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Friday, July 11, 2014
Raghuram Rajan says ‘determined’ to bring down consumer inflation
Nudges and pushes - Dr.Subir Gokarn
........I, for one, did expect the speech to begin with an overarching strategic statement, laying out an economic road map for the five-year term. Though there were some initial hints of this, in the event, Mr Jaitley dived straight into details. If there was, indeed, a big picture behind all these details, it had to be discerned. As the speech unfolded, outlines of a big picture did emerge from all the little details. Here are a few of its aspects..........
Tribute to Guru CVN by Shishya
I regret to read about the sad demise of Shri C.V.Nair. I did not work under him. I came across Shri Nair at New Delhi, when I attended in the year 1972 the All India Conference of Officers Association (representing the of Kanpur unit) conducted to go into the recommendations of the Cadres Review Committee, appointed by RBI and to offer the views of the Officers' Association to the Bank. The way he conducted the proceedings was excellent, having full clarity on all the issues affecting the Officers. He was one of the officers involved in furnishing lot of data on various issues affecting the Officers, before the CRC. He was also involved in the process of the Reserve Bank ameliorating the service conditions of Officers in various aspects - ensuring to a great extent that the transfers were not made at a time that would affect the academic year of the children, to bring inter-mobility of officers between the general side departments and specialised departments and in many other areas. I Pray to God to rest his soul in peace and tranquility.
- Mohana Rao
I knew and had high regards and respect for Mr CV Nair. I attended several General Council Meetings which he presided over. In one of GC meetings, when I vehemently opposed CAIIB as a condition for confirmation of DR officers, he called me aside after the meeting and told me that had I spent half of the energy in trying to pass CAIIB instead of fighting against the Bank's policy, I would have achieved my goal. I also worked under him when he was the Manager (RD) in Calcutta (Kolkatta). I had fought with him as the Secreatry of the Calcutta unit. But I always admired him. He, perhaps, was the only person who addressed the then Governors by their names while attending JCC meetings. He used to say that in the JCC meetings the President of the Officers Association is no way less than the Governor in status. Very bold, lucid and logical and firm in his arguments with the Bank. I always remained his 'shishya' (student) though on several occasions I had differed with him openly as General Council Member earlier and as the Secretary of RBIOA of Calcutta unit later. My sautes to the great CV Nair.
- P.Arvindan
With profound grief I share the sad demise of C.Vijayan Nair with all those who know him as CV Nair. He has been an expert in agricultural finance and a master orator besides a great writer. As a stenographer when I was attached to him, it was a pleasure to take down his dictation which helped me in improving my language and such was his flow of language and with words he will knit a garland. Precise with points, he used to face any deliberations - as I had opportunities to take down the proceedings of several meetings in which he participated and with authentic information he will put forth his views. At the same time he is very jovial and used to take everything light and a great analyzing personality. I had a small incident to quote here about the jovial quality of CVN. When I was assisting Mr.V.V.Mahadevan in his capacity as the Private Secretary to late B.N.Srivastava, who was then ED in charge of administration, CVN was then holding the charge of Chief Manager, DAPM. He used to come to meet for discussion of official cases with BNS and in one of the discussions, BNS was in a signing spree of cases in the presence of CVN and when I happened to enter the cabin of BNS, CVN called me “Sridharan, please bring all the pending cases now itself as BNS is in an initialing mood and this is the time to clear off all cases” BNS looked at CVN and laughed and when I was about to ask as to its seriousness, CVN said it was a joke that he cracked and it should not be taken seriously and I should not bring all the cases at that point of time. CVN is known for his critical analysis and at the same time a person with cool, calm and above all a very good humane displaying his simplicity in every approach.In his demise, we have lost a very simple but brilliant officer who also led the Officers community through his great leadership quality both in the official field as also in the Officers’ Association’s activities. Let me join all to pray - may his soul rest in peace!
- R.Sridharan
Former Principal Private Secretary to Governor
Meru Cabs asks RBI to extend recurring payment rules to foreign players like Uber
......Meru says foreign players like Uber are able to circumvent the mandated two-stage credit card authentication by routing their transactions through foreign payment gateways, on which RBI has no jurisdiction. This allows them to store credit card details and use them for recurring transactions without the RBI’s mandated 2-factor authentication. The report also points out that Uber can also charge consumer’s credit card directly in case of taxi cancellations, which is currently not available for any other Indian taxi players..........
Notice to RBI on Unilever petition
Unilever has filed a petition in the Bombay High Court against the Reserve Bank of India's directive asking it to file a revised application for preferential allotment of shares in Hindustan Lever Ltd (HLL). A notice to this effect was served on RBI on Friday. Bank officials confirmed this today. The application follows the move by............
Govt to sell stakes in PSBs instead of recapitalisation
The government stake in most public sector banks (PSBs) will fall as and when they access capital markets to fund their growth and meet the Basel III requirement. But, the government will continue to hold majority stake in all the banks. The annual recapitalisation exercise for banks is likely to be replaced by selling stake to retail investors. As a part of the stake selling exercise, the public sector banks will have a special offering for retail investors to give them a direct ownership. The government ........
RBI will work with govt on monetary framework: Raghuram Rajan
.........“Hopefully, by the end of the year, we think the economy is on course to come down to a consumer price index (CPI) inflation rate of about 8% and by the end of next year, to a level of 6%, and we will be in discussion with the government on monetary framework made in the budget announcemt..................
Budget 2014: Ground set for turf war between RBI and government
A battle for regulatory turf seems to be in the offing between Reserve Bank of India and the government with the finance minister pushing proposals by the Financial Sector Legislative Reforms Commission which was roundly criticized by RBI governor Raghuram Rajan...........
FM in tune with Rajan plans on monetary policy, new banks
..............The government also said norms of on-tap bank licences as well as niche banks will be announced during the course of the year – an initiative which RBI is perusing actively. “After making suitable changes to current framework, a structure will be put in place for continuous authorization of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks,” Jaitley said.................
Union Budget 2014-15: Govt, RBI to devise modern monetary policy framework
.........The tone for inflation targeting was set by Finance Minister Arun Jaitley in his budget speech when he stressed on a modern monetary policy framework to meet challenges of an increasingly complex economy. RBI Governor Raghuram Rajan was in agreement with Jaitley when he said the central bank would develop the framework in consultation with the government during the year. Retail inflation rose to 8.28 per cent in May on account of rising food prices. Through the new mechanism, the government and the Reserve Bank of India (RBI) may look to bring down consumer inflation to 8 per cent by this year-end...........
Forward looking but not a dream budget for SMEs
..........One of the proposals that makes sense is the government proposing to set up a committee to examine the flow of funds to SMEs. The proposed committee will have representatives from Reserve Bank of India, Finance Ministry and the Ministry of Small and Medium Enterprises. This was very much needed. Although it is common knowledge that SMEs in India face severe challenges in terms of access to capital at different stages of running an enterprise and also grapple with high interest rates, government records on the problem are dismal. A centrally monitored ............
Budget 2014 displays intent towards financial inclusion
............... "After making suitable changes to current framework, a structure will be put in place for continuous authorisation of universal banks in the private sector in the current financial year. RBI (Reserve Bank of India) will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks, etc., are contemplated to meet credit and remittance needs of small businesses, unorganised sector, low income households, farmers and migrant workforce."..........
Liberal infrastructure funding regime for banks
..........Put simply, these funds will not attract norms like Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR) and those on priority sector lending. While the finer details are awaited, banks will have more to lend for funding long-term infra projects. At present, for every Rs 100 crore raised through deposits, banks have to keep Rs 4 crore with Reserve Bank India as CRR (which earns zero interest income) and invest Rs 22.5 crore in government bonds to meet SLR norms. Beside, Rs 40 crore has to be lent to priority sectors. ........
Too early to declare victory over non-performing assets battle: RBI Governor Raghuram Rajan
............."I think, the most immediate problem we have to confront is that of rising level of stressed assets in the banking system. Fortunately in the last quarter those levels of stressed assets tapered off or flattened out. But, it is too early to declare victory," ................
AAP slams Naidu over farm loan waiver
Chief Minister N. Chandrababu Naidu may have heaved a sigh of relief after the Reserve Bank of India gave its nod for rescheduling of the farm loans, but the TDP supremo has drawn flak for ‘inviting’ the loan waiver trouble upon a new fledgling government. “Mr. Naidu used the loan-waiver promise as bait to garner votes in the elections and landed on a sticky wicket in the aftermath of polls. He should have done his home work properly on the feasibility of the proposal,”...........
Thursday, July 10, 2014
RBI Governor Dr.Raghuram Rajan visits Chennai
Dr.Raghuram Rajan, Governor of RBI has arrived at Chennai today in connection with the Central Board Meeting to be held on 10th July 2014.
The Governor gave audience this morning in separate meetings to the Executive Committee Members of the Forum of Retired Employees of RBI, Chennai and the United Forum of Officers and Employees of RBI. Sri R.Gandhi, Dy.Governor, Dr.Sadakkadulla, Regional Director (TN) and other officials were also present in the meeting.
The Executive Committee of the Forum of Retired Employees felicitated Dr.Raghuram Rajan on his assuming office as Governor of RBI. They honoured him with a shawl and presented a memento. While thanking the Governor for all the efforts he has taken after his assuming office for getting Government's approval to restore Updation of Pension, the Forum requested him to use his good offices for implementation thereof without further loss of time. They also requested him to grant enhancement of Ex-gratia amount to the Pre-1986 retirees which was stagnant for a long period. They impressed upon the Governor that this issue can be settled within the powers of the Governor. The Forum has submitted a written appeal to Governor in support of these requests. Sri T.G.Nair, Gen.Secretary of All India Retirees Assocation from Mumbai also joined the delegation.
The Governor was receptive and gave a patient hearing. He expressed his happiness over meeting the retirees. Regarding the ex-gratia enhancement he said he would look into the matter and do the needful. Regarding the Pension updation he admitted that the process is taking time despite best efforts. He assured that he will do everything to ensure a fair settlement of the issue at the earliest.
It is understood that during their meeting the United Forum of Officers and employees of RBI took objection to the Bank's unilateral decisions in respect of the re-organisation of the Bank's functions. The United Forum also demanded that one or two of Central Office departments may be brought to Chennai. They also demanded that updation of pension and one more option for pension should be implemented early. During the discussion they also insisted that adequate care should be taken to see that the interest of the serving employees is not compromised.
The Governor replied to the United Forum that the Bank will take the Unions into confidence while deciding about re-organising the functions. The Governor said he will consider the suggestion to de-centralise some of the Central Office functions by shifting the departments to its various offices. The Governor's reply in respect of the demand for updation of pension was the same as given to the retirees' forum.
- Chandraiah
RBI board to take up COO issue on Thursday
...........It is learnt the proposal to have a COO with a DG's rank was first taken up during a meeting of a committee of the central board, which generally meets every Wednesday. The latter suggested this be taken up at a board meeting of the central bank, where Union government nominees are also present. The economic affairs secretary and financial services secretary are nominated as board members. It is, however, not clear if RBI will seek the board's approval or only inform it. The increase in the number of DGs, and also EDs, are part of a personnel restructuring the central bank is currently undertaking. RBI plans to increase the number of EDs from nine at present to 11...........
Obituary
I deeply regret to advise you of the sad demise on 9th July 2014 in Trivandrum of Shri.C.Vijayan Nair. He retired as Executive Director. Shri Nair was born on October 16, 1926 and joined RBI as a Rural Credit Officer in October 1959. He had served for a number of years in ACD and held the post of Calcutta Manager. He retired on March 31,1986 as ED in charge of Administration. Shri Nair was for a number of years President of RBI Officers Association and made notable contributions to Staff welfare. He was a very gregarious and genial personality and leaves behind a large circle of friends and admirers. He was not married. We pray that his soul rests in peace.
- P.P.Ramachandran.
Slice of history - Retirement of CVN
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| A floral tribute from the Governor, for a job well done. |
On March 31, 1986, Shri C.V.Nair, Executive Director, retired after a 26-year-long career which began in October 1959 when he joined the Bank as Rural Credit Officer. But his association with the RBI began a year earlier with his appointment as Principal of Block Level Co-op. Officers Training Centre, Hyderabad, which was the first of two such training centres set up under the joint auspices of the Government of India and the RBI. Shri Nair's success story is a long one, the first chapter being set in the erstwhile ACD where he steadily rose to become Additional Chief Officer in 1979. As Manager of Calcutta Office in 1981, he won the appreciation of the employees and top rnanagenent through his superb managerial ability: In December 1982, he became Chief Manager and again in March 1984 he was elevated to the position of Executive Director. During his tenure as ED he handled, among other things, the negotiations with various categories of staff with a skill of his own, which culminated in wage settlements.
Source : Without Reserve January - March 1986
CVN : Accomplished orator with courage of conviction
In the passing away of Shri Nair RBI has lost one of its most illustrious officers. I had the privilege of working under him when he was Calcutta Manager. He had the courage of conviction to stand against any unjust or arbitrary decision of Central Office. When I was transferred from Calcutta, he defied the order and retained me. Again, when Class IV staff went on agitation all over India, managers vied with each other in suspending or dismissing the agitators. Only Mr. Nair stood firm saying that if he suspends or dismisses anybody, he should stay so and not reinstated at the drop of a hat. The managers, especially Kanpur Manager, had to eat humble pie when all those who were suspended or dismissed were unconditionally reinstated. Mr. Nair was known for his great sense of humour. Even in gravest of situation his sense of humour prevailed. He was an accomplished orator full of wit and humour. And above all he was the most vehement critic of the bank's personnel policies.
May his soul rest in eternal peace.
- B. K.Kamath, CGM Retd
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