The Executive Director (ED) of Reserve Bank of India (RBI) participated in a programme organised by the central bank in Saram Village of Gola block in Ramgarh District. The programme on financial inclusion was aimed at making the villagers aware of the various financial programmes run for their benefits by banks in the area. On the occasion Deepali Pant Joshi, ED, RBI said, “RBI will help in the expansion of banking services in rural areas and will also spread awareness about them.” It is expected that baking services could be provided in the villages having population of 2000................
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, February 25, 2013
Rs 500 denomination banknotes gain significance: RBI study
..........."Rs 500 denomination notes quickly emerged as the second most important denomination since 1998-99 and replaced Rs 100 denomination as the most important denomination in 2003-04. Its share in value among all denominations peaked at 47 per cent in 2010-11," ..........
Banks like ICICI, HDFC to give big hikes to ward off poachers, advent of new banks to perk up demand
MUMBAI: Middle and lower level management staff at lenders such as ICICI Bank, HDFC Bank, and IndusInd Bank are probably in for sweet pay increases this year as human resource managers strategise to ward off poaching by new banks............
Obituary
With profound grief I inform
that Smt. Leela Joshi, wife of Shri R. M. Joshi, Ex-CGM, RBI and Ex-ED, SEBI passed away on 23rd February 2013 at 11.25 PM after a brief ailment. May her eternal soul rest in
peace.
- K.S.Iyer, Ex-Manager, Mumbai
Do we need more banks or bigger banks?
............India, the second largest populated country, has total 77 banks including 27 public sector banks, 20 private banks and 30 foreign banks. However, this huge universe has not clinched any significant global footprint............
India needs larger banks, consolidation: Parekh
..............“The need today is for more consolidation than the new banks, because what we require is large-scale banks,” he said. Asked if Indian banks need to match the size and scale of their international peers and consolidate their positions on global league tables, Parekh replied in affirmative and said: “We need scale for that and we would need consolidation to get the scale.”.........
India needs more banks, the RBI should issue fresh licences with dispatch
Broad and Welcome
.....Finally, the RBI has invited applicants to suggest how they would go about achieving financial inclusion. This attention to financial inclusion is welcome. But the RBI must give up the idea that financial inclusion would be achieved through expansion of branch networks to unbanked areas. Rather, financial inclusion should be predicated on deployment of new technologies, such as mobile banking, taking advantage of the Aadhaar project and the ongoing rollout of broadband and power to rural areas...............New banks: Subbarao says welcome, but don’t come in
All fit candidates should be allowed to set up banks
..........Assuming that this committee will be given three months to scrutinize the applications, RBI will take a look at them in October and it is anybody’s guess when it will issue the first licence. Unlike in 2001, when the central bank had made it clear that “the number of licences to be issued in the next three years may be restricted to two or three of the best acceptable proposals”, this time it is silent on how many new banks it wants in the system. It merely says the licences will be issued on a “very selective basis” and RBI may not be in a position to give licences to all applications which meet the eligibility criteria. So, an element of subjectivity in the final selection cannot be ruled out even though RBI is committed to handle it transparently—the names of the applicants will be put on its website...........
Thirteen changes in new bank licensing norms
In the past two decades, the Reserve Bank of India (RBI) has allowed formation of 12 new banks. The guidelines on entry of new banks that were issued in January 1993 and were revised in 2001. On Friday, RBI released a new set of norms to allow creation of more banks. Here is a brief comparison of the guidelines issued in 1993, 2001 and 2013:
After RBI nod, scramble for banking licences begins
With the Reserve Bank of India (RBI) having opened up the field for banking licences, large business conglomerates and non-banking finance companies (NBFCs) are getting cracking with their applications. While it is a known fact that well-diversified NBFCs were waiting for RBI to invite applications, broking firms like Reliance Capital and Religare Enterprises and realty players like Indiabulls, have also shown keen interest to apply for licences...........
Over dozen corporates, PSUs queue up for banking licences
New Delhi, Feb 24 (PTI) More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, will apply to the Reserve Bank for licence to open banks. While announcing comprehensive guidelines for new bank licences two days ago, the RBI said interested entities can file their applications by July 1...........
RBI guidelines to facilitate entry of serious players in banking sector: Kochhar
 |
| .........."The Reserve Bank has clearly spelt out the regulatory framework for granting the licenses, for the ownership and management of the new banks and also for the non operating holding companies that the guidelines require to be set up,".......... |
RBI finds 154 cases of misuse of ECB funds: Meena
......The Reserve Bank of India (RBI) has found as many as 154 contraventions of ECBs since 2009-10, Minister of State for Finance Namo Narain Meena said in a written reply in the Lok Sabha........
A case for converting India Post into a bank
.....However, India Post Bank should make investments in modernising the newly formed branches, provide the required wherewithal — such as two-wheelers, hand-held devices and mobiles — to its marketing staff to do business in remote areas. Once India Post becomes a bank, it would infuse a sense of enhanced pride into its staff whose salary and perks will also be equal to that of the bank staff. Necessary changes at the board level need to be made and various other committee members cherry-picked. However, it is felt that a seasoned banker from pubic sector banks, preferably from SBI, should be the CEO of India Post Bank, with two group executives for the rural and urban subsidiaries......
RBI went with majority view on rate cut
Reserve Bank of India (RBI) Governor D.Subbarao went with the view of the majority external members when he announced a 25 basis points (bps) cut in the repo rate in the third quarter policy review last month. Minutes of the technical advisory committee (TAC) meeting held on 23 January, six days before the policy was announced, showed that all external members on the committee were unanimous in recommending a cut in repo rate......
RBI & Sebi were Prudent; it Helped Economy Withstand Many a Crisis
.....The
RBI and Sebi have been extremely prudent and that has helped the Indian
economy to withstand many a crisis. Now you can look back and ask why
China has more FDI than India, or why there is more FII in India versus
China. Because on the FII metrics, India is a lot more developed and
attracts a lot more investment than China. But from the FDI perspective,
clearly, China is much ahead......
Read - ET
RBI clamps down on city bank, sparks panic
..............This follows a long-drawn battle by RBI to put things in order in the bank’s working since 2002. Operations at the 101-year-old cooperative bank with 40 branches across Maharashtra, with about eight lakh account holders and 50,000 members, came to a halt with account- holders hitting the panic button. “We got a letter hand-delivered from RBI at 10.30 this morning saying that these restrictions are being imposed under Section 35A of the Banking Regulations Act of 1949,” ............
Rupee Bank directors to visit branches
.........he RBI restricted withdrawal by the bank's customers after the unsatisfactory recovery of the bank's non-performing assets (NPAs). Meanwhile, the senior directors and officers of Rupee Bank held a meeting on Sunday and decided to first visit branches of the bank in the city. They will later form a delegation to represent the bank before the RBI..................
Budget 2013: Exempt DA from income tax, says National Mazdoor Conference
......"The price escalation is directly linked with the DA of the salaried class and pensioners but it was strange that the income tax is also imposed on the increase of the salaries because of the DA,"......
Subscribe to:
Posts (Atom)