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Spectrum Computers has devised a package to provide banks with Reserve Bank of India (RBI)circulars on an online basis. The package called Bankman provides the subscribing bank with all the RBI circulars released during the course of a year. Since RBI circulars are not a public document and meant only for circulation to banks, this company claims to have signed a secrecy agreement with the RBI not to disclose the details to a third party. A large number of banks including the State Bank of India have subscribed to the package. In fact, the Legal Department and the Department of Supervision at the RBI are also subscribers to this package. The benefits of accessing the rather voluminous RBI circulars at the touch of the keyboard seems to have percolated into the banking sector. Information technology will now be used in areas other than accounting, etc. The concept of a paperless office seems to be a distinct possibility. Tying up with Big Brother

 

As the walls break down between banks and financial institutions (FIs), and both gear up to lend for all maturities, some banks at least are seeing sense in tying up with FI s. ICICI Bank, for example, has set up an internal committee to work out the modalities by which it can pass on excess banking business to parent ICICI.

With so many big lenders angling for good corporate working capital accounts, it makes sense for ICICI

Bank to pass on some of the good borrowers approaching it to its parent, rather than allow them to approach any other FI or bank. And that is because the relatively smaller size of the ICICI Bank balance

sheet and existing prudential norms makes it impossible to handle as many of these accounts as it would want to, today.

Exorcising the Chhabria ghost?

More about ICICI Bank. This time, its about the elaborate puja rituals performed at the banks Mahalaxmi office at Mumbai. The rituals were held at the Mahalaxmi office after the bank moved in there from its earlier office premises at Backbay Reclamation a few months ago.

According to the local wag, the rituals were as elaborate as they were, only because the third floor of the building (where the bank moved in) was earlier being occupied by Shaw Wallace.