The Summit Blog: Just because you don't want to see it...

Wonderful article on things that we don't SEE...very often which scare us or worry us...

The Summit Blog: Just because you don't want to see it...

The Summit Blog: The things that give you courage

The Summit Blog: The things that give you courage

The rise of Asia and the new world order

The changing world economic order is so rapid and stunning and the positions are shifting from West to Emerging Asia....

Conversation with Naraynan Sethurao

http://economictimes.indiatimes.com/news/nri/nri-investments/savvy-nris-lap-up-india-incs-dollar-bonds-from-exiting-fiis/articleshow/11503052.cms

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The Money Bees - Money Matters: Top 5 Tips to Build Wealth and Success

The Money Bees - Money Matters: Top 5 Tips to Build Wealth and Success: "Yahoo recently shared the top five tips to build wealth and success from the lives of several wealthy individuals (such as Warren Buffett). ..."

World Water Day

Every Drop Counts.....

United Nations celebrates March 22nd every year as the World Water Day with renewed emphasis on curbing unrestrained groundwater exploitation and make water conservation an issue of every nations' priority.

UN-Water is dedicating World Water Day 2010 to the theme of water quality, reflecting its importance alongside quantity of the resource in water management as we are living in an environmentally unsustainable world and it would have serious repercussions in the near future on the existence of our planet.

For other activities of the UN under water world day programme, please link with:

http://www.worldwaterday2010.info

FOOD FOR THOUGHT(health)

Benefits of Papaya

Papaya fruit has several beneficial antioxidants,fibres and digestive enzymes and available for consumption through out the year and a poorman's fruit also.

It prevents Constipation,relieves infections of colon and can break down mucus. It also helps in healing burns and reducing inflammation.Since papyas are rich in fibre they are known to lower high colestrol levels.Folic Acid found in papayas converts a substance called Homocysteine into benign amino acids, which otherwise can damage blood vessel walls which can cause a stroke or even a heart attack.

Papayas also help preventing diabetic heart desease.It is rich in three essential antioxidants like vitamins C,E and A, these nutrients prevent the oxidation of cholestrol.

The fibre found in papaya binds cancer-causing toxins in the colon and keeps the toxins from the healthy colon cells.

Here is how you can include papaya in your diet - a glass of papaya juice or a few pieces of papaya in a fruitsalad is a great way to start your day.

Source:Chennai Times

Pink Sleep by CEOs

Repo Rates & Reverse Repo Rates

In a situation like what we face in the Indian economy Today, with Food Inflation at its all time peak, RBI is toying with the idea of containing physical money supply from the system.

One of the Tools which RBI uses is the Repo and the Reverse repo Rates manipulation and it operates this way:

Repo is a facility extended by RBI to the Banks to borrow short term against its gilt securities. Any increase in the Repo rates dampens the enthusiasm of Banks to borrow against such securities and any decrease in it influences Banks to borrow.

Repo rates are characterised by sale followed by purchase of securities. When securities are sold to RBI, more money is released and the opposite effect takes place when Reverse Repo rates are applied by RBI when it sells its securities to Banks and follows it up with purchase on maturity.

Repo and Reverse Repo thus help the RBI control money supply.If it wants to squeeze it, RBI will increase both the repo and the reverse repo rates, and does the opposite if it wants to increase the money supply in the economy.

Green Money Transfer - Through Mobile Phones

Now, Funds Transfers between Two Individuals for settlement of financial transaction is made possible through the Mobile Cell Phones outside of Banks' Network of Branches.

This facility is a Boon to Rural India's vast population who are dependent on Banks' Branch network available in the vicinity of the villages to carry out such cash transactions.

Corporation Bank and Tata Indicom have tied up for such cash transactions to be put through these Mobile Cellphones to cater to the needs of rural India.

Reserve Bank of India has permitted Banks to operate these Money Transfers through Mobile Phones with a Limit of Rs.5000/- per transaction to start with. For further details on the operative part of the scheme can be accessed from these Links:

http://prashantnepayments.blogspot.com/2009/11/product-launch-corporation-bank-green.html

http://www.paymate.co.in/green/

http://www.tata.com/article.aspx?artid=48AbTWkt4WI=

Bharti/MTN transaction, and India's problem of capital controls

Bharati / MTN deal of $23 billion fell through on the question of Dual currency Listings and Capital Account Convertibility issues which the Government of India could not possibly decide on in a hurry. But this important capital control issue needs to be addressed by the Government sooner than later in view of the FDI inflows into Indian capital markets and also India being one of the leaders of emerging markets which has fairly withered the recessionary storm than the developed economies of the world. Here is a link from Dr.Ajay Shah's blog on this issue.

Ajay Shah's blog: Bharti/MTN transaction, and India's problem of capital controls

Leadership - That Mysterious Talents

The India Leadership Network is one of the very few knowledge based social network group wherein I find really thought provoking experts write on the blogsite. This particular presentation on Leadership -That Mysterious Talents - is inspiring and lucid to the readers to understand the concepts. Here is the link for the readers. Copy and paste

http://www.youtube.com/watch?v=UDp87fxfXoM&feature=player_embedded

BC Model for Financial Inclusion

Reserve Bank of India Working Group has recommended the following new entities for appointment of Business Correspondents (BCs) for banks in rural and semi-urban areas;suggests New Entities for BC- RBI Working Paper.

RBI press release dated 19th Aug 2009 states that business correspondence model is vital for financial inclusion and suggests new entities for BCs.The RBIlink is appended:

http://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/IEPR278RWGBC.pdf

Cash Withdrawals @ Point Of Sale

The Reserve Bank Of India under the Payments & Settlements System Act,2007 has circulated among all system providers/scheduled commercial banks to permit cash withdrawals through Debit Cards at POS terminals at different Merchant Establishments alongside the existing ATM centres as the transactions at POS/member Establishments are steadily increasing in the country.

The Bank Boards have to place these proposals to give effect to this guidelines from RBI and the limit upto which cash can be withdrawn is presently fixed at Rs.1000.00. The relevant circular of RBI dt 22nd July 2009 is apended.

RBI/2009-10/105

DPSS.CO.PD.No. 147/02.14.003/ 2009-10

22nd July 2009

To

All System Providers (VISA / MasterCard / American Express),

All Scheduled Commercial banks

Dear Sir,

Cash Withdrawal at Point-of-Sale (POS)

Presently cash withdrawal facility using plastic cards is available only at Automatic Teller Machines (ATMs). As on May 31, 2009, number of ATMs and POS terminals in the country stood at 44,857 and 4,70,237 respectively. The use of debit cards at Point-of-Sale (POS) terminals at different merchant establishments has been steadily increasing. As a further step towards enhancing the customer convenience in using the plastic money, it has been decided to permit cash withdrawals at POS terminals. To start with, this facility will be available for all debit cards issued in India, upto Rs.1000/- per day.

2. The conditions subject to which this facility is being extended is given in the annex(given above)

3. Banks may obtain the approval of their Board of Directors for offering this facility. The note put up to the Board should incorporate the product profile, risk perceived by the bank and the risk mitigation measures.

4. This circular is being issued in exercise of the powers conferred on the Reserve Bank under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Yours faithfully

(G.Padmanabhan)

Chief General Manager

Tackling the menace of Fake Notes

As we hear from the media the MENACE OF FAKE NOTES being circulated alongside the real currency notes,RBI has released the final report of High Level RBI Group suggested steps to check the menace of Fake Notes on 12th August 2009.The copy of the press note can be accessed at this link:

http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=21174

RBI has initiated several steps to curb this menace - the latest being the promotion of use of Cards and Electronic means of payment and installation of Note Detectors at places where large volume of cash transactions are conducted.

Further, RBI may disincentivise the use of Cash as it has to be recognised that processing of cash involves Cost that has to be recovered. the complete report can be accessed at this link:

http://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=554

swineflu - 10 steps to prevention

1.Use a face mask wherever you go out.

2.Use a lot of alcohol sanitizers/dettol.

3.Have boiled water.

4.Wash your hands many times.

5.Avoid eating outside food.

6.Have a lot of lime/Vit-C.

7.Keep your body warm.

8.Avoid public urinals.

9.No Alcohol.

10.Last, get sufficient sleep.

It is important that all of us spread this message to whom we feel vulnerable to such Risks.

the health benefits of almonds

Health benefits of Almonds are widely written in medical/health journals and it especially good for elderly, pregnant women and children as it provides vital nutrients for the body. Here is a weblink which covers all the details.

the health benefits of almonds

new security for credit card payments

VERIFIED BY VISA MASTER SECURE CODE NEW SECURITY FOR CREDIT CARD PAYMENTS

To make online shopping safer, the RBI has made it mandatory, from 1st August onwards, for all online transactions to have an extra level of authentication. The ‘extra’ level, is a password that you will have to enter after entering your credit/debit card details while making online payments. You will require this ‘extra password’ for transacting on any website in India, including Rediff. This new technology is called VBV – Verified by Visa or MSC – MasterCard SecureCode.
Please visit your Credit/Debit Card issuing bank’s website to get verified by Visa / Master Card secure code. Click to select your bank and register now:
•HDFC Bank •ICICI Bank •Citibank •HSBC Bank •Standard Chartered
•State Bank of India •Axis Bank •ABN Amro •Deutsche Bank •Karur Vysya Bank

Date: Feb 18, 2009
Credit/Debit Card transactions-Security Issues and Risk mitigation measures

RBI/2008-2009/387

RBI / DPSS No. 1501 / 02.14.003 / 2008-2009February 18, 2009

The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /.
District Central Co-operative Banks

Madam / Dear Sir

Credit/Debit Card transactions-
Security Issues and Risk mitigation measures

The use of Credit/Debit Cards has been increasing in the country. We have been reviewing various options to enhance the security of online card transactions. After extensive consultations with banks/card companies, it has been decided as under:

2. It would be mandatory to put in place with effect from August 01, 2009:

i) A system of providing for additional authentication/validation based on information not visible on the cards for all on-line card not present transactions except IVR transactions (for which separate instructions will follow).

ii) A system of "Online Alerts" to the cardholder for all 'card not present' transactions of the value of Rs. 5,000/ and above.

3. Banks are advised to strictly adhere to the instructions and time discipline indicated in this circular. Non-adherence to the directives shall attract penalties prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

4. This directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).

5. Please acknowledge receipt.

Yours faithfully

(G. Padmanabhan)
Chief General Manager

IRDA regulates ulip products of insurance

IRDA, the regulator for insurance business in India, has come out with a notification that w.e.f.1st October 2009, the difference between the ‘gross yield’ and ‘net yield’ of ULIPs shouldn’t exceed 3% for policies of less than 10 years and 2.25% for longerterm policies. Gross yield is the fund’s returns on investment and net yield is what it gives to the policyholder. Of these, fund management charges are capped at 1.5% for the shorter-term policies and 1.25% for longer-term ones.

This directive of IRDA will have far reaching impact on the insurance advisors who earn around 12% out of the present charges deducted on the first year premiums of new insurance business procured.

Still, there is no claritiy on other charges like allocation charges, administrative charges which are periodically debited to the account of the policy holders.

We may have to wait and watch this recent directive of IRDA how things will fan out for the policy holders, intermediaries and the insurance companies.