........The government adopts different mechanism for various watchdogs from time to time. For instance, banking regulator Raghuram Rajan's name was forwarded by Finance Minister P Chidambaram to Prime Minister Manmohan Singh who gave his nod, those in know of the development said. However, at the time of Damodaran's exit in 2008, an interview was called and C B Bhave was selected as the Sebi chairman. The committee said the practice of inviting applications from interested candidates and subjecting them to a process of interviews by a panel comprising persons with no familiarity with the regulatory organisation, is the surest way to cause loss of public confidence not only in the process but also in the organisation............
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.
Tuesday, September 17, 2013
FSLRC members handsomely “compensated” for their “contribution”
...........The remuneration, fees and compensation is just one part of the expense paid to these members. We also found out that the FSLRC spent huge amounts of money on ferrying members to and forth, feeding and providing them with food/accommodation, reimbursement of office expenses and conveyance and “other assorted expenses” (whatever this means).............
RTI Judgement Series: Citizens have the right to know about irregularities in banks
.........The Central Information Commission (CIC), while allowing an appeal, directed the Central Public Information Officer (CPIO) and chief general manager (CGM) of National Bank for Agriculture and Rural Development (NABARD) to provide copies of inspection reports of apex co-operative banks. The CPIO had denied the information citing exemption under Section 8(1)(a) of the Right to Information (RTI) Act.............
Tax passbook
The income tax department is finally moving towards a system which could allow taxpayers to keep a tab on their tax payments, tax due and refunds online through tax e-passbooks. In simple terms, managing income tax liability would become as simple as managing individual bank accounts—the only difference would be that transactions would not be possible on this platform, but that, in any case, can be done through registered bank accounts........
A day is incomplete without VITALINFO................
A day is incomplete
without reading VITALINFO.
-
K.Kanagasabapathy
Mangesh
Heartiest congratulations! As one who has been open in defending RBI and Dr Subbarao in the media and as one who has himself received encouraging response from Dr Subbarao for expressing views on issues like Financial Inclusion, I am very happy to see these words of encouragement showered on VITALINFO and you, by a person who was leading RBI for 5 years with courage and conviction.
Heartiest congratulations! As one who has been open in defending RBI and Dr Subbarao in the media and as one who has himself received encouraging response from Dr Subbarao for expressing views on issues like Financial Inclusion, I am very happy to see these words of encouragement showered on VITALINFO and you, by a person who was leading RBI for 5 years with courage and conviction.
- M.G.Warrier
Heartiest
congratulations. It is indeed difficult to acknowledge your effort and got a
very deserving appreciation who will do anything from his heart.
– Yerram Raju
Dear Mangesh,
It is really
ultimate................ No words beyond this..................
- K.S.
WADHWA, Lucknow
Dear
Mangesh,
You have earned all
the accolades that possibly can be earned. The last one from 'Subba' is
the jewel in your richly studded crown. Congrats. Keep it up.
- B. K.
Kamath, Retd. CGM
Dear Mangesh ji,
It is certainly a richly deserved honour from the highest office. God
bless!
– V G Sekar, General Manager, RBI, Jaipur
You deserve it........great remark.
- Stacy M, Asst Manager, RBI Bangalore
Dear Mr. Tarambale,
Congrats. Very happy
to read the appreciation message of the Governor.
– P.Thangam, PS,
Mumbai
Never heard this type of appreciation before ! BRAVO !!! KUDOS !!!
– Vivek Maindargi, AGM (Rajbhasha), Pune
My heartiest Congratulations.
– Ashutosh Raravikar, AGM, Mumbai
You really deserve
this. I am very very happy. Have a wonderful day ahead.
– Sushama Dhawde,
PS, Mumbai
Dear Tarambale,
This is the highest reward which you truly deserve, all the very best
for your future endeavours.
- Rama Nabar, Manager, Pune
A very well earned valuable commendation Mangesh!
- Kamala Rajan, CGM, UBD, Mumbai
Changing role of women in India
......There is certainly a case for cheap and accessible credit to women by public sector banks. But this concept of a women- centric bank has sometimes been viewed as an extreme case of inclusion by exclusion. There has also been a greater awareness of the need for inculcating confidence among women, generating awareness about their rights and privileges and training them for economic activity and employment. The benefits of development must extend to women both qualitatively and quantitatively...............
An ideal person to be emulated...........
I felt deeply sad to know of the demise of Mr Kalyanakrishnan. He was
A.O., DAD in New Delhi when we were posted to that office as S.Os Gr 'A'
(DR) on probation. He was a gentleman to the core and very friendly.
Ever smiling, he always encouraged all of us and appreciated whatever
little we did for completion of the Department's work on time. I had not
heard him talk ill of anybody or lose temper with anybody. Truly an
ideal person to be emulated. RIP.
- C.S.Murthy
An important message to the Government from RBI History volume 4
.........This history volume in particular conveys the message that RBI Governors never go wrong in their policy judgement and it is for the Government in power to evaluate the message and act decisively to save the economy from all impending dangers. This is what Dr Subbarao also did but unfortunately his advice has been not only ignored but also has been openly challenged and condemned inviting all troubles to the economy...................
Appointment of Director, NIBM
.......The key requirements for the position are exceptional leadership and institution building skills and a commanding strategic vision; the ability and drive to further the Institute’s mandate and the ability to enthuse, inspire and motivate the staff and students. A seasoned banker or an accomplished academician-administrator will be the ideal candidate............
Building a cadre of young economists
...........What is the difference between a doer and an advisor? Take a look at Raghuram Rajan and you will know what precisely differentiates the two. In about a year that Rajan functioned as chief economic advisor or CEA in the finance ministry, he looked a man with good intentions, but showed little firepower to make a difference. However, Rajan looks a different man now after taking charge as Reserve Bank of India (RBI) Governor last Wednesday, taking actions where necessary without mincing words.............
A silver bullet
................In sum, the RBI putting its weight behind m-commerce is a welcome development, since this could indeed be a game-changer in many ways. The devil will be in the details of the technical delivery system and the regulatory overview. The structure must be designed to guarantee uptake by those in the most dire need for access to the formal financial system. ........
Rupee, inflation to weigh on RBI policy: Rangarajan
 |
| ........" All that I can say is that the RBI, I believe, will take into account the behaviour of inflation as well as what is happening in the foreign exchange market and take a decision,"......... |
Too early to lower guard
..........It is probably too early to expect growth-stimulating cyclical monetary policy, but without growth, it is often difficult to tackle India’s other macro vulnerabilities. The focus is therefore likely to be on policies to promote financial development (a road map for liberalizing the banking system and opening up the capital account), which will in turn stimulate growth. Market is looking forward to Rajan’s openness to change things and the September policy could be the curtain-raiser.
Focus on transparency
..........As the new RBI governor, Raghuram Rajan, prepares his first monetary policy review statement, he should keep this confusion in mind. It has always been Dr Rajan's stated belief - and the consensus in the macro-economic profession - that central banks should focus on one instrument to control monetary policy, and that good communication and transparency are crucial to achieving a central bank's ends. The RBI's recent actions have not been satisfactory when judged from that point of view. A plethora of confusing and contradictory instruments have been used, some of which have unknown consequences; and transparency has suffered alongside............
What Rajan had that Summers didn't
.....There’s another major difference: Summers was on the wrong side of one big question, while Rajan was on the right side – and that’s on whether the increasing financialisation of the US economy that began in the late 1990s posed a systemic risk. Rajan, famously, warned a gathering of central bankers in 2005 at the height of the Alan Greenspan era that modern finance had made the economy more vulnerable. In response, Summers snapped the way he would have in a seminar room – Rajan’s views where “slightly Luddite”, he said. Summers had, of course, led the drive towards deregulation in the Clinton Treasury. But he was wrong and Rajan was right..................
Advice for the guv'nor
..........If you can save the rupee AND keep some vapid starlet’s face off the front page by taking his/her place, you’re okay in my book. Which by the way is an economic tome called “The 7 Habits of Highly Effective eBay Discount Voucher Users.” I’ll be sure to send you a copy.
The Root of Stagnancy
..... Take the decision of the new RBI Governor, Raghuram Rajan, as a contrast. A brilliant visionary as he is, after assuming office he passed a decree that any bank could open a branch without RBI clearance — only the usual rules would be followed and the clearance issues would come up later on. This is a smart and neat way of doing things in the era of liberalization. .............
Forex policy: RBI's change in stance
..............“What if the Fed tapers more than $ 20 billion? This should trigger RBI FX intervention to prevent sharp depreciation, although the INR will likely still pierce Rs65/$ again,” Indranil Sengupta, India Economist at Bank of America Merrill Lynch said. If the tapering is deferred, then RBI is expected to withdraw the liquidity tightening measures that it had started since July 15.
Zero balance - Zero presence
Following pot nationalization reforms, banks were quick to close down the 'loss-making' rural branches and the RBI encouraged them to do so. In the fifth year of financial inclusion quite a few banks closed down the accounts with zero balances in rural areas and asked the BCs to chase them for viable business. Now, in this eighth year of financial inclusion, banks are expected to open 25% of the new branches in rural areas although such directive did not deliver results thus far. Banks that are keen to participate in the inclusive growth agenda would do well to simultaneously invest in social infrastructure - primary and middle schools to qualitatively upgrade and primary health clinics to up scale when the staff posted there in their youthful careers would find worthwhile to stay there and pursue the financial inclusion agenda wholeheartedly.
- Yerram Raju
RBI and Inflation
.... It is for the Government and not for the RBI to seriously ponder over the whole issue of inflation control at this critical juncture where the failure of the government is predominant. RBI's balance sheet expansion is also a direct reflection of Government"s poor finances.
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