The Anil Ambani-controlled Reliance Capital Ltd is in talks with Japan’s Sumitomo Mitsui Banking Corp. for various initiatives in banking for over a year, company said on Wednesday. In a statement to BSE, the company said it was “constantly exploring various strategic partnerships, which may or may not necessarily result into transactions.”...........
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, July 3, 2014
Bandhan starts recruitment drive
.............Chairman of Bandhan Chandra Sekhar Ghosh earlier told PTI that the proposed bank would harness the best skills available in the market, so that customers were able to get the flavour of a new generation bank. However, he said that the shift from an MFI (micro-finance institution) to a new-generation bank would require a change in the mindset of the existing employees as they were so far dealing with poor people living in the semi-urban and rural areas..........
World Bank officials to make field trip to Bandhan Financial Services
Onno Ruhl, Country Director, World Bank, along with other senior officials of the organisation will visit the Kolkata-based Bandhan Financial Services Pvt Ltd on July 10. Bandhan, a micro-finance company, was recently given banking licences by the Reserve Bank of India (RBI)..........
Wrongly billed for your credit card? Here’s what RBI says banks must do
.........the Reserve Bank of India has a set guidelines that banks need to follow. On Tuesday, the apex bank issued a master circular on credit card, debit card and rupee denominated co-branded prepaid card operations of banks, and here's what it had to say:..............
Wednesday, July 2, 2014
Review the RBI - A.Seshan
Do not destabilise Reserve Bank of India - M.G.Warrier
...........Not much research is needed to conclude that the Finance Ministry and FSLRC, in a hurry to resolve certain minor issues, ignored the evolution of the role of RBI and the care with which RBI has nurtured the financial sector. The Federal Reserve (in the US) and RBI function in two different worlds. To say that the time is not right for dismantling or truncating the RBI, which is doing creditably well as has been admitted in several international forums, would be stating the obvious.............
Oily water - Dr.T.V.Gopalakrishnan
My View on Oil and water - Dr.Subir Gokarn
.......... With the liberalisation, some of the regulatory measures have been removed but banks' involvement in financing such activities are not ruled out as RBI does not micro manage things under liberalised environment. A strict vigilance if kept on these activities and the government can act on black money and initiate other administrative and economic measures,inflation impact because of monsoon shortage if any can be minimised...............
Raghuram Rajan finds ally in Dutch Queen
........The Dutch Queen will be visiting RBI in Mumbai on July 2nd in her capacity as the United Nations secretary general's Special Advocate (UNSGSA) for inclusive finance for development. She will hold a joint press conference with the RBI governor. She has been designated into this role since September 2009 by the UN secretary general to raise awareness of inclusion to achieve the final goal of poverty alleviation.....
FINDING A REPLACEMENT FOR CHAKRABARTY
Everyone knows it is difficult to fill in the position of KC Chakrabarty, the former deputy governor of the Reserve Bank of India. Has it become so difficult that the government is yet to find a replacement for KC? The mild mannered SS Mundra of Bank of Baroda was supposed to succeed. But there are no signs of the government approving it yet. Are they still debating, or is it that the wheels are moving slowly?
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The poor little rich man
........This is where Mr Bandyopadhyay's book is useful in understanding the Sahara finance model, beyond the immediate context as well. He dwells in considerable detail on the birth of firms such as Peerless, the precursor to Sahara. Both mobilised funds from depositors as "para-banking" entities or residuary non-bank finance companies (RNBFCs), which were later banned. Actually, almost all of Sahara's arms or their methods of raising funds from depositors have been banned over the years, starting with Mr Roy's "prize chit schemes" in 1978. In Mr Roy's own words, he has faced six bans for raising money. The new model, incidentally, is "co-operatives"...........
Celebration to mark the 90th Anniversary of RBIEA, Chennai
The Ninetieth Anniversary of Reserve Bank of India Employees' Association, Chennai was celebrated on 30th June 2014 on the beautifully decorated dais at the Banking Hall of RBI. Com.A.Govindasamy, President of RBIEA, Chennai presided over the function. Sri R.Gandhi, Dy.Governor was the Chief Guest. Sri T.K.Rangarajan, M.P. from Tamilnadu graced the function. Com.Samir Ghosh, Gen.Secretary of AIRBEA and Dr.Sadakathulla, Regional Director of Tamilnadu and Pondichery were the other dignitaries who adorned the dais. Past office bearers, committee members and activists attended the function in good number. The members of the executive committee of the Forum of Retired employees of RBI were present in full strength. The meeting commenced with a patriotic glorifying the labour movement. Com. B.Christy Kennedy, present Secretary of RBIEA extended a warm welcome to the dignitaries and other invitees.
In the Presidential address Com.A.Govindasamy said that the city of Chennai had the cherished history of pioneering many struggles and movements. He said RBIEA is one of the most militant organisations in the Trade Union. He informed that the Currency Employee's Union was formed in the year 1923 which was later transformed to RBI employees' Association after the enactment of RBI Act 1935. He gave a detailed account of the odds and onslaughts the Association had faced from the Government and the Management in the past. He recalled the services rendered by the illustrious leaders of the movement which was responsible for many achievements. Com.A.G. made a special mention about the leadership provided by Comrades Ashis Sen, Samir Ghosh, K.T.Sule, T.K.Ghosh, Ajit Subedar, Valanju, Biren Sen and Naresh Das from the All India. Locally he praised the role played by of Comrades V.G.Row, R.Parthasarathy, A.Natarajan and W.R.Varadarajan in leading various struggles and strengthening the organisation.
Sri R.Gandhi, Dy.Governor in his address congratulated the Association on the occasion of its 90th Anniversary. He mentioned that the Trade unions' role will go a long way in making the management to make a true assessment of their functioning. He mentioned the efforts taken by RBI in creating public awareness for the functions discharged by RBI. He informed that RBI has recently constituted various committees to formulate innovative ideas to promote employees welfare. He appealed that the Unions should strive their best both for the employees' benefits as well as the institutional growth.
Com.Samir Ghosh appreciated Sri Raghuram Rajan, the Governor and Sri R.Gandhi, the Dy.Governor for their positive outlook and understanding of the employees' problem in the proper perspective. He said that under their leadership the RBI employees are sure to get their major problems resolved. He appreciated the role played by the leaders and membership at Chennai in implementing the calls and in building up a strong organisation. He gave a vivid picture of the employees' flight in the earlier years of the Association's formation and how various leaders toiled to strengthen the association inch by inch to its present level. He requested Sri T.K.Rangarajan, M.P. to voice the grievances of RBItes in the floor of the Parliament.
Dr.Sadakathulla the Regional Director of RBI made a mention about the various welfare measures the Bank is implementing. He assured his support to the cause of the retirees in all matters. He also announced of his plans to accede to the request of the Forum of retired employees to provide a room in the Bank's Annexe building for their secretarial functioning. He also appreciated the services of the "RBI Chennai Friends" Group to the past and present employees of RBI at Chennai.
Sri T.K.Rangarajan, M.P. while addressing the gathering mentioned about the good rapport he and his senior Sri Umanath maintained with the leaders of RBIEA, Chennai in the past. He assured his continued support both inside and outside the Parliament. While computing statistics and drawing various policies RBI should take into account the interest of the base level workers. He pointed out that although there is considerable improvement in the industrial output the number of workers in small entrepreneurs and small and medium scale industries has come down drastically to an alarming level during the past twenty years. He said if the same trend continues the country may have to face disastrous results. He wanted RBI to guide the Government in the right direction.
Past leaders of RBIEA, Chennai viz.Comrades A. Natarajan, S.Jayaraman, T.V.Subramanian, R.Chandrasekaran, R.Sivanesan, N.V.Padmanabhan, K.Ramasubramanian and S.Ramabadrdan were invited to the dais and were honoured with shawls and mementos. Sri R.Sivanesan and N.V.Padmanabhan could not attend the function as they were out of station.
In addition, many retirees who were actively associated with RBIEA in the past graced the occasion. R.V.Raman, M.Pugazhendi, T.K.Chandrasekar Nair, R.Rajagopalan, Sri A.Manoharan, A.Sivasubramanian, R.Chakrapani, G.S.N.Prasad, G.Mohandas, N.Janardhanan, G.Devarajan, S.Radhakrishnan, M.Hariharan, S.Venugopalan, S.Thiagarajan, G.S.Shunmugam, Sarada Maheswar, S.Vaijayanthi, Juliet Ashok Raj are a few to mention.
Bharatha Natyam was performed by two young comrades Sujitha and Vidya as a part of entertainment.
One of the highlights of the function was the beautiful display of old photographs depicting various events in the past. Light refreshments were served to all the members who attended the function. Sri A.P. Mathivanan compered the programme in an impressive manner and also proposed vote of thanks. The successfully organised function has thus come to a close.
- B.Chandraiah
Dear FM, Please Help Us Seniors
Uncontrolled, all-round inflation has hit senior citizens the most. Hence, the finance minister is requested to gift senior citizens income-tax exemption up to `. 5 lakh a year. Secondly, the cost of anti-asthma inhalers has increased unbearably in the last three years. The price of such inhalers should be reduced to half in the Budget. Finally , the medical insurance companies have doubled their premium recoverable from senior citizens in the current year as if all citizens are going to be hospitalised simultaneously as soon as they turn 60. This should be stopped with retrospective effect.
- HANSRAJ BHAT Mumbai
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- HANSRAJ BHAT Mumbai
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WHAT IS THE LIKELY DEARNESS ALLOWANCE INCREASE FOR BANK OFFICERS AND WORKMEN FROM August 2014 to October, 2014
.........Although, in the month of May 2014, the DA has decreased by 2.55%, yet now in August, 2014, there will be again increase and DA is likely to cross 100% barrier. There has been sharp increase in CPI in the month of April and May 2014. The trends of previous years indicate that in June, the inflation usually marginally increases. Assuming that............
RBI Panel for Indices on Labour, Wage to Improve Policymaking
.........The panel, headed by RBI Executive Director Deepak Mohanty, said, "With increasing integration with the global economy and the growing complexity of the economic structure, information needs have increased considerably and data gaps are being experienced in various domains of central banking." The Committee on Data and Information Management was set up by the RBI to address the concerns and to place the information management on ............
RBI clarifies on TDS on remittances to non-residents
The Reserve Bank of India (RBI) on Monday said it has reviewed the policy relating to issue of instructions under Foreign Exchange Management Act, 1999 (FEMA) and clarified that it has decided against issuing any instructions in regard to deduction of tax at source.....
India looking at ways to monetise its citizens' gold
With India's gold imports having pressured its current account deficit (CAD), two large Indian public sector banks have suggested that there is a greater need to make use of gold available in the country, and that the precious metal should be made more liquid. A government official has seconded the move, laying bare some aspects of the government's intention to monetise the gold stores held in most households across the country...............
Old for New in Nagpur: RBI to Start a Gold Rush
Old isn't always gold — at least, not for the Reserve Bank of India (RBI). There is a plan to swap some of the old gold lying in RBI's Nagpur vault since pre-Independence times — and whose quality is not exactly top grade — with purer gold. The country's monetary authority has sounded out large lenders and international bullion banks to strike 'location swap' deals. While the..................
ICICI Bank Organises Coin Exchange Mela in Indore, Madhya Pradesh
Indore: ICICI Bank, India’s largest private sector bank, today organized a Coin Exchange Mela at its Ratlam Kothi branch in Indore, Madhya Pradesh under the guidance of the Reserve Bank of India. The mela was organised to offer free facilities of exchanging currency notes with coins to the general public. This is a much-awaited event that receives an overwhelming response from people from all walks of life............
RBL Bank expands and rebrands as IPO draws closer
.............The bank is targeting a growth of 40-50% in advances and deposits in the next two years. In the year ended 31 March, its net loans grew 54% while deposits rose 39%. Historically, most RBL’s branches were located in Maharashtra and Karnataka, earning it the label of a regional lender. Now, it is working to shed that image, hiring McCann Worldgroup to help with a rebranding. “McCann has helped us in changing our brand name and logo to RBL Bank to compliment the personality of a modern bank that we have been building over the past four years,” Ahuja said...............
Experienced Finance Hands on State Bank of India Board
For a long time, the State Bank of India board had industrialists representing shareholders on it. But with the change of government, even this tradition seems to be changing. Some experienced finance hands are on board to guide it -MD Mallya, former CMD of Bank of Baroda and Bank of Maharashtra, and Sunil Mehta, who had represented AIG in the country. As the SBI prepares to take advantage of a likely recovery in the economy, the wisdom of the wizards should help it avoid bumps.
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