The proposed bifurcation of Telangana from the state of Andhra Pradesh (AP) impacted the auction pricing of the latter's development loans at the Reserve Bank of India (RBI) on Wednesday. Investors got a higher premium on the cut-off yield at 9.84 percent for tenure of ten years............
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.
Friday, August 2, 2013
RBI's monetary activism may take a toll on equities too
.......The outlook has turned bearish as there are few places to hide at the moment. Defensives are back in focus as staples and technology continue to report double digit growth, even as others are reporting muted performance. Financials have been downgraded by most analysts as they believe “monetary activism” will hinder the sector's growth and profitability. What’s worse is that few in the market believe that RBI will roll back its tightening measures in a calibrated way...............
Shielding the Rupee from Alien Threats
......Clearly,
given the level of the Indian economy’s global engagement, it is futile
for India’s central bank to try and manipulate the exchange rate in any
particular direction. What it can and should try to do is to allow the
market to price in as much information as possible, so that ...............
Display cash non-availability at ATM before transaction: RBI
....."The message regarding non-availability of cash in ATMs should be displayed before the transaction is initiated by the customer," the RBI said in a notification. Such notices may be displayed on the screen or in some other way. Banks should also highlight the ATM ID within the premises so that customers can quote it while making complaints or suggestions, according to the notification. The RBI said despite a number of instructions to banks to enhance customer service and handling of complaints, certain operational issues continue to persist. ...........
ING Vysya Bank launches premium debit card
....."The ING MasterCard Premium Debit cards with their superior benefits and innovative reward points system are a wonderful example of this commitment. We look forward to a long and fruitful partnership with ING and to many other such innovative products in the future." The card will be available in three variants -- Titanium, My World and World Exclusive -- and customers can choose the look and feel of the card from a selection of 50 images covering segments like sports, entertainment, lifestyle the company said............
Kotak Mahindra Bank to open 100 new branches in FY 2014
......."Expanding branch network is expected to boost premium banking business. There is untapped potential for premium banking business in smaller cities," ...........
Thursday, August 1, 2013
Inauguration of Lead District Managers' office
........The office of lead District Managers’ was inaugurated by Dr Deepali Pant Joshi, Executive Director of Reserve Bank of India in presence of V R Iyer, Chairperson and Managing Director of Bank of India on July 31. The function was held at Zonal Office of Bank of India at Fort, Mumbai for inauguration of LDM’s office of Mumbai city and via video conferencing for the Mumbai suburb district in presence of senior functionaries of RBI, NABARD, BOI and the District Collector...........
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Can’t afford to take it easy - A.Seshan
As the Reserve Bank of India generated shock and awe in the financial system with its policy measures only a few days ago for tightening liquidity, there was a general expectation that its July 30 review would be a non-event with no dramatic announcements. It was proved correct. The bank should be thanked for not upsetting the apple cart with further measures, even as the results of the earlier ones are panning out. The exchange rate has so far seen up and down movements within a narrow range normally expected of the markets..............
Financial inclusion not charity: RBI
.....“Banks must not approach financial inclusion as a charity but a viable business model,” Chakrabarty said. “Our regulations are one of the most flexible to support financial inclusion,” Chakrabarty said at the Mint conference, Architecture of Financial Inclusion: The Indian Model, in Mumbai on Wednesday..........
Forex reserves adequate: Patel
......“Our reserves are adequate and 6.5-7 month of import cover is good. Short-term debt has increased but the short-term debt has been comfortably rolled over and refinanced over the last three years despite the high current account deficit (CAD),” said Urjit Patel, deputy governor, Reserve Bank of India (RBI), in a post-monetary policy conference call with analysts and researchers...............
Why selection of RBI governor should be more transparent
A crisis is an opportunity. Manmohan Singh and P Chidambaram have a unique opportunity to reform the RBI
...............Unfortunately, Chidambaram has constituted no such committee to suggest names of candidates to succeed Subbarao. At the very least, the Finance Ministry should have advertised the position, in India and abroad. While it would be expecting too much for any Indian Government to consider foreign nationals for the RBI job (the UK recently appointed a Canadian as Governor of the Bank of England), it makes complete sense to solicit the candidature of Indian nationals from the worlds of academia or private sector (banking, investment banking) or international organizations (World Bank, IMF). That would only bring diversity and richness to a shortlist which would otherwise consist solely of economists serving in the Government system......................
The curse that bedevils RBI governors
Finance minister P. Chidambaram has indicated that the Reserve Bank of India (RBI) will soon have a new Governor. He could become the latest victim of an old curse of trials by fire. Three out of the past five governors have had to deal with immense economic stress within a few months of taking the job............
Has Subbarao been pushed out of the next RBI Governor race?
It’s not very often that you hear the finance minister discuss the appointment of the RBI Governor openly and in media interviews. After all, unlike many other autonomous arms of the government, the central bank is one of the most prestigious institutions of the country and great respect is accorded not only to the Governor as an individual but also to the post. So it was quite surprising to find an otherwise disciplined P Chidambaram virtually ruling out any extension to the present RBI Governor D Subbarao in an interview to Economic Times. ..............
Govt is searching for new RBI Governor: Chidambaram
The government has started search for a new Reserve Bank governor as the incumbent, D Subbarao, who battled inflation through tight money policy during his tenure, is set to exit in five weeks. 'The Governor met me about 6 or 7 weeks ago... He (Subbarao) said that he would like to move on and he would not like to be considered for another extension. 'So I accepted that... That is where the conversation ended. We are now in a search cum selection mode of the new Governor,' Finance Minister P Chidambaram said at a press conference..........
After Subbarao, who will be the next RBI Governor
........Prime Minister Manmohan Singh in consultation with Mr Chidambaram will finally pick the next RBI boss. Before, Wednesday's statement from Mr Chidambaram, there was a strong buzz that Dr Subbarao may be offered another extension given that elections are less than a year away and the government would have been comfortable with a man who's been at the helm of affairs for a long time rather than have someone new altogether. Currently, the RBI top job is not really the most enviable assignment to take on with the country's widening current account deficit and a hostile rupee..................
DA Increase for Bankers from August to October 2013
Now CPI for all the three months has been announced for relevant months and the same is as follows:-............
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Deadline to file income tax returns extended to August 5
The last date to file income tax returns has been extended to August 5 by the government from July 31. This has been done due to the number of It returns being filed electronically. As per the Central Board of Direct Taxes (CBDT), there has been an unprecedented surge in number of returns being e-filed...........
Saraswat Bank - Rupee Bank merger gets in principle approval
Pune: Saraswat Bank is understood to have received in principle approval from the State Co-operative Department to merge with the ailing Rupee Co-operative Bank. This was confirmed by one of the administrators of the Rupee Co-operative Bank, who did not wish to be identified. The Reserve Bank of India (RBI) will be providing a statutory package of Rs 320 crore to support the merger............
Push to replace old-format cheques
RBI’s efforts to introduce cheques with uniform security features have not yet fructified as a large number of customers are still using old-format cheques. RBI, which in December 2011 said banks should migrate to the cheque truncation system by September 2012, has extended the deadline four times. The new deadline is December 2013. Customers should come to the banks and get their old format cheques replaced, said Shubhalaxmi Panse, CMD, Allahabad Bank.............
Banks looking at voice biometrics for security
........ “A
voiceprint is a hashed string of numbers and characters that represent
how specific an individual’s voice rates on a host of characteristics
being measured. As such, a compromised
voiceprint has no value to a hacker. It cannot be used to authenticate a
system, nor can it be used to reverse engineer someone’s voice,”..............
Read - TOI
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