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.
Monday, September 8, 2014
The inclusion triangle - Dr.Subir Gokarn
RBI Governor: Big picture reforms may take some time
RBI & Government A Bittersweet Relationship Story
........Although RBI is an autonomous organization, for a country to pass the test of time, its central financial authority and government should be able to see eye to eye in matters. As the relationship between RBI and current ruling government BJP is fairly new, it is too soon to comment on the future of this partnership. But the positive changes happening, both big and small, are giving a fairly encouraging signal.
Read........
Govt, RBI to devise monetary framework for central bank: Rajan
............'This year the government and the RBI will negotiate together to formulate a monetary framework for the RBI...the idea is to move towards an objective which has much more emphasis on inflation,' Rajan said in a speech in Chicago on Friday. He said the focus for the RBI has been on controlling inflation and on creating a sound monetary framework. The RBI Act of 1934 does not say anything about the framework that the RBI operates under, he added. 'Since 1934 we have not figured out a framework for the RBI. (It is) time we do it. The government and the RBI will do that,' he said........
India’s unlikely bedfellows
...........Yet their fates are now linked. This week both men reached symbolically important milestones: Modi has passed 100 days in office, while Rajan has finished his first year as the governor of RBI. Together they bear the burden of huge expectations for a turnaround in India’s moribund economy. Their reputations alone have prompted an early uptick in sentiment. To maintain momentum, though, they need to start acting more like the bold reformers everyone expects them to be. Reputation can go a long way, of course. In a country where nepotism and connections usually determine who occupies high public office, Modi and Rajan represent a refreshing change. Neither of them are insiders in New Delhi, whose halls of power are as clubby and claustrophobic as Washington’s Beltway. Both are high achievers with undeniably successful track records.............
Missing thanks to inaction: The Modi government should get itself a CEA
.....Jaitley’s predecessor, P Chidambaram perhaps did not miss not having a CEA when Rajan left North Block, because he had Parthasarathi Shome as advisor to the finance minister to consult on fiscal matters. For macro issues, there was the Planning Commission and the Prime Minister’s Economic Advisory Council. These are not part of the finance ministry, but at least there was economic advice from within the system that was available. But Jaitley hasn’t appointed an adviser to the finance minister (a post that is co-terminous with the tenure of the minister). The Planning Commission has been disbanded, as has the Prime Minister’s Economic Advisory Council. "The only real expertise within the system in macro-economic policy is currently in the RBI. The government could end up being hostage to the central bank," Pronab Sen, chairman of the National Statistical Commission, points out...........
RBI unions take exception to HR rejig, lateral recruitment plan
...........Signatories to the letter included SV Mahadik of the RBI Workers’ Federation, CM Paulsil of the All-India RBI Officers’ Association and RN Vatsa of the RBI Officers’ Association. The Forum recalled its meeting with the Governor, Deputy Governors, and senior officials on August 19, wherein it had expressed concern over the proposed restructuring and clustering. It had also expressed serious opposition to lateral recruitment in leadership positions on a continued basis and had sought meaningful interaction for an amicable settlement..........
AIBOA central committee to meet in Kolkata to discuss wage hike issue
...........Public sector banks are the major foundation of Indian economy. With changing times, these entities would need to rejuvenate themselves like the private or foreign counterparts. A healthy wage structure and service condition would inspire and motivate the workforce, he added. Meanwhile M A Srinivasan, General Secretary, Canara Bank Oficers' Union told Business Line that the Central Committee of the All India Bank Officers Association would be meeting on September 16 and 17 at Kolkata to discuss wage revision issues, growing problem of NPA in the banking industry and issues concerning banking reforms such as payment banks among others. The AIBOA demand includes a 25 per cent hike in the pay-slip component, 5-day week and proper disciplinary guidelines..........
HDFC Bank To roll out the programme across all 96 branches in Odisha
...........The programme will be rolled out across all 96 branches in Odisha to educate customers and create awareness. The initiative was launched by guest of honour, Mr. P.K. Jena, Regional Director, Reserve Bank of India, Odisha. The 'Secure Banking' initiative comprises a series of workshops, which educate customers through presentations, on matters they need to be careful about, while conducting banking transactions............
RBI conducts financial literacy camp
..AGM Guite, also briefed the students on the various roles and functions of RBI. He said the RBI launched a project of 'financial inclusion' 8 years back which is now carried forward in a mission mode under the PMJDY to bring all the population of India under banking and financial system. He further pointed out how the process of opening bank account have been simplified and encouraged students and family to avail the opportunity..........
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RBI opens supervisory college for ICICI Bank
.........The RBI sets up supervisory colleges for banks which have good international presence. The main objectives of such colleges are to enhance information exchange and cooperation among supervisors, to improve understanding of the risk profile of the banking group and thereby facilitate more effective supervision of internationally active banks........
Study business at NUBS
............The Global Experience Opportunity (GEO) is a programme of activities created to provide students with opportunities to enhance their global employability through a mixture of study and work experience initiatives. It introduces students to the international business community and equips them with the practical skills needed to succeed in today’s hugely competitive and fast-paced global business environment. Students who take up this programme get the opportunity to intern with the Reserve Bank of India (RBI) and undergo a challenging 6-week summer internship. The participants undertake project-based work within the key functional areas of the bank, while gaining insights into India’s diverse culture. They are also exposed to the fast-paced business environment. This year, Newcastle students will have the unique opportunity to work at RBI along with students from Boston University........
Government of India can print Rupee 1 note: Law Ministry
......However, since the RBI was of the view that with the repeal of Section 2 of the Currency Ordinance, the Government of India is not empowered to issue note of denominational value of one rupee, the law ministry opinion was taken. The Law Ministry in its opinion stated that the Coinage Act of 2011, which consolidates the laws relating to coinage and the mints, does not bar the Government of India from printing one rupee notes.
Fake notes a menace for traders in Hubli-Dharwad
............Many traders say spotting fake notes is tough because they're very similar to the real deal. Some fakes found in the cash dispensed by some ATMs, banks and financial institutions. Mounesh Hadapad, a private company employee, said he was given a fake Rs 1,000 note by a cooperative bank. "When I went to Vijaya Bank to deposit it, the staff rejected it and proved it by placing it on a fake note detector," he said. He added that his point that another bank had given him the note wasn't considered. "I thought of complaining to the police but didn't do it as they may suspect me of wrong-doing," he said. ...........
Devotees bid adieu to Ganesha in Prakasam
..........Elderly people joined the youth in the celebrations by bursting crackers to give a warm send off to the Lord for removal of all obstacles and return for the festivities next year. Ganesh idol made out of four lakh coins, taking special permission from the RBI officials stood as highlight during this year's celebrations..........
Heritage marathon on September 14
Prastara Public Charitable Trust will be organising Madras Heritage Marathon on September 14. It has three categories,3 km, 5 km and 10 km.The event is supported by running clubs Chennai Runners, Dream Runners and Cool Runners. The run will begin from Queen Mary’s College and runners will run across heritage structures and monuments until RBI. For details, call 9884018618
The Hindu
Pension reforms miss the wood for the trees
...........Yet, the basic truth is this: a majority of the workforce today lacks any form of retirement security. Though India is likely to see its 60-plus population swell from 80 million to nearly 200 million over the next 15 years, nearly 90 per cent of these people are not covered by any formal pension scheme......
PSBs Headed for Consolidation
.........The ministry is expected to soon hold a meeting with all state-run banks to discuss issues related to their operations, their contribution to the economy and coordination with other arms of the government. The issue of consolidation will also be discussed at this meeting, a senior finance ministry official said, adding that any merger proposal will be evaluated on the parameters of panIndia presence, business and information technology integration. “The government has limited capital to offer and it has to be deployed judiciously,“ the official said on condition of anonymity. The government will draw the road map for bank capitalisation on the basis of performance of the banks in the second quarter of the current fiscal, the official added...........
Read - ET
Priority sector needs priority relook
My View on "RBI may relook at priority sector norms for foreig...":
The concept of priority sector lending was introduced to ensure credit flow from the banking sector to certain neglected sectors including agriculture. The need for some persuasion to encourage banking system to provide adequate credit to priority sector is still there as banks on their own would prefer to deploy credit in bigger urban ventures. Several attempts to shift responsibility by lending to service/consumer sectors, investing in RIDF etc were allowed to achieve priority sector targets. Internal reviews by RBI or at state level forums also concentrated on ‘targets’ and their achievement and a comprehensive look at willingness and capability of each bank to finance priority sector especially in rural areas is yet to happen.
- M.G.Warrier
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