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| .............."In order to claim, demand autonomy from the government, and to enjoy that autonomy, we must remember that we must tender accountability,".......... |
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.
Thursday, July 4, 2013
RBI must tender accountability to enjoy autonomy: Duvvuri Subbarao
RBI cannot operate from ivory tower: Subbarao
..........What clearly emerges is that the central bank should go well beyond monetary policy. Subbarao further said the RBI cannot function from an ivory tower and should refrain from shutting itself up in its own world. It should be attentive to what is happening around the world by becoming a knowledge institution............
Subbarao's 10 commandments for the central bank
...........Elaborating on the theory of RBI becoming a knowledge institution, Subbarao gave 10 attributes for the central bank to be future-ready, to facilitate itself to transform knowledge into wisdom. The attributes he listed were..............
Must take market as given and respond: Subbarao
.......“We very generously guard our autonomy, but in order to demand it we must first render ourselves accountable. I have suggested that the RBI Governor should go in front of a parliamentary committee to encourage the accountability process. Even if nobody asks, we must volunteer to render accountability,...........
RBI working on creating public awareness about Ponzi schemes
........"Communication should be two way. We should talk to people and listen to them. We had this Saradha incident in West Bengal about two months ago. And there has been lot of thinking within RBI itself about what we should do to spread awareness on these kind of things," .................
My View on "FM takes on Subbarao again":.......
It is intriguing that FM who interacts with RBI frequently, gives an impression that he has to speak to media to convey his expectations from RBI. Dr Subbarao, Governor, RBI has indicated more than once that GOI and RBI are on the same page and perceptions sometimes vary on specific issues, which is natural.
- M.G.Warrier
National Seminar on Financial Consumer Protection
Distinguished Dignitaries:
DR. DEEPALI PANT JOSHI, Executive Director, RBI
YOGESH AGARWAL, Chairperson, PFRDA
ANANTA BARUA, Executive Director, SEBI
Date: 24th July' 13 Venue: Hotel Royal Plaza, New Delhi
Mining ban hits banks in Goa
.......Understandably, while at the SLBC meeting while the State Chief Secretary B. Vijayan tried to push for restructuring of advances to the various stakeholders of mining like transporters and barge industry, etc., the Reserve Bank of India(RBI) representatives continued to be non-committal. Regional Director, RBI, Mumbai J. B. Bhoria was present for the meeting along with Ms. Anshula Kant, SBI’s General Manager, Regional Head Office, Mumbai.................
VITALINFO - Philosophically speaking............
Hearty congrats, Mangesh. Tributes are pouring in for your efforts in bringing out VITALINFO and you richly deserve them. I also agree that it should continue to be your baby and let not any official agency have any sort of control over it. The present coverage is good and comprehensive enough. In fact, to be frank, I am not able to see all the items in full on all days as it is not advisable for too much energy and time (even if there is time) of seniors to be spent on Internet. The point made by Shri Seshan is borne out of anxiety that this sort of an useful Newsletter should continue. But then, philosophically speaking, there is an end to everything in this world when its time is over !
A.Chandramouliswaran, former Executive Director
The FM and RBI - Dr.T.V.Gopalakrishnan
......RBI is the saviour of the economy to a great extent with its’ tight and also flexible monetary policy is what is to be accepted and appreciated. Even then the present stability of the financial system and monetary system cannot be said to be as comfortable as they were a couple of years ago. This should be the worrying factor both for the Govt and RBI at this juncture.
Read...........
Who will decide the new RBI Governor
Who will decide the new RBI Governor ? PM Manmohan Singh, Finance Minister P Chidambaram, C Rangrajan Chairman of PM's Economic Advisory Committee or Montek Singh Ahluwalia Vice Chairman Planning Commission?
Source..........
Source..........
The dilemma of coin shortage
............ The coin shortage is also posing problems for the businesses. In some cases, as in Kolkata, shopkeepers have been purchasing coins from beggars at a premium! On the flip side, large number of coins are lying unused in the donation boxes of temples. The RBI needs to formulate a policy to bring these back into circulation. Due to rising costs of minting the RBI has been reducing the size of the coins. Thus the new one rupee coin resembles like the 25 paise. On the other hand, it has become extremely difficult for people to distinguish between the new two rupee coin and the old one rupee as both of them look identical.....................
RBI detects fake currency, complains to police
PANJIM: The Reserve Bank of India, Navi Mumbai has lodged two separate complaints with the Economic Offences Cell of Goa Police after finding fake currency amounting to Rs 4,300. In the first complaint, Assistant Manager RBI V I Saunchu complained that prior to April 2013 unknown persons deposited 12 forged Indian currency notes at State Bank of India Treasury Branch, Panjim and SBI Mapusa Branch. “RBI Belapur Navi Mumbai found that these notes were counterfeit,” the complainant said. The police said that the complaint states that eight notes of Rs 100 denominations, three of Rs 500 denominations and one of Rs 1000 deposited in the two banks were fake. Another complaint filed by Manager RBI, Belapur in Navi Mumbai L Bagwan alleged that one note of Rs 1000 denomination deposited at Bank of India, Patto Branch in Panjim was detected as fake.
Police have registered the two cases under sections 489-A and 489-E of the India Penal Code.
Source - Herald, Goa
Police have registered the two cases under sections 489-A and 489-E of the India Penal Code.
Source - Herald, Goa
Obituary
Shri.D.G.Borkar died on July 2, 2013 in Mumbai. He was 90 years old. Borkar
was one of the veteran officers of the Economic Department in the
halcyon days of Chandavarkar, Narasimham, Khatkhate and Bhatt. He was a
tough disciplinarian. He gravitated to I F D and from there moved on to
become Joint Chief Officer in D B O D, Hyderabad. He used to contribute letters to Times of India on economic and banking matters. He was a close friend of mine and read scores of books given by me -- especially those relating to R B I.
Smt. Vaidehi Sreeram Deshpande (nee. Vijaya Chandwadkar) expired on
June 30, 2013 in Pune. She was ailing for the last 3 months.She
leaves behind her daughter and husband Shri. Sreeram Deshpande, also
from the DEAP. Smt.Deshpande was one vivacious personality and extremely popular and had a wide circle of friends.
- P.P.Ramachandran (via e-mail)
Banks choose CBLO market over RBI's liquidity window
Taking benefit of low interest rates, some banks on Wednesday preferred to tap the collateralised borrowing and lending obligation (CBLO) market over the Reserve Bank of India (RBI)'s liquidity window..........
First Women Cooperative Bank in Jammu soon
......... the J&K Women Credit Cooperative Ltd has already applied to the RBI for permission to setup first women cooperative bank in Jammu. The J&K Women Credit Cooperative Ltd has been already advancing loans to its women members for setting up business ventures, to become economically self dependent. The J&K Women Credit Cooperative Ltd has so far advanced rupees three crore seventy six lakh to its members for the purposes...........
Read...........
RBI puts on hold debt private placement rules for NBFCs
The Reserve Bank of India said on Wednesday it would hold off implementing a notification issued last week that mandated a minimum wait of six months between two private placements from a non-bank financial firm. Instead, the RBI said a decision on "the appropriate minimum time gap" would be taken by the central bank "in due course," after the industry raised some concerns about the measures.........
Indian rupee's descent isn't over yet
.......Some bankers and analysts feel the RBI has remained a mute spectator to the rupee's steep fall. "The RBI's hands are tied," says a banker on condition of anonymity. They say the RBI should have strongly intervened in the foreign-exchange market to support the local currency. The central bank's stated position is that it intervenes in the foreign-exchange market only to reduce extreme volatility and not to defend the rupee at any particular level. Deputy Governor H.R. Khan said in late June the RBI will take all necessary steps to protect the rupee. Still, the RBI has sold dollars on several occasions to prop up the local currency. This is evident from a fall in India's foreign exchange reserves...............
'Illegal' penalty by banks challenged
......Petitioner Sunil Khare claimed that due to neglect by RBI, various banks have forcibly recovered a staggering Rs3,000 to Rs5,000 crore in the name of penalty for non-maintenance of minimum balance. The petitioner added that only SBI discontinued this practice in April last year, but only after collecting about Rs1,500 crore. Citing a research conducted by him, Khare said most of the banks, including public sector, are charging penalty ranging from 80% to a whopping 365% per annum.........
Inoperative Accounts / Dormant Accounts and Unclaimed Deposits
....However, it may be mentioned that some banks had certain internal guidelines / periods before an account can be termed as dormant and / or inoperative. Bankers needs to check their internal circulars for this purpose, but the above period of two years is applicable as per RBI guidelines. Therefore, as per RBI guidelines, there is no difference between dormant accounts and inoperative accounts..............
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