Posts Tagged ‘RBI’

By Nagesh Narayana Microfinance Focus, Feb 26, 2010: Presenting the Union Budget 2010-11 to parliament on Friday, India's Finance Minister has reiterated the UPA government's commitment to expanding financial inclusion and expanding the microfinance programmes, by doubling allocation to Micro-Finance Development and Equity Fund to Rs. 400 crore (INR 4,000 million). He has also increased allocation by Rs 100 crore (INR 1,000 million) each to the Financial ... Full story

Microfinance Focus, Dec. 05, 2009: Mobile phone as an instrument for conduct of financial transactions and the immense potential it has in the process of financial inclusion and financial growth is well recognized.  We all agree that the benefits of M-Commerce should reach the common man at the remotest locations in the country, said Dr. K.C.Chakrabarty, Deputy Governor, Reserve Bank of India at the India ... Full story

Microfinance Focus, Nov. 30, 2009 :Opening a no frills account is by itself not financial inclusion but it is just the beginning. Financial inclusion is a much broader term which can be construed as the process of ensuring fair, timely and adequate access to financial services, said Dr. K.C.Chakrabarty, Deputy Governor, Reserve Bank of India at the launch of Federal Ashwas Trust in Kochi, Kerala ... Full story

By Matthew Fuchs Microfinance Focus, Nov. 18, 2009: Umbrella organsiations at the state-level would help make Urban Cooperative Banks (UCB) sector "strong and vibrant", said a report published by the Reserve Bank of India (RBI) on Tuesday. The report presents the findings of a Working Group formed by the RBI in July 2008 to determine whether there is a need for State-level umbrella organisations for UCBs, ... Full story

Microfinance Focus, Nov. 11, 2009: Reserve Bank of India’s Deputy Governor Ms. Shyamala Gopinath recently said the rural banking and microfinance, infrastructure finance and broader regulatory approach for financial sector are precisely the issues which need to be addressed to achieve balanced and sustainable growth over the long term for emerging ... Full story

Microfinance Focus, Nov. 06, 2009: India`s Apex Bank has placed the draft guidelines on the issuance of Non-Convertible Debentures (NCDs) of maturity less than one year.  NCDs with maturity of less than one year is not regulated wither by SEBI or the Govt. of India. The High Level Co-ordination Committee on Financial Markets (HLCCFM) had taken the ... Full story

Microfinance Focus, Nov. 3, 2009: Though major MFIs are against the Microfinance Bill, it is still required to address the needs of small and start-up MFIs, especailly in the NGO segment, said Mr. U.C. Sarangi, Chairman, National Bank for Agriculture & Rural Development (NABARD), on the sidelines of Microfinance India Summit in New Delhi ... Full story

Such regulations will increase the banks’ funding costs which will translate into higher lending rates -- Dr. D. Subba Rao Microfinance Focus, Oct. 7, 2009: RBI Governor Dr. D. Subbarao has said further tightening of the financial regulatory regime in India could hamper financial inclusion. Speaking ... Full story

Microfinance Focus, Oct. 5, 2009: RBI governor D.Subbarao, in his recent visit to Sikkim, has spurred the state to move in and fill the gap in financial inclusion. The RBI governor was in Sikkim to chair a meeting of the Reserve Bank of India’s Central Board of Directors which was held on Oct. 1 in Gangtok to review key economic, monetary and financial developments.  Subbarao met ... Full story

Microfinance Focus, Sept. 15, 2009: Kolkata-based Bandhan microfinance has raised a Rs 250-crore ($51 million) credit from the Small Industries Development Bank of India (SIDBI) Full story

Microfinance Focus, Sept. 8, 2009: India's Reserve Bank of India has in an order cancelled the licence of Surendranagar People's Co-operative Bank Ltd., Gujarat stating the bank's affairs were found detrimental to the interests of the depositors. The central bank has also asked the Registrar of Co-operative Societies, Gujarat, to issue an order for winding up the bank and appoint a liquidator. It said following liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs. 1,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC). Full story

By Naagesh Naaraayana Microfinance Focus, Sept. 1, 2009: Achieving 9 per cent growth rate is possible when millions of people at the bottom of the pyramid are brought into the banking network, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, in New Delhi at the 62nd International Banking Summer School (IBSS) jointly organized by the Indian Institute of Banking and Finance and Indian Banks’ Association on Monday. This is possible when financial products being offered by banks reach this segment and to achieve this, integration of IT with microfinance or small rural or urban banking sector is an essential step to achieve the ultimate goal of financial inclusion, he said. Full story

By Naagesh Naaraayana MicrofinanceFocus, July 21, 2009: The Reserve Bank of India has urged big IT firms to involve more in the cause of financial inclusion, which is a major challenge before the nation. Speaking to ET at a seminar on financial inclusion organised by consultancy firm Skoch in Mumbai last week, K. C. Chakrabarty, Deputy governor of RBI, said: “The scale of business in financial inclusion is so big that we need participation from big IT companies.” Mr Chakrabarty also said that the RBI will come out with more guidelines for the sector in a month's time. Full story