The Finance Minister P Chidambaram will meet chief executives of public sector banks (PSBs) on June 26 to review the performance of the banks during 2012-13. Indications are that Chidambaram will use the occasion to discuss the aspect of bankers' not reducing lending rates in proportion to the policy rate cuts effected by the Reserve Bank of India..........
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Thursday, June 20, 2013
Yes Bank to take up Gogia nomination on 27 June
....Gogia—the daughter of Ashok Kapur, late co-promoter of Yes Bank—who has gone to court over board membership, submitted her nomination on Tuesday. The Reserve Bank of India (RBI) nomination form is a declaration stating basic details such as name, address and also whether the person seeking nomination is under investigation by RBI, the Securities and Exchange Board of India (Sebi) or any central agencies. The bank’s company secretary said on Wednesday that it has received Gogia’s nomination. “The nomination will now be presented to the board’s nomination committee on 27 June,” ...........
Bond auction: RBI goes for uniform price method to curb volatility
.......Under the uniform price auction method, all successful bidders are required to pay for the allotted quantity of government securities at the same rate, which is the auction cut-off rate. This would be irrespective of the rate quoted by them. Under the multiple price auction method, successful bidders are required to pay for the allotted quantity of government securities at the respective rate at which they had bid........
Lakshmi Vilas Bank short-lists three for CEO's post
..........."The names have been sent to the Reserve Bank of India (RBI) for consideration. The new chief executive officer is expected to be appointed soon," one of the sources told Business Standard requesting anonymity. Lakshmi Vilas Bank had received over 55 applications for the position of chief executive officer. The applicants included senior executives from SBI, one former official of RBI, and business heads of ICICI Bank, HDFC Bank, Axis Bank, Citibank and Hongkong and Shanghai Banking Corporation (HSBC)............
Wednesday, June 19, 2013
The illusion of cheap money
.........The spat over CRR would have ended, had not two key policymakers weighed in on the side of the SBI. Finance Minister P. Chidambaram thought the RBI should pay an interest of 7 per cent on such holdings, adding that the central bank should consider the CRR as one of several monetary tools for credit control in the pursuit of its anti-inflationary objectives. More obliquely, the chairman of the Prime Minister’s Economic Advisory Council C. Rangarajan added his own wisdom to the idea of the CRR as an outmoded weapon for monetary tightening, one that should be used, he advised, “in extraordinary circumstances.”..................
Rate cut hope hinges on Subbarao's successor
........Subbarao will review the policy twice -- first quarter review in end July and mid-quarter review in mid-September -- before he hang up boots as a central banker. Though a governor can be re-appointed but Subbarao -- in media interactions -- had indicated he is not keen to continue beyond September..............
Why is the RBI so pessimistic? - Renu Kohli
............The RBI’s sage advice, “the key to reinvigorating growth is accelerating investment by creating a conducive environment for private investment, improving project clearance…leveraging on the crowding-in role of public investment”, disregards the nascent emergence of supply-side positives (e.g. rise in domestic coal production, timely onset of monsoons, resumption of roads and some other projects); weak but stable switch from public to private business spending and the results of its own corporate survey showing a fall in the interest coverage ratio in December 2012 quarter, which would only have worsened since. It seems reviving growth is now solely the job of the government.
IMF should be more proactive to suggest ways to reduce spillover of slowdown: RBI
Deepak Mohanty, RBI Executive Director, today in a paper presented at SaarcFinance Group meeting in Islamabad expressed RBI's thoughts on impact of Eurozone crisis on South Asia.......
Read | Business Standard
RBI stays firm
The RBI couldn’t have done anything different.
On Monday, it changed nothing. The repo rate, at which the banks borrow from it, and the cash reserve ratio remain unchanged. Votaries of the reduction in the policy rate, including the Finance Minister, might be disappointed. But the central bank could not have risked a further run on the currency and a higher consumer inflation by pandering to the growth lobby
RBI Governor D. Subbarao announces RBI scholarship scheme
...The objective of the scholarship scheme is to strengthen regional co-operation through skill enhancement in economic research of officials of central banks/ministries of finance in the SAARC region. Under the scheme, the Reserve Bank will offer one full-time scholarship to a candidate working in SAARC central banks/ministries of finance, for pursuing Ph.D; or M.A/M.S/M.Phil leading to Ph.D in economics in one of the identified universities/institutions in India. ............
Conference of CEOs of NBFCs postponed
Dear Sir,
Pls note that the Conference of CEOs of NBFCs organised by CAFRAL and scheduled on June 21, 2013 in Mumbai is postponed till further notice.
- Purushothaman, Manager, CAFRAL - RBI
- Purushothaman, Manager, CAFRAL - RBI
Inter School Quiz to be held
Shillong, June 17: The Reserve Bank of India (RBI) has launched an all-India RBI Inter-School Quiz (RBIQ) which is a new initiative aimed at promoting financial literacy at school level for students in classes IX, X, XI, XII. Various schools irrespective of any Boards which are located across the country can participate in the competition. The Shillong edition of RBIQ 2013 will be held on June 24 at St Edmunds College Auditorium and will be conducted by renowned Quiz Master, Gautam Bose from Greycells..........
RBI to remain closed on July 1
The Reserve Bank of India (RBI) will remain closed for public transaction on July 1 on account of annual closing of accounts, according to a RBI release.
The Hindu
Bank aspirants in warm-up mode
.........Banking circles said the coming days would see various companies formally announcing their plans to set up banks. The deadline for submission of banking licence applications is July 1.
Standard Chartered, HSBC officials caught on camera offering to launder money
After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing to launder it..............
RBI eases rules for forex option premium payment
....This facility will be available for cost reduction forex option structures in which the liability of the buyer will not exceed the net premium payable to the bank, RBI said in a notification..........
RBI lines up major banking sector reforms
....The suggestions, if implemented, will be India’s first step towards effecting far-reaching reforms and come at a time when RBI has invited companies to apply for banking licences, nine years after the apex bank last issued new licences..........
Religare promoters to sell 22.75% stake to meet banking rules
..........As per the RBI guidelines, the applicant company's promoter group can set up a bank through a Non-Operative Financial Holding Company (NOFHC) with a minimum 51 per cent public shareholding. While most of the applicants are looking to comply with the RBI guidelines, including on the minimum 51 per cent public holding after getting an in-principle approval for the licence, the decision taken by Religare promoters is being seen as a proactive approach towards setting up a bank. ...........
IDFC to seek licence from RBI for setting up bank
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...........
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........
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