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Friday, August 29, 2014
Rupee lessons
Conference of Chief Compliance Officers
The objective of the conference is to have a dialogue between the Regulator/ Supervisor and Chief Compliance Officers of banks on the key aspects of their role in ensuring compliance, with special emphasis on Risk Based Supervision.....
Date: August 27, 2014
Venue: Conference Hall II, 15th Floor, Reserve Bank of India, Central Office, Mumbai
Time Topic Speaker
9:30 – 9:35 AM Inaugural Address G Gopalakrishna, Director, CAFRAL
9:35 – 10:00 AM Key Note Address - Significance of Compliance, Functions in banks – management perspective - S S Mundra, Deputy Governor, RBI
PENSION UPDATION - RBI AC NO 8 DATED 18.03.2013 CHALLENGED IN DELHI HIGH COURT
One more Writ Petition against RBI AC No. 8 Dated 18.03.2013 amending RBI Pension Regulation 1990, w.e.f. 12.01.2013 and fixing the same date for it's implementation was heard by Delhi High Court today for early hearing as per Delhi High Court rules. Hope for further order details in few days. Notices were received by UOI and RBI and their advocates were present in the court.
- Capt. C B Gupta
Concerns relating to Organisational Restructuring and Lateral Recruitment
..............We look forward for a detailed and meaningful interaction with the Bank on the issues and hope that the Bank won't take any unilateral action in a hurry which may vitiate the environment. The proposed changes shall be having long term impact on the organisation. We also need to have clarity on the human impact issues.........
RBI to hold RBI Quiz at PRSU on September 8
Reserve Bank of India (RBI), Raipur will organize Reserve Bank of India Quiz (RBIQ) at the auditorium of Pt. Ravishankar Shukla University, Raipur on September 8 from 8 am. This quiz will be a part of an All-India Inter School Quiz being conducted in 62 locations across the country and open to school children from Classes IX to XII. Reputed quizmasters from Greycaps Pvt. Ltd. will conduct the quiz. RBIQ aims at creating awareness on financial literacy and .......
Act in 8 weeks: NHRC to heads of RBI, PNB
CHANDIGARH: In the suicide case of Ajay Sehgal, branch manger of Punjab National Bank (PNB), Panchkula, the National Human Rights Commission (NHRC) on Thursday issued notice to the top officials of Reserve Bank of India (RBI) and PNB. The NHRC has directed the secretary, ministry of finance, New Delhi, the governor, Reserve Bank of India, chairman and managing director, Punjab National Bank, and regional chairman, Punjab National Bank, Chandigarh, to "take appropriate action within eight weeks."..........
Modi critic Arvind to become PM’s chief economic advisor
..........Many in the government compare Modi’s choice with that of the late PM Narasimha Rao, who had cherry-picked Manmohan Singh to initiate first generation economic reforms. Subramanian has endorsed Modi’s campaign message that India needed a period of renewed growth, but has emphasised upon policy actions. What had angered the BJP leaders most was that he had questioned India’s decision to block a World Trade Organization deal over provisions that would limit the government’s grain stocks. A senior journalist with BJP leanings had even uploaded links where Subramanian had savaged the Modi government on the WTO, Gujarat model and the Budget..............
Tech Key to Financial Inclusion
.......Technological innovations like integrated machine that has functionality of cash withdrawal and deposit; facility of scanning documents to facilitate new account opening and loan disbursal; and biometric identification of users, voice commands and narration for all facilities in multi-language format could help increase banking penetration. Centralised online loan application processing will not only help in more efficient appraisal and disbursal but also impart cost efficiency and consistency. It will also shift the onus and risk of loan sanction to the central/regional authority from local managers............
Inflation expectations
..............Inflation expectations can simply be defined as economic agents’ perception about future inflation. Central banks intend to achieve low and stable inflation where inflation expectation is well anchored. “…a steady and low inflation combined with well-anchored inflation expectations helps the monetary authority in achieving the other objectives of monetary policy, such as economic growth and financial stability,” said Deepak Mohanty, Executive Director, Reserve Bank of India (RBI), in a speech on the subject in November 2012..........
Bracing for change | PSU bank reforms: The elephant in the room
............But not all of the troubles being faced by these banks can be passed off as second round impacts of the economic slowdown. The genesis of some of these issues goes back years, if not decades. Other issues link back to the broader problem of corruption and lack of governance. To understand what went wrong, we need to think back a decade to 2003-04 when infrastructure lending started in earnest..................
The new themes evolving in the banking system
..............There is also a new theme which is being proposed which would introduce a new order of banking. We are now emphasizing separating the ownership of the banking system from the management. This is a very commendable initiative but its ramifications have to be well evaluated. If we accept the premise that public sector banking enjoys the confidence of the deposit holders arising out of the implicit sovereign guarantee, then its withdrawal would have larger implications in the deposit base of the entities. It would certainly bring about a very level playing field for private sector banking but will have its own cost and consequences............
Will changing banking structures do any good?
..........“I feel cooperative banks should actively be involved in financial inclusion because they have an existing presence in rural areas. If we can address whatever their shortcomings are, we should move to upgrade them and they can be a major source of financial inclusion,” says Aditya Puri, managing director of HDFC Bank Ltd. To be sure, RBI in its annual report said that it will try and bring changes to the existing cooperative bank structure by allowing mergers and takeovers of assets and liabilities of negative-net worth banks without the acquiring bank having to bear the burden of the loss. “At present, conversion of a UCB (urban cooperative bank) into a commercial bank is not permitted. The Reserve Bank plans to engage with the government of India for enabling legal changes to help large and willing multi-state urban cooperative banks to convert themselves into commercial banks,”..........
Postal network to widen reach
.....................India has around 150 million postal savings accounts, which are being seen as the potential customers of the Jan Dhan scheme. The postal department, which has been pushed into oblivion in the last two decades by private courier companies and the spread of Internet, is suffering an annual loss of over Rs 6,000 crore. However, post office savings schemes and money order windows remain popular. Rural post offices, which account for nearly 90 per cent of the network, cover a large part of the country where bank branches are absent. “As financial inclusion, which means bringing payment and lending windows to rural India where banks have been hesitant to penetrate, will remain an important objective for any government, the idea of Post Bank remains one, which has to be used effectively,” officials said..............
RBI eases norms, 1 photo ID proof to open bank account
Reserve Bank of India has, as part of Prime Minister Narendra Modi's push for financial inclusion, relaxed 'know your customer' (KYC) norms to open new bank accounts. RBI said there would be no need for applicants to submit separate documents for address and identity proof to open a savings account. The central bank has directed banks to accept a single document, like a driving licence, which contains the applicant's photograph and address to open an account. ..........
Modi wants to take RuPay cards to global level
"... We are all aware globally about the popular Visa Card. Should we not also aspire that our 'RuPay' card becomes acceptable all over the world? Should it not also have the same credibility? After today's event, it looks like there is full possibility," .................
Read - Deccan Chronicle
Read - Deccan Chronicle
Bank on accounts
........n a recent speech on financial inclusion, the RBI governor observed that there has to be five features in banking services if financial inclusion is to be achieved. He emphasised that the financial products offered by banks should be suitable for the people concerned, such as, a safe and reliable way of saving, a quick and hassle-free service when quick loans are needed and similar attributes. Governor Rajan had also indicated that the place for offering such service should be near at hand. That means, the bank branches would have to be opened in unbanked and remote areas. Above all, for financial inclusion to be successful, it must be profitable for banks, Rajan emphasised. Going by the plans of the government, the services under universal banking access programme will be extended by using the prevailing practices of business correspondents (BCs) who virtually operate as single-person bank branches now. For the current programme, many more BCs would have to be appointed. Along with that brick and mortar branches are also to be opened........
Jan Dhan Yojana: Bankers go the extra mile, many rush to camps to get 'freebies'
..........It’s people like Das and Jana who the banks are targeting as per Modi’s ambitious plan to eradicate financial “untouchability”. Bankers are thus taking pains to make people understand that the scheme is not a loan mela of the 1980s when banks gave loans to farmers which were never returned. Under the Yojna, account holders will also get an overdraft facility of Rs 2,000 initially which can later be extended up to Rs 5,000. But bankers say that they will have to put in a stringent norm in place so that no one misuses the scheme..........
Govt's financial inclusion scheme a hit on Day 1
.............In a country where 40 per cent of the population does not have access to banking services, Thursday's programme would mark the beginning of the end of "financial untouchability" and rid the country of poverty, Modi said. He recalled the bank nationalisation of 1969, aimed at extending the reach of the financial system to the doorsteps of the poor. "But I regret to say after 68 years of Independence, not even 68 per cent of the population is covered by the banking system," ......
Jan Dhan Yojana launched in district
...........Banks such as Canara Bank, State Bank of India, and Kerala Gramin Bank took the lead by opening more than 5,000 accounts under the scheme, he added. District Collector C.A. Latha, district panchayat president Kanathil Jameela, Reserve Bank of India Assistant General Manager P. Ravindran and Deputy General Manager of NABARD Suresh Kumar were present during the district-level launch.
RBI to release annual GDP data Friday
With the Reserve Bank of India (RBI) due to release the GDP (gross domestic product) figures Friday, growth in the current fiscal is expected top 5.5 percent as predicted by the country's central bank. The RBI, in its annual report for 2013-14, had projected the GDP growth for 2014-15 at 5.5 percent, emerging out of the sub-5 percent growth in the preceding two years........
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