posted 5 Apr 2012 00:39 by CA Naresh Shah
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| Date : 20 Jul 2011 |
| Reserve Money for the week ended July 15,
2011 |
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The Reserve Bank has today released data on Reserve Money for the week ended July 15, 2011.
Subhash Desai
Assistant Manager
Press Release : 2011-2012/108 | |
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posted 5 Apr 2012 00:37 by CA Naresh Shah
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| Date: Jul 15, 2011 |
| Branch Authorization Policy - Opening of
branches in unbanked rural centres |
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RBI/2011-12/113
DBOD.No.BL.BC. 24/22.01.001/2011-12
July 15, 2011
All Scheduled Commercial Banks
(excluding RRBs)
Madam/Dear Sir,
Branch Authorization Policy - Opening of branches in unbanked rural
centres
Please refer to paragraphs 97& 98 of the Monetary Policy Statement
2011-12 on the above subject (extract enclosed).
As stated therein, there is a need to step up the opening of branches in rural
areas so as to meet the objectives of increasing banking penetration and
financial inclusion rapidly and meet the targets set out for providing banking
services in villages with population over 2,000. Keeping in view the goal of
bringing banking services to identified 72,800 villages with population above
2,000 by March 2012, and thereafter progressively to all villages over a period
of time, there is a need for opening more number of brick and mortar branches in
rural centres, besides the use of Business Correspondents.
2. Banks are, therefore, advised that while preparing their Annual Branch
Expansion Plan (ABEP), they should allocate at least 25 percent of the total
number of branches proposed to be opened during a year in unbanked rural (Tier 5
and Tier 6) centres. An unbanked rural centre would mean a rural (Tier 5 and
Tier 6) centre that does not have a brick and mortar structure of any scheduled
commercial bank for customer based banking transactions.
3. Presently, as advised in circular DBOD.No.BL.BC.65/22.01.001/2009-10 dated December 1, 2009,
domestic scheduled commercial banks (excluding RRBs) are permitted to open
branches in Tier 3 to Tier 6 centres (population up to 49, 999 as per Census
2001) without prior permission from the Reserve Bank in each case, subject to
reporting. However, opening of branches in Tier 1 and Tier 2 centres (population
of 50,000 and above) would require prior permission of the Reserve Bank, except
in case of North Eastern States and Sikkim where the general permission would
also cover semi-urban and urban centres. Authorisation is given by the Reserve
Bank for opening branches in Tier 1 and Tier 2 centres which would generally not
exceed the total number of branches proposed to be opened in Tier 3 to Tier 6
centres as well as in North Eastern States and Sikkim. While issuing such
authorisation, Reserve Bank would factor in whether at least one third of the
total number of branches proposed to be opened in Tier 3 to Tier 6 centres are
in underbanked districts of underbanked States as also upon regulatory and
supervisory comfort and critical assessment of bank’s performance in financial
inclusion, priority sector lending and customer service, etc.
4. In view of the requirement for opening at least 25 per cent of the
branches under ABEP in unbanked rural centres, it would now not be mandatory to
open at least one third of the total number of branches proposed to be opened in
Tier 3 to Tier 6 centres in underbanked districts of underbanked States.
Accordingly, authorisation for branches in Tier 1 and Tier 2 centres will now
factor in whether at least 25 percent of the total number of branches to be
opened during a year are proposed to be opened in unbanked rural centres in
place of the requirement that at least a third of branches to be opened in Tier
3 to Tier 6 centres are in underbanked districts of underbanked States.
5. Since there is a continuing need for opening more branches in underbanked
districts of underbanked States for ensuring more uniform spatial distribution,
banks would be provided incentive for opening such branches. Accordingly, for
each branch proposed to be opened in Tier 3 to Tier 6 centres of underbanked
districts of underbanked States, excluding such of the rural branches proposed
to be opened in unbanked centres that may be located in the underbanked
districts of underbanked States in compliance with the requirement as indicated
in paragraph 2 above, authorisation will be given for opening of a branch in a
Tier 1 centre. This will be in addition to the authorisation given for branches
in Tier 1 and Tier 2 centres based on the considerations stated in paragraph 3
above.
Yours faithfully
(A.K. Khound)
Chief General Manager
Encl: As above
Extract
Paragraphs 97 & 98 of the Monetary Policy Statement,
2011-12
97. Domestic scheduled commercial banks (excluding regional rural banks
[RRBs]) were permitted in December 2009 to open branches in Tier 3 to Tier 6
centres (with population up to 49,999) without prior permission of the Reserve
Bank. However, prior authorisation from the Reserve Bank was required for
opening of branches in Tier 1 and Tier 2 centres which was granted based,
inter alia, on the (i) number of branches opened in Tier 3 to Tier 6
centres under general permission; (ii) branches proposed to be opened in
under-banked districts in under-banked States; and (iii) bank's performance in
areas of financial inclusion and customer service. It was observed that on an
average scheduled commercial banks (SCBs) opened about 20 per cent of the total
number of new branches in rural centres (Tier 5 and Tier 6) in the last two
years.
98. There is a need to step up the opening of branches in rural areas so as
to improve banking penetration and financial inclusion rapidly and meet the
targets set out for providing banking services in villages with population over
2,000. The FIPs submitted by banks indicate that banks propose to use BCs in a
big way to reach out to unbanked villages. Keeping in view the goal of bringing
banking services to identified 72,800 villages by March 2012 and thereafter
progressively to all villages over a period of time, there is a need for opening
of more brick and mortar branches, besides the use of BCs. Accordingly, domestic
SCBs are being mandated:
- to allocate at least 25 per cent of the total number of branches to be
opened during a year to unbanked rural (Tier 5 and Tier 6) centres.
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posted 5 Apr 2012 00:36 by CA Naresh Shah
[
updated 5 Apr 2012 00:36
]
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| Date : 13 Jul 2011 |
| Reserve Money for the week ended July 8, 2011
and Money Supply for the fortnight ended July 1, 2011 |
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With a view to providing quicker information, the Reserve Bank of India has
decided to disseminate the data relating to Reserve Money on every Wednesday and
data relating to Money Supply (M3) on every alternate Wednesday, or the
following working day in case of a holiday, through a press release. These data
were earlier being released first through the Weekly Statistical Supplement on
Friday. The data dissemination through other sources viz. Weekly
Statistical Supplement, Monthly Bulletin and Real-Time Handbook of Statistics of
the Indian Economy (http://dbie.rbi.org.in) would continue.
Accordingly, Reserve Money data for the week ended July 8, 2011 are presented
in Statement I and Money supply data for the fortnight ended July
1, 2011 are presented in Statement II.
Ajit Prasad
Assistant General Manager
Press Release : 2011-2012/72 | |
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posted 5 Apr 2012 00:28 by CA Naresh Shah
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| Date : 12 Jul 2011 |
| Overseas Direct Investment for June 2011
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The Reserve Bank of India has today released the data on Overseas Direct Investment, both under Automatic Route and the
Approval Route, for the month of June 2011.
Ajit Prasad
Assistant General Manager
Press Release
:2011-2012/62 | |
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posted 5 Apr 2012 00:27 by CA Naresh Shah
| Note :
Please click on the below links of your choice to read the Bulletin
Details. You can also conveniently use the various search options listed on the
left panel to extract a list of Bulletin either monthwise, yearly or for a
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posted 5 Apr 2012 00:18 by CA Naresh Shah
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| Appointment of Medical Consultants and
Pharmacists on contract basis |
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Reserve Bank of India, Mumbai Regional Office invites applications from Doctors and Pharmacists for Bank's office /
residential dispensaries as Medical Consultants and
Pharmacists on contract on hourly remuneration basis. Details of
eligibility, terms and conditions of the appointment can be obtained from
Recruitment Section of Reserve Bank of India, Mumbai Regional Office, Fort, Main
Building, Mumbai or from Bank's website www.rbi.org.in
Reserve Bank of
India
Mumbai Regional Office
RECRUITMENT SECTION
Mumbai
NOTIFICATION
Filling up of vacancies of Part-time Medical
Consultants on contract basis
Reserve Bank of India, Mumbai Regional Office invites applications
from eligible candidates to fill up 3 (three) posts (1 OBC and 2 Unreserved )
of part-time Medical Consultants on contract basis with fixed remuneration at
Bank's dispensaries at Belapur Office, Tata Mill Compound quarters, Parel
(East), Kailash Apartments and Tapovan quarters, Malad (East), Mumbai.
Candidates having MBBS degree from an Indian or Foreign University and
recognized by the Medical Council of India are eligible to apply. Intending
candidates satisfying the eligibility norms may
send their applications along with photocopies of their
certificates/testimonials to the Regional Director, Reserve Bank of India,
Mumbai Regional Office, Department of Administration and Personnel Management,
Recruitment Section, Main Building, Fort, Mumbai 400 001 on or before
July 22, 2011. Further details may be obtained from the
Recruitment Section, Mumbai Regional Office or from Bank’s website www.rbi.org.in
Reserve Bank of India
Mumbai Regional Office
Recruitment
Section
Mumbai
Eligibility Criteria and terms and conditions of
engagement
Reserve Bank of India, Mumbai Regional Office, invites applications for
engaging the services of three Part-time Medical Consultants on
Contract Basis with fixed remuneration on the following terms and conditions;
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Applicant should be a medical graduate of an Indian or Foreign University
recognized by the Medical Council of India and should, in addition, possess at
least 5 years' experience.
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Candidate should not be more than 50 years of age as on July 01, 2011.
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Candidates with previous hospital experience (at least 5 years) and who have
their private dispensaries or places of residence near the aforesaid
dispensaries (within a radius of 5 kms.) will, other things being equal, be
given preference.
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The Medical Consultant will be paid remuneration at the fixed rate of Rs.
350/- per hour for the first three years of contractual service and @ Rs.450/-
per hour after completion of three years of satisfactory contractual service on
renewal of the contract. Out of the total monthly remuneration so payable, a sum
of Rs. 1,000/- per month will be treated as conveyance expenses.
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The engagement under the contract is temporary. No claim shall lie for
regular employment on that basis at any stage or for pay and perks payable to
regular employees of the Bank.
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The Bank reserves the right to enhance the rate of remuneration reviewed from
time to time and change the duty hours at its discretion in case it becomes
expedient to suit administrative and operational requirements.
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The candidates should submit applications in the prescribed format ( Copy
enclosed). The application should be sent in a cover superscribed
"Application for the post of Part-time Medical Consultant". The
bank will not entertain any correspondence with the candidates not found
eligible /not considered eligible for interviews.
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The services rendered by the Medical Consultants will not confer any right on
them for any temporary or permanent post in the Bank’s service.
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The Bank reserves the right to terminate the contract of Medical Consultant
during the period of contract, on three months’ notice on either side or three
month’s remuneration in lieu thereof or in case a Medical Consultant commits a
breach of the code of conduct of the Bank or the terms and conditions of the
contract accepted by him/her, displays negligence, inefficiency or indolence, or
knowingly does anything detrimental to the interests of the Bank or in conflict
with its instructions or is guilty of any other act of misconduct.
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Whenever necessity arises they will be required to work in any of the Bank’s
dispensary at Mumbai during the working hours of that dispensary | |
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posted 18 Jul 2011 05:09 by CA Naresh Shah
RESERVE BANK OF INDIA SERVICES BOARD
ASSISTANT MANAGER(SECURITY) IN GRADE 'A' Date:11-JUL-2011 Result List BHOPAL
1307 - 900004 CHANDIGARH
1607- 900011 900013 LUCKNOW
2407 - 900006 NEW DELHI 2707 - 900004 900010 900012 THIRUVANANTHAPURAM 3105 - 900004 |
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posted 9 Jul 2011 00:01 by CA Naresh Shah
. Introduction It is a great pleasure and privilege for me to be speaking at the 175th Annual General Meeting of the Madras Chamber of Commerce and Industry. I have had the opportunity to speak at previous events organized by the Chamber, and also interact with committee members and the secretariat during my tenure as the chairperson of the Economic Affairs Committee of ASSOCHAM. But, this is a special occasion and I thank the Chamber for inviting me to speak on a topic that has been close to my heart and mind for many years now.
An organization that has been in existence and, by all indications, thrived for 175 years clearly knows a thing or two about sustainability. It has, presumably, through trial and error, figured out what it needs to change and what it needs to retain in order to remain relevant and useful to its individual stakeholders. To be meaningful, sustainable growth has to be viewed from the perspective of the individual. Ultimately, it is individuals or households who determine whether the growth process has benefitted them or not. In short, just as the durability of an institution such as the MCCI depends on how effectively it serves the interests of its members, so also does the sustainability of a growth process depend on how effectively it serves the interests of its core stakeholders – the individuals and households in the economy.
This is the broad perspective with which I plan to address today’s topic. In what follows, I will address four issues - food, human capital, infrastructure and financial sector development - in which I believe reforms are critical to the sustainability of the growth process in the way I have defined it. This is not intended to be an exhaustive list. I am acutely aware that there are many other issues, which have a legitimate claim to be on anybody’s list of reform priorities. I have chosen my list based on my understanding and knowledge of them and not because I believe they are decisively more important than others that have been excluded. Nor am I claiming to offer panaceas by way of reform ideas. Given complex inter-linkages, many solutions that may seem perfectly reasonable in a limited context break down when the context is widened. However, despite all these caveats, I will assert that these are all critical reform agendas and it is worth debating and refining the solutions that emerge.
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posted 8 Jul 2011 23:44 by CA Naresh Shah
The Central Board of the Reserve Bank of India met today in Chennai. The meeting reviewed key economic, monetary and financial developments. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Shri Y. H. Malegam, Prof. U. R. Rao, Shri Lakshmi Chand, Shri H. P. Ranina, Smt. Shashi Rajagopalan, Shri Suresh Neotia, Dr. A. Vaidyanathan, Prof M. M. Sharma and Shri Sanjay Labroo were present at the meeting of the Central Board. Deputy Governors of the Reserve Bank, Dr. K.C. Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri H. R. Khan were also present. The Central Board of Directors of the Reserve Bank meets at least once every quarter. The Boardhas scheduled meetings in Mumbai, Chennai and Kolkata each year. The post-budget meeting of the Board, traditionally held in New Delhi, is addressed by the Union Finance Minister. The other meetings of the Board are held in the remaining state capitals by rotation. The main function of the Central Board of the Reserve Bank is to provide overall direction to its affairs. The Governor and the Top Management of the Reserve Bank met with State Government officials and bankers. The Governor appreciated the fact that Tamil Nadu has the highest Credit Deposit ratio in the country at 114%. The other issues which were discussed include routing of National Rural Employment Guarantee Scheme (NREGS) and Old Age Pension payments through bank accounts. The reasons for the low coverage of the crop insurance and measures of increasing lending to Micro Small and Medium Enterprises (MSME) were also deliberated in detail. The Governor called on Dr. (Kum.) J Jayalalithaa, the Chief Minister of Tamil Nadu, and apprised her of the current macroeconomic situation and the growth-inflation dynamics of the country and of the efforts being made by the Reserve Bank of India to combat inflation. To a query by the Chief Minister about what the State Government can do to ease the supply response, the Governor suggested that the Government could focus on rural infrastructure and providing market access to farmers. The Chief Minister solicited Reserve Bank'ssupport for the State Government’s initiative indelivering pensions through bank accounts. The Governor assured the Chief Minister that he will do so and in particular for launching the scheme in Trichy and Kanyakumari Districts on a pilot basis. The Chief Minister and the RBI Governor also discussed the problems confronting the textile units and the Common Effluent Treatment Plants (CETPs) in Tirupur. The Chief Minister saidthat the State Government is deeply engaged in finding a sustainable solution to the problem in conformity with theHigh Court order. The Governor invited the Chief Minister to attend and chair the State Level Bankers Committee Meeting (SLBC) and the Chief Minister responded enthusiastically to the invitation. Ajit Prasad
Assistant General Manager Press Release : 2011-2012/40 |
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posted 8 Jul 2011 23:41 by CA Naresh Shah
Introduction The Indian economy recovered relatively quickly from the financial crisis of 2008, but inflationary pressures emerged even in the early stages of the recovery in late 2009. Over the past year and a half, the challenge for monetary policy has been to contain these inflationary pressures without disrupting the recovery. The economy grew by 8.5 per cent in the fiscal year 2010-11, which is close to the five-year average pre-crisis, but year-end headline inflation was over 9 per cent, well above tolerance limits. Meanwhile, global developments have implications for both growth and inflation trajectories in India over the coming months. In this presentation, I propose to talk about the key global and domestic factors that are shaping our growth and inflation outlook, as a backdrop to discussing monetary policy actions and their impact. I will then briefly talk about challenges to communication. |
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