Saturday, February 28, 2009
New Growth Strategy
In view of the failure of consumption-driven growth strategy and in view of the weaknesses of capitalism and its internal contradictions India must devise and adopt a new growth strategy.It must be a production driven and employment driven strategy.
Sunday, February 22, 2009
Kannada Article on K.K.Pai
A Kannada article on K.K.Pai was published by Dr.K.K.Ammannaya in Udayavani of January 27,2009.Title of the article is-
''Shikshana Kshetrada Bhishma Banking Rangada Diggaja K.K.Pai''
''Shikshana Kshetrada Bhishma Banking Rangada Diggaja K.K.Pai''
Saturday, February 7, 2009
Model Scheme for Credit Counselling Centres
RBI has unveiled model scheme for Credit Counselling Centres.As per RBI guidelines credit counselling centres must not act as advice centres or marketing centres for products of banks and counsellors must not encourage investments in the promoter bank's products.RBI has announced a scheme for Financail Literacy and Credit Counselling Centres[FLCC]Bank supported FLCCs must be in confrmity with the model scheme as stated by RBI.
Explaining the rationale behind the model scheme RBI said at present most of the centres were manned by bank staff who were acting as counsellors which often led to conflict of interest .The centres were found to be promoting the bank's products and arm's length distance with the parent bank was not maintained by some centres which often gave an impression that they were an integral part of the bank.As per the model scheme counselling centres must maintain arm's length relationship with parent bank and preferably should not be located in bank's premises.This is to avoid any impression that such centres are a part of bank itself.
Banks must offer advice that is specific to different categories of borrowers rather than broad based general advice as per RBI guidelines.For instance the centres in rural areas and semi uraban centres could focus on counselling farmers and centres in urban areas can focus on individuals with overdues in credit cards,personal loans housing loans etc.The counselling service may be provided free of charge.
Broadly the model content can include the need for savings,budgeting advantages of banking with formal financial institutions,concept of risk and rewards,and time value of money various products offered by banks etc.
Explaining the rationale behind the model scheme RBI said at present most of the centres were manned by bank staff who were acting as counsellors which often led to conflict of interest .The centres were found to be promoting the bank's products and arm's length distance with the parent bank was not maintained by some centres which often gave an impression that they were an integral part of the bank.As per the model scheme counselling centres must maintain arm's length relationship with parent bank and preferably should not be located in bank's premises.This is to avoid any impression that such centres are a part of bank itself.
Banks must offer advice that is specific to different categories of borrowers rather than broad based general advice as per RBI guidelines.For instance the centres in rural areas and semi uraban centres could focus on counselling farmers and centres in urban areas can focus on individuals with overdues in credit cards,personal loans housing loans etc.The counselling service may be provided free of charge.
Broadly the model content can include the need for savings,budgeting advantages of banking with formal financial institutions,concept of risk and rewards,and time value of money various products offered by banks etc.
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