RBI hikes repo, reverse repo rate by 25 basis points
Reserve Bank of India raised the repo rate and repo rate by 25 basis points in mid-quarter review of monetary policy to control inflation. Inflation rose 9.2 percent in July to 9.8 percent in August this year.
The interest rate rose to 8.25 percent from 8 percent, while the repo rate was increased to 7.25 percent to 7 percent. The facility has Read more…
RBI Policy: RBI hikes key rates by 0.25% The Reserve Bank of India today increased the repo rate and the reverse repo rate by 0.25 per cent, each, with immediate effect, in order to curb inflation.
Releasing its 3rd quarterly monetary policy review today in Mumbai, RBI stated that it has rised its repo rate to 6.5 per cent from 6.25 per cent while Read more…
RBI investigating Citi Bank fraud The Reserve Bank is investigating the 300 crore rupees fraud in Citi Bank’s Gurgaon branch, which saw diversion of depositors funds in stock markets.
Several high networth individuals including promoters of Hero Group, were lured by Citibank’s Relationship Manager Shivraj Puri, the main accused in the scam, into investing funds on promise of high returns.
Victims of the fraud have complained to the police that their securities were encashed without their knowledge. Sanjeev Read more…
In its mid-quarter review of monetary policy, on Thursday, the Reserve Bank of India has kept its key policy interest rates unchanged. The apex bank kept its short-term lending rate steady at 6.25 per cent, and its borrowing rate unchanged at 5.25 per cent. The RBI also maintained the Read more…
RBI’s to injects Rs 48,000 cr into system to help ease cash crunch Finance Minister Pranab Mukherjee has said that the Reserve Bank’s move to inject 48,000 crore rupees into the system will help ease cash crunch, but will not add to inflationary pressure.
Mukherjee told reporters in New Delhi yesterday that RBI is fully aware of the situation prevailing on the price front. RBI Read more…
Cut deposit rates for savings: RBI to banks Reserve Bank Governor D Subbarao has asked banks to hike deposit rates and lower lending interest. Speaking at a function in Mumbai on Friday, he said there was need to raise the level of national savings and channelise these into investment.
The RBI has said to all the banks to offer interest to savings bank customers on a daily basis from April 1, which is 3.5 per Read more…
Sensex regains 175 points in early trade Sensex today recovered by over 175 points in early trade. This follows buying by funds in frontline shares amid strong global cues.
The 30-share index rose by 0.86 per cent to 20,521 points with all the sectoral indices trading in the positive territory. The index had lost about 10 points in the previous session after RBI hiked key short-term lending and borrowing rates Read more…
RBI tightens up norms for home loan borrowers The Reserve Bank of India made the norms for housing loans more stringent to curb the excessive borrowing that has pushed property prices in most metros.
The Apex bank has set the ceiling limit on housing loans to 80 per cent of the property value which means a
buyer will be entitled to borrow up to 80 per cent of the total cost of new deweling and the rest 20 per cent will be paid by the Read more…
RBI raises short-term lending and borrowing rate The Reserve Bank today raised its key short-term lending rate by 25 basis points and borrowing rate by 50 basis points to check rising prices.
The new rates, which comes into effect immediately, were announced as part of the first scheduled mid-quarterly review of the Read more…
RBI brings discussion paper on new banking licenses The Reserve Bank of India today brought out a discussion paper on giving out new banking licenses to business houses and non-banking finance companies, and regulations for them to foster greater competition.
The central bank said in a discussion paper, that it is considering providing licenses to a limited number of new banks, as a larger number of banks would foster greater competition, reduce costs, and improve the quality of service.
The RBI said the new licenses are required since vast segments of the population, especially underprivileged, have still Read more…
The Reserve Bank of India today increased the repo rate and the reverse repo rate by 0.25 per cent, each, with immediate effect, in order to curb inflation.
The Reserve Bank is investigating the 300 crore rupees fraud in Citi Bank’s Gurgaon branch, which saw diversion of depositors funds in stock markets.
Finance Minister Pranab Mukherjee has said that the Reserve Bank’s move to inject 48,000 crore rupees into the system will help ease cash crunch, but will not add to inflationary pressure.
Reserve Bank Governor D Subbarao has asked banks to hike deposit rates and lower lending interest. Speaking at a function in Mumbai on Friday, he said there was need to raise the level of national savings and channelise these into investment.
Sensex today recovered by over 175 points in early trade. This follows buying by funds in frontline shares amid strong global cues.
The Reserve Bank of India made the norms for housing loans more stringent to curb the excessive borrowing that has pushed property prices in most metros.
The Reserve Bank today raised its key short-term lending rate by 25 basis points and borrowing rate by 50 basis points to check rising prices.