New Delhi: Expressing disappointment over the Reserve Bank of India's decision of leaving interest rates unchanged, India Inc on Monday said there is an urgent need for rate cut to boost industrial growth and take economy to a higher trajectory. "A cut in the policy rates could have given some boost to the industrial sector and helped the economy regain the growth momentum," Assocham President Rajkumar Dhoot said. The RBI...
01:58 PM, Jun 18, 2012
The Reserve Bank of India on Monday kept the repo rate and the cash reserve ratio unchanged at 8.0 per cent and 4.75 per cent respectively, dashing market hopes of a 25 basis point cut. ...
12:21 PM, Jun 18, 2012
New Delhi: The Reserve Bank of India (RBI) on Monday kept the repo rate and the Cash Reserve Ratio unchanged, breaking market expectations. The bank said that it was keeping the rates unchanged as "rather than supporting growth", they could "exacerbate inflationary pressures". Following is the full text of the statement released by the central bank following the announcement: Mid-Quarter Monetary Policy Review: June 2012 Monetary and Liquidity Measures On...
11:50 AM, Jun 18, 2012
New Delhi: The Reserve Bank of India (RBI) at its mid-quarter monetary policy review on Monday kept the repo rate and the Cash Reserve Ratio (CRR) unchanged at 8.0 per cent and 4.75 per cent, respectively, dashing market hopes of a 25 basis point cut. The central bank said in a statement, "On the basis of an assessment of the current macroeconomic situation, it has been decided to: keep the...
11:10 AM, Jun 18, 2012
The rupee gained in early trade on Monday as risk assets rallied after Greece elections gave a slim majority to pro-bailout parties, with the focus shifting to the central bank policy decision later in the day. The Reserve Bank of India (RBI) is widely expected to cut interest rates by at least 25 basis points and may also cut the cash reserve ratio. At 9:07 am local time, the rupee...
10:19 AM, Jun 18, 2012
Mumbai: The market was prepared for one positive and one negative event on Monday; a fractured verdict in the Greece polls, and back home, a 25-basis point reduction each in repo rate and cash reserve ratio. Investors did get their one good and one bad news, but not in the way they were expecting. The pro-bailout New Democracy Party won the Greek elections, reducing changes of a Euro break-up, but...
09:07 AM, Jun 18, 2012
New Delhi: The Indian stock markets on Monday are expected to react positively to the Greece results and also domestic factors. The Reserve Bank of India will announce its mid-term credit policy review on Monday. Majority of bankers and economist polled by CNBC-TV18 say that the RBI will cut the repo rate and the reverse repo rate by 25 basis points. This means home loans could become cheaper. The cash...
06:14 AM, Jun 18, 2012
CNBC-TV18 Banking Editor Latha Venkatesh said that despite high inflation and a falling rupee, the Reserve Bank of India may not cut rates just as yet. ...
09:13 PM, Jun 12, 2012
New Delhi: India's industrial output growth flatlined in April, piling pressure on the RBI to cut rates and highlighting economic fragility after a warning that the BRIC nation's credit could be downgraded to junk because of political inaction. Standard & Poor's rating agency warned on Monday that India was straying from the path of economic liberalisation and could become the first of the BRIC nations - Brazil, Russia, India and...
08:58 PM, Jun 12, 2012
New Delhi: Expressing disappointment over dismal 0.1 per cent industrial growth rate in April, Finance Minister Pranab Mukherjee on Tuesday said the government would take steps to give positive signals to the industry. "IIP figure for April is no consolation, I'm disappointed. Negative rate of investments is continuing. We are taking steps to kick start the economy. Steps have been taken to encourage investments in infrastructure sector," he said during...
02:13 PM, Jun 12, 2012
New Delhi: India's industrial output growth almost stalled in April compared with a year earlier, reinforcing expectations the RBI will cut rates next week to try to combat a slowdown in the economy. The government data showed that the output rose just 0.1 per cent in April, lower than expectations in a Reuters poll for a 1.7 per cent increase. Output fell in March from a year earlier by 3.5...
12:11 PM, Jun 12, 2012
Bangalore: India's industrial output probably eked out a small rise in April over a year earlier of just 1.7 per cent after falling in March, a pace suggesting little pick up in the economy after a slump in growth at the start of the year. In the first three months of calendar 2012 economic growth slumped to its weakest annual pace in nine years, sparking calls for policy action from...
10:21 AM, Jun 12, 2012
Mumbai: Interest rates in India are not too high to affect growth, Reserve Bank of India Deputy Governor KC Chakrabarty said on Friday. The country's economy grew 5.3 per cent in the March quarter, its lowest level in nine years. Most economists in a recent Reuters poll expect the central bank to cut its key interest rate by at least 25 basis points on June 18 at the mid-quarter review...
12:07 PM, Jun 08, 2012
New Delhi: India's largest lender State Bank of India (SBI) on Thursday reduced its retail deposit rates by 25 basis points in tenure up to 240 days with effect from June 08, 2012. The Reserve Bank of India (RBI) reversed its interest rate cycle by slashing policy rates by 50 bps in its April 17 annual credit policy. This was the first rate cut after 13 consecutive rate hikes. ...
12:28 PM, Jun 07, 2012
Mumbai: The rupee rose on Monday to its highest against the dollar in a week, despite a steep sell-off in global risk assets, on the back of dollar sales by corporates and exporters, as well as unwinding of long-dollar positions by banks. The recovery comes after the rupee had hit a string of record lows against the dollar in the second half of May, with the latest on Thursday when...
03:05 PM, Jun 04, 2012
Mumbai: The Reserve Bank of India (RBI) has some room to reduce policy rates following a moderate core inflation and soft global oil prices, a deputy governor said on Monday. Subir Gokarn was speaking to television channel CNBC-TV18 on the sidelines of a investor conference in Mumbai. The 10-year benchmark bond yield fell to its lowest level in two-and-half months at 8.31 per cent in early trade on expectations of...
02:19 PM, Jun 04, 2012
New Delhi: In UPA's summer of discontent, it continues to rain scams. The Central Bureau of Investigation (CBI) had unearthed a huge forex derivatives scam, pegged at Rs 32,000 crore which has been conveniently brushed under the carpet by the government for three years. On January 4, 2012, Parliament's Public Accounts Committee (PAC) had sent a reminder to the Ministry of Finance, seeking an explanation on the alleged scam in...
09:01 AM, Jun 03, 2012
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
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
