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alerts service about balance in the account at periodic intervals and about due dates for submission of important documents. Automatic updation of the customers to the senior citizen category based on the date of birth would be introduced. Pensioner may be allowed to submit the annual life certificate at any of the (linked) branches and not necessarily at the home branch. Rural Areas: According to the panel banks should ensure proper currency exchange facilities and also the quality of notes in circulation in rural areas. Branches should be made functioning at a time convenient to the customers (agricultural labourers, workers and artisans).
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manufacturing companies which are not approached by CERPA can also participate in the survey by downloading the survey schedule from RBIs official website.
WHAT IS CERPA ?
CERPA was established in 1972 and conducts social science research, provides consultancy on developmental issues, helps planners and policymakers and provides charitable services to the disadvantaged and poor sections of the country.
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be doing well overall with industry cost-income ratio below 50 per cent. However, there remained plenty of scope for betterment. On an average, Indian banks have about 20 per cent of staff deployed in back-office processing (for some banks, as high as 40 per cent) as against a global best of 10 per cent observed by BCG. Process re-engineering and operating model change if employed could help reduce costs, improve service, and contain operating risks.Public sector banks were found to be under-investing in technology with spends at about 25 per cent of global benchmarks. The banking industry was holding low headcount in HR and finance roles.
(RL) (Base: 1986-87=100) for July 2011 increased by 6 and 7 points respectively Agricultural Labourers and Rural Labourers to stand at 604 (Six hundred and four) points for both the series. In case of Agricultural Labourers, it recorded an increase between 2 to 15 points in 19 States and a decrease of 14 points in 1 State. Haryana with 669 points topped the index table whereas Himachal Pradesh with the index level of 492 points stood at the bottom. In case of Rural Labourers, it recorded an increase between 2 to 15 points in 19 States and a decrease of 11 points in 1 State. Haryana with 663 points topped the index table whereas Himachal Pradesh with the index level of 515 points stood at the bottom. The Consumer Price Index (CPI) Numbers for Agricultural and Rural Labourers in respect of Haryana State registered the maximum increase of 15 points each mainly due to increase in the prices of rice, wheat atta, gram dal, goat meat, milk, onion, vegetables & fruits and bidi. On the other hand, the Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers in respect of Tamil Nadu State recorded a decline of 14 and 11 points respectively mainly due to decrease in the prices of rice, jowar, fish fresh and pan leaf. Point to point rate of inflation based on the CPI-AL and CPI-RL decreased from 9.32% and 9.14% respectively in June 2011 to 9.03% in July 2011 for both the series. Inflation based on food index of CPI-AL and CPI RL stood 6.39% and 6.38% respectively in July 2011.
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data for the week under supervision showed that except pulses which turned 5.63 per cent cheaper on a year-on-year basis, onion prices were up 37.62 per cent as were fruits by 26.46 per cent. Eggs, meat and fish were more expensive by 9.93 per cent, so was milk by 9.76 per cent. Cereals and vegetables were also dearer by 6.23 per cent and 2.59 per cent, respectively. The economic analysts pointed out that the volatile trend in food inflation is likely to continue. Food inflation was at over 14 per cent during the week ended 6 August 2010. Overall, however, while inflation in primary articles stood pegged lower at 11.64 per cent against 12.22 per cent in the previous week, inflation in non-food articles rose to 16.07 per cent from 15.05 per cent earlier. Inflation in fuel and power was also higher at 13.13 per cent for the week ended 6 August against 12.19 per cent a week ago.
IN THE
According to the public debt management report released by the finance ministry, the Centres debt rose nearly 6% in the first quarter (April - June) of the current fiscal 2011-12 but dropped as a percentage of GDP because of the revision in GDP estimates. The total public debt of the government was Rs 31.5 lakh crore at that end of June 2011 against Rs 29.7 lakh crore at the end of March 2011. Internal debt constituted 90.3% of the total public debt. The internal debt figure increased marginally from 89.7% at the end of the January to March quarter.Indias high savings rate allows a larger share for internal debt visa-vis other countries. A small share of external debt is likely to improve the credibility of government debt and increases sustainability. The report pointed out that the overall 30.9% of outstanding stock has a residual maturity of up to 5 years, which implies that over the next five years, on an average, 6.2% of outstanding stock needs to be rolled over annually. The rollover risk in the debt portfolio therefore is expected to remain low.
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investment fund (AIF) raise capital from a number of high networth investors (HNIs) with an objective of investing in accordance with a defined investment policy for the benefit of those investors.The funds which would come under the proposed regulation include-Venture Capital Funds, PIPE Funds, Private Equity Fund, Debt Funds, Infrastructure Equity Fund, Real Estate Fund, SME Fund, Social Venture Funds, Strategy Fund. SEBI made it mandatory for all types of private pools of capital or investment funds to seek registration with SEBI. The funds could be formed as companies, trusts or body corporate including LLP structure. The fund manager/asset management company or trustees of the fund is required to be specified, and change of such entities is to be reported to SEBI. The fund at the time of application would specify the category under which it is sought registration, the targeted size of the proposed fund and its life cycle and the target investor. SEBI proposed that the funds would be close-ended.
in manufacturing and services could not be fully exploited due to lack of policy support. In manufacturing, employment declined by 7 per cent, despite a faster growth in manufacturing output. In contrast, employment grew by almost 70 per cent in the construction sector.
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11. The decline in the financial savings rate of the household sector reflected the lower growth in their bank deposits and life insurance as well as decline in investment in shares and debentures.
PRICE SITUATION
2010-11. The budgets of the Central and State governments envisaged further fiscal consolidation during 2011-12. The report reccomended concerted efforts to avoid fiscal slippages in 2011-12, especially arising from higher expenditure on subsidies if global commodity and fuel prices continue at an elevated level.
FINANCIAL MARKETS
GOVERNMENT FINANCE
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increase and slow down global growth markedly, it would impart a downward bias to the growth projection of around 8.0 per cent indicated in the Monetary Policy.
consequent revenue erosion woulod further increase the fiscal deficit. The fiscal space to support any counter-cyclical policies is limited than what existed at the time of the global crisis of 2008.
INFLATION OUTLOOK
OUTLOOK
ON
TWIN DEFICITS
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Given that the global oil prices stay at current in the Indian economy. FDI inflows in India in June
level, further increase in prices of administered oil products will become necessary to contain subsidies. Fertiliser and electricity prices will have to be revised upward in view of sharp rise in input costs. The report mentioned that the monetary policy has an important role to play in curbing the effects of supply-led inflation. 2010 amounted to 1.38 billion dollars only. In the April-June quarter of the current fiscal, the FDI went up by a massive 133 per cent to 13.44 billion dollars. In the last financial year 2010-11, FDI inflow into India had declined to 19.43 billion US dollars. But the inflows have maintained a positive outlook so far in the financial year 2011-12, according to the data.
FOR
Market regulator, Securities and Exchange Board of India (SEBI) approved a single-window clearance system for market entities like stock brokers, for grant of prior approval for change in control of their management structures.SEBI approved of the singlewindow system with an objective to expedite the process of granting prior approval (in case of change of control).In case an applicant holds multiple registrations with the regulator, it shall make only one application to SEBI providing certain information about itself and the acquirer and its directors or partners. The information sought relates to whether any application was made in the past to Sebi seeking registration in any capacity which was not granted and its details, and what kind of action was initiated on the application and its current status.The applicant is also required to furnish details on any investor complaint pending against it, details of litigation, payment of due fees to SEBI, and a guarantee that there will be no change in the Board of Directors of the firm, till the time prior approval is granted.SEBIs notification noted that any prior approval granted under the single-window system shall be valid for a period of 180 days from the date of communication.
TO
5.65 BILLION US
Foreign Direct Investment into India grew 310 per cent to 5.65 billion US dollar in June 2011 as per the government data. The increase is highest in the past 11 years and it indicates revival of investor confidence
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allegations of violation. A show-cause notice requires the entity to which it is served to explain its side of the story. Stock exchanges allow client code modifications but only to rectify a genuine error that could have occurred at the time of placing or modifying the order. Every client is given a code which is registered with the stock exchanges. The broker is allowed to change it between 3.30 pm and 4 pm to rectify a genuine error that may have occurred while entering the code. The facility ensures smooth functioning of the system and is expected to be used more as an exception rather than routine. SEBI instructed bourses to impose a monetary penalty of 1% of the value of the transaction where the client codes were modified.
TO
In a circular issued the RBI declared that prepaid payment instruments such as smart cards, magnetic stripe cards, mobile wallets paper vouchers, gift cards and travel cards could be issued by banks only to corporates listed in India. Prepaid payment instruments could be issued only to corporate entities listed in any of the stock exchanges in India. The corporate entities would have to verify the identity of the employee to whom the card would be issued, along with copies of photograph and a proof of identity. Also, the corporate are required to provide details of bank accounts of the employee to the bank.RBI
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mentioned that the maximum value of an individual prepaid payment instrument should not exceed Rs.50000. The money in the prepaid instruments would be loaded by debit to the bank account after fulfilling all know-your-customer (KYC) norms. Corporates usually avail themselves of this facility from the bank for onward issuance to their employees. Prepaid payment instruments facilitate purchase of goods and services against the value stored in it and the value The central bank directed the banks to transfer funds from such prepaid instruments to a regular bank account of the employee if the same has been requested for.
Financial Intelligence Unit (FIU) made operational its ambitious intelligence network project sanctioned in 2006.The earlier prescribed multiple data files reporting format is set to be replaced by a new XML file format. Three new formats -account-based reporting, format and transaction-based reporting format for filing STRs, CTRs and NTRs and a separate reporting format to file CCRs were introduced and notified to RBI , SEBI and IRDA and other relevant entities. The new network, called FINnet (Financial Intelligence Network)deployed to tackle the menace of black money is a technologybased secure platform for bringing together investigative and enforcement agencies to collect, analyse and disseminate valuable financial information for combating money laundering and related crimes. The civil society in the recent past stepped up pressure on the government to unearth black money and introduced various measures to crack down on financial scams, frauds and large-scale tax evasion.
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