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Schools to be exempted from Property Tax
IB warns of terror strikes in Maharashtra
India-EU summit to be held in New Delhi on Nov 6: S M Krishna
Monica Bedi releases her first devotional music album in Mumbai
Progressive Infotech accelerates growth in South East with new international subsidiary in Singapore
Ronaldo faces police inquiry for kicking in teen girls car window
The Reserve Bank of India is India's Central Bank and is responsible for the managing the inflow and outflow of money into the system in India. Duvvuri Subbarao took charge as the Governor of Reserve Bank of India (RBI) from Y V Reddy on September 5, 2008. RBI frequently dissiminates statistical information in regard to money flow and reserves amongst others.
The RBI raised interest rates aggressively earlier in 2008 but has later dropped them even more aggressively to counterbalance frozen money markets caused by the collapse of investment bank Lehman Brothers and the global recession that followed. RBI liquidity easing steps has worked to a certain extent that real estate developers have begun giving up to 5 percent discount on existing projects.
On October 24, 2008, the RBI kept the credit policy rates unchanged but has cut its GDP growth estimate for this fiscal to 7.5 - 8.0 per cent. It said inflation will fall to 7% by March 2009. The then Finance Minister Chidambaram said the policy review was on expected lines to manage India's financial stability.
On March 4, 2009, RBI announced a monetary stimulus slashing the rates at which it lends and borrows short-term funds from banks by half a per cent.
Three Indian banks form joint venture in Malaysia
Three Indian banks have put up an initial investment of 86 million dollars into a joint venture to set up a subsidiary in Malaysia. ANI
Anand Sharma to seek more help for Indian exporters
Commerce and Industry Minister Anand Sharma has said that the ministry will ask the Ministry of Finance for more relief measures for exporters. ANI
RBI Governor advises banks to invest in newer technologies
To meet the demands of households and businesses, Reserve Bank of India Governor Duvvuri Subbarao on Monday advised banks to invest in newer technologies. ANI
Indias growth likely to be below 6 per cent in FY10: RBI survey
India may expand at a slower pace in the current financial year that began in April than initially thought and there are more rate cuts in the pipeline, a survey of 17 forecasters conducted by the central bank showed on Thursday. ANI
CIBIL and TransUnion Launch India's First and Only Personal Loan Score
PR Newswire
Citibank launches preferred rupee checking account for NRIs
Citibank N.A. today announced the launch of the Preferred Rupee Checking Account, a one-of-a-kind niche offering for Non Resident Indians (NRI). ANI
PNB reduces lending rate by 50 basis points
The Punjab National Bank on Thursday reduced its benchmark lending rate by 50 basis points to 11 percent. ANI
RBI cuts repo, reverse repo rates by 25 bps
The Reserve Bank of India (RBI) revealed the annual monetary policy here on Tuesday. ANI
Jersey builds partnership with India
The Channel Island of Jersey, which is an offshore financial centre is encouraging Indian Companies, business families and non-resident Indians to look at its new and innovative wealth management solutions. ANI
Inflation rate in India close to zero
The rate of Inflation in India for the week ended April 4 fell to a 30-year low of 0.18 percent, from 0.26 percent a week earlier, government data showed on Thursday. ANI
Inflation rate in India drops to a thirty-year low of 2.43 per cent
The rate of inflation in India for the week ended March 28 fell to historic low of 0.26 percent, from 0.31 percent a week earlier, government data showed on Thursday. ANI
RBI Governor says monetisation is not a benign solution
Reserve Bank of India (RBI) Governor Duvvuri Subbarao has said that there was a long-term cost to monetising the budget deficit that needed to be considered despite the apparent short-term benefits of not tapping the market for funding. ANI
Triad banking model working well in India, says RBI Deputy Governor
Reserve Bank of India (RBI) Deputy Governor Rakesh Mohan has said that triad banking model - state-run, private and foreign banks - is working well in India. ANI
No charge on withdrawing cash from other bank ATMs from April 1
The Reserve Bank of Indias (RBI) directive to the banks to stop charging fee for cash withdrawals using ATM and debit cards issued by other lenders will be implemented from April 1 onwards. ANI
Indian economy will recover quickly, says RBI Governor
Reserve Bank of India (RBI) Governor Dr. Duvvuri Subbarao said that although it is uncertain as to when Indian economy will recover, when it does it will be sharper and quicker than other economies of the world. ANI
Turn crisis into opportunity: mantra at CII BANKing TECH summit 2009
The way to manage downturn and sustain growth in the banking and financial sector is to take advantage of the present crisis and move forward by making IT spending cost effective and revenue generating, said Shyamala Gopinath, Deputy Governor - Reserve Bank of India. ANI
Interactive Brokers announces launch of Online Indian Brokerage Unit
Interactive Brokers has announced that its recent regulatory approval by the National Stock Exchange of India (NSE) allows it to offer private Indian national residents and non-Indian national residents (in conformance with the FEMA Act 2000) market access through its online brokerage platform known as Trader Work Station (TWS). ANI
Interactive Brokers Announces Launch of Online Indian Brokerage Unit
Business Wire India
Inflation rate drops to a six-year low of 2.43 per cent
Inflation has fallen to a more than a six-year low of 2.43 per cent for the week ended February 28, against the previous weeks 3.03 per cent, government data showed on Thursday. ANI
RBI officials meet diamond merchants in Surat
A team of Reserve Bank of India (RBI) officials interacted with diamond merchants here on Tuesday to assess their trade potential and provide them a solution to overcome their present plight of reeling under global recession. ANI
Inflation slips to 3.92 per cent
Inflation figures based on the official Wholesale Price Index (WPI) showed a fall to 3.92 per cent for the week ended February 7 from 4.92 percent a week before. ANI
HDFC chairman expects bank to cut rates again
Housing Development Finance Corporation (HDFC) chairman Deepak Parekh has said that it expects the central bank to further cut its key policy rates in coming weeks. ANI
CBI to probe Satyam accounting fraud case
Union Minister of Corporate Affairs Prem Chand Gupta on Tuesday said the government has ordered the Central Bureau of Investigation (CBI) to probe the accounting fraud in IT major Satyam Computer Services Ltd. ANI
Political parties give mixed reactions to Interim Budget
The political parties on Monday gave mixed reactions to the Interim Budget 2009-10, as proposed by acting Finance Minister Pranab Mukherjee. ANI
India raises defence allocation by 34 percent, leaves GDP, FDI untouched
Presenting the vote-on-account for fiscal 2009-10, acting Finance Minister Pranab Mukherjee on Monday announced a hike in defence allocation, a subsidy for fertilizers and relief for small scale industry (SSI), but kept foreign direct investment (FDI) and the countrys gross domestic product (GDP) intact. ANI
Citibank launches new online money transfer service for US-based NRIs
Citibank N.A. today announced the launch of Citi Online Remit, a new online money transfer service to India. ANI
Mukherjee to meet bank CEOs today
External Affairs Minister Pranab Mukherjee will meet the public sector bank CEOs here today to evaluate third quarter performance, loan disbursal and the impact of the stimulus packages announced by the government. ANI
Mukherjee to meet Bank CEOs on Monday
External Affairs Minister Pranab Mukherjee is scheduled to meet the public sector bank CEOs on Monday to evaluate third quarter performance, loan disbursal and the impact of the stimulus packages announced by the government. ANI
Indias apex business chamber expects seven percent growth
The Federation of Indian Chambers of Commerce and Industry (FICCI) on Friday placed Indias growth projection for 2008-09 at seven percent, rejecting the five percent projected by the International Monetary Fund (IMF). ANI
Inflation rises up to 5.64 percent
Rising prices of essential food articles, jet fuel, and alcohol has pushed up inflation for the second consecutive week, to 5.64 percent. ANI
Domestic demand to help Indian economy despite global slowdown: Kamal Nath
Commerce and Industry Minister Kamal Nath on Wednesday stated that Indias domestic demand will help it sustain economic growth despite the prevailing global downturn, which could not hit the country as much as it impacted other economies. ANI
Airtel, mChek announce milestone of one million users
Bharti Airtel today announced that more than one million users have registered for the mChek on Airtel service, since its commercial launch in June 2008. ANI
Help for Indian Non Banking Finance Companies
The Union Cabinet today approved the framework for addressing the liquidity constraints of non-deposit taking systemically important Non Banking Finance Companies (NBFCs). ANI
All-women bank in rural Assam
The Konoklota Mahila urban co-operative bank Ltd. in Jorhat, Assam is ushering in a new era of rural banking. ANI
Sales of automobiles poor due to lack of easy loans from Banks
Chairman of Maruti Suzuki India Ltd. R C Bhargava has said that sales of automobiles have not picked up due to lack of easy loans from Banks. ANI
ICICI bank board appoints K. V. Kamath as Non-Executive Chairman
N. Vaghul, non-executive Chairman of the Board of Directors of ICICI Bank Limited would retire from the board on completion of his current term on April 30, 2009. ANI
RBI to provide liquidity supportto housing, export sectors
The Central Board of the Reserve Bank of India today decided to provide liquidity support to the housing and export sectors adversely affected by the recent financial market developments. ANI
Centre announces Rs.20, 000 crore stimulus package to boost economy
To counter the effects of the global financial slowdown and its impact on various sectors of the Indian economy, the Central Government on Sunday announced an Rs.20, 000 crore stimulus package that includes major across the board tax cuts to boost demand. ANI
RBI downs repo and reverse repo rate further
The Reserve Bank of India (RBI) in its bid to help out the ailing economy has announced a string of measures including a one percent point cut in short-term rates (repo rate) at which it lends and borrows from banks. ANI
Chidambaram like to see a Congress Finance Minister as his permanent successor
Finance Minister P. Chidambaram said on Monday that he would like to see a Congress Finance Minister as his permanent successor as the countrys economy has flourished under a Congress Finance Minister. ANI
RBI expected to announce financing package for MSME sector soon
The Reserve Bank of India (RBI) is expected to announce a financing package for the Micro, Small and Medium Enterprises (MSMEs), as the sector has been facing credit crunch due to delay in payments and unwillingness on the part of Banks towards offering loans in the backdrop of current global financial scenario, said Dinesh Rai, Secretary, Ministry of MSME, Government of India. ANI
BJP and industrialists discuss impact of global crisis on economy
The Bharatiya Janata Party (BJP) has said that India needs to restore economic confidence hit by the global credit crisis by helping struggling industries, boosting infrastructure spending and dramatically improving governance. ANI
SBI loans to be cheaper
State Bank of India loans will now be cheaper with the bank deciding to cut its Prime Lending Rate (PLR) by 0.75 per cent from Monday. ANI
PM constitutes apex group
Prime Minister Dr. Manmohan Singh has constituted an Apex group under his chairmanship to coordinate the Governments response to points raised by Industry from time to time. ANI
Chidambaram meets PSU bank head to review liquidity situation
Union Finance Minister P. Chidambaram met the head of the Public Sector Undertaking (PSU) banks in New Delhi on Tuesday to review the liquidity situation in the country. ANI
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