..........“The main aim of RBI, through this recent measure, is to restrict import, limit all gold coin and other transactions through jewellery shops only and prevent banks and non-banking financial companies from entering this arena. The move is likely to generate more interest in refining from scrap gold, which is available in a huge quantity in India,” said C P Krishnan, whole-time director, Geojit Comtrade..................
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.
Wednesday, July 24, 2013
Credit card payments: Use your face
No more swiping credit cards to make payments! A new technology that allows customers to use their face (facial features) instead of swiping a credit card to purchase goods has been developed by a Finnish company. The technology provided by Uniqul, works by recognising the customer's face and then linking it to the individual's bank account............
The need to contain gold imports and make best use of the domestic gold resources
...............The practical approach to have credibility among stockists of gold who include households, businessmen etc is to have a Gold Bank established by the Government and the Reserve Bank jointly and mobilise the gold against creation of deposits at some rates determined based on market trend.The Gold being used as a medium of exchange should be declared as a criminal offence and Government should be able to track these transactions as is done in the case of Cash Transactions over Rs 10 lakhs as Suspicious transactions...................
Tata goes innovative with non-bank owned ATMs
Studies conducted by the Reserve Bank of India show that on a per capita basis, ATM penetration in India has been low compared to other nations, like the USA, Canada and the like. That is why, one of their primary objectives has been to advance growth and increase ATM access across the country. Keeping in line with RBI’s vision of doing so, Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communications Ltd, launched Indicash at Koregaon Park and Magarpatta City, in Pune on Tuesday.............
Andhra Pradesh State Coop Bank gets CCTV surveillance
...........The installation of the surveillance system as per the RBI directive, will help the bank provide protection to customers and cause to have strict observation in the premises of the bank, a press release said. The head office premises has been brought under complete surveillance. In the case of the 37 branches, each will have surveillance with 5-6 cameras..................
Ponzi probe panel to summon Trinamool MP
....The official pointed out that though Ghosh would be summoned, none of the 18.5 lakh complainants have made any allegations against him. The commission will probe the role of the RBI and send summons to Sebi and ROC officials and probe how Ponzi firms could operate despite the presence of such regulatory bodies. It also plans to ascertain the role of the economic offences wing of the finance department that was set up to keep tabs on Ponzi firms.............
Banks turn to correspondents to recover loans
.............Last-mile banking agents, known as business correspondents, on behalf of banks take basic banking facilities to the remotest of areas. They are usually in-charge of collecting deposits and withdrawal. Bankers are also hopeful that handing more lucrative assignments to business correspondents could change the game for them by way of tackling a high rate of attrition. Banks are also asking them to identify potential depositors and collect and process loan applications, thus giving a boost to RBI’s financial inclusion mandate............
Tuesday, July 23, 2013
Spare a thought for the RBI Governor
Obituary
We deeply regret to inform that founder Chairman of NABARD and former Deputy Governor of RBI Shri M Ramakrishnayya (93) expired on 22 July 2013 at 06.30 Hrs after a brief illness at his residence at Hyderabad. Team NABARD visited his residence and conveyed condolence on behalf of NABARD to the bereaved family. May the Departed Soul rest in peace.
- Ramakant Kulkarni, Ex-GM, NABARD
Sober and soft hearted E.U.Khan..............
Let
us pray to Almighty to grant eternal peace to the departed soul. I had
an opportunity to work with him for few months in Premises Deptt when he
was GM and found him to be very soft speaking, cool headed and always
ready to listen to you patiently. Such souls come very rarely in this
world. May God give strength to the family to bear this loss.
- Madan Gauria
I
know Mr E.U.Khan personally and very well. We have been mutual
admirers. I feel very sad to know that he is no more. I pray to the
Almighty to bless his soul and give peace to the bereaved family.
- P.Aravind
 |
| Shri Khan receiving a bouquet from Shri Biswas while Smt Udeshi looks on. Retirement farewell function on 31st July 2003 (File photo) |
- Staff Members Premises Department
My View on "Next Gov by choice??"...........
Ms Kamala Rajan has suggested that the next Governor should be decided by a Committee of former Governors. She thinks that these persons would be able to arrive at an unanimous choice ! In my opinion, this is wishful thinking. Just as they did not share the same views on economic and financial matters, they would not also be able to arrive at the name of a common candidate. In any case, appointments to these posts are the prerogative of the 'Cabinet Committee on Appointments' consisting of the concerned minister, Home Minister and the Prime Minister and this practice has been well established. The views of the dynamic and brilliant present Finance Minister are likely to be given a lot of weightage by the Prime Minister.
The view that the next Governor should be one who has a sympathetic view on pension for retirees is too narrow a view and cannot be taken seriously. Furthermore, so long as the RBI acts as the subordinate of the Ministry, it does not matter as to who is at the helm of the Bank for the pension issue.
- A. Chandramouliswaran
My View on "Tackling crisis of confidence in economy ".........
Energy and economic growth are interrelated. What monetarist can do has limitation. Acute power shortage makes cold storages non-functional or mal-functional in all the states where vegetable production peaks. Therefore, cold storages are victims of NPAs in several banks. Energy sector is the villain of the piece. Oil imports are touching unsustainable levels and the current account deficit is mainly on account of oil imports. Remove the component of oil imports the current account deficit is in the most comfortable region. Investors are shy of India in the energy sector as the 'resource and reserves' in oil, gas - natural, coal do not lend confidence. In a dollar-dependent economy, gold reserves and controls do not have much relevance. What we should now target is a good fiscal policy and the government in election mood wants to throw good money after the bad - through ill balanced and misdirected subsidies is putting the cart before the horse.
- Yerram Raju
RBI on a sticky wicket
Unambiguous communication from RBI vital: Shubhada M Rao
..........The recent set of RBI's money market measures was largely unanticipated and, therefore, it resulted in extreme volatility in the rates market; so far, its impact on the currency has remained modest. Additionally, the smoke and mirrors created by other policymakers' multi-speak has thrown markets into confusion. It is ironical that the Fed's tapering of quantitative easing has led to quantitative tightening by RBI. While a revival in economic conditions .............
There is no method to RBI’s madness
Utter confusion and chaos have gripped the Indian money market over the past one week. There could be two explanations for this. One, the Reserve Bank of India (RBI) does not know what it wants and, two, it’s well aware of what it wants but the government does not want the central bank to have its way...........
Shooting the messenger
Given how each measure the government is taking to bring down volatility of the rupee doesn’t seem to have too much of a life-span—within a week of RBI’s actions, the rupee is almost back to where it was at 59.9 to the dollar last week Monday—there seems to be a palpable sense of unease. And while one wing of the government says that everything including sovereign bonds is on the table, another rules out such bonds; .........
Time to get used to a weak rupee
.........And so on. All because of poor governance. Foreign investment does not need an invitation. It pours into economies that are dynamic and progressive. We are far from that. No wonder the rupee stayed put at 59-60 to the dollar and did not respond either to the RBI or to the government. That is the new saddle point we have to get used to.Govt to call on NRIs to defend rupee
New Delhi: The government aims to call on millions of non-resident Indians (NRIs) to help reverse a record slide in the rupee, dismissing for now the idea of a global sovereign bond, senior government officials said on Monday. Acknowledging the country faced a dilemma, the officials said India was running out of options and time to revive the currency and fund a record current account deficit (CAD) but equally it was wary of sending any distress signals to international markets.............
RBI expresses inability to regulate all NBFCs
......“The central bank has sent its comments. They have pointed out that they regulate only those entities that are registered with it. Only those entities where financial assets are more than 50% of their total assets and derive at least 50% of its gross income from such assets are registered with the central bank as an NBFC,” said one of the officials. “They have also said that given the manpower available with them, it is difficult for them to regulate all such entities. The IMG will discuss their comments, but if the central bank does not regulate such entities, then who will?” the official said. The RBI spokesperson declined to comment for the story........
RBI starts scrutiny of nearly 3,000 private finance companies
.....Sources said RBI has started scrutiny of about 3,000 companies that are engaged as non-banking financial company (NBFCs) without being registered with it. The apex bank has sought details from them about their financials, including balance sheets, for the last three years, among others, sources added. Information has been sought from companies that are registered with the Registrar of Companies (RoC) in different parts of the country.............
Subscribe to:
Posts (Atom)