........Most public sector banks are against a hike in charges. This is because on a net basis they end up paying for their customers using ATMs of other banks. Such banks are referred to as net issuers as the cards they have issued exceed the number of ATMs required to service them.........
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, January 3, 2014
Banks free to charge 'reasonable ATM fees': RBI
: Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services. "If banks charge a reasonable fee on ATM transactions then the RBI will have no objections," Chakrabarty, in charge of banking services at RBI, told reporters on the sidelines of an event here this evening...........
Taxmen train eyes on Bitcoin community
.........The ‘visits’ by I-T department come a few days after the Enforcement Directorate (ED) raided India’s biggest Bitcoin trading platform and a week after the Reserve Bank of India (RBI) issued an advisory that warned the public of the risks involved with virtual currencies. A team of close to 15 tax officials `visited’ Tumkur-based Coin Monk Ventures, a Bitcoin mining start-up that creates the digital currency, on Wednesday.........
Do you have good banking habits? A checklist!
Banks are the safe haven for parking one’s money and debit cards are a boon to avoid carrying bulky purses and wallets while also ensuring increased saving. However, banks have strict regulations which have been put in place to protect their own interest as well as those of the customer. If the customer breaks any of the regulations they are levied a penalty which can be an expensive affair and eat into the profit you earn in the form of interest when you maintain a balance in the savings bank account. We discuss here the bad money practices that might invite additional bank fees.........
Why FinMin wants public sector lenders to rush into selling insurance
...........Why is the finance ministry asking banks to open broking shops? Bankers said, one of the reasons might be the non-performing asset (NPA) norms. In the draft guidelines, one of the eligibility criteria is that, the net non-performing assets of a bank should be less than three per cent for the previous financial year...........
IBA Protests RBI’s Diktat on Policy Sales
....Indeed,
chief executives of many PSU banks had expressed reservation over the
finance ministry ruling during a meeting in Mumbai last week. Also, IBA,
in a letter to the finance ministry, pointed out that since many banks
have exclusive tie-ups with insurance companies, it would be difficult
for banks to follow this mandate..........
SBI, AXIS, ICICI and UCO Bank are charging for IMPS transactions
.....The RBI policy of forbearance (allowing bankers to decide charges themselves) with regard to service charges leads to the frequent hikes in banking service charges. Banks are charging money for almost every small transaction or service they offer........
An Indian women's commission wants to restrict gold at weddings
...........the Kerala State Women's Commission is proposing a law that would restrict the amount of gold that can be used in a wedding – limiting what a bride and groom can each wear. C Rosakutty of the Commission said the measure "may reduce the affinity to wear the gold." The Reserve Bank of India sees gold as a major contributor to the country's current account deficit and has been implementing a series of measures aimed at reducing imports...............
Thursday, January 2, 2014
RBI chief has no Hamletian dilemma
........."I have been singularly fortunate to have taken over from Dr D Subbarao, whose exceptional leadership put RBI in the forefront of policy action in combating the global financial crisis and also brought along a new ethos of public service into the central bank. Subbarao took charge in early September 2008, days before the collapse of Wall Street investment bank Lehman Brothers, which eventually led to a financial meltdown that affected several countries, including India."..............
When opportunity turns into a challenge
The year 2013 has not been kind to banks in India. The deterioration in credit quality, the stress on profitability and the absence of loan demand have made life difficult for bankers. For many foreign banks the India opportunity has turned into a challenge. Often perceived as ..........
Bankers who could be newsmakers in 2014
...This year, three DG positions will fall vacant — Anand Sinha, handling new bank licences and administered banking operations, HR Khan, who handled markets, and, of course, the inimitable KC Chakrabarty, leading the financial inclusion charge and who is already on an extension, are all set to leave their posts............
VITALINFO - Missing the unique initiative : Usha Thorat / C.Krishnan
Dear
Tarambale, I had sent my wishes to your email I'd . But it bounced! Anyway, the festivities must be over and may
I wish the young couple a fulfilling life together giving each other and their
bear and dear much joy. We are missing you ! Best
- Usha Thorat, Former Deputy Governor
Dear
Mangesh, Wonder if you recall or even remember me . Please accept my belated
but wholehearted Good Wishes to the young couple. May GOD BLESS THEM with his love
and kindness. I have been following your infoline with interest and this in
more ways than one enables me to keep in touch with the Bank and the evolving developments
thanks to your very unique and very useful idea and initiative. GOD BLESS you too. Warm regards
- C.
Krishnan, Former Executive Director
Dear Shri Mangesh ji, Hearty congratulations !!! Many
thanks for inviting us to the marriage ceremony of your son Chi Harshal. I and
my wife Sairani wish the marriage function a grand success and wish the young
couple a very happy and long married life. Regards
- JRP Ratnarao, Ex CGM Mumbai
Dear मंगेश
सर्वप्रथम माफ कर या पामराला
उपस्थित न राहिल्याबद्दल स्नेहभोजनाला !!
इतके हटके आमंत्रण
प्रथमच अनुभवले !!
समारंभाला येऊ न शकल्याबद्दल
मन खरोखरच हळहळले !!
स्नेह-बंधन व स्नेह-भोजन
नक्कीच झाले असेल झकास !!
हर्षल आणि विशाखाला
शुभेश्चा मनापासून खास !!
--- विष्णु यादव
Always a shortage of 1, 5-rupee coins
There is an acute shortage of coins of one and five rupee denominations. Shopkeepers and others approaching bank branches usually say that there is no supply of coinbags in these denominations. However, two-rupee denomination coins are easily available. Of course, the one and five-rupee coin bags can be had at a premium from unauthorised dealers. How is this tolerable to the authorities? People are forced to accept unwanted items like candy etc in place of one-rupee coins. The minting of two-rupee coins should be stopped for now and the denominations in short supply should get more attention. RBI should suo moto declare on its website the number of coin bags of different denominations in circulation and new packs of currency notes supplied for public distribution to various bank branches in different cities, mentioning also the dates of their supply. Bank branches should be directed to maintain complete records of distribution of coin bags, to prevent their ‘black-marketing.’
- Madhu Agrawal (FPJ)
- Madhu Agrawal (FPJ)
RBI grants new status for CCIL
Reserve Bank of India (RBI) granted the status of qualified central counterparty (QCCP) to Clearing Corporation of India Ltd (CCIL) in the Indian jurisdiction on Wednesday..........
RBI clarifies on ‘scribbled notes’ rumour
.....“In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the Reserve Bank has urged members of public not to fall prey to such rumours and to use their banknotes without any fear. The Reserve Bank of India has clarified it has NOT issued any such instructions,” the RBI said in a notification............
Be ready to pay more for ATM transactions this year
You might have to pay more for your transactions at automated teller machines (ATMs) in the new year. Bankers have proposed a reduction in the number of free ATM transaction a month to five — irrespective of whether you are transacting at ATMs of your own bank or those of other lenders. At present, there is no cap on free transactions at own-bank ATMs, while customers can use other banks’ machines up to five times a month without any extra cost.......
Punish the baddies
.......... Non-performing loans are created by bank boards, officials and borrowers. There are many ab initio NPAs in banks as loans get sanctioned by the board without detailed inquiries. The RBI approach can only help ............
Read.........
RBI seeks taxman’s feedback on bank licence aspirants
.......The RBI also wants to know whether the entities are facing any prosecution proceedings under the Income-Tax Act and/or whether they were convicted for any offence under the Act. Besides, the CBDT will give feedback on whether the entities have filed their returns up-to-date; whether any tax dues are outstanding; and whether the entities are complying with the provisions relating to deduction of tax at source. Should the CBDT raise a red flag on any of the six issues ........
SBI not to carry out transactions based on email requests
......When Business Line asked the RBI Deputy Governor K. C. Chakrabarty why the banking regulator did not come up with any instruction on Internet-related frauds, he said: “Any fraud is a fraud. The problem is there; but it is a law-and-order issue. This has to be dealt with differently. If something...........
SBI clarifies
......... The reason for the fall in profits mentioned by in the report as an attempt to cleanse the balance sheet is absolutely wrong. None of the provisions made during the period indicate any such unexpected item(s). The rest of the contents of the report article paint a negative picture of an otherwise...........
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