — VISA payWave — is now being considered by banks for the Indian market......
Syndicate Bank plans gold, e-term deposits
Syndicate Bank is planning to introduce electronic term deposit (e-term deposit) and also gold deposit at a later date, after the RBI has finalised the guidelines, according to M. Anjaneya Prasad, Executive Director............
More Indian men shop online than women: Survey
..... Though the sample size is small, contrary to popular belief, Indian men beat women when it came to online shopping. While only 61 per cent women purchased 2.2 items each online in the three months, 75.1 per cent men had bought 3.4 products each.........
Cops detect big land deals by families in a day
............The DIG said that the multinational banks were contacted to seek details of accounts in which huge remittance were flowing from abroad. In view of major reluctance shown by such banks in sharing information, the officials decided to seek help from the Reserve Bank of India............
Mainstream recognition of innovators? Yes, please!
................One of the anthropologists had claimed ownership of his collection of stories, but later another scientist republished his collection and offered that to his family. Maybe, Governor of Reserve Bank of India is reading this note and may issue a similar currency note in India. More on that later, but don’t be surprised if one of these days, you find Rs50 note having photo of one of the many innovators at grassroots. Symbols matter. This will make a difference, no doubt, in modifying the societal attitudes towards creative people at grassroots............
Delhi con man on the run for 10 yrs arrested in Mansa
..............Mansa SSP Narinder Bhargava said Vijay, who faced more than a dozen cases, lured the innocent people to invest heavily in his venture. However, the Reserve Bank of India banned GVG from collecting money from people in 1997 but that did not stop Vijay from collecting money and he purchased properties..................
Canara Bank to charge annual fee on debit cards
State-owned Canara Bank will levy about Rs 112 annual fee on its ATM debit cards from July 1. The bank, which currently issues the cards free of cost, said in a circular that a need has been felt to offer the services at competitive rates in tune with “market trends.”................
Positive change for domestic sector
..............The Reserve Bank of India widened the interest subvention scheme to include six more tariff lines in the textile sector and 101 more in the engineering sector. The dispensation will help exporters' access to pre-shipment credit at lower interest rates. Meanwhile, the development commissioner of the SEEPZ Special Economic Zone says gold and jewellery units must achieve a certain minimum value addition, a condition that comes as a surprise, as the SEZ laws prescribe only positive net foreign exchange earnings.
I-T dept to file court cases against bankers, depositors
The Income Tax department will file court cases for "wilful evasion of taxes" against depositors and those bank authorities who have been found guilty in an RBI probe following allegations of money laundering in a sting operation conducted by an online portal.............
What are bitcoins?
..........The currency would neither have had time to accrue a community of its users nor the time needed to attain a stable value that can be useful when transacting. Another way to look at it is because bitcoins have no central issuing authority, like RBI for the rupee, regulating the value of the currency after letting it become monopolised would be difficult. The coin doesn't have an intrinsic value but provides value to transactions. The only other form of currency - the one issued by governments - represents value that can be ascertained by government-approved institutions like banks. This shows itself as a processing fee when you're wiring money between two accounts, for instance..............
Saturday, June 1, 2013
RBI's robot service to answer queries
PATNA: Have you recently received any message on your cellphone or e-mail that you have won a big prize? Better consult Junior before claiming the prize money. Junior is the new interactive robot, launched by the RBI here on Friday, which organizes its own 'Pathshala' to make people "financially educated"...........
Read - TOI
Mint’s capacity constraint puts the squeeze on coins
The Reserve Bank of India cannot start phasing out lower denomination notes in favour of coins until the mint increases its capacity to produce more coins, a top apex bank official said. Although the RBI has been pressing for coins in place of lower denomination notes (including ten rupee notes), because coins last longer, the phase out will have to wait till the mint cranks up capacity, said RBI deputy governor K C Chakrabarty.............
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