Nay Pyi Taw: Embarking on a "new journey" of bilateral cooperation, India on Monday extended a $500 million line of credit as part of 12 agreements on sectors like trade and energy signed with Myanmar, which vowed that its territory will not be allowed to be used by terrorists to target India. Marking a historic visit to Myanmar, the first by an Indian Prime Minister in 25 years, Manmohan Singh...
03:40 AM, May 29, 2012
Early in 2011, Baskar Babu, CEO of Suryoday Micro Finance, felt the heat of being in a sector that financiers didn't fancy. The sector's growth depended on supply of credit from banks, and that had dried out. A year earlier, the Andhra Pradesh government had passed a law that, in effect, brought down the recovery rates in the state to a single digit from 95 per cent earlier. Bankers feared...
12:07 PM, May 02, 2012
New Delhi: Global agency Moody's on Monday said it is reviewing rating of state-owned LIC for a possible downgrade over its huge exposure to government bonds. "Moody's has placed the insurance financial strength rating of Life Insurance Corporation of India (LIC) (Baa2/stable) under review for possible downgrade," Moody's Investors Service said in a statement. It said that the credit quality of financial institutions, with high levels of domestic sovereign debt...
02:30 AM, May 01, 2012
Helsinki/New Delhi: Standard & Poor's on Friday downgraded the corporate credit rating of Finnish handset maker Nokia, citing lower revenue expectations. Standard & Poor's Ratings Services has cut Nokia's corporate credit rating 'BB+' from 'BBB-'. The latest rating is considered highest speculative grade by market participants. Earlier this week, rating agency Fitch too had slashed Nokia's credit rating. The downgrades come at a time when Nokia -- once the dominant...
01:28 AM, Apr 28, 2012
Mumbai: Why did stockbroker Gautam Vora go out of his way to allegedly provide material and logistical support to a murder accused on the run? After Voras arrest on Monday, Crime Branch officers are now sleuthing to determine if he is in any way connected to Karan Kakkars murder. Cops have not ruled out the theory that Vora may have instigated the prime accused Vijay Palande to bump off Kakkar....
12:35 PM, Apr 24, 2012
Mumbai: State Bank of India, the country's largest lender, will cut lending rates on loans that have high interest rates, Chairman Pratip Chaudhuri said on Tuesday. Earlier in the day, the Reserve Bank of India cut its repo rate for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to flagging economic growth. But it also warned that there is limited scope...
03:55 PM, Apr 17, 2012
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. ...
01:46 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
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. Tuesday's rate cut announced by the RBI in its annual...
11:14 AM, Apr 17, 2012
New Delhi: Home and car loans may get cheaper as the Reserve Bank of India (RBI) signalled a possible interest rate cut to boost economy at its annual credit policy on Tuesday. The government said on Monday that inflation had slightly eased in March, a day before what is forecast to be the first interest rate cut in three years, but a cautious tone from the Reserve Bank of India...
07:46 AM, Apr 17, 2012
Helsiniki: Nokia Corporation says it will compensate Lumia 900 users in the United States with $100 in credit at AT&T because of a software problem that could cause a break in data connections. The cell phone maker says it will swap users' phones for an updated Lumia 900 and that all buyers of the phone would receive the $100 credit. The Finnish company launched the Lumia 900 phone in the...
10:29 AM, Apr 12, 2012
Mumbai: Country's largest lender SBI on Saturday said it will reduce lending rate if the Reserve Bank reduces cash reserve ratio in the credit policy later this month. "We expect a CRR (Cash Reserve Ratio) cut of 75 basis points. If it happens we will definitely pass the benefit to the consumers," State Bank of India (SBI) Chairman Pratip Chaudhuri said on the sidelines of 6th International Banking and Finance...
06:42 PM, Apr 07, 2012
New Delhi: India's external debt rose to $334.9 billion at December-end 2011, an increase of 9.4 per cent in the first nine months of the current financial year, owing largely to higher commercial borrowings and short-term trade credit, the finance ministry said on Friday. Data released by the department of economic affairs showed that India's total external debt at the beginning of 2011-12 was $306.1 billion. It increased by $28.8...
01:29 AM, Mar 31, 2012
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