.....Organisations succeed and grow because they figure out how to do a few things very well. These things - products or services, with all the attendant processes - then expectedly tend to crowd out everything else they do. People move up the ladder because they have been associated with successful activities. Over a period of time, the top leadership comprises exclusively people who have all come up in exactly this fashion. The focus of the organisation on these activities and the reward and recognition systems tied to them gradually leads to the disappearance of everybody who has other interests or perspectives, particularly from the top leadership......
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, April 22, 2013
Report summarily dismisses financial inclusion - S.S.Tarapore
.........The Commission's perfunctory handling of financial inclusion is a major lacuna in the Report. It is as though the Commission's spaceship headed for Mars, has erroneously landed on Planet Earth. Its handling of financial inclusion is totally incomprehensible and borders on dereliction of duty. It is incumbent on the part of Commission members to recant and say mea culpa ( my fault).
Read - FPJ
Report throws up multiple contradictions
........ In so doing, it fails to reconcile or even mention that Dr. Subbarao had, on November 22, 2007, written to the then DoT Secretary, questioning the 2G pricing: “It is not clear how the rate of Rs.1600 crores determined as far back as 2001, has been applied for a license given in 2007, without any indexation let alone current evaluation”. The report gives the impression that Dr Subbarao was against increasing the price of spectrum, which is contradicted by his letter and multiple file notings in the run up to the 2G scam.........
BCSBI invites applications for Senior Vice Presidents at Mumbai
The Banking Codes and Standards Board of India (BCSBI) is a collaborative venture set up by the Reserve Bank of India and the member banks to evolve Codes and Standards for banks to follow while dealing with customers to ensure fair treatment of customers. BCSBI also acts as a watchdog to ensure that the Codes and Standards adopted by member banks are adhered to in true spirit while delivering their services............
Read...........
Link forwarded by Dr.Pramod Kumar
Read...........
Link forwarded by Dr.Pramod Kumar
Correct, not compound
....... The fact that the large number of vacancies are intended to be filled up by compromising on job specifications shows poor succession planning. Instead of compounding the lapse by relying on internal promotions in spite of a dearth of competent personnel, the banks should use the occasion to induct fresh and better talent at different levels, and go for adding young people at foundation levels (probationary officers and the like) by adjusting the intake against higher positions..........
FinMin for cost-to-company pay structure in state-owned banks
...........IBA is likely to ask for a 25 per cent rise for the 800,000-odd employees in the 10th bipartite agreement on wage revision. The rise is due with effect from November 2012. Though wage settlement negotiations usually go on for about two years, as bank unions begin with very high expectations, this time the government might settle by the end of 2013, since general elections are due in 2014. "If PSBs have to run like a professional company, then why not behave like one and move to the CTC concept? We have given this suggestion to IBA,"...............
‘RBI has principally agreed to bank merger’
Rupee Bank administrator Anaskar says discussion on with two nationalised and coop banks
........Anaskar said that banks from Gujarat, Madhya Pradesh and Maharashtra have shown willingness to help. He said that discussions are on with two nationalised banks and the merger issue has been discussed with two urban cooperative banks including Cosmos and Saraswat Bank...........
IDBI Bank participates in the Town Hall Event at Madgaon, Goa
.......... On the occasion, normally the Banking Ombudsman selects a few
banks to put up their stalls and display the product literature and
other publicity materials based on their business and branch network. However, IDBI Bank was specially chosen to set up a stall in view of
their quick resolution of customer complaints. Smt. Rose Mary Sebastian,
Banking Ombudsman cut the red ribbon and inaugurated the stall in the
presence of Shri Dipankar De, General Manager and Principal Nodal
Officer, IDBI Bank..........
Low denomination currency notes to become history
.....Along with the currency notes of Rs 1 and Rs 2, the Rs 10 note will also be a part of history. The Union Minister of State for Finance, Namo Narain Meena, it is to be recalled, made a statement in the Lok Sabha that considering the short duration and high cost involved in the printing of Rs 10 note, Reserve Bank of India is planning to gradually phase it out. It will be replaced by the coin worth its value. Though the cost of printing a Rs 10 coin comes around Rs 6, it has long duration of circulation as it can sustain the wear and tear of time................
Credit information bureaus want access to mobile bill payment records
.........Full-file reporting is any information that captures your repayment record with any entity and is given to the bureau. The repayments could be related to utility bills, lease rentals, and telecom service. “With more mobile subscribers than bank accounts in India, this (full-file reporting) can help credit bureaus access wider range of information. We have spoken to the Reserve Bank of India in this regard,” Jayaraman said..........
Disabled people have a hard time still at ATMs
......."Apart from orthopaedically challenged people, visually-impaired are also suffering a lot as ATMs are unfriendly," Kamaraj pointed out. Even though RBI guidelines to create disabled-friendly precede the state rules, banks have not adhered to the rules. "ATMs of both, nationalised banks and private banks, remain indifferent to this issue," according to a cross section of differently-abled people.
School that makes men
A modest-looking school, it has produced numerous men who have dominated their chosen fields. Here are some of them: Dr. Badrinath of Sankara Nethralaya , tennis legend Ramanathan Krishnan, former Chief of Indian Army Gen. Sunderjee, former RBI governor Y. V. Reddy, Dr. Nalli Kuppuswami Chetty and among the younger crop, Vijay TV’s Super Singer championship winner Krishnamurthy..............
Macroeconomics maya - A.Seshan
We have read in economics about how nominal values do not reflect reality. People often have a money illusion, in which they may feel better off with a rise in their nominal incomes, although their real incomes, or the purchasing power, might have fallen owing to inflation. Economists take care of such an illusion when they compile the real gross domestic product (GDP), or the net of inflation, to reflect the true underlying value of goods and services produced in a year. But, in my view, even that is illusory.........
Banking on inclusion
.........In the past, the apex bank’s stated objective for granting new licences was to infuse competition into the banking sector, which was largely dominated by public sector banks. Consequently, new private-sector banks have brought about a paradigm shift by increasing the efficiency of the domestic banking system, and introducing newer and more sophisticated financial services like mobile banking. This time, the buzz word is financial inclusion — the process of providing access to the financial products and services needed by weaker sections and low-income groups at affordable cost in a fair and transparent manner...........
Trust to open financial literacy centres
........The Trust has already imparted knowledge to over 5.45 lakh people through 37 centres. At present, the Trust has 18 centres in the state. Trust secretary N T Hegde said that the Trust, jointly sponsored by Syndicate Bank and Vijaya Bank, was established in 2010 as per the Reserve Bank of India guidelines with an objective to educate people on financial products and services...........
Risk Management
............Dr. T. V. Gopalakrishnan, who wrote authoritatively on NPAs has written incisively on the greatest risk in the banking system — viz., the human resources. Banks are at once dependent on and managed by persons and these human agencies are prone to a high level of risks, if not properly managed. The volume throws a flood of light on risk management and is highly relevant in the light of Basel III norms. It is warmly commended to all planners, bankers, financial analysts and students of economics and banking.............
Book Review by P.P.Ramachandran
More freedom for cash
The banking industry is justified in seeking a one percentage point cut in the cash reserve ratio (CRR) — the proportion of deposits required to be compulsorily maintained with the Reserve Bank of India. True, the present CRR requirement, at 4 per cent of banks’ net liabilities, is already a 40-year-low. The demand for pegging the CRR still lower at three per cent, however, has the merit of being in line with the received wisdom that regarded it as the bare minimum level necessary for the purposes of prudent banking...........
FinMin asks banks to get ready for 2nd phase of DBT scheme
.................It further said banks also need to ensure that a secure 'server to server' connectivity is operationalised with the National Payments Corporation of India (NPCI) which will automatic download and execution of payment advise file and generate the return of file indicating status of transaction, among other things. NPCI, an umbrella organisation for all retail payment systems, is conducting a pilot run with five banks for establishing secure server to server connectivity and is scheduled to be completed in this month............
Slowdown to continue in poll year
......The Reserve Bank of India (RBI) is also expected to keep much needed rate cuts at the minimum, so as to not aggravate the government, which would not want any drastic steps during the election campaigning periods. Although the RBI has committed to bring down the fiscal deficit to below 4.5% in FY14, any significant action to achieve this is not expected. However, the rate cuts between April 2012 and March 2013 were seen as a positive move. "RBI's decision to go in for another round of policy rate cuts was very aptly timed and was almost indispensable to revive the confidence of industry," continues Dr. Didar Singh............
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