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RBI / Mof / Govt. Policies RBI Panel Wants Tech Upgrade to Check Fake

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RBI / Mof / Govt. Policies RBI Panel Wants Tech Upgrade to Check Fake Headlines….. RBI / MoF / Govt. Policies RBI panel wants tech upgrade to check fake notes Thorat panel lays out plans to counter fake note menace Post-2011, bank books to carry real numbers Govt: Latest debt instrument not to fund fiscal deficit Central banks looking to ending monetary expansion: Y. V. Reddy Credit card balances' growth declines to all-time low Govt may give Rs 10,000 cr for debt waiver scheme Arms help SBI enter new areas sans govt equity Regulatory Bodies / IRDA / SEBI SEBI suspends 578 brokers’ registration Private / Public Sector Banks Public sector banks pip private peers in growth in staff cost SUUTI won't participate in Axis Bank pref issue Axis Bank adds 31 lakh shares in open interest LVB sees gains from re-pricing high cost deposits ATMs with in-built note detectors soon M&M, Syndicate Bank tie-up Banks raise Rs 900 cr via CDs PNB to cut home loan rate to 8.5% this week Foreign Banks / FIIs StanChart to hire 850 for priority banking Rating & Research Allahabad Bank bonds rating Credit & Pre-paid Cards Credit card slump tells slowdown tale NBFCs / FIs MAGFIL may raise Rs 3,250 cr PTC Fin may raise Rs 1.5k cr through IPO by FY11-end Brokers / Distributors Tata Capital to launch private equity fund Life & General Insurance Postal cover funds set for stock-market delivery SUUTI won't participate in Axis Bank pref issue Life insurers may soon invest in infra SPVs Future Generali implements Newgen solution Citizens insure road for quality Insurers gear up to meet flu claims Existing health policies to cover swine flu hospitalization Health insurers: Super smart or born losers? Mutual Funds & AMCs MF sales, new fund launches rebound MFs cut distributors’ fee Mutual funds may roll back exit load rates after Sebi ruling Rising market makes investors look at FMPs Shinsei to continue Indian fund operations Pvt. Equity & Hedge Funds Pension Funds / PF / EPF Poor response to pension scheme till July 31 Govt Securities & Bonds Bonds rise on new short-term instrument Call rate ends at 3.25-3.30% International News BoJ keeps interest rate unchanged Economy Rupee falls by 14 p against dollar Sensex snaps losing streak Weak monsoon to impact growth, inflation, says Crisil The News in detail… ========================= RBI / MoF / GOVT. POLICIES -Top- ========================= RBI PANEL WANTS TECH UPGRADE TO CHECK FAKE NOTES The Economic Times See similar story in: Business Standard, The Hindu, Deccan Herald, The Pioneer Mumbai: A Reserve Bank of India (RBI)-appointed committee has said that the central bank should constantly upgrade security features on currency notes stay ahead of counterfeiters. The panel has also said that the public should be educated on these security features, which will enable them to detect fake notes. The panel has recommended progressive adoption of technology, both in respect of cash handling and security to counter the growing menace of fake notes in the country. The committee, however, noted that the number of fake notes in the country could be in the range of at 3-6 pieces per million, one of the lowest in the world. Some of the key suggestions of the group include installation of note sorting machines at all bank branches in a phased manner so that fake notes are promptly detected as soon as they enter the banking channel. To ensure that ATMs and other outlets dispense clean and good notes, the group has suggested switching over to ‘cassette swapping system’ where cash in transit (CIT) companies — agents that help in running ATM — have minimum involvement in handling currency. In August 2008, RBI had constituted a group headed by deputy governor Usha Thorat, with a view to enhancing the efficiency of currency systems and suggesting appropriate measures for the same. The recommendations follow five meetings that the group had during September 2008 — May 2009, a release on the RBI website said. This group has pointed out that to counter the fake notes menace, security features have to be constantly upgraded and public have to be educated on how to detect a fake note. It envisages that information on detection has to be shared promptly with enforcement agencies and security systems for cash storage. If the committee has its way, banks finding a few fake currency notes also will not have to file any FIR as is the current case. “Copyright © 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/Economy/RBI-panel-urges-to-check-fake- notes/articleshow/4883504.cms http://www.business-standard.com/india/news/rbi-may-get-crackingfake-notes/366664/ http://www.hindu.com/2009/08/12/stories/2009081255751300.htm http://www.deccanherald.com/content/19150/only-3-6-million-have.html http://www.dailypioneer.com/195149/Snapshots.html THORAT PANEL LAYS OUT PLANS TO COUNTER FAKE NOTE MENACE The Financial Express Mumbai: A high level group set up by the Reserve Bank of India on currency distribution headed by Usha Thorat, deputy governor has said that the number of fake notes in India is estimated at 3 to 6 pieces per million which is one of the lowest in the world. The group has noted that the RBI appointed Nayak Committee (1988) has calculated that the actual notes in circulation by the year 2000 is Rs 1,69,000 crore. Towards further strengthening the measures to combat the menace of fake notes, the group recommended, installation of note sorting machines at all bank branches in a phased manner and banks giving a roadmap to the RBI to achieve this, switching over to ‘cassette swapping system’ so that replenishment of currency notes in ATMs is done in a highly secured manner and waiving the current requirement of filing an FIR by banks in case one gets possession of a few fake currency notes. The sharp increase in the number of physical notes in circulation as also the increase in the number of cases of fake notes detected/seized in recent period, have clearly underscored the need for increased vigil by all stakeholders to address the menace of fake notes, said the panel. From the RBI’s side, the priority has been to ensure that fake notes are promptly detected as soon as they enter into the banking channel. It is equally important to ensure that ATMs and other outlets for currency distribution dispense clean and good notes. At the same time, the security features have to be constantly upgraded, public have to be educated on how to detect a fake note, technology needs to be used in greater measure to improve the integrity and efficiency of the currency operations, information on detection has to be shared promptly with enforcement agencies, security systems for cash storage and handling at banks strengthened further and note sorting machines installed at all bank branches and other locations. The panel has recommended that Note Sorting Machines (NSMs) / Desktop Sorters may be installed in all bank branches in a phased manner for early detection of counterfeit notes. Banks may ensure the quality of the notes fed in ATMs. They may conduct periodic audit of the agents used for outsourcing this activity viz. the CIT companies. http://www.financialexpress.com/news/thorat-panel-lays-out-plans-to-counter-fake-note- menace/500834/ POST-2011, BANK BOOKS TO CARRY REAL NUMBERS Sangita Mehta The Economic Times Mumbai: Banks will soon have to shift to a new, more accurate, accounting standard where the value of assets will be based on current rather than historical cost. At a meeting with select bank chief executives on Monday at the RBI headquarters in Mumbai, RBI deputy governor Usha Thorat said banks will have to adopt the International Financial Reporting Standards (IFRS) by 2011. In the meeting, the central bank also rejected requests by banks to extend the July 31 deadline for restructuring bad loans under a one-time dispensation as standard assets post the global meltdown. A bank CEO said adoption of IFRS would require banks to put in place core banking solution—moving from branch to centralised banking with IT support—across the entire banking network. “The move towards IFRS will require banks to computerise and become connected because database and management information system (MIS) would be key to implementing IFRS,” said a senior banker who was present at the meeting. This is in line with a directive issued by the Institute of Chartered Accountants of India (ICAI), the apex body that sets accounting standards in the country, that all listed companies and entities dealing with public funds must adopt IFRS accounting principles by April 2011. IFRS has turned out to be more popular than the US GAAP, and has been adopted by over 100 countries. Among public sector banks, State Bank of India has already taken the initiative to shift from the current Indian standard of accounting to IFRS. During the meeting, the central bank also directed Indian Banks’ Association, the representative body of banks, to issue suggestions on enhancing lending to infrastructure companies and on measures that could be taken to support the local textile industry, among the worst-hit sectors due to the global recession. The RBI also sought IBA’s view on ‘advance measurement approach’ and ‘supervisory review’, both of which are part of the Basel-II accord on capital requirement. “Copyright © 2009, Bennett, Coleman & Co. Ltd. All Rights Reserved" http://economictimes.indiatimes.com/News/News-By-Industry/Banking- Finance-/Banking/Post-2011-bank-books-to-carry-real- numbers/articleshow/4879995.cms GOVT: LATEST DEBT INSTRUMENT NOT TO FUND FISCAL DEFICIT Business Standard Mumbai: A day after announcing the latest debt instrument to tide over temporary cash flow problem, the government and the Reserve Bank of India (RBI) have tried to clear the air on the cash management bills and said that the tool would not be used to fund the Centre’s fiscal deficit.
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