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
Supali: Two years ago, Vilas Yelmar took out a Rs 200,000 bank loan to develop a small grape orchard in a dusty hamlet southeast of Mumbai. The bank has repeatedly asked for the loan to be repaid, but Yelmar, whose annual income has risen to Rs 2 million, has spent the money on a new sport utility vehicle and a lavish family wedding. He is one of an increasing number...
10:14 AM, Jun 03, 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
Brussels/Frankfurt: The EU's top economic official said on Wednesday he was ready to consider extending Spain's deadline to hit tough deficit targets by a year, the clearest sign the EU is concerned austerity measures it is enforcing in eurozone countries may be deepening the region's recession. Olli Rehn said he would only allow the leniency " which would give Madrid until 2014 to reduce its budget deficit to 3 per...
12:23 AM, May 31, 2012
Washington: Bharatiya Janata Party would make public the names of 800 Indian account holders in Swiss Banks if it comes into power in the 2014 general elections, senior party leader Yashwant Sinha has said. "Of course, we will do. Of course, we will do," Sinha told a small audience at an event organised by a recently formed Washington-based Indian American think-tank Foundation for India and Indian Diaspora Studies (FIIDS). "Will...
05:53 PM, May 30, 2012
New Delhi: Concerned over rising bad loans, Finance Minister Pranab Mukherjee on Monday asked the banks to take steps to manage their non-performing assets (NPAs) which have grown on account of economic downturn. "NPAs have grown at an uncomfortable and unacceptable rate in the past couple of years. The RBI has recently advised the selected banks to take necessary steps for appropriate NPA management. I hope the concerned banks will...
08:01 PM, May 28, 2012
Mumbai: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country's fiscal and economic vulnerabilities. Goldman Sachs said it was cutting its gross domestic product forecast to 6.6 per...
05:24 PM, May 25, 2012
New Delhi: The CBI on Wednesday summoned YSR Congress chief Jaganmohan Reddy in connection with the disproportionate assets case. This is the first time that the MP has been summoned. Jagan had moved a petition in Andhra Pradesh High Court requesting exemption since he is not available due to the on-going election campaigning but the court rejected his petition. Jagan now has to appear before the CBI for questioning on...
06:14 PM, May 23, 2012
New Delhi: A major fire broke out in a building housing Punjab National Bank in New Delhi's Parliament Street on Wednesday. Although many people were trapped inside the building but fire officials managed to rescue all, and there were no casualties. Twenty-five fire tenders were rushed to the spot and fire was brought under within an hour. The six-storey building is in the heart of Delhi and in the vicinity...
05:31 PM, May 23, 2012
New Delhi: In the BrandZ list of the Top 100 Most Valuable Global Brands 2012 are two Indian companies - Airtel and ICICI Bank. India's leading private sector bank ICICI has made it to the annual list on previous ocassions but this is Airtel's maiden entry into the top 100. ICICI has dropped 10 places since 2011 in the list and according to Millward Brown ICICI Bank's brand value has...
02:41 PM, May 23, 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
New Delhi: The illicit outflow of money from India has been estimated at $104 billion as of December last year, according to a report of the Global Financial Integrity (GFI). This has been disclosed by the white paper on black money tabled in Parliament on Monday. But the report does not give any estimate of the government about either black money in India or the amount stashed away in banks...
12:33 AM, May 22, 2012
In one of most profound dialogues of the film, a character referring to parenthood says, "There's no such thing as ready. You just get into a running train and hope not to die." Thankfully the film, unlike being a parent, is a fairly smooth and entertaining ride that has a universal appeal to both parents and those who ever had a father or a mother. In the city of New...
01:35 PM, May 20, 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: Global credit ratings firm Moody's on Monday downgraded the country's three largest private sector lenders - ICICI Bank, HDFC Bank and Axis Bank - to D+ from C- to align them with the sovereign rating. As a result, the hybrid debt ratings of these banks, except HDFC Bank, will be negatively impacted. The standalone bank financial strength rating (BFSR) of ICICI, HDFC and Axis are revised down to D+...
06:00 PM, May 14, 2012
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Disclaimer: TV18 Broadcast Limited is proposing, subject to market conditions and other considerations, an offer of its equity shares on rights basis and has filed a Draft Letter of Offer with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the websites of the Lead Managers at www.icicisecurities.com and www.rbs.in Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to "Risk Factors" in the Draft Letter of Offer. The Equity Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws in the United States and may not be offered or sold in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the US Securities Act) except in a transaction exempt from the registration requirements of the US Securities Act and in accordance with any applicable U.S. state securities laws.
