....."Currently RBI is relaxing norms to open up the bank accounts and this is the first step in the stage of financial inclusion. Once this is done the second step is going to be to ensure that these accounts remain active and made productive by using other basic and advanced financial services,"....
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, June 13, 2014
Non-performing policies?
...........The government and Reserve Bank of India need to consider the various pros and cons of separating NPAs from public sector banks. In the banking business, non-recoveries are a part of the process and the provided remedies are improving loan origination and writing off the unrecovered loans. The NAMC proposal also shows the weakness of the Indian banking policy formulation..........
Inflation eases but monsoon un-eases
...........Since there are upside risks to food inflation and core inflation is already ticking up, it may be a while before the Reserve Bank of India (RBI) cuts interest rates to boost growth.
Bandhan - RBI may rethink
"Prof Yunus quoting examples of Raiffiesen Bank Internationl AG, Societie Agricole SA and others has highlighted the harms of providing general banking licence to MFIs which would make them move away from serving the underserved and unserved. He has rather recommended for special banking licence to MFIs. I have also been voicing similar concerns in my responses to the action of the RBI providing banking licence to Bandhan, the MFI. If Bandhan is going to function as a full fledged commercial bank, then MF portfolio would be just one of the asset side items of the Bandhan Bank. It would just comply with the PSL requirements of RBI. In about a decade, it would also go the Raiffeisein Bank and others. Sure, this may not be the objective of the RBI in having granted banking licence to Bandhan. Hope in the light of the observations of Prof Yunus, at least now, the RBI may rethink on its decision in granting the general banking licence to Bandhan and convert it as a special licence making it to function on the lines of banks like Bancosol, Bolivia, Grameen Bank, Bangladesh etc."
- S.Santhanam
Bharatiya Mahila Bank recruiting for 200 posts of Probationary Officers 2014
Bharatiya Mahila Bank Limited has invited job applications for recruitment to the post of Probationary Officers in Junior Management Grade/Scale I (JM G/S -I). Interested and eligible candidates are required to apply for the job before June 25, 2014..............
Bank of Baroda - Appointment and Cessation of Director
...... the Central Government vide their letter Dated June 10, 2014 has appointed Smt. Surekha Marandi, CGM, RBI, as Director of Bank of Baroda vice Shri. Sudarshan Sen, CGM, RBI, with immediate effect and until further orders........
Soon, you won't need smartphone for mobile money transfers
.........Finance Minister Arun Jaitley might next month launch mobile banking services for people not using smartphones. The move is aimed at pushing financial inclusion in India and bringing down banks' cost of servicing clients. Such a service will also reduce the transaction cost for those bank customers who are forced to visit a branch every time they have to transfer money from an account to another as they do not have smartphones or internet access........
Cyber Security Of Banks In India Needs Strengthening
............RBI has also mandated establishment of Steering Committees on Information Security by Banks in India and appointment of Chief Information Officers (CIOs) for all banks in India. However, banks in India have failed to comply with the directions of RBI so far and even RBI has allowed them to take this liberty. In effect, this means that there is neither a legal framework nor any compulsion to ensure cyber security of banks in India. Naturally..............
mRUPEE partners Infibeam to launch online retail e-commerce
.....This is the first time in the industry that a dual payment gateway has been introduced to give the customer two choices for making payment from an mRUPEE wallet and/or net-banking, debit card and credit card. This service will be available to both B2C and B2B customers. Another first in the industry is that a new retailer-assisted model has been introduced to facilitate those users who are not so technology or internet savvy. This would help the customers to benefit from offers and discounts available to online user community............
Court seeks RBI’s stand on merger of Amanath, Canara banks
The Karnataka High Court on Thursday asked the Reserve Bank of India to clarify its stand on the two conditions imposed by it for the merger of loss-making Amanath Cooperative Bank with the Canara Bank...................
Madhu Kapoor can challenge Yes Bank AGM resolutions in court: HC
The Bombay high court on Thursday allowed Madhu Kapur, widow of Yes Bank Ltd’s co-founder Ashok Kapur, to challenge in court all the resolutions that are likely to be passed in the annual general meeting (AGM) of the bank on 14 June. The court was hearing a chamber summons filed by Kapur, seeking a stay on several board resolutions that have been proposed to be passed in the AGM......
Thursday, June 12, 2014
Why there's chorus for more accountability for regulators
.............Given that certain regulators have more regulatory freedom than others, there has been a void in fixing proper accountability of these agencies. Many former regulators and experts believe accountability through the line ministry is not good enough. Former RBI governor D Subbarao told Governance Now that making the central bank directly accountable to parliament is important. In fact, prior to his retirement in September last year, he had said that while the RBI Act does not lay down any formal framework to ensure accountability, it does follow “certain good practices (which) have evolved over the years”. Subbarao’s list of good practices included explaining the monetary policy rationale, post-policy conferences for media interaction, and appearing before the parliamentary standing committee on finance, among others. But he maintained that these weren’t enough to ensure complete accountability.................
Economic challenges for the new Govt. - Charan Singh
..........The monetary policy in the country plays a very important role in preserving the value of the currency. The RBI follows a multiple-indicator approach............
How Raghuram Rajan Helped Me Have Better Biryani
.............Thanks to the new rules, I can concentrate on making people around me "moneywise". Wondering what’s the connection? A month ago, I had promised my cook that I would help her open a savings bank account and a Public Provident Pund (PPF) account so that she could earn better returns on her savings. A happy cook is the most valuable asset for any work from home mom you see! Armed with her documents such as voter ID, Aadhaar card et al, I visited the bank close to my house. "Sorry madam, her bank account can’t be opened until there is a proof of current address," said the bank manager, thereby destroying my hopes of having a happy cook. Being a migrant worker from a village in Maharashtra, she doesn't have a registered house agreement or lease agreement as valid proof. Now thanks to the RBI, I will have a cook with better savings, and a husband with better meals! Thank you, Mr Rajan!
Expanding Access to Finance for Small Businesses in India: A Critique of the Mor Committee’s Approach
The first blog in this series highlighted the context of the Mor Committee’s recommendations and the significant gap between the supply of and demand for credit for small businesses. The second blog in the series examined the role of the banks, development finance institutions and non bank financial institutions (NBFCs) to examine why they have been so backward in coming forward to meet this gap. This concluding blog looks at the ways of measuring access to finance for small businesses.............
Read - MicroSave
Read - MicroSave
NBI to host NCIA
KATHMANDU: National Banking Institute (NBI) is organising a one-day National Conference of Internal Auditors (NCIA), in Kathmandu, on June 20. The conference will primarily focus on risk-based audit in Nepal’s banking and financial sectors. Theresa Karunakaran, General Manager of Department of Banking Supervision at Reserve Bank of India (RBI), will be the international resource person for the event, as per the press release. Karunakaran has given trainings to large number of employees of RBI and National Institute of Bank Management and has represented RBI in various international seminars related to internal auditing.
RBI reviews UCBs performance in J&K
The 15th meeting of the State Level Task Force on Urban Cooperative Banks (TAFCUB) was held at RBI, Srinagar under the Chairmanship of K K Saraf Regional Director for J&K Reserve Bank of India. The meeting was attended by Kamla Devi, Special Secretary, Cooperative Department, J&K Government, Anjana Tikoo, Additional Registrar, Co-operative Societies, Subhash Gupta, Chief Executive, National Federation of Co-operative Urban Banks, New Delhi, A.K. Mattu, General Manger, Reserve Bank of India, Jammu, P.N.Das, RBI, Central Office, Mumbai and CEOs of Urban Co-operative Banks operating in the state of Jammu and Kashmir. The meeting reviewed the performance of the Urban Co-operative Banks (UCBs) in the state of Jammu and Kashmir. The latest policy developments in the area of Urban Banking Sector and their specific issues were discussed in the meeting..........
Read..........
Read..........
WRDS Best Paper Awarded for Research on Historic Bank Failure and Implications for Current Bank Policy
PHILADELPHIA--(Business Wire)--Wharton Research Data Services (WRDS), the leading data research platform and business intelligence tool for corporate, academic and government institutions worldwide, is proud to announce the winners of the Wharton-WRDS Best Paper Award in Empirical Finance. The 2014 Best Paper Award winners, Raghuram G. Rajan, Governor of the Reserve Bank of India and Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago, and Rodney Ramcharan, Chief of Financial Studies at the US Federal Reserve Board, explored bank failures during the agricultural collapse of the 1920s, leading up to the Great Depression. The award for their paper, Financing Capacity and Fire Sales: Evidence from Bank Failures, will be presented to the researchers on June 17 at the upcoming Western Finance Association (WFA) conference.
CAFRAL - Conference on Derivative Markets – Issues and Challenges
.......The objective of the program is to deliberate on the strategies, challenges and issues before the banks for developing and deepening the Derivatives Markets in India, given the dynamic nature of our exposure to international and domestic financial markets..............
Change in Directorate
.........The Government of India, Ministry of Finance, Department of Financial Services, vide its notification dated June 10, 2014, has nominated Shri G. Sreekumar CGM, DGBA Department of Government and Bank Accounts, Reserve Bank of India, Mumbai, on the Board of Bank of Maharashtra with immediate effect ..............
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