RBI launches industrial outlook survey for Jan-March 2012

The RBI industrial outlook survey is intended to provide useful forward-looking inputs for policymakers, analysts and businesses. The latest will be the 57th round of the survey.

The Reserve Bank of India (RBI) said it has launched its Industrial Outlook Survey for the January-March, 2012, period. The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and future prospects, a press release issued in Mumbai stated. The assessment of the business sentiment in the present quarter and expectations for the ensuing quarter are based on qualitative responses to 20 major parameters. These include overall business and financial situations, demand indicators, price and employment expectations and profit margins, among other parameters.

The survey is intended to provide useful forward-looking inputs for policymakers, analysts and businesses, it said. The RBI has been conducting the Industrial Outlook Survey on a quarterly basis since 1998. The latest will be the 57th round of the survey.

It has entrusted the task of conducting the survey for the current quarter to the Centre for Research Planning and Action (CERPA). The CERPA would get in touch with several manufacturing companies during this quarter for seeking their valuable feedback so that it can be included in the survey, it added. However, those manufacturing companies that are not approached by CERPA can also participate in the survey by downloading the survey schedule from the RBI's official website.

CERPA, which was established in 1972, conducts social science research, providing consultancy services on developmental issues to help planners and policymakers and also conducts charitable services for the disadvantaged and poor sections of the country, it said.

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Airport Express Metro launches 45 trip pass

Reliance Metro Airport Express' new 45 trip pass fares will range from Rs400 to Rs2,000, depending upon the boarding and de-boarding stations of the passengers.

Delhi's Airport Express Metro has launched 45 trip pass and announced withdrawal of the inaugural discount on the 60 trip pass.

The revised 60 trip pass and new 45 trip pass will come into effect from 5 February 2012.
 
The 45 trip pass was launched based on the feedback received from daily commuters. The internal survey 'Voice of Customer' revealed that the local commuters did not utilize approximately 15 trips in the existing 60 trip pass, a Reliance Infra spokesman said.
 
Reliance Metro Airport Express' new 45 trip pass fares will range from Rs400 to Rs2,000, depending upon the boarding and de-boarding stations of the passengers.

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Dhanlaxmi Bank MD & CEO Amitabh Chaturvedi resigns

According to sources, the Bank's MD & CEO has resigned due to serious differences with other Board members

Dhanalaxmi Bank Ltd's managing director and chief executive, Amitabh Chaturvedi has resigned from the bank. The Bank’s board of directors are meeting today at 4pm and may declare financial losses of about Rs30 crore. However, we learned that this has nothing to do with the resignation of Mr Chaturvedi and he may have resigned due to serious differences with some of the Board members.

According to the sources, the bank is facing liquidity problems and may report financial losses of about Rs30 crore. However, the lender is not in serious trouble, the sources added.

Last year in November, the RBI conducted an inspection and issued a 15-point Monitorable Action Plan (MAP) to Dhanlaxmi Bank. This was followed by the furore caused due to a memorandum sent by the All India Bank Officers’ Confederation to the RBI stating the weak financials and certain wrongdoings by the bank.

As per the MAP, Dhanlaxmi Bank should moderate its loan growth, year-on-year, to 25% for 2011-12, should not be dependent on portfolio buyouts and should focus on increasing its direct advances. It has asked the bank to improve its earnings ratio and cash-income (efficiency) ratio to 70% by March 2012 from its current 83.73% during 2010-11. (Read more...RBI directs Dhanlaxmi Bank to adhere to its action plan)

The AIBOC alleged that the bank has manipulated accounts and provisioning, has a mismatch in asset-liability resources, maintains poor capital adequacy ratio and has huge dependence on call money borrowing. It has also accused the bank for ignoring social banking and financial inclusion. After, Moneylife broke the story, the share price of Dhanlaxmi Bank tanked by more than 20%, touching its 52-week low of Rs54.40.  ( read more.. )

Mr Charurvedi was appointed as MD and CEO on 13 October 2008, as per the bank's website.

Dhanalaxmi Bank shares closed 2% down at Rs56.30 on the Bombay Stock Exchange, while the BSE Sensex ended the day 102 points or 0.38% higher at 17,707.31.

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COMMENTS

govind shanbhag

5 years ago

MDT - three decades ago similar fate had happened to one of the oldest kerala catholic managed bank which was placed under moratorium - BANK OF COCHIN LTD. BOC in short had 205 branches,197 in Kerala and ultimately SBI took over the bank with all assets and liabilities. There were more liabilities than assets but no depositor was inconvinced and entire credit balance was fully paid to depositors. It was bonanza for the staff especially officers who were absorbed in SBI with State Bank scale. I have seen the quality of advance in Mumbai, how can any bank lend such loan . In Private it is a proxy war.

Melvin Joseph

5 years ago

Such things can be happen when there is an appointment of a typical private sector CEO in an old generation bank like Dhanlaksmi Bank.It is like changing the Engine alone and not repairing the other parts of a problematic train.
New Generation CEOs with short term agenda and mandate may not suit the old generation institutions. If you analyse, his past assignments, it will be more clear!

S Prabhu

5 years ago

Manipulation of accounts and provisioning is common scenario among private banks and every MD & CEO shows glossy picture to the investors and the depositors. More banks too come out with huge losses and the top management has no accountability role.

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