The unions are opposing the government's move to take away the public debt management from the Reserve Bank and curtail its powers on the monetary policy.
The Reserve Bank may announce cut in policy rates up to 50 basis points soon as inflation has been on way downward for past three successive weeks, bankers said.
India's exchange reserves rose by a robust $2.03 billion to $277.38 billion in the week ended September 20 on a healthy increase in the core currency assets, Reserve Bank said.
Central Information Commission has held that funding from RBI makes an institution is adequate to make it accountable under RTI.
The total foreign exchange reserves had increased by $1.838 billion to $297.28 billion in the previous reporting week.
Goldman said India's economy is likely to expand by 6.7 per cent in the current fiscal and 5.8 per cent in 2009-10. The gross domestic product growth rate was 9 per cent in the previous fiscal.
The recent hike in the rates will hurt your finances further. Time to do some stock-taking.
The new rate will be effective from December 8. The primary liquidity made available to the system through these measures is worth over Rs 3,00,000 crore (Rs 3,000 billion), RBI Governor D Subbarao said in Mumbai.
The Reserve Bank of India will soon appoint an external agency to assess the claims of complete financial inclusion in different states of the country.
Amid reports of corporates making losses on hedging forex products other than dollar, the Reserve Bank may soon come out with guidelines on forex derivatives, which is widely expected to discourage banks from trading in foreign currencies other than in rupee-dollar. "We are working on the guidelines of forex derivatives," an RBI spokesperson told PTI.
RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
India Inc, while welcoming the Reserve Bank of India's move to cut the key interest rate, expressed doubts on lenders' response to pass on the benefits to customers.
The Reserve Bank might hike the Cash Reserve Ratio (statutory cash balances banks maintain with the apex bank) by 0.50% in its credit policy if inflation remains high, feel Indian bankers. The RBI is scheduled to announce annual credit policy for fiscal 2008-09 on April 29. RBI is likely to tighten money supply in its forthcoming annual credit policy to suck out excess liquidity from the system. Growth has moderated in recent months.
Chidambaram would be meeting the bankers for the first time after the quarterly review of monetary policy by Reserve Bank on July 29. The apex bank raised the key policy rate to 9 per cent following which most of the PSU banks including the largest lender SBI hiked their lending rates by 50-100 basis points.
After cautioning over an asset bubble in the real estate sector, the Reserve Bank of India has cracked the whip. The apex bank has sought clarification from six real estate companies on their proposal to raise external commercial borrowings.
As a result of the strike, cheques amounting to Rs 3000 crore (Rs 30 billion) were pending clearance. Inter-bank transaction through RTGS was also brought to a halt, the statement said.
Banks have approached Reserve Bank of India with a proposal for allowing them to provide doorstep cash delivery services to individual customers.
The Reserve Bank on Thursday said the macroeconomic risks to the Indian economy have increased over the last six months due to the fall in growth, external sector developments and subdued performance of the corporate sector.
.jpg)
RBI on Wednesday surprised the markets by leaving key policy rates unchanged, notwithstanding persistent high inflationary pressure.
In a circular, the ministry said all NGOs registered under the Foreign Contribution Regulation Act should receive foreign donations in a single designated bank account.
Reserve Bank of India will announce the Monetary and Credit Policy for 2003-04 on April 29.\n\n\n\n
Though the Reserve Bank would want to keep excess liquidity under check to contain inflation, it may still go for a CRR cut to enable banks lower interest rates in order to spur growth through increased credit offtake.
A reading above 50 represents expansion while one below means contraction.
Bankers, who spoke to PTI, point to the above indicators and aver the Reserve Bank of India is unlikely to hike reverse repo and repo rates this month.
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
The Reserve Bank of India on Thrusday ruled out any concessional finance to developers and units in these zones, saying they should be treated on par with real estate projects.\n
The CFO will formulate the accounting policy of the bank, maintain the internal accounts and report financial results, and carry out corporate strategy functions like PF policies.
'Urjit Patel's appointment is a right decision and in the interest of the country.'
Worried about the possibility of oil prices' pushing up inflation, the Reserve Bank on Tuesday said chances of prices going up in the coming days need to be viewed against this background.
The additional cash will now give the Centre more headroom for stimulating the economy.
The government is likely to present a "run-of-the-mill" budget with an fiscal slippage to 3.7 per cent of the GDP in the next fiscal from an earlier target of 3.5 per cent, a Nomura report says.
Supported by greater demand from both domestic and external markets, total new business rose at the fastest pace since March
In a move that may put pressure on housing and other consumer loans, Reserve Bank of India on Tuesday hiked its short term lending and borrowing rates by 0.25 per cent.
In a move that may put pressure on housing and other consumer loans, Reserve Bank of India on Tuesday hiked its short term lending and borrowing rates by 0.25 per cent.
The Reserve Bank of India on Tuesday reduced the margins by 10 per cent to 40 per cent for bank financing against shares.
Food inflation was 7.79 per cent last month, higher than a revised 7.47 per cent in May
A reading above 50 denotes expansion while one below means contraction.
This relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances