...........The ease with which they are able to exchange fake notes for genuine ones is mainly attributed to people’s negligence and ignorance of the features of a valid currency note, and sources of distribution of the currency. In the Kalidindi incident, counterfeit notes worth nearly Rs. 5 lakh were seized from eight persons who cheated gullible customers across Krishna and West Godavari districts. Six more accused in the same case were nabbed at Gudivada on Wednesday and Rs 2.10 lakh worth currency was seized from their possession. Tracking the original sources of fake notes in these two instances proved to be a daunting task for the police who have not yet found definite clues........
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, August 1, 2014
The Blue Boy ReTyres.............
 |
| Shri Mukund Sakulkar - The Blue Boy...... |
I retired from Bank’s service
as at the close of business on July 31, 2014 after putting in long 39 years of
service in this premier institution. During these long years, I had the
opportunity of working with many of you. When I reminisce the bygone years, I
am flooded with a sense of nostalgic feelings of many sweet memories. I owe a
lot to all of you for your unstinted personal and professional support and
guidance. As it would not be possible on my part to interact with all of you at
this point of time directly, I take this privilege to convey my sincere
gratitude to all of you. I will treasure the happy memories of my pleasant
association with all of you and earnestly look forward to interact with you in
future.
- M.P.Sakulkar, Manager, CAB, Pune
Financial Inclusion Mission to be big I-Day announcement
.........“The government is targeting the individual household rather than the village … this is a marked shift from earlier efforts where only opening of account was the focus of the financial inclusion drive,” Mr. Jaitley said. This is a big challenge and there are several difficulties such as lack of connectivity and infrastructure,........
High court lets Canara Bank take over Amanath
.........ustice Ram Mohan Reddy passed an order to this effect while hearing a batch of petitions filed by stakeholders both in support as well as against the merger. He has adjourned further hearing to November. Canara Bank will take over specified assets and liabilities of ACB. The doubtful assets will remain with Amanath Cooperative Society. The court also asked authorities to publicize through newspapers and television the working hours of the branches of ACB.........
Corporate Governance of Banks- About Time for Some CoCo?
............If CoCos issued to bank executives and directors have accounting trigger, they ought to have higher triggers than those issued to the investors, to align their interests strongly to the CoCo investors. Higher trigger for CoCos issued to Directors can in fact convey a leading signal for banking firms to recapitalize. The RBI has already recognised contingent capital instruments as Additional Tier I instruments in its recently released Basel III Guidelines. The RBI should augment that apparatus by mandating key banking personnel and non-executive independent directors to be paid equally in contingent convertible bonds and equity-based pay so that............
Banks bet on core bonds
............However, Chanda Kochhar, managing director and CEO of ICICI Bank, today said it was early to say whether funding costs would indeed come down. “We look at the pricing of loans based on the overall cost of funds. It is too premature to say what it (the RBI steps) will do to the overall cost of funding,” she said. Kochhar confirmed that the bank had launched an infrastructure bond to raise Rs 500 crore. The issue........
SBI Caps to make report on PSU bank merger within a month
.........."We have asked SBI Caps to do a study... We have given them two assignments. One is on the recapitalisation and other on bank consolidation. I hope within a month or so we will be getting something," .......
Expect turbulence with public sector bank mergers
............While mergers take care of accounting, legal and regulatory requirements, the banks face challenges of wages and compensation fitment, culture and systems and info technology platform integration, said experts and senior PSB executives. And, the resistance from bank staff and employees unions and local political interest could pose a formidable challenge. C H Venkatachalam, general secretary, All India Bank Employees’ Association (AIBEA), said there is absolutely no case for consolidation. There is enough space for many banks to do business when half the population is yet come under the ambit of financial services.........
RBI faces challenges in issuing differentiated banking licences
...............The new players will have to take banking solutions to the doorsteps of rural folks using technologies that can process transactions instantly. But why would a customer go to payment banks when post offices exist in every nook and corner of the country? There are over 1.55 lakh post offices and 90 per cent of them are in rural areas. People are also familiar with post office savings product that offers four per cent interest a year and five-year recurring deposits with 8.4 per cent a year. But experts are not amused. "Post offices don't have the technology backbone. The model is brick and mortar, which is a costly way of doing business," says Gupta. People's interaction with post offices is diminishing. "Nobody in metros or urban areas goes to post offices to send letters," says Amit Lakhotia, Vice President (Payments) at Paytm, an RBI-licensed prepaid card provider.........
Stake dilution in govt banks to start in November: Sandhu
.............“It will be a combination of follow-on public offer (FPO) and, in some cases, it will be through qualified institutional placement. It may start around Diwali, most likely November,” he told reporters after a meeting with the heads of PSBs and other financial institutions............
AP CM speaks with RBI Governor on loan recast
..........Following the conversation the RBI Governor has suggested to the state government to send a team of officials to discuss the issue with his executive director, according to the statement.
Madras HC appoints provisional liquidator for First Leasing
.............The bank counsel alleged company officials and employees colluded and stripped the company. At least two forensic reports have come out on the financial issues in the company - one from the Reserve Bank of India and another by an expert appointed by the company's board of directors. A large number of employees had submitted their resignation letters and under this circumstances, the operations of the company had to be taken care by a provisional liquidator, he argued...........
ARCs lap up half of bank bad loans on sale
..............he remaining consideration is issued as security receipts to the banks in lieu of payments that ARCs will make over a period of eight years based on their recovery. In order to prevent a pile-up of NPAs, the regulator has asked banks to segregate accounts on the date of repayment from the time they are 30 days due, 60 days due and 90 days. Banks such as SBI and BoI have started selling off accounts from the time they are due for 60 days. According to the RBI data, the gross NPAs of commercial banks were 4% of total advances in March 2014, while in the year-ago period it was 3.4%.....
Bitcoin Thriller
.......It is a villain. I believe the Bitcoin is bad in its current avatar. But a better version of it might emerge in the future, with more control. Right now the Bitcoin is about anonymity. It uses a protocol called TOR (The Onion Router) that allows the giver and receiver to remain anonymous, which makes it dangerous. In my book, it's used by the criminal underworld..........
It's Not Too Late to File Returns
Missed the deadline to file in come tax returns on July 31? Don't feel dejected. You can still file the returns without paying any penalty. Yes, contrary to the perception of many tax payers, there's still enough time to file your returns until March 31, 2015. However, there will be some implications. In fact, tax payers are allowed to file belated returns for two preceding financial years, even after the deadline. That is,...........
Read - ET
Read - ET
Women investors are confident, not overconfident
Finance and investments are generally considered masculine areas. A cursory look at the proportion of women in the finance profession as compared to, say, teaching or information technology, tells the story. However, careful academic research has established that women are more suited for stock trading than men. The chief differentiating factor between the two genders is the level of overconfidence in matters pertaining to finance. ...........
Loans targeted at women are beneficial
.............Though women-specific loans offer benefits, the case isn’t the same with women-specific deposits. Banks offer savings bank accounts for women with additional features but often, the minimum balance required is higher. For instance, the quarterly minimum balance required in case of Federal Bank’s regular savings bank account is Rs 1,000. But for its Mahila Mitra savings bank deposit for women, the requirement is Rs 5,000........
Thursday, July 31, 2014
Govt appoints S S Mundra as RBI Deputy Governor
Small banks or banks for ‘small’ people? - Vijay Mahajan
............Comparing this with the RBI Guidelines on Small Banks released a few days ago, one can see how consistent Raghuram Rajan has been and how he has implemented the idea faithfully now that he is able to, as the RBI Governor. For this he, his RBI Board colleague Nachiket Mor and the senior RBI team all deserve congratulations. The draft guidelines have only a few minor flaws and, if these are attended to, we can hope to see the rise of a new generation of financial service providers, who would help end the currently unacceptable situation in terms of gross spatial, sectoral and segmental inequalities in terms of access to financial services...........
Is RBI Honest With Money Markets?
.........``The intent is to provide sufficient liquidity to the markets, that means both short term liquidity consistent with maintaining the call money rate close to the policy rate,’’ RBI Governor Raghuram Rajan had said. But the reality seems to be different. The central bank’s efforts to funding the market with term repos, i.e., funds for a longer duration, have not helped. Because the RBI which believes that the banking system has to be deficient for its interest rate policy to be effective, is behind the curve. RBI which wanted banks to do better forecasting ...........
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