WEF 2014: Swiss banks devise new ‘cash’ strategies to lure rich clients

The 44th World Economic Forum (WEF) annual meeting at Davos, Switzerland from January 22 to 25, 2014.

The event sets the key priorities and challenges for the world to tackle in 2014.

  • Theme: ‘The Reshaping of the World: Consequences for Society, Politics and Business’.
  • Objective: To develop the insights, initiatives and actions necessary to respond to current and emerging challenges.
  • Approx 40 heads of state or government among more than 2,500 global leaders from over 100 countries are attending the WEF viz. UK, Australia, Japan, Iran, India, Israel, Brazil, Italy, Mauritius, Republic of Korea , etc.
  • From India a 125-member delegation including senior ministers and top corporate leaders are attending the meeting.
  • During the summit, in addition to economic issues and hardcore business talks, problems in Syria, Iran’s possible return to global diplomatic tables, future of euro zone are expected to hog the limelight.
  • The Swiss bank has put up innovative ideas to attract rich clients from India and other countries by providing services like ‘cash courier’ as well as by offering large metal vaults to store currency notes, gold, artworks and other valuables. Also, on the platter is advice to put money in virtual currencies, especially in the wake of Bitcoin ATMs becoming operational in Zurich.

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.

P.J.Nayak Committee set up by RBI to review governance of bank boards

The Reserve Bank of India (RBI) set up an 8 -member panel to review governance of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure. The Committee will be chaired by former Axis Bank Chairman P J Nayak.

The panel will:

  • Review the regulatory compliance requirements of banks’ boards in India, and estimate that what could be intellectual and where requirements needed to be raised.
  • Analyze representation on bank boards to see whether the boards have appropriate mix of capabilities and necessary independence to govern the institution.
  • Investigate possible conflicts of interest in board representation, including among owner representatives and regulators.
  • Examine the working of bank boards, including whether adequate time is devoted to issues of strategy, growth, governance and risk management.
  • Review central bank regulatory guidelines on bank ownership, ownership concentration and representation in the board.

The panel is set to examine board compensation guidelines, and any other issue relevant to the functioning of bank boards and the governance they exercise. The Committee is expected to submit its report within three months from the date of its first meeting.