Corporation Bank picks up awards
Mangalore: The Corporation Bank has bagged the runner-up awards in the `Best online and multi-channel banking team' and `Outstanding achiever of the year - corporate' categories by way of achievements in banking technology for 2004. The Indian Banks' Association and Trade Fairs & Conferences International have instituted these awards, stated a bank release

Dr R.B. Barman, Executive Director, Reserve Bank of India, and Vepa Kamesam, former Deputy Governor of RBI, presented the awards. The awards have been instituted for the first time in recognition of outstanding achievements for banks in India towards the implementation and usage of information technology under various categories.

The release said that the jury, headed by Dr Barman, considered the performance of public sector banks, new generation private sector banks and foreign banks.
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Reddy: Monetary policy challenges from large capital inflows
Visakhapatnam: The RBI Governor, Dr Y. Venugopala Reddy has said that the large capital inflows inot the country in recent years pose major challenges in formulating the monetary policy and in exchange rate management.

Dr Reddy expressed his opinion in a prepared address, which was distributed to the participants in the twenty-third annual conference of the Andhra Pradesh Economic Association organised in the Andhra University here on Saturday.

The RBI Governor, who was scheduled to preside over the inaugural session, could not attend the convention.

"A critical issue in this regard is whether the capital flows are temporary or permanent in nature. The recent episode of large capital flows prompted a debate in India on the need for exchange rate adjustment. In such a situation, the monetary authorities should presume that such inflows are temporary till they are firmly established to be of a permanent nature," he said.

Dr Reddy noted "additional complexities arise in an emerging market like India. The liquidity impact of large inflows was managed largely through the day-to-day liquidity adjustment facility and open market operations till 2003-04. Since March 2004, when the RBI signed a MoU with the Union Government, treasury bills and dated Government securities are being issued for the purpose under the market stabilisation scheme.''

Prof. V.V. Bhanoji Rao, who taught at the Singapore National University, delivered the Sir C.V. Subba Rao Memorial Lecture on `Income inequality and public policy''.
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