Mumbai: Reserve Bank of India (RBI) Governor Duvvuri Subbarao went against the suggestion of a majority of external members of the central bank's monetary policy committee that recommended no change in the policy repo rate at a May 3 policy meeting, according to minutes of the meeting seen by Reuters.
The RBI cut the key policy repo rate for a third straight time in 2013 to 7.25 per cent, pulling it to a two-year low, in a bid to revive decelarating growth and taking into account benign inflation reading.
The committee consists of seven external members, apart from the governor and the four deputy governors. The panel's role is purely advisory, with the governor having the final say.
Four of the seven external members wanted the RBI to hold its repo rate at 7.50 per cent, citing concern over India's high current account and fiscal deficits....
more
02:26 AM, May 24, 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 may sweeten its expected 25 basis point interest rate cut on Friday with a similar reduction in the cash reserve ratio to ease tight market liquidity conditions as increasingly benign inflation gives it room to manoeuvre. A slowdown in inflation, economic growth languishing at a decade-low 5 per cent and expectations of a lower current account deficit thanks to cooling global commodity prices have...
06:01 AM, May 02, 2013
Mumbai: The drop in headline inflation to a 40-month low of 5.96 per cent for March has increased the possibility of a rate cut by the Reserve Bank at its May 3 annual policy, analysts and rating agencies said on Monday. India Ratings said the cooling off in both core and general inflation readings, coupled with fiscal consolidation and reform measures undertaken by Government, will help RBI Governor Duvvuri Subbarao...
07:33 PM, Apr 15, 2013
New Delhi: India's manufacturing sector witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity and decline in new business orders, an HSBC survey said on Monday. The HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - stood at 52 in March down from 54.2 in February. Persistent power cuts weighed on the manufacturing sector. Moreover, the volume...
11:20 AM, Apr 01, 2013
The Reserve Bank of India's (RBI) credit policy will be announced on Tuesday with bankers wanting the central bank to cut repo rates which could make home and car loans cheaper. ...
08:55 AM, Mar 19, 2013
Taking cue from declining core inflation levels and sluggish growth trends, the Reserve Bank of India is likely to cut key policy rates by 0.25 per cent in its mid-quarter review on March 19, global investment banking majors have said. ...
11:16 AM, Mar 17, 2013
Foreign brokerage HSBC on Wednesday said the Reserve Bank will cut the policy rate by 0.25 per cent on Tuesday as the central bank is likely to boost growth amid some comfort on the inflation outlook front. The central bank may further reduce repo rate by 25 bps on Tuesday and make another equal cut in the second quarter of 2013, taking the policy rate to 7.25 per cent from...
11:38 PM, Mar 13, 2013
Indian services growth eased off the accelerator last month as new orders failed to keep up with January's blistering pace, a business survey showed on Tuesday, although companies remained optimistic about future business. ...
12:45 PM, Mar 05, 2013
The Reserve Bank of India could make more cuts to the repo rate if inflation remains on projected lines, the Prime Minister's economic adviser C Rangarajan said on Tuesday. ...
01:04 PM, Jan 29, 2013
The Reserve Bank of India's decision to cut rates will help revive investment in the economy, Montek Singh Ahluwalia, deputy Chairman of the Planning Commission said on Tuesday, adding that the economy was beginning to bottom out after a long slowdown. ...
11:57 AM, Jan 29, 2013
The RBI reduced repo rate by a widely expected 25 basis points, taking comfort from cooling inflation as it made the first cut in nine months to support an economy headed for its slowest growth in a decade. ...
11:47 AM, Jan 29, 2013
The Reserve Bank of India on Tuesday cut both repo rate and Cash Reserve Ratio (CRR). While the repo rate was cut by 25 basis points to 7.75 per cent, the CRR was slashed by 25 bps to 4 per cent. ...
11:24 AM, Jan 29, 2013
The Reserve Bank of India is widely expected to make a modest cut in interest rates later on Tuesday to support an economy set for its slowest growth in a decade, with a deeper cut unlikely due to worries over the fiscal and external deficits and inflation. ...
10:33 AM, Jan 29, 2013
The Reserve Bank of India is widely expected make a modest cut in interest rates later on Tuesday to support an economy set for its slowest growth in a decade, with a deeper cut unlikely due worries over the fiscal and external deficits and inflation. ...
05:11 AM, Jan 29, 2013
The Reserve Bank of India (RBI) is expected to reward the government next week for its efforts to reform the economy and bring its finances under control by announcing its first cut in interest rates in nine months. ...
12:30 PM, Jan 25, 2013
New Tata Motors Ltd is the best performer among Sensex stocks in 2012, helped by hopes for a turnaround in the performance of luxury unit Jaguar Land Rover. Infosys Ltd earns the worst performer status among blue chips, given the persistent concerns about global demand for software services. GAIL, down over 9 per cent and Bharti Airtel, down 7 per cent, are among other losers. ...
03:14 PM, Dec 29, 2012
Mumbai: The RBI kept interest rates on hold on Tuesday, ignoring government pressure to reduce borrowing costs, but said it was shifting its focus towards boosting a flagging economy, raising the odds of a rate cut as early as January. The Reserve Bank of India (RBI) reiterated guidance from its last policy meeting in October that it was likely to resume monetary policy easing in the January-March quarter, as inflation...
07:46 PM, Dec 18, 2012
