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Rupee Bank administrator seeks its merger with another lender, BFSI News, ET BFSI

October 10, 2021 root Banking & Finance

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Rupee Co-operative Bank’s administrator Sudhir Pandit said on Saturday that he has requested the RBI authorities to merge the city-headquartered bank with another, stronger lender.

He had a meeting with Reserve Bank deputy governors Rajeshwar Rao and M P Jain in this regard, he said in a statement here.

“Liquidation is not the solution. Instead, we requested for the merger of the bank with another strong bank and protection of the interest of depositors with deposits of over Rs five lakh,” Pandit said.

Union Minister of State for Finance and Banking Bhagwant Karad “coordinated and navigated the meeting”, he said.

He apprised both the deputy governors about the efforts taken by the bank for “recovery and earning operating profit”, Pandit added.

“If the bank goes into liquidation, then those who have deposits of above Rs 5 lakh, most of them senior citizens, may lose almost sixty-five percent of their deposits,” he added.

Dr Karad assured him that he would pursue the matter, the administrator said.

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Here are 3 challenges according to RBI deputy governor Rajeshwar Rao, BFSI News, ET BFSI

September 13, 2021 root Banking & Finance

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The recently announced Account Aggregator (AA) system will help access and share financial data across institutions.

While the ecosystem is seen to be a game changer, a few challenges are likely to be faced by the banking industry. Reserve Bank of India deputy governor Rajeshwar Rao highlights some:

1. RBI‘s objectives : Though RBI’s intent has been well received, a good piece of regulation will come to naught if the desired objectives of the central bank such as – data security, large user base, willingness of adapting such a system – are not met.

Also read : Account Aggregator System – how will it work?

2. Adhering to norms : The system will function optimally only when a variety of customers’ accounts maintained across different financial entities cutting across financial sector regulators are linked to the AA. For this to happen, the Financial Information Providers (FIPs) need to see value in the framework. The RBI has also created the launch pad for the system, by first creating a regulatory framework, and then prescribing the ‘Technical Standards’.

Also read: All you need to know about Account Aggregators!

3. Nascent stage : Rao points that the AA is still at a nascent stage of development. However, given the view of around data security and most people’s apprehension towards it, he said that it has become an imperative to ensure that the growth is orderly. As the system grows, newer business models and customer offerings will pour in. While RBI is open and encouraging to innovation, there is a need to maintain balance between innovation and spirit of the AA regulatory structure.

Also read : Here are top 5 things account aggregators can do

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Government names T Rabi Sankar as Deputy Governor of RBI, BFSI News, ET BFSI

May 2, 2021 root Banking & Finance

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North Block appointed T Rabi Sankar, executive director of the Reserve Bank of India as the fourth deputy governor of the central bank, said a government source with knowledge of the matter.

“The Appointments Committee of the Cabinet has approved the appointment of Shri T. Rabi Sankar, Executive Director, Reserve Bank of India to the post of Deputy Governor, Reserve Bank of India for a period of three years from the date of joining the post or until further orders, whichever is earlier,” the government said in an internal circular.

Sankar will succeed incumbent BP Kanungo, who retired last month after completing one year extension period. Rabi Sankar’s portfolio includes fintech, information technology, payments system and risk monitoring at the RBI. He had joined the central bank as a research officer way back in September 1990, show a LinkedIn profile.

Sankar has a Master’s degree in Science and Statistics from Banaras Hindu University. He earned his diploma in Development Planning from the Institute of Economic Growth. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and Rajeshwar Rao. Last year Sankar also became the Chairman of Indian Financial Technology & Allied Services (IFTAS), a wholly-owned subsidiary of RBI.

More than a decade ago, Sanker had worked with the International Monetary Fund (IMF) on bond market development for the government and central bank of Bangladesh. He was also associated with the Bank of International Settlement on capital market activities.

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