RBI Deputy Governor K.C.Chakrabarty will address Bankers’ Club meeting at Mulki Sunder Ram Shetty Auditorium, Vijaya Bank, MG Road, Bangalore at 4 pm on September 23.
HBL
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, September 18, 2013
RBI cancels licence of Mahatma Fule Urban Co-op Bank
......This is in view of the fact that Mahatma Fule Urban Co-operative Bank has ceased to be solvent and the depositors were being inconvenienced by the continued uncertainty...............
RBI asks banks to allot different product code to dormant a/c
......State and central governments have expressed difficulties in crediting cheques/Direct Benefit Transfer/Electronic Benefit Transfer/scholarships for students, Zero Balance Accounts, into accounts opened for the beneficiaries under various central/state government schemes but had been classified as dormant/inoperative due to non-operation of the account for over two years, RBI said in a notification. "...Banks are advised that they may allot a different 'product code' in their CBS to all such accounts opened by banks so that the stipulation of inoperative/dormant account due to non-operation does not apply while crediting proceeds," it said.............
Hackers come up with new modus operandi for internet banking frauds
Delhi police have stumbled upon a new modus operandi of e-banking fraudsters in which they first hack the internet banking account of the target and then get mobile number blocked to prevent the bank customer from receiving SMS alerts about illegal transactions made by them...............
Inflation conundrum: Is govt fudging data to trick RBI?
........“This trend of WPI higher than CPI in respect of food items is intriguing and is a trend against normal price behavior and needs to be examined more carefully, as it may have some important policy ramifications,” the report quoted from an SBI research note. Why would the government do this? Because of the RBI. The central bank has many a time indicated that it is now more relying on CPI-based inflation than WPI. So, the government, desperate for a rate cut, may be hoping that a softer CPI food price will prompt the RBI to take a favourable decision sooner..............
‘India Needs to Free Up its Savings’
.........The
money that is pulled back in savings is being held in cash reserve
ratio (CRR) and statutory liquidity ratio (SLR). CRR is more effective
because it is taken away interest free. And with a 23% SLR, why do you
need CRR? Regulators prescribe CRR as a buffer in the event of a bank
default. You also have 23% unencumbered SLR. Why don’t you make SLR 27%?
And it’s not about earning interest. At least, it will work somewhere.........
Mushtaq to head JK Bank for 3 more years
Srinagar, Sep 17: Reserve Bank of India today granted approval for three-year extension in the term of Mushtaq Ahmad as Chairman and CEO of J&K Bank. The extended term will have effect from October 6, 2013. Mushtaq Ahmad took over as Chairman and CEO of the Bank on October 6, 2010. Under his leadership, the Bank witnessed phenomenal growth in all the operational areas.........
Read - Greater Kashmir
Read - Greater Kashmir
JKGB organizes credit-cum-awareness programme
....Representatives from RBI and NABARD, Dinesh Gupta and Nitin Hingole, respectively also spoke on the occasion and enlightened the gathering about the importance of Financial Inclusion for the benefit of rural masses............
Read............
Mahila Bank to have pay-per-use IT infra model
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Read | Business Standard
Shylock ICICI Turns Samaritan
.........When
global markets collapsed because of the financial quake triggered by
the biggest ever bankruptcy — of Lehman — in September 2008, the tremors
were felt in Mumbai’s business district Bandra Kurla Complex. ICICI,
the most futuristic of Indian banks that spread its wings in the global
markets, held notes of Lehman worth $80 million. Although it was just
0.1% of its total assets of $112.6 billion then, it triggered a run.
Such was the panic that the Reserve Bank of India and finance minister P
Chidambaram had to step in to restore calm. When Wall Street giants
responsible for sinking the global economy are lobbying against tighter
regulation aimed at a safer world, ICICI voluntarily junked its past.
Kochhar, who succeeded KV Kamath after his 13-year tenure as chief
executive, tore up the very ICICI structure she grew up with, and laid a
new foundation..............
‘Capital Controls Needed to Insulate Economies from US’
......The
new Reserve Bank of India Governor, Raghuram Rajan, has earned market
endorsement with his free market principle on currency and by rolling
back the measures of his predecessor Duvvuri Subbarao that were dubbed
as “partial capital control”..............
My View on "FSLRC members handsomely “compensated” for their “..."
Transparent norms for compensation packages, where public funds are involved (Here no need to get confused about the meaning of public funds- Organisations dependent on funds from public, whether as tax or as share capital contribution or as deposits as in the case of financial institutions including banks are all handling public funds and have only ‘Trusteeship’ rights on the resources) need to be evolved. Thank you Moneylife for exposing the absence of any norm in this area.
- M.G.Warrier
What crisis! Babus ready for medical tourism
Currently, India is going through an acute fiscal and foreign exchange crisis, right? If you say ‘Yes’, consider this. According to a newspaper report, the Centre has decided to reimburse the actual cost of treatment abroad for up to two months as well as fund the return airfare for IAS, IPS and IFS officers, along with one accompanying attendant,..............
Forex trouble
......The RBI governor has indicated transparency and predictability as his watchwords. So, the RBI should announce the exchange rates used in the swaps, including the ones with oil marketing companies. It will have a salutary impact on the market rate. .................
Who pays the price for biometric scan ATMs?
....... This new directive will involve additional expenses which bank depositors will end up bearing under the guise of technology costs. So far, Aadhaar has made no mention of who will bear the cost of biometric POS (point of sale) readers (according to a senior banker, they will cost Rs8,000 each) and biometric ATMs (Rs 4 lakh for the machine plus installation, maintenance, electricity, etc). According to the news report, banks are expected to add around 200,000 POS machines and around 20,000 ATMs next year................
SEBI’s selective reaction
.........The Reserve Bank of India (RBI) is far more open, but has no formal mechanism to engage with consumers. Even the chambers of commerce, whose collective financial muscle ought to give them some clout, only lobby the interests of powerful office-bearers. ................
RBI Bans 80:20 Schemes: Correction On The Cards?
......Several viewpoints have been floated since the RBI announced this ban, largely speculating on a fall in real estate prices as a consequence. It has been opined that developers’ holding power will be significantly reduce, forcing them to reduce prices. This analysis of the situation is based on the currently high levels of inventory that developers are saddled with, especially in larger cities like Mumbai, Bangalore and Delhi...........
Close a/c using cards for online forex trading: RBI to banks
........As and when any bank comes across any prohibited transaction undertaken by its credit card or online banking customer, the bank will immediately close the card or account of the defaulting customer, the Reserve Bank said in a notification. If it is observed that the bank concerned has failed to carry out the measures as outlined above, RBI may proceed against the defaulting bank, it said...........
Standard method to determine value of gold accepted as collateral: RBI
Now, non-banking financial companies (NBFCs) offering loans against gold jewellery would have to follow a standard method to determine the value of gold accepted as collateral, the Reserve Bank of India (RBI) has said. On Tuesday, the central bank introduced new norms for lending against gold jewellery, following the recommendations of the K U B Rao committee, which studied the issues related to gold imports and gold-loan NBFCs in India. "Currently, there is no standard method for arriving at the value of gold accepted as collateral and the valuation is arbitrary and opaque," RBI said........
'Funding for lending' scheme in works to make home & auto loans cheaper
NEW DELHI: Waiting for the Reserve Bank of India (RBI) to cut interest rates before deciding on buying that home or a car? You may not need to! According to ET Now the RBI is planning a 'funding for lending' scheme, under which the central bank may lend money to banks at a 1-2% cheaper rate. This in turn will allow banks to lend to potential consumers at a lower rate................
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