Saturday, 14 September 2013

Poor can also open zero balance account in Foreign Banks: RBI

MUMBAI: People belonging to weaker sections in the country can also open zero balance accounts in foreign banks such as HSBC, Citibank and Standard Chartered Bank and avail free ATM-cum-debit card facility.

The Reserve Bank on Wednesday said its 'Basic Savings Bank Deposit Account (BSBDA) guidelines are applicable to "all scheduled commercial banks in India, including foreign banks having branches in India".

Under the BSBDA scheme, any individual, including poor or those from weaker section of the society, can open zero balance account in any bank.

The RBI said there is no requirement for any initial deposit for opening such accounts.
As per the central bank's guidelines, the BSBDA should be considered a normal banking service available to all and the account should not have the requirement of keeping any minimum balance.

"Banks are advised not to impose restrictions like age and income criteria of the individual for opening BSBDA," RBI said.

The services available free in BSBDA scheme include deposit and withdrawal of cash; receipt/credit of money through electronic payment channels or by means of deposit/collection of cheques at bank branches as well as ATMs cards However, holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank.

If a customer has any other existing savings account in that bank, he or she will be required to close it within 30 days from the date of opening a BSBDA.

The aim of introducing BSBDA is part of the efforts of RBI for furthering financial inclusion objectives. There are 43 foreign banks with over 330 branches operating in the country.
Source : http://timesofindia.indiatimes.com

Thursday, 12 September 2013

"A few years ago, India could do no wrong.... Today, India can do no right," Rajan wrote in the piece.

Growth, deficit problems not structural: RBI chief Rajan

SINGAPORE (Reuters) - India's slowing economy and its massive current account and fiscal deficits are not structural problems and can be fixed with modest reforms, newly appointed central bank Governor Raghuram Rajan said on Wednesday.
Rajan acknowledged the economy will expand at a pace that will be its slowest in a decade, with annual growth this year likely to be between 5 and 5.5 percent.
In commentary published on the Project Syndicate website, he also drew an analogy between the current bearishness on the country, whose currency has barely recovered from record lows last month, to the fickle loyalties of Indian cricket fans.
"A few years ago, India could do no wrong.... Today, India can do no right," Rajan wrote in the piece.
Referring to the record current account deficit and slowing growth, Rajan said those "can all be fixed by means of modest reforms."

Wednesday, 11 September 2013

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From the worst to the best performer: Rupee to touch 60 as Raghuram Rajan reverses sentiment

From the worst to the best performer: Rupee to touch 60 as Raghuram Rajan reverses sentiment


Raghuram Rajan's measures reverse sentiment, rupee headed to touch 60

MUMBAI: The currency tide has turned in spectacular fashion. Asia's worst performer until last week, the rupee has become the world's best performer in the past five days as investor confidence has surged following a series of steps to boost inflows and the receding likelihood of a US strike on Syria.

The local currency had its best four-day rally in four decades after Reserve Bank of IndiaGovernor Raghuram Rajan moved to reverse sentiment on policymaking, introducing several measures soon after taking over last Wednesday. Liberal fund-raising rules for banks and exchange risk cover for NRI deposits are estimated to draw about $20 billion in the next few weeks.

The rupee's slump below 60 to the dollar was a "capitulation trade which clearly was overdone", according to Alok Agarwal, CFO at Reliance IndustriesBSE -0.15 %. "The rupee's reversal should take the same path — a move up to 63 against the dollar, with relief and confidence coming back and then a slower appreciation to 60 as the emerging markets steady themselves after the Fed's plans on tapering are known at next week'sFederal Open Market Committee meeting."

The rupee gained 2.2 per cent from Friday's level to 63.84 to the dollar. It's the best performer in the past five days among the 189 currencies listed on the Bloomberg table. The rupee strengthened past 64 for the first time since August 26 to as high as 63.76, Bloomberg data shows. The currency touched an all-time low of 68.84 on August 28.

"Rupee will touch 60," said Harihar Krishnamoorthy, head of treasury at FirstRand Bank. "People are digesting measures taken by both the government and the Reserve Bank of India and they are seen in a very positive light. Reducing geopolitical risks will boost sentiment and cool oil prices."

Fears of a US strike on Syria faded after Russia offered to ensure that chemical weapons would not be used, helping to push oil prices lower. Global stocks surged and currencies gained.

RBI meanwhile allowed a special swap window for FCNR(B) deposits to narrow the current account deficit, a measure of the difference between overseas spending and earnings. RBI will swap the fresh FCNR(B) dollar funds with a three-year tenor at a fixed rate of 3.5 per cent per annum.

"Everyone knows that 65 is way weaker than the rupee needs to be from a competitiveness standpoint," said Jamal Mecklai, chief executive at Mecklai Financial. "Even if India (and the global markets) are hit by another wave of tapering or whatever, I would bet that the ideal rupee will recover into a range of 58 to 64 over the next six months."

The Federal Open Market Committee meeting next week will indicate what Fed ChairmanBen Bernanke plans to do with the quantitative easing programme, which has become the lifeblood of emerging markets in the past few years.

Tuesday, 10 September 2013

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How long can Raghuram Rajan keep the bears at bay?

How long can Raghuram Rajan keep the bears at bay?

Till the RBI policy meeting on Sept 20; the bullish sentiment looks certain owing to current wave of optimism running high on Dalal Street.
Till the RBI policy meeting on Sept 20; the bullish sentiment looks certain owing to current wave of optimism running high on Dalal Street.
The Indian stock markets seem very optimistic about the Reserve Bank's new chief, Raghuram Rajan, given his agenda to revive a sagging economy in the face of global headwinds.

Ignoring all the negatives, domestic as well as global, the Sensex has rallied 1,000 points in three days, sitting well above its psychological level of 19,000.

But the big question bogging the minds is: till how long can Rajan keep the bears at bay, all because of the negative news flow on growth data?

Till the RBI policy meeting on September 20; the bullish sentiment looks certain owing to the current wave of optimism running high onDalal Street.

But then, what after September 20? Well, here's how we are poised:

RBI meets on September 20

Rate cut looks probable, while rate hike looks distant. Monetary tightening by the RBI at its September 20 policy meet does not sound feasible, argue analysts at Deutsche Bank: "Traveling through Europe and England this week, we have encountered a view from some investors that there is a trade-off between FX stability and economic growth, and the RBI, under the newly appointed governor Rajan, needs to follow up its July tightening measures by even more rate hikes to support the rupee. This would inevitably entail further 'sacrifice' of growth, as per the view."

"The view has been bolstered by governor Rajan's inaugural statement, where he stressed the importance of low and stable inflation, regardless of its source (FX pass-through, demand pressure, supply shock). But beyond the discussion on price stability, the rest of the governor's statement was geared toward lowering the cost of doing business. Indeed, we think that RBI is done with tightening for now."

So, are the bulls riding on expectations of a soft monetary policy from Raghuram Rajan on September 20? "If the market is expecting a soft monetary policy from him, it is going to be greatly disappointed. Keeping inflation expectations down is going to be top most priority, but that does not mean a loose monetary policy. Moreover, we are going to see much higher numbers on WPI inflation over the next 5-6 months, It could go up to 9-10% by December or January partly because of the depreciation of the rupee and partly because of the base effect in the index. Under these circumstances, it would be very surprising if we will see interest rate cuts," says Vibhav Kapoor of IL&FS.

QE tapering and Syria

This comes ahead of the RBI's monetary policy. Will the US Federal Reserve press the red button given the pace of recovery of the American economy? Most likely, it's a no. It is widely speculated that the bond-buying programme will be tapered by $5-$10 billion for now.

"We believe September could be a volatile and tricky month for investors in Indian equities, given a substantial event calendar. JPM believes that risks to the equity markets over the coming months is biased towards the downside and recommends staying hedged on long positions in equities," said Bharat Iyer, MD & Head Of India Equity Research at JPMorgan.

"The Syrian issue and the FOMC meeting are of particular relevance to India. We believe that dependence on external energy and capital are the most substantive vulnerabilities of the Indian economy," he added.

"The (tapering) is bound to happen, and come September 18 you will have taper talks all around the globe. Beyond that, you have the structural problems of India which are not going anywhere in hurry," said Phani Sekhar, Fund Manager-PMS, Angel Broking, in a note.

The rupee factor

"The market will bottom out once the currency stabilises at a certain level. When the rupee stabilises, it will appreciate strongly and that will bring a lot of positive sentiments. If the currency starts to appreciate, the sense of goodwill about the country will suddenly improve dramatically. A lot of people will jump in to buy some attractive stocks, which now are waiting on the fringes for the currency to stabilise," said Neelkanth Mishra, India Equity Strategist,Credit Suisse, in an interview with ET Now.

"I expect the rupee to actually go back to 57-58 levels and in six to nine months India will look very-very different from what it is now," he said.

Raghuram Rajan effect on Indian rupee to continue this week as well: Analysts

Raghuram Rajan effect on Indian rupee to continue this week as well: Analysts



Analysts and heads of treasuries at banks have opined that 'the Raghuram Rajan effect' -- the impact of the measures unveiled by new Reserve Bank Governor (RBI)Raghuram Rajan -- will continue to play out on the Indian rupee in the forex market this week as well.
Market participants see the Indian rupee rising to 63 against the dollar this week and trading in the 63-65.50 range.
Rajan's first few measures include swap window facility for banks to lure in NRIs funds, and reversal of some of the controls that his predecessor Governor D Subbarao had introduced. Also, the August 31 meeting that economic affairs secretary Arvind Mayaram and banking secretary Rajiv Takru held with foreign banks who control the domestic forex market had a positive impact on the rupee, say analysts.
"The rupee will continue to be strong. It was already in the overshoot turf. The measures announced by the RBI have come as a catalyst," said Harihar Krishnamoorthy, treasurer at the South African lender FirstRand Bank.
Rajan, after taking over from D Subbarao on September 4, has announced a slew of measures to attract inflows from overseas investors, including the NRIs. To boost foreign fund inflows and help banks get funds at cheaper rate, Rajan announced a special window to swap foreign currency non-resident (FCNR) dollar funds mobilised by banks.
The RBI also doubled the re-booking amount that exporters can do on their cancelled forward contracts to 50 per cent from 25 per cent. It also extended the facility to importers who were not allowed to re-book their cancelled forward contracts.
Further, it restored the permission to invest 400 per cent of a domestic corporate's networth in foreign market provided it has raised the funds through external commercial borrowing (ECBs) route.
The measures announced by Rajan were well-received by the markets with the rupee recovering by 3.5 per cent between September 3 and 6. Last Friday, the rupee closed up at 65.24 while the Sensex rallied more than 1,000 points in three

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Wednesday, 4 September 2013

Centre for Railway Information Systems (CRIS) hiring Diploma(CSE/ECE) holders for Junior Network Engineers role

Centre for Railway Information Systems (CRIS) hiring Diploma(CSE/ECE) holders for Junior Network Engineers role
Company name : CRIS
Posts : Junior Network Engineers
Qualification : Diploma
Location : Delhi
Last date to apply : 11/09/2013
 Details of Post :
Junior Network Engineers
Centre for Railway information Systems (CRIS), an autonomous Organization of the Ministry of Railways, Govt. of India, is the IT wing of the Indian Railways with state-of-theart infrastructure at New Delhi and having regional data centres at New Delhi, Mumbai, Chennai, Secunderabad and Kolkata/CRIS is engaged in the development, implementation and maintenance of many major computer applications, including the renowned computerized Passenger Reservation System, Freight Operations System and Unreserved Ticketing System of Indian Railways.
  1. Name of Post: Junior Network Engineers
  2. No. of Post: Two (2) for only Port-Blair (Andaman & Nicobar Island).
  3. Grade PB-2, grade Rs.9300-34800 + GP Rs.4200 including Allowances as applicable and other benefits such as LTC, Medical Reimbursement, Leave Encashment, Gratuity and personal insurance as per Rules of CRIS.
  4. Eligibility Three years Diploma Course in Electronics & Communication or Electronics & Telecommunication, or Computer Science & Engineering OR Computers.
  5. Age 18-28 years (relaxation for SC/ST/OBC candidates will be as per instructions of Govt. of India)
  6. How to Apply: Candidates may submit their applications through walk-in registration alongwith documents i.e. attested copies of educational qualifications, experience certificate, and caste (if applicable) in Dr. B.R.Ambedkar Institute of Technology, Pahargaon, Andaman & Nicobar Islands, Port Blair between 10:00 hrs to 17:00 hrs on 11.09.2013.
  7. Selection procedure: The candidates who register their names alongwith requisite fees and certificates will appear in the written test to be held on 12.09.2013 (tentatively) in the institute of Dr. B.R.Ambedkar Institute of Technology, Pahargaon, Andaman & Nicobar Islands, Port Blair. Result of 20 i.e.10 times the number of vacancies qualified candidates shall be available at www.cris.org.in and also shall be pasted on the Notice Board of venue of examination. Interview shall be held on 13.09.2013. Written test will comprise of Multiple Choice Questions of General Knowledge/ Reasoning/ Subject Matter and Networking.
  8. Fee Demand draft of Rs. 1000/- for General Category, and Rs. 500/- for SC/ST/OBC candidates drawn in favour of CRlS (payable at New Delhi)
Candidates may submit their applications through walk-in registration in Dr. B.R.Ambedkar Institute of Technology, Pahargaon, Andaman & Nicobar Islands, Port Blair between 10:00 hrs to 17:00 hrs on 11.09.2013.
Demand draft of Rs. 1000/- for General Category, and Rs. 500/- for SC/ST/OBC candidates drawn in favour of CRlS payable at New Delhi alongwith other documents i.e. attested copies of educational qualifications, experience certificate, and caste (if applicable) may be submitted personally at the time of registration.
For detailed information please log on to www.cris.org.i
 Important dates to remember :
Last date to apply : 11/09/2013

(BEL) is conducting Walkin drive for BE/B.Tech holders for Graduate Apprentices role on September 16, 2013

Bharat Electronics Limited (BEL) is conducting Walkin drive for BE/B.Tech holders for Graduate Apprentices role on September 16, 2013
Company name : Bharat Electronics Limited
Posts : Graduate Apprentices
Qualification :BE/B.Tech
Location : Haryana
Last date to apply : September 16, 2013
 Details of Post :
WALK-IN INTERVIEW” FOR GRADUATES IN ENGINEERING FOR APPRENTICESHIP TRAINING ON 16th Sep, 2013 at BEL PANCHKULA
Bharat Electronics Limited, a leading Navaratna Public Sector Enterprise under the Ministry of Defence propose to engage GRADUATE APPRENTICES under the Apprentices Act 1961 for ONE year in the following designated subject fields for Panchkula Unit :
ENGINEERING DISCIPLINE
  1. Electronics
  2. Electronics & Communication
  3. Electronics & Telecommunication
  4. Electrical & Electronics
  5. Mechanical
  6. Computer Science & Engg.
  7. Information Technology
DATE OF INTERVIEW : 16.09.2013 09:00 AM
VENUE OF THE INTERVIEW :
Bharat Electronics Limited
Plot No. 405, Industrial Area,
Phase – III, Panchkula (Haryana)
Phone : 0172 3937 257 / 258
Mode of Selection: Selection will be through interview only.
Eligibility Criteria to appear for Interview :
  1. Qualifying Marks : For all Candidates – Pass Class .
  2. Age limit: Candidates should be below 25 years as on 01 .10 .2013. Upper age limit relaxation as per Govt. Rules.
  3. Candidates should have passed Degree examination on or after 01. 01. 2012.
Following are the documents to be produced at the time of Interview:
  1. SSLC Marks Sheet (as proof of age)- Original with one attested photocopy.
  2. Original Degree Certificate or Provisional Degree certificate with one attested photocopy.
  3. SC/ST/OBC/PHP certificates (if applicable).
No TA /DA will be paid to the candidates to attend the Walk -in -Interview.
The selected candidates will be issued provisional offer letters for Apprenticeship training under Apprentices Act 1961.
General Details:
  1. Candidates who fulfill the above conditions only need to appear for the Interview.
  2. The duration of Apprenticeship Training is for ONE YEAR only.
  3. Stipend is as per the Government norms (3,560/- per month only).
  4. Canteen at nominal charges.
  5. Only Indian Nationals are eligible.
Note: Canvassing in any form will result in disqualification.

Important dates to remember :
Last date to apply : September 16, 2013

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Fresherslive | Government Jobs for Freshers / Hindustan Petroleum Corporation Limited (HPCL) – Recruitment of Graduate Engineers through GATE-2014

Fresherslive | Government Jobs for Freshers / Hindustan Petroleum Corporation Limited (HPCL) – Recruitment of Graduate Engineers through GATE-2014