LUDHIANA: While the bond between siblings does not really depend on material tokens, one cannot help the excitement of receiving Raksha Bandhan gifts. For decades, gold coins in a velvety backdrop have dazzled sisters and warmed their hearts. The yellow metal has assured them of security in turbulent times. But now that the Reserve Bank of India has banned the sale of gold coins, people would need to make slight adjustments in the customs............
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 31, 2013
Do’s & Don’ts before you print and submit ITR V
You must be aware of the fact that return filing process gets completed only when you send ITR-V copy to CPC office. Let’s understand the last and the most important process to complete your tax filing:..............
Haj funds illegally deposited in Karnataka's bank
............... Despite committee deciding to transfer the Rs 2.29 crore to Union bank of India on March 1, 2012, the executive officer went ahead keeping the amount in Amanath Bank as savings in May 2012. However, Rs 2 crore was converted as fixed deposit for a period of three months in December 2012," the minister said. Islam said of late Amanath Bank has come under Reserve Bank of India, therefore deposits cannot be withdrawn immediately. The minister also assured the House that he would write to department of personal and administrative reforms ( DPAR) to initiate action against an officer for illegally depositing money..........
Tuesday, July 30, 2013
Evaluating Subbarao
.........And when the current account deficit (CAD) was looking problematic, Subbarao even gave a speech at the London School of Economics’ IG Patel lecture in March arguing that those advocating interest rate hikes to fix the CAD were wrong since lower interest rates would actually encourage equity investors even while dissuading investors in debt. That is clearly a view the Governor jettisoned very soon. It is never possible to answer a debate in the absence of counterfactuals—would lower interest rates have spurred investments while various government clearances continued to dog them?................
RBI’s Russian Roulette
...........So, what has RBI achieved? At best a temporary reprieve for the besieged rupee? Engineering a liquidity crunch is hardly the advisable remedy to break out of this siege. The costs can be just too high in terms of lost growth, severe dampening of investment sentiments, killing off the animal spirits and making our exports less competitive.............
Bankers, officials hail financial inclusion work in Madhya Pradesh
.........“Madhya Pradesh is the only State in the country where there is perfect coordination between the Reserve Bank of India, the State Government and other agencies concerned,”..................
RTI Judgement Series: Bank PIO fined Rs 17,000 for not complying with CIC order
...........Since no reasonable cause has been offered for the delay of 68 days in providing the information to the Appellant as per the order of the CIC, the Bench is imposing the penalty on Mrs Mugdha Satarkar, PIO & AGM (Vig) under Section 20(1) of the RTI Act at the rate of Rs250 per day of delay of 68 days that comes to Rs17,000," ..............
Check before you express
RE: WHITHER R B I 'S CULTURE ?
| Subramaniam, Uma |
| Sent: | Monday, July 29, 2013 5:30 PM |
| To: |
Ramachandran P.P
[pprchandru@gmail.com]
|
Dear
Sir
The
College is dismayed by your remarks on the blog. We wish you had checked the
facts with us before sending them into the blogging space. It is not correct to
state that the College did not issue an invite to Ms Thyagarajan. Not only was
the invitation mailed to her, one of our Jubilee co-ordinators Shri M
Subramaniam who is also Member of Faculty rang her up a day before the event for
making the necessary logistical arrangements for car pick up etc. which was
politely declined by her on health grounds. Further, she
was personally delivered a copy of the Souvenir at residence. We trust our
clarification will also be published in the blog.
Regards
Uma
Subramaniam
Chief General Manager and Principal
Chief General Manager and Principal
RBSC, Chennai
This is the factual feedback received from the Principal, RBSC in response to info item given by P.P.Ramachandran, DGM (Retired) titled 'Tired' on appraoch towards 'Retired'...............
An insider’s view of reforms
.........The RBI Governor Subbarao (chapter 10) raises what he terms “policy challenges from the New Trilemma.” He has often emphasised the need for the RBI and the government to share responsibility, especially in relation to the impact of fiscal deficits and to ensure fiscal stability. He feels that unless the respective roles are defined, these could impact adversely the independence and accountability of the RBI. The situation could get worse if debt market operations are shifted from the RBI to the Finance Ministry. It is a retrograde step and puts the clock back.................
Obituary
Shri P.A.SIVALINGAM, former Personal Secretary to RD, RBI, Chennai passed away at 3.00 a.m. on 29-7-2013. He was one
of the members who were honoured by the Forum of Retd. Employees of RBI last Saturday
on their attaining the age of 70 years. We pray for his soul to be rest in
peace and convey our heartfelt condolences to the bereaved family.
-
SMALL COINS DISTRIBUTED
Officials of the State Bank of India, main branch, distributed small coins to the tune of Rs. 2 lakh to about 300 people at Poorna Market on Sunday. Following RBI guidelines to help the common customer overcome shortage of small coins the bank had taken up such activity on a regular basis,...........
RBI eases curbs on payment gateways
........The rationale for its initial strict regulations, according to the RBI, was that several service providers had allowed exporters to retain the export proceeds abroad without repatriation, resulting in violation of the provisions of the Foreign Exchange Management Act (FEMA) 1999. “Online payment gateway service providers have been finding it easier over the last few years, with the RBI easing up on some of its earlier regulations. If all goes well, PayPal may soon be allowed to resume its Indian operations as well,”...........
RBI warns NBFC on unsolicited calls
............This is the second time that a notice has been issued to the NBFCs by the RBI on the same subject. The entities were advised to employ only those sales agencies or call centres which have been registered as telemarketers with the department of telecommunication (DoT), as per the regulations of the telecom regulatory authority of India (TRAI) issued 2007 for the job of soliciting or promoting any commercial transactions.............
Card volume expands in India despite significant unbanked population
.........“As India continues to expand and upgrade its telecommunications infrastructure to rural areas, more Indian consumers will have access to secure and reliable electronic payments and financial services via a mobile phone– a critical step in the migration from cash to more convenient, secure forms of payment,” ............
UIDAI, banks disagree on use of biometric authentication at ATMs
..........It's learnt that the UIDAI nominee on the panel is likely to issue a dissent note on the estimates the agency believes is significantly higher than what banks' migration to Aadhaar would cost. About a fortnight ago, the findings of the report were shared by Pulak Kumar Sinha, the SBI general manager who heads the panel, at a luncheon meeting with RBI Deputy Governor H R Khan. Other members of the working group were also present at the meeting..........
Will chip-based credit cards really work?
.....Banks will have to convert all credit card customers on the new system. The best part is that since the regulator has made it mandatory for banks to issue chip-based cards, most banks will not charge you a fee for the same. Since chip-based cards are more expensive than the magnetic strip-based cards, some banks may pass a nominal fee to the customers............
Graduation day
...........The financial inclusion trend from the Reserve Bank of India and the present decade witnessing superannuation in banking sector have given rise to six lakh vacancies in banking sector from now till 2020, Mr. Sundara Rajan added................
Unruly rally disrupts road traffic
............s per permission granted by city police's special branch, Swabhimani Republican Party was allowed to take the rally from Janata Chowk to RBI Square at 12 noon. However, sources in city's traffic police said the police had expected about 500 people in the rally but over 5,000 turned up. Things became worse when the rally lost order and its participants spread to both sides of the road from Janata Chowk to RBI square..............
The Taylor Rule and interest rates in India
In the run up to 30 July monetary policy review by the Reserve Bank of India (RBI), opinions regarding the stance of the central bank have tended to focus on benchmarks based on the Taylor Rule—an interest rate feedback rule of how central banks should set short-term interest rates as economic conditions change to meet the goals of economic stability together with desired inflation rate. The rule states that............
SBI chief predicts RBI would raise repo rate
.........Chaudhuri's views contradicts 31 of 32 analysts in a Bloomberg News survey who predicted no change to the benchmark rate, while 29 of 30 expects the CRR to remain unchanged at four per cent. The decision is due at 11 am on Tuesday..............
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