.....As part of their evolution, Indian software firms have established overseas subsidiaries to deliver their services and execute contracts. To take account of this, the National Association of Software and Service Companies (NASSCOM) reportedly includes the software exports of the overseas subsidiaries of Indian companies in its figures on India’s software export earnings. The resulting NASSCOM figure is used by the RBI as the controlling total when reporting software services exports in its overall balance of payments (BoP) statistics.......
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, July 15, 2013
ATM business set to grow further in India, say experts
...........“Banks are aggressively expanding their ATM network across India and now it is convenient for bank customers to visit ATMs than going a bank branch,” said Navroze Dastur, managing director of NCR India — the largest ATM manufacturer in the country. From 69,000 ATMs in January 2012, the number has risen to 121,000 with the sector now attracting new players. The Reserve Bank of India (RBI) has now allowed private companies to set up ‘White Label’ ATMs ( the machines are owned by companies and not by banks themselves)...........
Mumbai resident arrested for biggest online credit card fraud
..........Investigating officers have found data of around 30,000 ICICI credit card customers in Tevar’s laptop, leading them to believe that the magnitude of the fraud could be much bigger. ICICI bank officials were unavailable for a comment. But investigating officers who contacted the bank said ICICI officials too have received complaints and have instituted an internal probe. “They are baffled,” said an investigating officer. “They are just wondering how this happened for more than a year. We feel that a bank employee must be involved.”...........
Saturday, July 13, 2013
Money Managers
With the Indian economy passing through the best and possibly the worst phases in the last decade, the role of the Reserve Bank of India has always been in the heart of all debates. The two Governors YV Reddy and D Subbarao have many things in common – both are from Andhra Pradesh and were bureaucrats in finance ministry before heading to Mint Street – but confronted different challenges during their stint.............
Prefer banks to chit fund agencies: Subbarao
IDBI offers inflation-indexed bonds to retail investors
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| H.R.Khan, Deputy Governor, RBI with M.S.Raghavan, CMD, IDBI Bank at the launch of inflation-indexed bonds |
.............At the launch event, H.R. Khan, Deputy Governor, Reserve Bank of India, said: “From the issuer (the Government’s) point of view, the inflation-indexed bond brings in a diversified investor base. Obviously, we have been liberalising the opening of our debt market to foreign investors. But predominantly it remains a domestic investor-driven market which, in a sense, provides resilience and strength to the market.” According to Khan, it makes eminent sense to get into government securities (G-Secs) from the investor point of view as well..............
"Dignity and devotion personified" - The noble soul Venkit is.........
Yes, I heard of the demise . I spoke to Shantha who has accepted it with her usual cheer and courage. I was in touch with him a little earlier, when the nature of ailment was diagnosed. Venkit was a man with great integrity, professionalism, and devotion to duty, with admirable sense of right and wrong. He carried himself with quiet dignity. He was, simply stated, an ideal human being. He was dedicated to RBI. We will all miss him.
- Dr.Y.V.Reddy
- Harun R Khan
Venkit was 'dignity personified' whether in talk, walk, attire or total personality as such. In Marathi we call, 'Manala chatka lavun janare vyaktimatva'. His memories will linger on with us. A great loss. May his soul rest in peace!
- Surendra Khot
May Venkat’s soul rest in peace and those who were near and dear to him have the strength to bear the loss and live a life Venkat would have appreciated and watched with satisfaction, if he were still around. During the thirteen years(1986-99) I have spent on 13th Floor of NCOB (New Central Office Building, which became COB later), I had more opportunities to sit opposite to members of PS Fraternity on 17th and 18th Floor. I cannot forget the affectionate smile with which Venkat received me, whenever I had occasion to go to him.
- M G Warrier
When a student requested RBI Governor to print more notes..........
............Governor during his conversation tried to check General Knowledge of student and asked that What RBI do and he got the reply that it prints currency. Meanwhile one of student stood up and asked Governor, “Why don’t you print more notes so that Indian will also become rich country”. The question was innocent but the student got the answer...............
Where are the loose change?
.............People of the state are so non-complaining that they do not mind losing some part of their money in return for things which they don’t actually need. Shopkeepers, on the other hand, also adds their own twist to the story as most often than not they do not return the change even when they have it in order to sell more of their goods. But as an RBI branch is coming up in the state in the near future, things may improve significantly. In the meantime, people of the state also need to learn to value money however small the denomination, and should demand the actual change, rather than being content in bringing home whatever item the shopkeeper hand over in lieu of the change.
RBI kiosk at Salarjung Museum
..........The LED TV will display ‘The story of Indian paper money, know your bank notes’. They are intended to educate the general public and school children on coins and currency of India, a press release said. The kiosk and an RBI Stall was inaugurated by A.S. Rao, Regional Director, RBI, in the presence of senior officers and officials of Salarjung Museum on Friday. A day-long interactive financial literacy campaign was held for the benefit of the public and visitors to the museum.............
Dhanlaxmi Bank announces appointment of Manoranjan Dash
Dhanlaxmi Bank, a private sector lender, announced that Reserve Bank of India (RBI) has appointed Manoranjan Dash, General Manager, RBI, Hyderabad, as additional director of the bank.........
Banks lack strong compliance culture: RBI
RBI warns banks to strictly follow customer identification rules
....."It is reiterated that banks should meticulously follow the instructions in letter and spirit and ensure that violations of the above nature do not recur. Such violations would be viewed seriously by the Reserve Bank and would involve imposition of penalties," ............
Some band aid
........If, by the measures the RBI and SEBI have taken, we are able to get a stronger rupee for a few days, it could do more harm than good in the long run. Indian companies that have recklessly borrowed in dollars, in disregard of the lack of a natural hedge as their revenues are in rupees, such as in infrastructure, would now think that if the rupee starts depreciating, the government will step in. This would ................
Indian Post Bank only deerves a bank license
.......The main requirement of the Reserve Bank that the new bank should intensify Financial inclusion and achieve the target as desired by the Reserve Bank can be easily complied with only by the India Post Bank. It is easy for the India Post Bank to ensure 100 % Financial inclusion a reality than on paper as is done by other banks in the field...........
RBI’s intelligence
This refers to the article “Sliding rupee, sloppy methods” (Business Line, July 11). The author should give credit to the collective intelligence of the RBI Governor and his team of officials who have a hands-on understanding of the ground realities, instead of making suggestions based on textbook knowledge or some research reports.
- V. K. Khanna (HBL)
FinMin debunks talks of rupee falling to 70/$
........“We do not like exchange rate volatility. We do not like an excessively weak rupee. We are not trying to target an excessively weak rupee,” Rajan said at an Exim Bank event here on Friday. He said the Reserve Bank of India, SEBI and the Government were closely watching developments in all markets.............
Rupee breaches 60/$ again
The rupee breached the Rs 60 per dollar mark again in intra-day trades on Friday due to heavy dollar demand by oil importers. However, during afternoon trades it recovered a tad and ended the day stronger by 5 paise at Rs 59.63 per dollar......
No Reserve in printing money
........ In the jargon, we will say that the supply curve of the entire economy — or at least a number of key goods and services — is shifting upwards to the left. How should the aggregate demand curve of the economy react in this environment? Should it move further to the right – which will exacerbate the price level situation in the economy -- or should it move to the left or at least remain where it was? Confronting and answering these questions is the very essence of macro-economic policy formulation and management – at least of one key institution viz, the Reserve Bank of India. Indeed, it should be understood that the RBI can impact only the aggregate demand curve in the economy, for supply is dependent on so many factors beyond its control – for instance, climatic conditions in agriculture, the skill level of the labour force or indeed, the subterranean conditions related to gas exploration and production. (Given that, one wonders why “real sector” players make so much fuss about low, lower and lowest interest rates. They should just ask the RBI to produce a broadly stable and predictable demand environment signified by reasonably stable price levels – and set whatever interest rates are necessary just to achieve that. That can be the RBI’s most important contribution to real output growth)............
RBI Deputy Governor to meet bank CEOs on bad loans on July 16
.............RBI Deputy Governor K C Chakrabarty will meet CEOs of large commercial banks from on July 16 to discuss what bankers say the 'corrective actions that can be taken by banks to curb rise in bad loans.' An account is classified as bad loan if the borrower fails to pay interest or principal or both within 90 days of due date. Sources from the banking industry said that the meeting would focus on large value bad loans and also practices followed by banks in dealing with borrowers in stress............
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