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Posts Tagged ‘RBI’

RBI appoints Polaris to install intellect CBS

May 31st, 2011

Reserve Bank of India has appointed Polaris Software to install intellect core banking solution (CBS) in its office. The announcement of this appointment was made by Polaris.

As per the deal, Polaris will be responsible for integration as well as maintenance of the software in the central bank for a tenor of 10 years. The deal has a valuation of $55 million.

The apex bank had been planning since long to bring into practice a centralized system which would integrate all banking operations of all regional RBI offices and also bring the system at par with the current IT requirements.

The CBS would also add to security in the operational domain with security features like internal account numbers, tamper-proof database, PKI-supported transaction execution and storage, security in account operations amongst others.

Source:http://www.rupeetimes.com/news/fixed_deposits/rbi_appoints_polaris_to_install_intellect_cbs_5372.html

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Tags: CBS RBI Software

‘RBI needs to develop software to monitor banks’ functioning’

November 30th, 2010

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The Reserve Bank of India (RBI) needs to develop a software to monitor the banks and also interact with leading market players to keep track of the implementation of the financial regulations passed by it. These views were expressed by Amitabh Ghosh, former RBI governor, at a panel discussion organised by the Indian Institute of Management, Lucknow during its annual leadership summit.
Stressing on the need to regulate the financial sector, Ghosh cautioned against the over-regulation. He said the RBI has been passing regulations which are often ignored by the banks. “There is no meaning of instructions until they are implemented and it is not possible for the RBI to monitor the banks on a day-to-day basis,” said Ghosh.

This is where a good IT system can play an important role, Ghosh opined. “The RBI should develop a software that captures all important day-to-day aspects of the bank, particularly the adverse aspects and the incumbents of the Central bank should take cognisance of the information. Only with such a monitoring system would it be possible for the RBI to control and regulate the sector,” he said.

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Ghosh also said the RBI should have a time-to-time interaction with big players of the market and see the regulations passed by it are practical. Talking about the turmoil in the microfinance sector, Ghosh said: “If people get timely and need-based credit, they do not mind paying a bit more. The loans must be given for an extended period and the time of repayment should be structured keeping in mind that such loan recovery would be less in the initial period.”

Other speakers at the event included CEOs and corporate heads. Pointing that the focus of the economic activity in the world has shifted from the west to the east, Vikas Vasal, the executive director of KPMG said India needed to devise strategies to tap the massive growth potential.

Students of other institutes including IIM Indore and Management Development Institute, Gurgaon, also participated in the summit.

Source:http://www.indianexpress.com/news/rbi-needs-to-develop-software-to-monitor-banks-functioning/717535/0

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Posted in Software News

Tags: bank RBI Software

RBI should stem rupee rise: Infy CFO

October 17th, 2010

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The currency volatility continues to create concerns within the Indian IT industry. The country’s

second largest software exporter, Infosys Technologies, now wants the central bank’s intervention to steady the Indian currency and help exporters.

V Balakrishnan, CFO of Infosys, said that the exchange rate volatility would kill the entire export industry. “We’ve seen the rupee go from 52 (to the dollar) to 39 and back and forth. It will kill the whole export industry. The Reserve Bank has no choice but to intervene at some point in time like every other country,” he said.

Rupee has strengthened nearly 8 per cent since May and continues its volatility. It is presently trading near a two-year high to the dollar at 44.

Balakrishnan said several countries have intervened in different ways. For instance, Japan has bought currency, Brazil has put a 4 per cent tax on inflows, Korea has intervened while China has kept a stable currency by pegging to dollar.

Asked what kind of intervention he expects, the CFO said the central bank could take various measures which include regulating the quantum of inflows, buy dollars or can temporarily put a stop to convertibility of currency in line with China.

Meanwhile, Infosys expects its operating margins to fall by 1.8-1.9 per cent in 2010-11 due to rupee volatility and economic uncertainty. “We are optimistic about the long term, cautious about the short term,” Balakrishnan said.

Source:http://www.mydigitalfc.com/companies/rbi-should-stem-rupee-rise-infy-cfo-937