New Delhi: Encouraged by the declining trend in inflation, the Finance Ministry on Tuesday made a case for further rate cut by the Reserve Bank to boost sagging growth. "I think we need to look at statement made by RBI Governor during the last policy review where he had stated that RBI is closely monitoring inflation figures and if there is dramatic change in inflation figures then RBI will take that in to consideration during its next review," Department of Economic Affairs Secretary Arvind Mayaram said here.
"So, we do believe that RBI would look at this figure (inflation coming below 5 per cent in April)," he said. RBI is scheduled to announce mid-quarter review of monetary policy for 2013-14 on June 17.
Inflation fell to 41-month low of 4.89 per cent in April on account of decline in prices of food items, including fruits and vegetables. Based on the Wholesale Price Index (WPI), it stood at 5.96 per cent in March. In April, 2012, it was 7.50 per cent.
April recorded the lowest level of inflation since November, 2009 when it was 4.78 per cent. In order to accelerate economic growth, RBI earlier in May cut key interest rates by 0.25 per cent....
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03:41 PM, May 14, 2013
New York: Don't worry, Pinterest fans: Your sprawling virtual pegboards of wedding dresses, handmade jewellery, craft projects and food porn haven't changed dramatically. They're just easier to manage. The popular link- and photo-sharing website has rolled out an update, one offering people simpler navigation and new ways to arrange their boards to fit their needs. Although the haphazard spirit of Pinterest remains, the site is much less overwhelming. I wasn't...
08:45 AM, May 09, 2013
Kolkata: President Pranab Mukherjee on Sunday praised public interest litigations (PIL) for helping in delivering justice, but urged the judiciary to "observe self discipline" to "maintain the balance with the executive and legislature". "I would like to compliment the Indian judiciary for one innovation: PIL. A man staying in the remotest part of the country can write a postcard to the chief justice of this largest functional democracy and can...
05:10 AM, May 06, 2013
Mumbai/ New Delhi: Big banks say it will be difficult for them to pass on the benefit to customers even though the Reserve Bank of India (RBI) cut repo rate by 25 basis points on Friday even though the cash reserve ratio was left untouched. The banks say RBI's move is not enough to cut interest rates for customers. The State Bank of India (SBI) said there is not much...
03:03 PM, May 03, 2013
Mumbai: Sticking to its cautious stance, the Reserve Bank on Friday cut the key interest rate by just 0.25 per cent to 7.25 per cent and kept the liquidity enhancing cash reserve requirement unchanged, disappointing the industry and stock market. The RBI in its annual monetary policy statement said there would be modest improvement in the country's economic growth to 5.7 per cent in the current fiscal, as against the...
12:38 PM, May 03, 2013
Mumbai: In a move that is likely to bring cheers to the consumers, the Reserve Bank of India (RBI) cut repo rate by 0.25 per cent on Friday for the third time since January. The cut may lead to softening of loan EMIs. Following the 25 basis points cut, the repo rate stands at 7.25 per cent, its lowest since May 2011 even as Cash Reserve Ratio (CRR) has been...
11:21 AM, May 03, 2013
Mumbai: The Reserve Bank of India (RBI) on Thursday warned of "very limited" space for further easing of monetary policy this fiscal year, striking a hawkish tone a day before it was expected to cut interest rates by 25 basis points for the third time in 2013. The central bank's cautious language in its report on macroeconomic and monetary developments could dent rising market hopes for RBI Governor Duvvuri Subbarao...
08:25 AM, May 03, 2013
Mumbai: Dashing expectations of an interest rate cut that have risen because of the recent softening in inflation, as well as decline in crude and gold prices, the Reserve Bank of India on Thursday said there is "very limited" space for that in fiscal 2013-14 because of multiple global and domestic risks, notably inflation. A day before its annual monetary policy statement, the bank released the country's macro economic report...
11:10 PM, May 02, 2013
It is never easy to write about the world the way it is. To talk of love and friendships and everything that takes place in between is never something that can be done without wrenching the way you feel about them. I have always admired writers who can manage this and continue to do so, because it takes a lot out of the writer to dig in and generate stories...
04:13 PM, Apr 29, 2013
New Delhi: The Reserve Bank of India is likely to cut rates by 0.25 per cent in its monetary policy review on May 3, driven by falling inflation levels and recent declines in the prices of oil, gold, and the trade deficit, according to a Barclays report. "We expect the central bank to cut rates 50 bp (0.50 per cent) by mid- 2013," Barclays said, adding that RBI is likely...
11:45 AM, Apr 28, 2013
Washington: At a time when many countries are facing challenges on the fiscal consolidation front, India with its favorable interest rate growth differential has an advantage in addressing deficit concerns in 2013, International Monetary Fund (IMF) said on Tuesday. In its latest edition of annual Fiscal Monitor report, the IMF said there is an improved picture across most of the world in terms of countries getting a handle on their...
01:50 AM, Apr 17, 2013
Mumbai: State Bank of India plans to raise $500-$600 million worth of offshore external commercial borrowings in three to four months time, a senior executive said on Tuesday. India's largest lender priced a five-year, $1 billion bond issue with a coupon of 3.25 per cent last week, generating interest of more than four times the bond size, said Hemant Contractor, managing director of international business. ...
01:35 AM, Apr 17, 2013
New Delhi: Expressing disappointment over poor industrial performance, India Inc on Friday pressed for rate cut by the Reserve Bank of India (RBI) to boost production and further revive the economic growth. Industry chamber FICCI said the RBI should intervene and cut interest rates. "The IIP data for February calls for serious attention. It is important that RBI focuses on bringing down interest rates to stimulate investments which will further...
05:32 PM, Apr 12, 2013
Reserve Bank on Thursday notified 0.1 per cent reduction each in interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS) to be effective from the fiscal beginning April 1, 2013. The rate of interest on PPF has been lowered from 8.8 per cent to 8.7 per cent with effect from April 1, 2013, RBI said in a notification. The rate of interest on 5 year SCSS...
06:51 PM, Mar 28, 2013
The finance ministry has lowered interest rates on Public Provident Fund (PPF), five-year and 10-year National Savings Certificates (NSC) by 0.1 per cent each, with effect from April 1. Interest rate on PPF has been cut to 8.7 per cent from 8.6 per cent, five-year NSC to 8.5 per cent from 8.6 per cent and that of 10-year NSC to 8.8 per cent from 8.9 per cent. ...
02:54 PM, Mar 25, 2013
Himachal Pradesh's loan liability by the end of this fiscal (2012-13) is likely to be over Rs.28,513 crore, and the government plans to fix it by cutting "wasteful expenditure", Chief Minister Virbhadra Singh has said. "We will improve the financial health of the state by cutting wasteful expenditure," the chief minister told IANS. ...
05:09 AM, Mar 18, 2013
Chinese Premier Li Keqiang said on Sunday ensuring economic growth was the top priority for his government, pledging to fight graft, tackle vested interests and calling for an end to a cyber-hacking row with the United States. ...
12:49 AM, Mar 18, 2013
Is the Income Tax surcharge on the super-rich the right way? Meera Sanyal, Country Executive India, Royal Bank of Scotland Group (RBS Group), joined IBNLive readers for an interaction on the issue. ...
06:10 PM, Mar 01, 2013
A day ahead of the Union Budget 2013, speculations are that Finance Minister P Chidambaram is likely to present a political budget ahead of the polls. But the question is whether it will reduce taxes for the aam aadmi. ...
09:29 AM, Feb 27, 2013
Retirement fund body EPFO on Monday decided to pay 8.5 per cent interest rate to its over five crore subscribers on their PF deposits for 2012-13, higher than 8.25 per cent provided in the previous fiscal. The decision was taken at the meeting of the Central Board of Trustees (CBT), the highest decision making body of the Employees' Provident Fund Organisation (EPFO). The meeting was chaired by Labour Minister. ...
06:38 PM, Feb 25, 2013
