Page 12 - Banking Finance MAY 2017

RBI CORNER

RBI fines Shriram City RBI to recruit 161 Grade B officers
and Hinduja Leyland for Reserve Bank of India (RBI) is looking at recruiting 161 Grade B officers. While
the official notification is not yet released, according to the
violating fair price code media reports it will be available after May 3, 2017. The
The Reserve Bank has imposed a details about the entrance examination will be online
penalty shortly after that and will be published in employment
of Rs 20 newspapers on May 13, 2017.
lakh on India's central banking institution, which controls the mon-
Shriram etary policy of the Indian rupee, RBI will start online reg-
City istration for applications on or after May 3, 2017. Inter-
Union Fi- ested and eligible candidates have to apply online before
nance and Rs 5 lakh penalty on May 13, 2017. The officers will most likely be allotted administrative work in-
Hinduja Leyland Finance for violating volving policy matters, foreign exchange, currency management, government
fair practices code guidelines. securities and governmental work etc.

The regulator had conducted scrutiny The minimum age must be 21 years and maximum 30 years as on April 1, 2017.
of sample loan accounts of Shriram The age relaxation for the vacancies is 3 years for OBC, 5 years for SC/ST and 10
City Union Finance during November years for PWD candidates, as per the government rules.
2015 and found it to be in violation
of various provisions of Fair Practices RBI launches May 2017 round of inflation expectation
Code guidelines.
survey
The RBI said it served a show cause
notice to the company and also called The Reserve Bank of India launched the May 2017 round of inflation expecta-
for a personal hearing, but response tions survey. The result of this survey,
to the notice was not satisfactory. conducted across 18 cities in the coun-
try, is used by the RBI as one of the in-
In the case of Hinduja Leyland Fi- put for policy formation.
nance, an inspection of books and
accounts of the company as on "The survey aims at capturing subjec-
March 31, 2015, was conducted be- tive assessments on price movements
tween December 30, 2015, and Janu- and inflation, of around 5,500 house-
ary 14, 2016. holds, based on their individual consumption baskets, across 18 cities viz.,
Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi,
New note of Rs 200 to be Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur,
launched soon Ranchi and Thiruvananthapuram," the RBI said in a statement.
RBI said that the survey seeks "qualitative" responses from households on price
The board of the Reserve Bank of In-
changes (general prices as well as prices of specific product groups) in the three
dia (RBI)
has cleared month ahead and in the one year ahead period. Also, it seeks "quantitative"
a proposal responses on current, three month ahead and one year ahead inflation rates.
to introduce
banknotes RBI to discuss over wholesale, long-term banks
of Rs 200 RBI has released a discussion paper seeking comments on a new category of
denomination. The decision was taken banks-wholesale and long-term finance banks that will fund large projects.
at the RBI board meeting in March.
The regulator has been trying to bring in new types of lenders into the banking
The process of printing the new Rs system to introduce new ideas and develop niches to ensure that more segments
200 notes is likely to begin after June, are covered. According to the discussion paper, these wholesale and long-term
once the government officially ap- finance banks will focus primarily on lending to the infrastructure sector and small,
proves this new denomination. medium and corporate businesses.

12 | 2017 | MAY | BANKING FINANCE

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