The College of Cooperation, Banking and Management of Kerala Agricultural University is hosting a two-day national seminar on ‘Contours of Indian Banking’ on October 23 and 24 at the University Central Auditorium on the main campus.........
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.
Thursday, October 10, 2013
Bitcoins: Exciting, anarchic and risky
...Bitcoins are an anonymous, decentralised digital currency. In contrast to electronic money, no company controls the bitcoin, nor ever could: all the rules about how it works are embedded in the very operation of trade, including the rate of inflation and how to verify transactions. For most users, the easiest way to get bitcoins is to buy them. But due to strict anti-money laundering controls, even that is tricky...........
Globalisation vs the rupee
.......Some economists say that we have not had enough ‘reforms’ to keep India attractive for foreign investments; others point to the enormous increase in our Current Accounts Deficit as the import bill has increased substantially; yet others blame the recent upswing of the American economy and other global factors. Caught in the crossfire of facts and opinions is the poor resident of the non-stock-market-investing Bharat, struggling to obtain even basic necessities like food and shelter. Do our decision-makers understand that this citizen is suffering not due to inadequate ‘development’, but because of an inappropriate model of economic growth? Faith in this model has privileged cold growth (GDP) statistics over meaningful indicators of human well-being, sharply increased inequities.......
Some more liquidity, please
By rolling back a steep increase in short-term rates, opening the floodgates on FCNR deposits, and infusing liquidity through bond purchases, the Reserve Bank of India has been signalling to banks and the bond markets that it isn’t entirely anti-growth. But for these measures to be really effective, the central bank needs to do much more..................
RBI couldn’t care less about corrupt UPA
.......It is indeed a relief to see Governor Raghuram Rajan at the RBI beginning to ease up on the liquidity. This is essential for growth, even as the IMF expects barely 3.8 per cent growth in GDP this year, down from its earlier estimate by a dramatic two per cent points, but going up to 5.1 per cent next year. Of course, even five per cent odd was a 10 year low when it happened last year, and therefore, the current dip estimated is all the more significant. It shows the Government’s economic policies are just not working...........
From anxiety to complacency in six weeks?
......The tide began to turn in early September with the new Reserve Bank of India (RBI) governor's confident and well-considered initial policy statement on September 4, including the announcement of swap facilities to banks for foreign currency non-resident (bank), or FCNR (B), deposits with maturity of three years and over at a rate of 3.5 per cent per year. This quasi-exchange rate guarantee soon triggered fresh inflows. Within days of this initiative, ..........
India Inc needs stronger bankruptcy legislation for efficient revival process
....If Reserve Bank of India Governor Raghuram Rajan's plans to expedite loan recast and speed up the resolution of unviable businesses come through, India's economic recovery from any slump in the future could be as quick as that of the US, unlike Japan, where companies linger on like in India..........
CAD, growth and the rule of law
The Second Quarter Monetary Policy Review is due end of this month. We are currently in a scenario of the higher Current Account Deficit at 4.9% of the GDP than both the previous quarters, as well as Q1 2012- 13. India would do well to use the breathing space that has been provided by the US deferment of tapering, to fix its Current Account Deficit ( CAD) and resuscitate growth. While it is the Current Account deficit and deficit in output growth rate which are garnering maximum attention, there is a third deficit - a Rule of Law deficit, equally important due to ......
Beyond the taper talk
....In India, though RBI has raised the repo rate and is increasingly been seen to be moving away from the Wholesale Price Index towards the Consumer Price Index as the key operating variable, this transition may not be easy as the interest rates will have to be increased by a fair amount in order to undertake this policy shift. However, raising interest at this point will affect sentiments and expectations around growth. Notably, RBI will also have to reassess its position on the exchange rate and capital flows, as focus in last few months has been on external sector management...........
Why you need to be careful when your bank changes your home loan rate
.....A simple online search on home loan complaints will throw various cases where banks have goofed up with customer’s home loan agreement. It is thus wise to figure out what can go wrong in advance, so that you can be cautious and avoid having to face an unpleasant situation...........
Public sector banks will score this festive season
Has the recent Reserve Bank of India dictate asking banks to stop zero per cent equated monthly instalment (EMI) schemes, as well as the rising prices of electronic gadgets, spoilt your Diwali shopping plans? If so, you may still have a chance of buying the iPhone 5 or the LED TV you have been eyeing!...........
Wednesday, October 9, 2013
Nachiket Mor : Return of the Finance Prodigy
..........Nachiket Mor, the man who ran the treasury,
corporate funding, and learnt how a retail customer behaves from his perch at
ICICI Bank, will wear the hat of a jury in two key panels constituted by
Raghuram Rajan, the man who told a partying Wall Street that the music had
stopped long ago. “He straddles many worlds,” says Rajan. “We could not pick up
a better and more capable person who has seen all aspects — the theoretical as
well as the practical — to give us a sense of the future of what we should be
doing.” ..........
Concern over impending takeover of DICGC
All India Reserve Bank Employees Association writes to Governor............
Also read this........
Can’t change rules midway, process for bank licences won’t be rolled back
........Many are criticising this move saying it will lead to more bad loans, besides leading to distortions. Even RBI Deputy Governor K C Chakrabarty was quoted as saying that it is not prudent to increase consumption by lowering interest rates because if the interest rate goes up, loans will become NPAs. How do you respond to that?
The RBI Deputy Governor was quoted completely out of context. He told me that the answer that he gave was in reference to a theoretical question asked by a student at a function he attended. That, unfortunately, has been taken and portrayed as some kind of criticism of the government policy. It was not............
Achieving financial inclusion
........ It is hoped the RBI takes note of the views of Dr CD Datey, who sacrificed his career to oppose the establishment of RRBs in 1975. The small banks may not serve the purpose of financial inclusion. The Centre should rather think of having small branches of the commercial banks with all facilities of core banking solutions (CBS) which may ensure cent per cent financial inclusion.
Angry Mumbai Schools approach RBI governor
..........."It is a pity to see such qualified sportsmen, who are officers at the RBI, using such foul and abusive language. Even after the cops arrived, they were still behaving violently. I am really upset over the whole incident and hope that the RBI takes stern action against those who were responsible for such behaviour,"........
JOINT MEETING OF RBI, GOVT OFFICIALS HELD
..Among the seized currency notes, there are 903 notes of Rs1,000 denomination, 618 of Rs500 denomination and 44 of Rs100 denomination. Present in the meeting were RBI Chief General Manager, Nagpur, S V Raghavan, RBI General Manager, Raipur Office Nirmalchand, Assistant Inspector General of Police, Chhattisgarh, Sanjay Sharma besides officials from Airports Authority of India and BSNL.
Guidelines For Creating Posts of GMs, DGMs and AGMs in Public Sector Banks
........Based on above guidelines, MoF has calculated the maximum number of General Managers in each Public Sector Bank based on the business mix as on 31/03/2013. The details of posts of GMs is given below based on MoF guidelines. These guidelines will now be reviewed only based on the business mix as on 31.03.2015 and the ceiling provided below shall remain effective till next review. As per MoF circular, it appears that Punjab National Bank, Canara Bank, Bank of India already have exceeded the number of posts at General Manager level. MoF has allowed them to retain the existing number of General Managers.........
Let more Women Rise to the Top
We
welcome the appointment of Arundhati Bhattacharya, the first woman to
steer the country’s largest lender, the State Bank of India. She joins
other women heading public and private sector banks in India, all of
whom have been chosen on merit and performance, and not because of their
gender. But in sectors other than banking, there is a dearth of women
in the senior-most positions. Which is strange and calls out to be
remedied...........
Read - ET
Read - ET
Bhattacharya underlines tech in SBI’s war on NPAs
.....To improve NPA management, SBI will employ more tools than before, with emphasis on effective use of IT. Bhattacharya said IT is going to be used in risk mitigation, product pricing, customer-related issues and in raising productivity. The bank will also ramp up technology to tackle loan recovery. Focus will also be on structure rationalistaion and improved time resolution to fight bad loans...........
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