.....According to police, two currency notes of Rs 500 denomination and one of Rs 20 were found in the cash bundles sent to the Reserve Bank of India ,Chennai from the SBI main office here a few days back. RBI Manager Joshi lodged a complaint.........
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.
Tuesday, July 2, 2013
Separate officer to probe Rupee Bank cases
.............The meeting discussed a number of issues, including hardship cases pending with the Reserve Bank of India, inquiries pending under Section 88 and appointing flying squads for filing criminal cases and giving letters to the directors asking them to furnish information about irregularities during their tenure. The list of former directors also has been provided by the department to the account holders and depositors’ committee...............
When it comes to the rupee, ‘you ain’t seen nothin’ yet’
........To conclude, tough times lie ahead for the rupee. The recent Financial Stability Report released by the RBI points out that “rise in India’s overall external debt is an added source of concern.” But that is a very mild “British” sort of way of putting it. What we need here is a classic American expression. When it comes to the rupee “you ain’t seen nothin’ yet”.
RBI flags external risks to financial system
..........The twice-yearly Financial Stability Report (FSR) of the Reserve Bank of India (RBI) said Thursday that risks to the banking sector are on the rise amid tight liquidity and deteriorating asset quality concerns, and the credit quality of commercial banks could deteriorate further if the current macroeconomic situation persists. It added that external sector vulnerability is emerging as a major risk to the financial system..............
Canara Bank, Interest Rate and high cost of funds
...........Depending on borrowed funds at high cost to do banking business and maintaining high NPAs without disciplining the willful defaulters will naturally add to the cost of funds and bank cannot blame RBI for that. It is unfortunate that bank is taking shelter blaming RBI for its miserable failure in Asset Liability Management............
India’s gamble on gold could come unstuck
.............The debate is even acquiring a proletarian angle. Indians are estimated to privately hold 18,000 tonnes of gold, which is some 350 times the size of the official gold holdings of the Reserve Bank of India. When the import duty on gold bars was raised from 4 per cent to 6 per cent in January 2013, gold was trading at $1,692 an ounce. Gold has since fallen to $1,200, a decline of 29 per cent..........
Lender says suit against it based on 'misconception'
....“If article 110(b) is interpreted in the manner sought by the plaintiffs, it would amount to imposing a fetter on the board of directors, the bank and the shareholders to decide on the manner in which the board should be appointed and the people who shall be appointed on the board...Such an interpretation would effectively create a pooling agreement,”........
Govt efforts may go kaput as price fall makes gold attractive
The government has increased the duty on gold multiple times and the RBI has tried to use the credit route to choke off lending against gold. Bank credit cards will not always let you buy gold and some gold backed funds will retreat. But, the curious fact is that gold really appears to be a good buy at a time when the price is falling notwithstanding the rupee’s depreciation........
Curbs on use of credit card to buy gold, take a swipe at online jewellery sales
.........“In just four days, our sales have dropped 20 per cent. It was first HDFC, now ICICI, HSBC and Standard Chartered Bank have all stopped their EMI option. We have been getting calls from customers about failures in payment processing,” said Gaurav Khuswaha, founder of Bangalore-based Bluestone.com. He said the RBI guidelines were for the purchase of gold coins and bars and not for jewellery. “The move will impact our jewellery sales, though we don’t sell gold coins. We are planning to take up this matter with the banks directly and also with the Gems and Jewellery Federation of India,”........
My View on "HDFC Bank was probed on COBRAPOST Expose"
The clarification given by the MD, Shri Aditya Puri, does not save the embarrassment caused to it by the IT sleuths probing them. If the bank had accepted the deposits without the normal precautions expected to be observed by them, I wonder how credible IT would find their witness to be. After all, the bank cannot afford to let down the depositors after accepting their deposits in the manner they might have done. It would be interesting to know what the MD has to say about the taped conversation of their executives with Cobrapost persons who had come to them as clients and what action has been taken against them. I find that the part-time Chairman of the bank was the Banking Secretary decade ago ( he must be about 75 years old ) and one does not know how comfortable he is at the helm of the bank after being extraordinarily strict and correct when he was the Banking Secretary. His predecessors for nearly 15 years were RBI top executives and the bank has shown its competence in carefully pitching on persons for the position of their part time Chairman !!
A.Chandramouliswaran
RBI asks banks to keep uniform charges for same services
........"Accordingly, if a particular service is provided free at home branch the same should be available free at non-home branches also. There should be no discrimination as regards intersol charges between similar transactions done by customers at home branch and those done at non-home branches," RBI said in a directive. Charges levied by banks on their customers for products and services are called intersol charges........
RBI revises bank KYC guidelines, advises new set of norms
.........."The increasing complexity and volume of financial transactions necessitate that customers do not have multiple identities within a bank, across the banking system and across the financial system. This can be achieved by introducing a unique identification code for each customer," RBI said in a master circular on Know Your Customer (KYC)/Anti-Money Laundering (ALM), released on Monday................
IRDA plans cap on sales by bank-promoted insurers
......With many banks starting their own insurance ventures, newer, non-bank promoted insurers have been finding it difficult to find distribution partners with a wide network. Under the current existing norms for distribution, a bank can become only a corporate agent, which allows it to sell products of one life insurance company and one non-life company and one standalone health insurance company........
Complaints lower than bank branches this year, says Ombudsman
COIMBATORE, JUNE 27:
It was a pat for bankers in the Coimbatore region when Banking Ombudsman Sujatha E. Prasad observed that the number of complaints registered by the Ombudsman Cell so far this year was lower than the branch network and customer base. “We got only 280 complaints this year. There are 503 branches of various banks operating in this region and around four million accounts,” she said. On the nature of complaints, she said that only three pertained to opening of new accounts.......................
Get alerts for banking frauds
.........."There have been instances where a fraudster comes back to an account or credit card after having duped a customer once. These alerts may not avert the first fraud but they do help you avoid a repeat attack. Because once a fraud is reported, banks flag an account and any transaction after that goes through extra scrutiny," ...........
Jet Airways, HDFC Bank launch 'JetPriviledge-HDFC World Debit Card
.............“We are extremely proud to launch this unique, first-of-its-kind co-brand Debit Card in partnership with HDFC Bank. The launch of JetPrivilege HDFC Bank World Debit Card is a milestone achievement for us as it marks the entry of JetPrivilege into the expanding debit card segment. As card usage increases in tier II and tier III cities, the launch of this co-brand debit card will allow Jet Airways to connect millions of customers across India by rewarding their spends with JPMiles, which can be redeemed for free flights.”..................
Vijaya Bank all-woman branch
BANGALORE, JULY 1:
Karnataka Minister for Women & Child Development Umashree inaugurated Vijaya Bank’s all-woman branch at Ramamurthy Nagar, Bangalore. It is the bank’s second all-woman branch and first in Bangalore.........
SBT introduces 'Doorstep Banking' facility
......The major benefits to the customers include zero security risk in the movement of cash from their office to the bank and costs incurred on the transportation of money. To start with, the van will pick up cash from the customer's doorsteps from 10 am to 4.30 pm and this is likely to be extended later, a bank press release said. ......
Know if you are in CIBIL’s list of defaulters or not
....A control number is generated every time a CIR is requested from CIBIL by the bank. Control number refers to a nine digit unique number which enables CIBIL to track an individual's credit report from its database. Every time bank seeks for credit report of an individual from CIBIL, a new control number is generated..............
Monday, July 1, 2013
“Rupee a slave of FIIs” – feels experts from B Schools
...........Huge Government borrowings, lack of solid policies and growing demands of gold also contributed to the weakening of the Rupee. When asked whether RBI should intervene, Dr. Das said, "Yes of Course RBI should intervene. If it is not being done then it indicates that they want to support foreign investors in the short run. These foreign investors could be 'Indians' or people with close interest in India. A dollar flowing in gives you more money. Interested people may also want to know more about the ‘Promissory Notes' scheme of the GOI that allowed foreign funds to flow in easily.".............
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