Mumbai: The Reserve Bank of India will pump in Rs 12,000 crore in the market later this week by buying government securities. "Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the RBI has decided to conduct Open Market Operations (OMOs) by purchasing the following government securities for an aggregate amount of Rs 12,000 crore on May 25, 2012," it...
09:20 PM, May 22, 2012
Mumbai: The rupee slumped to a record low against the dollar on Wednesday as risk aversion in global markets added pressure on a currency already under fire from the country's current account and fiscal deficits. The currency's slide came just before Finance Minister Pranab Mukherjee said he had directed his ministry to boost efforts towards fiscal consolidation. Government spending has been a concern for financial markets and a factor pushing...
05:59 PM, May 16, 2012
HYDERABAD: An unconventional and snazzy decor, a magazine to flip through, wifi to carry on with your work and a cup of coffee to savour while you wait for your turn - this and more are a feature of the Yuva Branch inaugurated by the chief general manager of the State Bank of India, Rakesh Sharma at Road No. 36, Jubilee Hills on Thursday.Targeted at young professionals, especially from the...
10:30 AM, May 11, 2012
Mumbai: The Sensex and the Nifty fell for a third straight session to notch its lowest close since January 16, as central bank measures to bolster the rupee had a muted impact and as fears grow about sustained foreign selling. Blue chips such as State Bank of India and Infosys extended recent declines on Thursday, despite appeasing measures from the government and the Reserve Bank of India. The government on...
06:46 PM, May 10, 2012
Mumbai: The Reserve Bank of India's battle to contain a falling rupee just got tougher. The current account deficit is widening and a weak global investment climate coupled with policy paralysis in New Delhi, sticky inflation and slowing growth have increased the aversion of foreign investors to India, pushing the capital account into the red. Last week's move by rating agency Standard & Poor's to cut the country's credit rating...
10:14 AM, May 01, 2012
Mumbai: Indian bond yields rose, while the rupee and stocks remained under pressure after Standard & Poor's cut India's outlook, with traders predicting pressure on the central bank to step in to prevent further falls in markets. Indian markets have already been battered in recent weeks by the issues spotlighted by S&P in downgrading the country's outlook to negative, with the rupee recently at three-and-half-month lows, and bond yields near...
10:59 PM, Apr 25, 2012
Mumbai: In an interview to CNBC-TV18, Pratip Chaudhuri, chairman of SBI says, the bank is not looking at cutting base rate in the near-term. "Our current base rate is one of lowest in the industry. So, rather than cutting the base rate, we have been trying to drop the spreads for many of our customers," he adds. Below is the transcript of his interview on CNBC-TV18: Q: Why the decision...
04:43 PM, Apr 23, 2012
Latha Venkatesh, Banking Editor, CNBC-TV18 said consumers will most definitely benefit from RBI's rate cuts. ...
12:12 AM, Apr 18, 2012
New Delhi: The Reserve Bank's decision to cut lending rate by 0.50 per cent will encourage investments, Finance Minister Pranab Mukherjee said on Tuesday, while assuring the government will also take additional steps to boost growth and control price rise. "The growth, which has weakened in past months, should now improve," he said. "The monetary policy announcements should help in investment revival and contribute to strengthening of business sentiments. In...
04:57 PM, Apr 17, 2012
Mumbai: In a bid to boost growth, the Reserve Bank of India (RBI), in its annual monetary policy for 2012-13 , has cut the policy rates by 50 basis points. The repo rate now stands at 8 per cent from 8.50 per cent earlier. Similarly, the reverse repo rate is now at 7 per cent from 7.50 per cent earlier. Lauding the central bank, C Rangarajan, chairman of Prime Minister's...
01:12 PM, Apr 17, 2012
Mumbai: The following are the highlights of the Annual Monetary Policy for 2012-13 announced by the Reserve Bank of India (RBI) Governor D Subbarao on Tuesday: * Short term lending rate (repo) lowered by 0.50 per cent to 8 per cent. * Cash reserve ratio retained at 4.75 per cent. * GDP growth for 2012-13 projected at 7.3 per cent. * March-end, 2012-13 inflation expected at 6.5 per cent. *...
12:52 PM, Apr 17, 2012
Mumbai: The Reserve Bank of India (RBI) on Tuesday cut the repo rate by 50 basis points from 8.5 per cent to 8.0 per cent but did not touch the cash reserve ratio, which remains at 4.75 per cent. The cut in the repo rate is an indication that banks could reduce the interest rates on home and car loans. Following is the full text of RBI's Monetary Policy for...
11:35 AM, Apr 17, 2012
New Delhi: India's deficits and short-term debt levels are "disturbing," but it is not facing a repeat of a 1991 balance of payments crisis, Reserve Bank of India chief Duvvuri Subbarao said on Saturday. Dependent on imported oil which it then subsidises, India is exposed to external shocks such as high crude prices and has seen its fiscal and current deficits blow out in recent months, triggering some economists to...
10:10 AM, Apr 15, 2012
New Delhi: After three holidays this week, all public sector and many private banks have decided to function full day on Saturday. Banks usually are open for public dealings between 10 am and 1 pm on Saturdays. According to official sources, the Finance Ministry has asked all the public sector banks to function full day this Saturday. Country's largest bank, State Bank of India (SBI), has said that all its...
06:48 PM, Apr 06, 2012
Mumbai: State Bank of India (SBI), the largest lender to Kingfisher Airlines, on Wednesday said the cash-strapped company would be viable if it got more equity. "Fresh viability is there for everyone to see. If they (Kingfisher) get more equity, the company is viable," SBI Chairman Pratip Chaudhuri told reporters in Mumbai in reply to a question. He further said on the whole, aviation companies needed equity and fresh equity...
08:09 PM, Apr 04, 2012
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