Page 9 - BANKING FINANCE JULY 2016
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RBI CORNER
RBI cancels licence of Overseas investors to buy stake in MCX
three NBFCs
The Reserve Bank has allowed overseas investors to buy
The Reserve Bank has cancelled reg- equity shares in the Multi Commodity Exchange (MCX) af-
istration of ter foreign shareholding in the bourse fell below the pre-
three NBFCs, scribed threshold caution limit. The aggregate
including Es- shareholdings in MCX by FIIs/registered FPIs have gone
corts Finance below the prescribed threshold, RBI said.
and Express
RBI extends wheat cash credit limit
Trading & Securities. The apex bank
has also terminated the registration The Reserve Bank of India (RBI) revalidated and extended the validity of
certificate of Jayant Security and Fi- authorisation of Rs.17,523 crore as cash credit limit for
nance. wheat crop of the rabi 2016-17 season in Punjab.
However, the RBI did not cite any Sharing details, food and civil supplies minister Adaish
reason behind the cancellation of reg- Partap Singh Kairon said the move would pave the way
istrations. "Following the cancellation for release of balance dues of farmers, arthiyas (commission agents), and other
of registration certificate, these com- stakeholders. At least Rs. 5,938 crore has already been released to farmers and
panies cannot transact the business of arthiyas and the remaining are being dispatched.
a non-banking financial institution
(NBFI)," the central bank said. The minister said that state agencies, the Food Corp. of India (FCI) and private
traders have procured 108.29 lakh tonnes of wheat till date, of which 84.30
RBI aggrieved by exit of lakh tonnes have already been lifted.
payments bank licensees Political attack on Rajan unfortunate: RBI employees
The Reserve Bank of India (RBI) is Reserve Bank employees and officers have expressed solidarity with Governor
disappointed Raghuram Rajan 'who has recently come under fire from a
by the deci- section of the political class.' It is very unfortunate that po-
sion of a few litical agenda is hijacking the economic agenda of the coun-
firms to sur- try, according to leaders of the United Forum of RBI Officers
render their and Employees.
in-principle li-
cences to start payments banks. This is not in the best interests of the economy, Samir Ghosh,
convener of the Forum told. A delegation of the forum met with Rajan and
"Yes, we certainly feel a little ag- conveyed to him its support in his efforts aimed at cleansing the country's bank-
grieved because a lot of effort from ing system.
the part of the RBI goes in process-
ing these applications. So, having Arundhati Bhattacharya may become India's 1st
done that, if they don't materialise, woman RBI governor
that's the only point (of disappoint-
ment)," said RBI deputy governor Since Raghuram Rajan announced on 18 June that he wouldn't be seeking reap-
S.S. Mundra, while speaking on the pointment as RBI governor, speculations have been rife regard-
sidelines of an event organized by ing his successor. Rajan's tenure is set to end in September and
Banking Codes and Standards Board sources indicate that the Central Bank may receive its first
of India (BCSBI). woman governor - Arundhati Bhattacharya.
Earlier, Sun Pharma promoter Dilip Arundhati, started working in State Bank of India (SBI) in 1977
Shanghvi, IDFC Bank and Telenor Fi- as a probationary officer. Her tenure has witnessed outstand-
nancial Services said they were not ing developments at the bank as it surpassed the heights of
interested in establishing payments success. Currently, she is serving as the Chairperson of the bank. During her
banks, without giving reasons. tenure as Chairperson of SBI, she introduced a two-year sabbatical policy for
women employees for child or elder care.
BANKING FINANCE | JULY | 2016 | 9
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