........ “The benchmark calculation may be based on observable transactions, wherever available, as the first layer of input subject to appropriate threshold criteria. The executable bids and offers, wherever available, subject to appropriate threshold and polled submissions, may be used as second and third layer of inputs respectively, in terms of hierarchy of inputs,” ............
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.
Saturday, January 4, 2014
RBI’s inflation index bonds deadline extended to 31st March
RBI’s inflation indexed bonds will be available till 31st March. The earlierdeadline was 31st December. Is the extension due to poor response?
The Reserve Bank of India (RBI) has extended the deadline for its Inflation Indexed National Savings Securities-Cumulative (IINSS-C) securities subscription to 31 March 2014 from 31st December. The issuance can be closed earlier than 31st March with a prior notice............
Shiv Kala fraud: RBI, NHB tightlipped
.........When contacted, the chairman and managing director of NHB, R V Verma, refused to comment. RBI, too, has maintained a studied silence over the issue. Despite repeated emails from HT Estates to the RBI asking for information on any disciplinary action taken against the bank officials involved, the apex bank, apart from acknowledging receipt of mails, did not respond to the queries. .............
Early warning system to help SBI zero in on stressed loans
..........The system will be capable of generating event-based SMS/e-mail alerts on, among other things, a delay of 45 days or more in submission of stock statements; delay of 90 days or more in submission of credit monitoring or financial statements; actual sales/operating profits falling short of projections accepted for loan sanction by 40 per cent or more.........
International roaming for debit, credit cards soon?
.............The Mumbai police have written to the Reserve Bank of India (RBI), urging it to make it mandatory for a person to make a formal request to the bank before using credit or debit cards overseas, just like it's done for mobile phone connections. At present, Mumbai tops the list of most online frauds and cyber crimes than any other state in India. .........
Trade unions demand 9% return on PF deposits
......Apart from the interest rate, the Trustees in the first such meeting this fiscal, are also expected to take up a host of proposals including a revamped investment pattern for the EPF. The new pattern, which is based on the finance ministry’s investment pattern for pension and provident fund trusts, 2008, envisages raising the cap on investments in PSU and private sector corporate bonds to 55 per cent but has refrained from investing in equities...........
Indian Overseas Bank launches IOB-Connect card
Targetting young individuals, public sector Indian Overseas Bank today launched 'Connect Card', a new ATM cum Debit card in association with VISA that can be used for e-commerce across five lakh merchant outlets............
Bitcoins: missing the real revolution
..........There are two aspects to bitcoins: one as the digital currency that uses complex mathematical functions to be acquired, moved around and secured; the other as the transaction verification system. The former is the honey that attracts the bees, the occupant of mainstream imagination; the latter is the hive of the future, the real revolution...............
Cashew exporters’ meet
....C.V George, General Manager (Foreign Exchange Department), RBI, Kochi, said commercial banks should guide exporters in the procedural matters apart from rendering good customer service and providing adequate credit to increase export opportunities...........
Friday, January 3, 2014
Anticipating a framework
...............RBI Governor Raghuram Rajan's initial brief to the committee was that it should take such recommendations into account in designing the framework. A second and persistent criticism of the RBI's approach has been its use of the wholesale price index (WPI) as the benchmark for inflation, when virtually all other central banks use .........
2014 may not see interest rate reversal
.......... The divergence between core WPI and core CPI has increased so much that I do not think there will be any drastic action in interest rates. But if RBI wants to see the transmission to happen, then it will have to control liquidity. There may be CRR increase of 50 basis points this year to tighten the liquidity so that transmission will happen. RBI may go for........
The Missing Piece in Bancassurance
...True,
there is a vacuum in most banks following large-scale retirements, and
there are daunting issues of training many new recruits on banking
aspects. It is, therefore, unrealistic to expect the frontline staff to
become experts at suggesting insurance solutions for multiple insurers
in the near future. While our extensive banking network should aid
greater insurance penetration, this cannot be achieved by compelling all
PSBs to become insurance brokers overnight. It has to be a............
Read - ET
Reserve Bank plans to test-market plastic currency this year
You may be carrying plastic money in your wallet till now in the form of credit and debit cards but soon you will also have a `10 plastic note by your side. The Reserve Bank of India (RBI) is mulling over the introduction of plastic currency to resolve the issue of wear and tear of paper notes. Plastic notes will increase the life of a note. RBI is planning a pilot project of `10 notes and will print such notes worth `100 crore. It has completed the process of issuing tenders for this purpose. In an exclusive chat with Zee Business, RBI deputy governor, K C Chakrabarthy (pictured)said, “We are starting on trial with one ........
Fears over scribbled notes despite RBI clarification
.......... The RBI has clarified it has not issued any such instruction,” said the RBI, in a notification on New Year ’s Eve. However, many people complained that shopkeepers have stopped accepting notes with scribbles, stating that they were now out of circulation owing to an RBI directive. Kanchan Bisht, a Delhi resident, said: “While paying my electricity bill, the official refused to accept a scribbled note and said such notes are no more valid. Then I was told that the RBI has issued some instructions in this regard.”..........
Ease in getting student loan
.........The committee, headed Damodar Acharya, Director on RBI’s Central Board has asked the banks to create awareness among students and their parents regarding education loan by organizing several camps and guide them about loan recovery and sanction process. Further the committee recommended that..........
More points to pension this year
.....“A few years back, NPS wasn’t very popular. In fact, if you look at the number of subscribers you would still find it small. But this year (2013), we have seen the popularity surging. People are realizing the need to invest for retirement and are increasingly becoming aware of NPS’ benefits. From here on, we should see more people lining up for NPS,” ............
BCSBI’s code of banks’ commitment to MSMEs is a mere lip service
.............. This is not the only issue. Getting a loan application acknowledged is also a gigantic task. Looking at the issues faced by MSMEs inborrowing money from banks, one really wonders as to why this happens, when there is a code of banks’ commitment to micro and small enterprises. These codes are set by Banking Codes and Standards Board of India (BCSBI). Let us look at some of these codes to see how seriously these codes are followed by the banks:..........
National Payments Corporation of India convenes banks' meet on ATM charges
........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.........
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.........
Subscribe to:
Posts (Atom)