Chakrabarty would succeed V Leeladhar as the deputy governor in charge of banking in the apex bank. The official notification is expected soon and Chakrabarty is likely to assume office on Monday, banking sources said.
The second post of deputy governor became vacant after V Leeladhar superannuated a few months ago. Punjab National Bank chairman and managing director K C Chakrabarty is to take over as deputy governor on Monday. Apart from monetary policy, Subbarao will also handle the department of economic analysis and policy, department of statistics and information management.
The RBI Deputy Governor, V Leeladhar has joined the board of National Bank for Agriculture and Rural Development.
The government is likely to appoint a deputy governor of the RBI by this month end despite disruption in the selection process following the resignation of former Satyam Computer independent director M Rammohan Rao from the selection committee. The government has appointed a Search Committee headed by RBI Governor D Subbarao to shortlist candidates for the post of deputy governor following superannuation of V Leeladhar last month.
"A time has perhaps come when we can now think of only allowing banks to acquire public deposits," Reserve Bank Deputy-Governor V Leeladhar told reporters on the sidelines of an Indian Merchants Chamber organised banking conference in Mumbai on Thursday. The number of deposit-taking NBFCs is sharply declining as also the amount of deposits with them, Leeladhar said.
The Reserve Bank of India has said its inspection of ICICI Bank and its UK subsidiary has not revealed anything to cause alarm.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor. "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange.
The panel shortlisted bank chairmen who have headed an entity for at least two years and were less than 60 years of age when the vacancy arose. The list will now be narrowed down to three candidates who will be recommended to the appointments committee of the cabinet headed by Prime Minister Manmohan Singh. Their consent will be sought before sending the list to the ACC.
The move came days after he chaired a controversial board meeting mid-December that cleared Satyam's acquisition of two companies -- Maytas Infra and Maytas Properties -- linked to the family of the IT firm's founder and chairman B Ramalinga Raju. On December 29, Rao also resigned from the Satyam board.
The Reserve Bank of India would appoint Ombudsman Serving Officers in addition to ombudsmen already functioning at different centres in the country to redress complaints, especially regarding credit cards.
The Reserve Bank of India will take up 'financial literacy' programme to educate youngsters about basic banking transactions in a big way, RBI Deputy Governor V Leeladhar said on Monday.
Under the CECA, signed between India and Singapore in June 2005, Singapore has committed to award three qualified full bank (QFB) licences to three Indian banks while India had agreed to give three Singaporean banks free access to the Indian banking
However, the country has not put any restrictions on the entry of new foreign banks, since it wants a reciprocal gesture as Indian banks increasingly are plan to expand overseas.
The prominence of information technology is making the concept of the regulator "irrelevant", while self-regulation would be the order of the day, according to Reserve Bank of India deputy governor, V Leeladhar.
Customers will not be charged for ATM withdrawals from April 1, Reserve Bank of India deputy governor V Leeladhar announced in Mumbai on Monday.
Bankers have read the Reserve Bank of India's (RBI) comments on foreign banks' market share in India as an indication that the promised review of policies on the presence of overseas banks in 2009 is unlikely to yield any greater leeway within which they can operate.
The ministry has also advised the Reserve Bank of India to make provisions for immediate relief in the affected areas.
Electing Union Bank of India chairman V Leeladhar as the new chief, the Indian Banks Association on Thursday said it has constituted a committee to draw up a long-term perspective 'Vision Plan' for the banking industry.
Union Bank of India has inked a pact with SBI Life Insurance Company Ltd to offer a life insurance cover to the former's home loan customers on a group basis.
Union Bank of India has posted a 36.84 per cent increase in net profit at Rs 155.89 crore (Rs 1.56 billion) for the first quarter ended June 30, 2003, compared to Rs 113.91 crore (Rs 1.14 billion) in April-June 2002.
Union Bank of India posted a 75.94 per cent rise in net profit at Rs 552.69 crore (Rs 5.526 billion) for the financial year ended March 31, 2003, as against Rs 314.13 crore (Rs 3.141 billion) for 2001-02.
The Cyrus Mistry camp is confident that independent directors will take their cue from their counterparts in Indian Hotels.
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