..In commentary published on the Project Syndicate website, he also drew an analogy between the current bearishness on the country, whose currency has barely recovered from record lows last month, to the fickle loyalties of Indian cricket fans. "A few years ago, India could do no wrong.... Today, India can do no right," Rajan wrote in the piece. Referring to the record current account deficit and slowing growth, Rajan said those "can all be fixed by means of modest reforms."............
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, September 13, 2013
RBI keeps subdued outlook for corporate investments
.......The apex bank said that demand conditions continue to be a major factor in driving investment intentions. With a baseline projection of real GDP growth at 5.5% in 2013-14, demand conditions may not improve substantially. While the government has initiated some steps in the recent past to improve the investment climate, results are yet to be visible,” said the RBI.............
SBI - Change in Directorate
..... the Central Government, in consultation with Reserve Bank of India, vide Gazette Notification dated August 29, 2013, nominated Shri Tribhuwan Nath Chaturvedi, as part-time Non-official Director .......
Mani writes to RBI Governor
........In a letter sent to the RBI governor on Thursday, Mr. Mani said the escalation of prices of all essential commodities being experienced in the country now was due to supply side factors and increasing cost of production. The remedy, it seemed, should come from initiatives to encourage the productive sectors.......
RBI to create central repository on large credits
.....Accordingly, it has been decided to use the information supplied by the banks through the return on large borrowers (Form A)...which captures system-wide exposure of individuals and entities having exposure (both fund and non-fund based) of more than Rs.10 crore, for creation of central repository of large credits across banks,” it said...........
Rythu Sangham opposes Bakshi panel recommendations
......He also feared that the recommendations will again force small and medium farmers to approach private money lenders for investment on their crops and urged the State government to convene an all-party meeting including all farmers’ organisations to discuss the issue. He warned the Centre that the APRS would organise protests across the State opposing the RBI's move to implement the Bakshi Committee’s recommendations, if the government fails to withdraw the decision.
Self-regulatory organisations to enforce discipline in MFIs
....“We have had a detailed discussion with SIDBI, Nabard and the Government. We will be recognising industry bodies or entities which will function as SROs,” said Archana Mangalagiri, General Manager, Department of Non-Banking Supervision, RBI. An SRO is a voluntary body appointed by the industry participants to monitor the functioning of all players in the industry and bring in some degree of standardisation in industry practices. Mangalagiri added that the RBI is clear there cannot be multiple regulations for NBFC-MFIs....
ICICI plans to issue 500,000 new credit cards in 2013-14
.... “We are seeing spending growth of 20% or more, varying between Rs.1,300 crore toRs.1,500 crore every month. Our delinquencies are less than half of the industry and 90% of our cards are actively used,” Sabharwal said, adding that ICICI’s delinquencies had fallen “dramatically” over the past few years. Sabharwal declined to give a specific number on the delinquencies citing compliance issues.....
RBI report an eye-opener for Congress: Parkash Singh Badal
CHANDIGARH: Punjab Chief Minister Parkash Singh Badal today said the Reserve Bank of India (RBI) report which has put Punjab among three best investment destinations in India during 2012-13, should be an eye-opener for Congress. ...........
Thursday, September 12, 2013
The curious case of central bank independence
.......N. Nergiz Dincer and Barry Eichengreen have updated their ranking of global central banks in terms of transparency and independence. Their data shows that the Reserve Bank of India (RBI) is the least independent of the 89 central banks the two economists have studied. They say that the Indian central bank suffers because of the way governors are appointed, the lack of independence in policy formulation and the lack of an independent objective.............
RBI to get glimpses of Rajan's technical accumen, not earthshaking changes - Rajiv Takru
.....With Raghuram Rajan taking charge as the new RBI Governor, do you think differences between the North Block and Mint Road will come down?
When there are two thinking people they are bound to have different opinions. When two people think about the same thing they very frequently come out with interpretations and solutions which differ. I don’t think we should blow it out of proportion and call it differences. ...........
Why has the rupee recovered? - Renu Kohli
Over the past few days, the rupee has recovered some of the ground it lost to the dollar. Some ascribe this to a retreat from panic overshooting. Others believe it is optimism inspired by a new Reserve Bank of India (RBI) governor. Still others proffer explanations based on economic fundamentals.....
Don't shower bank notes on personalities, says RBI
......."Such actions deface the bank notes and shorten their life," the Reserve Bank stated and added that bank notes should be respected as they are a symbol of the Sovereign and public should not misuse them and help in increasing the life of bank notes. The Reserve Bank has also stated that it has been taking all measures to supply clean bank notes across the country and has urged the members of public to contribute their mite to its efforts in pursuing a ‘clean note policy’ for the country.................
Lack of support hits anti-terror drive
,,,,,,,,,Many banks have refused to share details of suspected bank accounts in which huge money was being sent from abroad with the police. The banks have asked the cops to contact Reserve Bank of India for assistance. DIG, range, A Satish Ganesh on Wednesday said "correspondence made with RBI in this regard has so far failed to yield any result."..........
ATMs, card terminals to scan UID biometrics
MUMBAI: All new credit card swipe machines and automated teller machines (ATMs) will be required to have a mechanism for Aadhaar authentication using biometrics. The Reserve Bank of India (RBI) is understood to be preparing such a directive to improve security and promote financial inclusion. The central bank had been debating between the international 'chip and PIN' and Aadhaar-based authentication to provide additional security for card transactions. Although RBI appears to have reconciled to a combination of 'chip and PIN' authentication for existing customers and biometric checks for hitherto unbanked cardholders, the challenge is in the acceptance devices........
Well written book review
Dear Mr. Ramachandran,
Thank you very much for sending me a copy of your Review of 4th Volume of the RBI History (published in the Free Press Journal on August 23, 2013 ). It has come out very well and I appreciate your taking the trouble of sending its copy to me.
With regards,
Bimal Jalan
RBI clarifies foreign banks can open zero balance account
The Reserve Bank of India (RBI) today clarified that foreign banks having branches in India can open zero balance account. The regulator has released a list of frequently asked questions, in which it has said that the Basic Savings Bank Deposit Account (BSBDA) guidelines are applicable to "all scheduled commercial banks in India, including foreign banks having branches in India"...........
A housing slump in India
................Bimal Jalan, a former chief economic adviser to the Indian government who was also the governor of the central bank from 2000 to 2004, said in a telephone interview from New Delhi that the broader Indian economy could escape serious harm even if real estate prices did decline. India has low rates of homeownership, so families are less likely to be worried about falling home prices and cut household spending............
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Economy will stay in L-shaped trajectory, making RBI governor task more challenging: CRISIL
......Crisil believes that the Indian economy will stay in L-shaped trajectory through this financial year, unlike the V-shaped recovery seen after the Lehman crisis in 2008. Ms Kudwa said, "we are right now at the tail of L-shaped trajectory, which will take some more time to get over." Despite all written and said about new RBI governor and expectations from him, CRISIL made it clear that rising inflation become the biggest hurdle and challenge for RBI governor Raghuram Rajan. "due to rising inflation, it would be difficult for RBI to cut interest rates way forward," Kudva said............
Videocon's flip-flop costs it a chance for banking foray
.....After sending its intention to apply for a bank licence, Videocon group subsidiary Value Industries sent a letter to the Reserve Bank of India (RBI) expressing its desire to withdraw the application. “However, thereafter the group sent a letter again withdrawing the withdrawal letter. The RBI considered all the three letters and announced that Videocon is withdrawing from the fray,”........
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