New Delhi: Infrastructure financing company IDFC today said the board has approved a proposal to seek licence from RBI for setting up a bank. The board of the company at its meeting held today has approved a resolution for making an application to the Reserve Bank of India (RBl) for obtaining a banking licence, IDFC said in a filing on the BSE...........
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Wednesday, June 19, 2013
Another story unfolds at Yes Bank
.........Yes Bank’s annual report for 2008-2009 shows the Ashok Kapur group’s stake at 16.02%. In fiscal 2010, the Madhu Kapur group’s (formerly Ashok Kapur group) stake was put at 12.68%, while that of Rana Kapoor was 14.48%. The bank raised $225 million (around Rs.1,315 crore today) through a qualified institutional placement in January 2010, diluting the promoters’ stake that fiscal. Since March 2011, however, Rana Kapoor (comprising promoter and promoter group) has been listed as the single largest shareholder with a 26.57% stake, which includes the 12.68% stake held by the Madhu Kapur group........
Gang decamps with ATM in Bangalore
.....Lack of security measures and delay in appointing guards led to the incident, police said. Unlike other counters, the ATM was not fixed to the floor. The police suspected an insider’s involvement as only those who had handled the machine would know that the ATM was detached. The exact loss was yet to be ascertained. Bank authorities claimed that the machine was loaded with Rs 25 lakh on Saturday. Customers withdrew over Rs 1 lakh on Saturday and Sunday, the police said. ..........
Exclusive financial products for women
..........In this world of consumerism, financial players are luring women in a big way by offering women’s only products. Most of these products are genuine with attractive features and are not just marketing gimmicks. These specialized financial products provide women, financial independence, and an opportunity to save and build a strong financial portfolio...........
Now, open a savings account and earn reward points
The big spenders are expectedly pampered, with credit card issuers and merchant outlets showering them with discounts and freebies. In recent months, however, two private-sector majors—ICICI Bank and Axis Bank—have expanded their scope of offerings to cover the savers as well. The banks are promising to reward customers having savings bank accounts with loyalty points for carrying out a variety of transactions......
Use Aadhaar and EMV both for retail payments
An RBI-appointed panel of bankers will decide on the appropriate technology for retail payments in a month. And the choice is reportedly between Aadhaar, the biometric-based unique identity system, and EMV, a globally accepted technology standard for credit card, debit card and ATM transactions, used by Visa and MasterCard. This is baffling. Why should it be one technology standard or the other? Both Aadhaar and EMV should co-exist as payment standards. The incremental cost to modify the point of sale or payment acquiring terminal would be insignificant. ........
Read - ET
Nandan Nilekani's Aadhaar project faces fight from a team of Europay, Mastercard & Visa
........But, if the group, constituted by the Reserve Bank of India, prefers Aadhaar, banks will have to change their systems, procure biometric machines and prepare for different security standards. Bankers, however, are reluctant to spell out their stand openly because the government thinks Aadhaar can be a game changer in disbursing subsidies to people in far-flung regions..............
Tuesday, June 18, 2013
RBI did well to do nothing - A.Seshan
The Reserve Bank of India (RBI) has taken the right view that there is no need for any change in its monetary policy. The factors that led to its hardening stance have hardly changed in the recent months. Liberalisation, in the past, of monetary measures has had only a limited effect on the real variables that determine the course of the economy............
CAFRAL : Conference of CEOs of NBFCs
The objective of this conference is to discuss the issues confronting NBFCs and the opportunities available, particularly post implementation of the new guidelines and the way forward. The participants will be primarily CEOs of the NBFCs operating in various segments...........
Finance Ministry seeks States' views on financial sector reforms report
The Centre has written to the State Governments seeking the latter's views on the FSLRC report and the proposed Indian Financial Code, a Finance Ministry official has said. This is part of the four steps taken by the Finance Ministry post the submission of the Financial Sector Legislative Reforms Commission (FSLRC) report........
KSK - Cordially yours
.......I worked with K S Krishnaswamy during his last phase in the Reserve Bank of India (1979-81) as Deputy Governor when he switched over from economic research to banking control. He was expected to handle the kind of work he hadn't done earlier. He invariably maintained his characteristic smile during the learning period, making it a treat for his subordinates who tried to familiarise him with his new assignment...................
Banks lay out special maternity benefits in an attempt to retain women employees
...........All the same, the hyper competitive world of banking is increasingly recognising the importance of retaining female talent, in particular those who lose the most productive years of their lives to family commitments. "Childbirth and childcare are the biggest career obstacles a woman between 28 and 35 years of age goes through. Organisations should be able to support women in these critical phases, else everything they do is lip service,".........
New Rs 5 coins on 150th birth anniversary of Motilal Nehru
The Reserve Bank will soon put into circulation new five rupee coins to commemorate 150th birth anniversary of Motilal Nehru. The obverse of the coin will bear the Lion Capital of Ashoka Pillar in the centre with the legend "Satyamev Jayate" inscribed below...........
Submitting paper copies of IT e-filings may not be mandatory: CBDT
........."E-filing is meant to help the taxpayer (by making it easier to pay taxes). But compulsory dispatch of paper documents by post to the Bangalore based central processing centre of the department or procuring a digital signature was undoing this. Hence, the department has decided to end this soon,".........
My View on "If RBI can't cut CRR, let them pay us interest on it: SBI"
..... The demand from SBI Chairman is comparable to a tax payer telling GOI to treat ‘tax’ as borrowing from him and pay interest at market rate or stop collecting tax.
CREDAI slams RBI, says rate cut status quo will hit India GDP growth, employment generation
Realtors' body CREDAI today criticised the RBI's decision not to cut rates and keep key policy rates unchanged, saying the status quo in credit policy would affect the country's GDP growth and employment generation..............
RBI's status quo influenced by external factors: Rangarajan
...."If the capital flows are resumed and if the rupee is not under the kind of pressure it has been in the last few weeks, the RBI would have an increased space to operate. I personally think that the external sector considerations will again be the predominant one even by the end of July,"..........
Not at this Rate…
......But
is there a credible government plan for reducing fiscal deficits? With
growth low, deficits still high and investment stimulus still weak, CAD
as a symptom should provoke bigger concern and more action than it
seemingly is. That’s the kind of worry clouding the India story. RBI can do nothing about that.
Banks may face cost, liquidity pressure
......The liquidity deficit situation till the month of May remained high. Banks’ borrowing through the liquidity adjustment facility (LAF), which helps them to manage temporary mismatches, remained above RBI’s comfort level of 1 per cent of net demand and time liabilities (NDTL). But since the beginning of June, there has been some moderation in the LAF borrowing to around Rs 63,000 crore, below 1 per cent of NDTL. Also, the RBI has infused Rs 7,000 crore through open market operations in June. However, the impact of this on liquidity may be offset by the RBI’s interventions in the forex market. .......
Why RBI deserves respect for keeping rates on hold
..........RBI and its Governor Duvvuri Subbarao, however, deserve kudos for not buckling under pressure and remaining steadfast on its assessment of the economy and the risks it faces. Finance Minister Palaniappan Chidambaram may not be pleased with RBI right now, but Subbarao, who retires in September, would have known that in the current scenario, he has done the best that he could. That’s what really matters.
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