........Post his "intense" stint at the central bank "where there was never any let-up", Gokarn now steers the research agenda at the Indian arm of one of the world's most respected think-tanks — Brookings Institution. Brookings India's founders include the who's who of India Inc, including Reliance Industries' Mukesh Ambani, the Birlas and the Tata Group. Edited excerpts:--
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, July 22, 2013
Corporate lending rates: Sterile debate - DR. N. A. MUJUMDAR
......Reverting to substantive issues, is there any empirical evidence to support the thesis that financial engineering can by itself, generate real growth? RBI Governor D Subbarao, has given a convincing answer to this question in his foreword to the RBI’s Financial Stability Report ( No. 7 issued in June 2013): “ In the years before the global financial crisis of 2008, the financial sector took on a life of its own with a growing belief that real growth can be generated by sheer financial engineering. That myth is now demolished. We now know that the financial sector has no standing of its own: it matters only to the extent that it aids the growth of the real sector. It is this wisdom that must guide the ongoing global effort at financial sector reforms: it is this wisdom that must inform the Reserve Bank’s policies and actions.” The financial system can aid but not generate real growth.............
Tackling crisis of confidence in economy - Dr. T. V. GOPALAKRISHNAN
...The foremost thing is to bring down the inflation and any cost incurred by the Government and the economy. The RBI has been doing its best for the past few years but it was not given the attention it deserved by the Government. The RBI’s efforts have kept inflation under check and below the double digit. Raising resources from both domestic and external sectors are the major hurdle and herein lies the solution to give strength to the economy..............
Demise of a humble persona.............
Very sorry to inform about the sad demise of Mr. E.U.KHAN (70), Retd. Chief General Manager, Premises Dept. CO. Mumbai on Sunday, 21 July 2013 at about 8 pm in Saifee Hospital, Mumbai. We pray for the departed soul to rest in peace. Funeral on Monday, 22 July at 1.30 pm at Mira Road, Mumbai. Residence: Asmita Vintage A204, Asmita Heritage compound, Near N. H. School, Mira Road East.
Son's Mobile phone number:
- Irfan 9867145533
- Akram 8828449190
- A.U.Shaikh, Mumbai
Remembering K.S. Krishnaswamy: Essential Mysorean and Sensitive Economist
.........Many years later, as I was building a small centre for women’s studies, and he was the Deputy Governor in the RBI, I went to see him and made him more or less swear that when he retires to Bangalore, he shall not join the councils of the famous centres of economic research in Bangalore, like the ISEC or IIM or any other, but will join and advise our little centre called the Institute of Social Studies Trust—which he did! ............
Read............
Question of change or continuity hovers over Indian central bank
The identity of India's next central bank chief remains a matter of speculation even as Reserve Bank of India Governor Duvvuri Subbarao scrambles to support an embattled rupee with less than seven weeks to go before he is due to leave office. An extension of Subbarao's tenure, once unlikely, has become a possibility as the rupee reels from a selldown of emerging markets that has hit India especially hard because of its high current account deficit...............
RBI chief Subbarao not offered job extension so far
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| .................."No offer has been made so far, so there is no question of accepting so far. It is a hypothetical question. As I said before, I must move on,"................. |
Rajan, Mayaram in race for RBI Governor’s post
.......While India negotiated that crisis relatively unharmed, the latter part of Subbarao's tenure spawned a stark dilemma as fiscal and monetary measures to tame inflation, while failing to hit the target, cast side effects on growth. He has presided over decisions to repeatedly raise lending rates to cool prices. In the last few weeks, the sharp decline in the rupee has added to the array of problems for the RBI Governor who has, so far, withstood pressure from all quarters to slash lending rates. He has also ushered in key reform measures including savings bank rate deregulation and a plan to issue new bank licences.
Next Gov by choice??
In
my view the choice of the next Governor of the RBI should be identified by a
Committee of ex Governors of RBI as they know best what are the demands and
expectations of the job and the country and they have been in the high echelons
long enough to know the potential of the candidates available.
- Kamala Rajan, CGM, UBD
Through the VITALINFO I wish to share my thought on behalf of ALL THE RETIREES that next GUV should be one who can think of the plight of retirees if Pension Updation is not finalised at the earliest. We are not going to be affected whether a person is close to PM or FM or someone else. Our only concern is that PENSION UPDATION SHOULD BE TAKEN UP ON PRIORITY BASIS. Otherwise koyee aye koyee jaye......mainoo kee.......
- K.S.Wadhwa, Retd. PS
Anonymous view on VITALINFO........
As rightly said, one can express frank views in VITALINFO and Re-Tyred Express without reserve and without fear of hierarchy or APAR. However, let us acknowledge that VITALINFO/ Re-Tyred Express is not a platform for score/avenge. All writers may kindly ensure that their contributions are free from admonition of x or reflective of idiosyncrasy. In sum, let the views expressed in VITALINFO/Re-Tyred Express necessarily be those of the authors /contributors.
- Anonymous
My View on "Time to cleanse banking in India"
This is a timely caution to government and regulators in the financial sector. Perhaps, confused with the shifting and dodging of responsibility by various authorities including finance ministry in the financial sector, FSLRC went to another extreme of suggesting a single regulator for financial sector. In the Indian context, such an institutional change may not happen that soon. But, regulators and GOI as also state governments should take cognizance of the blatant violations of established law by several agencies and take remedial action by following a coordinated approach. Coming to the limited issue of money laundering, finance ministry should take immediate supportive measures to follow up the symbolic action taken by RBI using its powers categorizing the goings on as a ‘KYC’ issue.
- M.G.Warrier
My View on "RBI to open financial literacy centres"
It is comforting to find that RBI is taking forward the initiative to promote financial literacy vigorously .While such efforts will yield results in states like Kerala where literacy level is high, across the country the position is pathetic. There were 11 states with literacy rate below the national average of 74 per cent in 2011. These states together accounted for 55.76 per cent of the population (121 crore-Provisional). Kerala, Lakshadweep and Mizoram had literacy rate above 90 per cent. Himachal Pradesh, Chandigarh, Delhi, Sikkim, Nagaland, Tripura, Daman & Diu, Maharashtra, Tamil Nadu, Pondicherry and Andaman & Nicobar Islands had literacy rate between 80 per cent and 90 per cent. Literacy rate in the remaining 9 states/UTs was above national average, but below 80 per cent. States and Union Territories with below national average (74%) literacy rate. One wishes, GOI joins hands with RBI and guides states to improve literacy at primary and secondary school levels.
- M.G.Warrier
Mind elsewhere!
It is customary for speakers, especially the chief guest, to make platitudinous remarks about what an honour or pleasure it is for them to be in any conference. In a rare and candid admission at a recent conference on financing strategies for urban infrastructure conducted by the Centre for Advanced Financial Research and Learning (CAFRAL), RBI Deputy Governor H. R. Khan, said, “It is a pleasure being here, but my mind is elsewhere!” He was alluding to the anxiety in the RBI and among market players following the series of steps taken to curb liquidity. Luckily for him, nothing untoward happened.
Mayaram meets RBI brass
Mumbai, Jul 19 (PTI) With the troubles on the macro-economic front continuing, Economic Affairs Secretary Arvind Mayaram met the Reserve Bank brass, including Deputy Governor H R Khan, here this afternoon. Coming out of the hurriedly convened meeting, which lasted for two hours, Khan described it as a "routine meeting", but refused to divulge any details. Apart from Khan, who looks after the internal debt management, the meeting, held at the central bank''s office in sub-urban Bandra Kurla Complex, was also attended by RBI Executive Director G Padmanabhan, who oversees the Foreign Exchange Department..........
RBI to conduct inter-school quiz on August 8
The Reserve Bank of India (RBI) will conduct RBIQ, an all-India RBI Inter-School Quiz at Carmel Girls Higher Secondary School, Vazhuthacaud, here, on August 8, from 9.30 am to 12.30 pm. The event is being organised with a view to create awareness and interest about the history and role of RBI, about banking and finance, other banking institutions, economics, current affairs, personalities and events that have contributed to the growth and progress of India over the years..........
Now, currency exchange cell at various banks
KANPUR: Exchanging damaged currency notes with fresh ones has been made easier by the authorities of Reserve Bank of India (RBI) by setting-up currency exchange cell at various banks in the city. Even the mutilated currency notes, with essential features intact, can be exchanged at designated branches of the banks, RBI said in its issued press release.The exchange facility is available at 38 branches of government banks while eight private banks will also offer this facility to the citizens. RBI has also asked the all bank branches to accept coins and currency notes for transactions or exchange.The designated branches have also been asked to display prominently a notice saying, 'Mutilated notes are accepted and exchanged here' for the convenience of the customers.
Programme on ICAAP and SREP by CAFRAL
The objective of the programme is to have a thorough discussion on the issues related to Internal Capital Adequacy Assessment Process (ICAAP) and Supervisory Review and Evaluation Process ( SREP). It has been specifically designed and targeted at the senior officers of banks who are responsible for implementation and validation of the ICAAP document as well as Inspectors in the Banking Supervision departments of RBI who would undertake SREP..........
RBI online exam postponed
Srinagar, July 20: Reserve Bank of India postponed the online examination for the post of Assistant which was scheduled to be held at Srinagar and Baramulla on July 20 and 21. “The examination has been postponed due to the prevailing situation in these places,” RBI said on its website. The revised dates of the examination at these centres shall be intimated to the candidates, it said.
Greater Kashmir
Stung into action
.............The question that arises, therefore, is: Why has the RBI seemingly woken up only now and gone on to impose fines on 22 banks (in addition to three others in June)? Has all this come about only because of a ‘sting operation’ by an online news portal, apparently showing officials from three banks willing to accept large amounts of unaccounted cash and deploy these in suitable investment schemes? The fact that the RBI scrutiny happened just a month after the news portal’s expose does indicate so. Given the compulsions that banking staff face to keep deposits flowing, it would be a folly on the part of the RBI to count on their good behaviour alone as the basis for compliance with KYC norms........................
Misuse of funds: probe begins against cooperative bank
.........The chairman said under the scheme, Rs. 5.30 crore was credited to the bank in 2009 and subsequently the amount was credited to 1,390 beneficiaries. “Since then, three audits have been conducted and no one has objected. When the CAG reported loans had been given to ineligible beneficiaries, we remitted an amount of Rs. 1.05 crore in June and Rs. 3.7 crore on July 15 to the Reserve Bank of India. When we have remitted the amount, the question of misuse does not arise,”...............
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