Canara Bank has come under fire over a recruitment form that allegedly sought to reject women candidates on the basis of personal health details such as their menstrual cycle and pregnancy. The document, introduced earlier this year, has been withdrawn following the furore it sparked. The withdrawal came after an employees' union said the details had nothing to do with their job and amounted to a violation of human rights and gender discrimination.....
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 10, 2014
Miscreant clones doc's debit card, misuses it 371 times
........She reported the matter to the Cyber Crime Police (CCP), which discovered that a miscreant had stolen the details of her card and made 371 transactions. Interestingly, the doctor had not checked her savings account for over a year. The CCP, which has now registered an FIR, found that the miscreant had used the cloned card to book train tickets, shop on Flipkart and recharge his/her mobile phone. After enquiring with the bank, the doctor found someone had been misusing her card since 2013..............
Does money grow on trees? No, in an ATM
............An employee of the local block development office who lives in the area said he saw a large number of people queued up in front of the ATM last night. “I found it unusual. I live in the neighbourhood, but had never before seen so many people outside the ATM at night. I asked one of them what was the matter. He told me more money was coming out of the ATM than the amount keyed in. I informed the police,”.............
Jago Aam Banker Jago – Revolution Needed in PS Banks to De-Stress Banking Community
.........Things can be changed if Aam Banker decides to hit back. I am of the view that PNB management was not at all in a mood to take action for suspending the duo nor were unions interested to demand action this far. However, the hue and cry raised by Aam Banker on the FaceBook and other social media / websites forced the union leaders to escalate this issue and soon top management also realized that it is the reputation of the bank which is at stack and if action is further delayed it can make irreparable damage to the already fragile relationship between top management and middle and junior management officers...............
Who abrogated J&K’s fiscal autonomy?
.....The last nail in the coffin of autonomy was hammered in by Omar Abdullah in 2010 by shifting the banking operations of the state government from J&K Bank to Reserve Bank of India (RBI) from 1st of April this year 2011. The sign off with RBI, which changed not only the financial but also the fiscal relationship with the Union of India, should have been approved by the state legislative assembly. The assembly was bypassed and what is worse informed much after the deed was done! First and foremost, J&K Bank ceased to be the "lender of last resort" to the J&K Government which it has been since its inception. .....
DCCBs case: Maharashtra CM did not act despite RBI governor's word
Litigation to revive the three district central cooperative banks (DCCBs) from Vidarbha continues, but the situation may never have arisen if chief minister Prithviraj Chavan had acted promptly on a request by the RBI governor. Governor Dr D Subbarao wrote to Chavan in 2012 that the six beleaguered banks at Nagpur, Wardha, Buldhana, Osmanabad, Jalna and Dhule-Nandurbar needed capital infusion from the government. But the CM, for reasons best known to him, delayed the decision for the three banks in Vidarbha......
CRRID to write to RBI for implementing banking treaty with Pakistan
.....RBI and SBP had entered into an agreement for the opening of banking sector under which both sides had decided to grant permission to set up two bank branches on reciprocal basis, stated Professor Satish Verma, RBI chair, CRRID on Wednesday. He said both sides were yet to decide on specific banks and locations for open the branches. Currently, Indian traders receive money through Dubai-based branch of Pakistan's Habib Bank, said Prof Verma. He also questioned why financial dealings were being routed through a third country, especially when both India and Pak had agreed in principal to open banking sector for transparent trade. Stating that there was no direct bank-to-bank agreement between two countries, Prof Verma also apprehended some irregular channels', including hawala transactions, being used by traders from both sides to exchange money. "I wonder why the banking agreement couldn't be implemented even after nine years. CRRID has decided to write to RBI to implement the agreement made with SBP," he informed TOI......
Finmin wants PFs to invest 15% each in equities, ETFs
.....Further, the finance ministry has proposed some relaxation in PFs investing in bank deposits. While the earlier rule allowed PFs to invest in fixed deposits of only those banks which had NPAs of less than 2%, the new rule extended it to not more than 4%. Also, the PFs have been allowed to invest in rated infrastructure debt funds asset backed securities. PFs can also invest some money in debt mutual funds regulated by Sebi, said the new investment guideline......
Government to proceed with its recommendations
......Other recommendations of the Commission, however, have been rapped by Reserve Bank of India Governor Raghuram Rajan. In a recent speech, he described one such idea, of a unified regulator, as "somewhat schizophrenic" and went on to say the report was inconsistent. On the other hand, the Survey, which said the FSLRC report marked an important milestone in financial reforms, felt the IFC articulated clear objectives for financial regulation, where government intervention is required......
Majority of poor remain excluded
.....The statement comes at a time when the RBI has indicated that the country would soon get its first payments bank in place. Such a bank would not extend credit, but will provide deposit and payment services. An RBI panel, headed by Nachiket Mor, had proposed the payments bank concept. As against a full-service bank, needing an initial capital of `500 crore, payments banks need just ` 50 crore entry capital to begin operations. India Post, with its nationwide reach, is among the main entities being considered for the payments bank route......
Give RBI inflation target to contain prices: The Economic Survey
.....It said that lower inflationary expectations would increase domestic household savings and make resources available for investment. “There is need for a formal monetary policy framework through which the RBI is given clarity of objective and operational autonomy in pursuit of that target,” said the Economic Survey......
Read - Deccan Chronicle
Check On Inflation
.......... “For effectively containing inflation requires putting in place a monetary policy framework defining a nominal anchor, as well as deregulating food markets to curb food inflation,“ says the latest economic survey . “Monetary policy is central to inflation in the long run.“ A government document backing Rajan's inflation targeting proposal augurs well for co-ordination between the new government and the central bank on policy issues. Any fiscal consolidation and moving towards market pricing of commodities such as fuel and fertiliser as well as rail fares, though may be inflation inducing in the short term, would help temper prices in the longer term.....
Read - ET
Read - ET
Bank accounts for all: PM Modi that's not financial inclusion
.........According to the Committee on Financial Inclusion chaired by Dr C Rangarajan, it “may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.” It’s clear - the term means access to services and credit. Going by a detailed speech by P Vijaya Bhaskar, Executive Director, Reserve Bank of India, at the MFIN and Access-Assist Summit in New Delhi in December 2013, it “broadens the resource base of the financial system by developing a culture of savings among large segment of rural population and plays its own role in the process of economic development. Further, by bringing low income groups within the........
New RBI Norms for Coop Banks Decried
Discussions on the demand for grants to the Cooperation Department in the Assembly on Tuesday witnessed members cutting across the political divide expressing concern about the RBI and NABARD guidelines based on the Prakash Bakshi report, which imposed heavy curbs on the functioning of the cooperative sector financial institutions.....
Co-op sector share in rural credit declining; PACs should be revitalised
The share of co-operatives in rural credit, which once stood at 60 per cent in 1990, has now declined to a paltry 15 per cent and therefore there is an urgent need to revitalise primary agricultural co-operatives (PACs) by converting them into multi-service centres, according to Jiji Mammen, the Chief General Manager of the NABARD, Hyderabad. He was speaking here on Wednesday at the inaugural of a three-day workshop and awareness programme............
Bank to pay Rs. 2 lakh to Amritsar resident for unfair trade practice
.... “Once the instructions had been given, the bank was not competent to renew the FDR for a further period of five years. They acted against the instructions of the complainant and it amounted to deficiency in service on their part. It also amounts to the adopting of unfair trade practice, as the intention of the bank becomes apparent that they wanted to withhold this deposit of the complainant and never wanted to give the benefit thereof to the complainant by depositing it in the overdraft account.”
Not intimated of move to block fund transfer: Greenpeace
....."On June 23, 2014, we had requested for a financial transfer from Greenpeace International, which transferred the money the very next day. On June 30, we were denied the money on the grounds that our bank, IDBI, had received instructions from the Reserve Bank of India that it would not be able to transfer the money unless it received a go-ahead from the Ministry of Home affairs."......
Banks start offering loans to Bandhan Financial
Banks are queuing up to lend money to Kolkata-based microfinance institution Bandhan Financial Services, which was among the lucky two to secure a banking licence from the Reserve Bank of India (RBI) in April this year. According to sources, three banks -Bank of India, Vijaya Bank and HSBC India-have sanctioned loans of Rs 700 crore last month. Mumbai-headquartered Bank of India has given the highest term loan facility of Rs 500 crore at an interest rate of 13.80 per cent. Bangalore-based Vijaya Bank has given Rs 50 crore term loan at a slightly higher 14.50 per cent per annum. And HSBC, one of the largest foreign banks in India, has agreed to offer a working capital loan of Rs 150 crore............
Loan waiver to elude some
The Reserve Bank of India may not reschedule the crop loans of all farmers in AP as 86 of the total 661 mandals in Seemandhra are not on the drought and cyclone-affected list submitted to the apex bank. Also, lack of clarity from the government regarding who will pay back the rescheduled loans has left the farmers worried......
Kingfisher moves Calcutta High Court against UBI default notice
.............They submitted that the bank cited the Master Circular of Reserve Bank of India (RBI) which has not kept any provision for such representation. The counsels claimed that as there was no provision, it was the discretion of the bank concerned, but the UBI has disallowed its contention without citing any reason............
Subscribe to:
Posts (Atom)