Government takes note of RBI`s decision to keep key rates unchanged

The Government has taken note of the decision of the RBI Monetary Policy Committee to keep the policy rate and policy stance unchanged, according to a statement released by the Ministry of Finance. The Ministry of Finance in response to RBI unveiling its fourth bi-monthly monetary policy statement said, “We have noted that this decision has been made by the MPC in light of the underlying

Bankers say RBI stance on expected lines, focus on inflation

Bankers have said the Reserve Bank policy stance was on the expected lines and that its continuing focus on inflation fighting will ensure investor confidence on the country, reported PTI. In the fourth bimonthly policy statement, RBI yesterday left the repo rate unchanged at 6 per cent.

State Bank chairman Arundhati Bhattacharya said given the several tectonic shifts that the economi

RBI panel suggests external benchmark rate in place of MCLR

For effective transmission of policy rate to borrowers, an RBI study group suggested banks should switchover to a new interest rate calculation regime from the existing MCLR system, reported PTI. The Study Group recommended the T-Bill rate, the certificates of deposit (CD) rate and the Reserve Bank's policy repo rate are better suited than other interest rates to serve the role of an extern

RBI knives overall growth to 6.7% but says worst behind us

The RBI slashed its current fiscal growth forecast to 6.7 per cent on gross value-added basis, saying GST rollout glitches have hurt manufacturing in the first half but an uptick is expected in the second half, reported PTI. The RBI had estimated the economy to clip at 7.3 per cent on a GVA basis earlier. Even in the August policy review it had pegged growth at this high level. But then came in

Excise duty cut to spur demand, jobs: Rajiv Kumar

Niti Aayog vice chairman Rajiv Kumar said excise duty cuts by the government will spur demand, economic activity and employment, reported PTI. The government yesterday cut excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months. "Excise duty cuts by the government are most welcome. Will spur demand, economic

Prime Minister promises steps to reverse GDP slowdown

Prime Minister Narendra Modi said the Indian economy was on firm footing and that he will never jeopardise the country's future for immediate gains, reported PTI. In an over hour long speech, punctuated with sharp comments and comparisons with track record of previous UPA regime, Modi told a gathering of Company Secretaries that his government will continue reforms and will not hesitate to

Lower investment rate caused declining growth: C. Rangarajan

Blaming lower investment rate for the declining growth, former RBI Governor C. Rangarajan on Wednesday called for quickening credit disbursement by banks and speedy implementation of stalled projects to get economy on a high-growth path.

"We need to create proper investment climate. The decline in investment rate to 27.4 per cent from a high of 38 per cent in fiscal 2007-200

Modi hits back, tells critics not to spread negativity about economy

Under attack, Prime Minister Narendra Modi on Wednesday admitted for the first time that there has been an economic slowdown but told critics not to spread negativity and promised steps to put the economy on the path of recovery.

"After 7.5 per cent growth in the last three years, there has been a fall. I am not negating it. The government is fully committed to tackling problems

ED attaches Rs 12.64 cr assets of Artha Tatwa group

The Enforcement Directorate (ED) has attached immovable properties worth Rs 12.64 crore of Artha Tatwa group and others in an ongoing money laundering case against the chit fund firm.

The properties attached had been transferred earlier from Artha Tatwa group companies and its employees Sambit Khuntia, Rahul Kanwal and Manindra Pramanik in the name of certain unrelated entities a

Panic on retail inflation numbers unjustified : Arun Jaitley

Decrying the tendency in India to "panic" about retail inflation numbers, Finance Minister Arun Jaitley on Wednesday said the NDA government has a better track record than previous ones in containing price rise.

"Can you have an economy where you panic at an inflation rate of 3.36 per cent? And that too at the period of peak monsoon when vegetable prices skyrocket,"

GST council to decide on GST refunds in next meet: Reports

The GST Council head has said that the council will decide on the integrated Goods and Services Tax refunds at its next meeting in New Delhi on Friday. Commenting on the issue, Group of Ministers (GoM) head Sushil Kumar Modi told the media, "The GST Council meeting on Friday will take important decisions on integrated GST refund and ease of doing business for small tax payers." As per

RBI holds rates, India Inc. isn`t amused

India Inc. on Wednesday expressed its disappointment over the Reserve Bank of India (RBI)'s decision to maintain its key lending rates.

"Ficci is disappointed that the Monetary Policy Committee (MPC) has chosen to hold the repo rate and not reduce it... In the context of current industrial situation, we felt that there was a need for a further cut in the repo rate," said

GST to pave way for huge reforms, says minister

Calling Goods and Services Tax (GST) a game changer, a union minister on Wednesday said GST-related problems are there only for a few days and will go away shortly, making way for huge reforms in the country.

"GST-related problems are for a few days and will completely end soon. It is just like the problems which people faced after demonetisation. If there weren't problems, t

After a dip, Indian economy bouncing back: Amitabh Kant

NITI Aayog CEO Amitabh Kant on Wednesday said that while there has been a "little bit of dip" in the Indian economy, it is now bouncing back.

"We've been growing at 7.6 per cent... There has been a little bit of dip in the economy but we are bouncing back. This month's figure seems to be good," Kant said at a public dialogue organised by St. Stephen's C

Rajnish Kumar named new SBI Chairman

The government on Wednesday named Rajnish Kumar as Chairman of the State Bank of India (SBI).

Kumar, currently a Managing Director of SBI, will succeed Arundhati Bhattacharya whose extended term ends on October 6.

"It is indeed an honour to be entrusted with the leadership of SBI at a time when India is best poised for growth," Kumar said on his elevation.

RBI moots transparent retail forex trading platform

The Reserve Bank is contemplating a transparent foreign exchange trading platform with a view to encouraging retail participation, saying it would lead to better price discovery. "The Clearing Corporation of India Limited (CCIL) will develop access to its platform FX-CLEAR through an internet- based application. A discussion paper on the proposal will be issued by end-October 2017 for p

RBI on GST : Adverse impact on manufacture, may delay investment revival

The implementation of GST had an adverse impact on manufacturing and may delay investment revival, the Reserve Bank said while hoping that there will be simplification of the new indirect tax regime to the ease business process, reported PTI. In its fourth bi-monthly monetary policy review of 2017- 18, RBI forecast economic growth to slow to 6.7 per cent in the current fiscal, from 7.3 per cent

Stimulus, farm waiver to push up fiscal deficit by 1%: RBI

Cutting its growth estimate for the current fiscal, the RBI on Wednesday warned that any economic stimulus and farm debt waivers could push up fiscal deficit by 1 percentage point, potentially stoking inflation. Such measure could lead to inflation surging by 0.50 per cent, the Reserve Bank of India (RBI) said in the Monetary Policy Report released along with the fourth bi-monthly monetary poli

India cannot afford multiple taxes: Hardeep Singh Puri

Union Minister Hardeep Singh Puri today said a country of India's size cannot afford the "adventure" of having multiple taxes and there is "inevitably some dislocation" when people move into a new system such as the GST, reported PTI. The Housing and Urban Affairs Minister said the "dislocation" should be seen against the "permanent long-term tangible bene

Stimulus, farm waiver to push up fiscal deficit by 1%: RBI

Cutting its growth estimate for the current fiscal, the RBI on Wednesday warned that any economic stimulus and farm debt waivers could push up fiscal deficit by 1 percentage point, potentially stoking inflation. Such measure could lead to inflation surging by 0.50 per cent, the Reserve Bank of India (RBI) said in the Monetary Policy Report released along with the fourth bi-monthly monetary poli

RBI maintains status quo; cuts growth forecast to 6.7% in FY18

The Reserve Bank today kept interest rate unchanged as was widely expected in view of upward trend in inflation even as it cut the growth forecast to 6.7 per cent for the current fiscal. Consequently, the repo rate, at which it lends to banks, will stand at 6 per cent. The reverse repo, at which RBI borrows from banks will continue to be at 5.75 per cent, it said at the fourth bi-monthly policy

RBI maintains key lending rates as inflation rises

Rising inflationary pressure prompted India's central bank, the RBI, on Wednesday to maintain its key lending rates.

According to the Reserve Bank of India's fourth bi-monthly monetary policy review of 2017-18, the repurchase rate, or the short-term lending rate for commercial banks on loans taken from it, has been maintained at 6 per cent. 

India to help Myanmar upgrade women`s police training centre

India will help Myanmar in upgrading a police training centre for women and strengthen the country’s police force as a whole. The Union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday gave its ex-post facto approval to the Memorandum of Understanding (MoU) between India and Myanmar on upgrading the Women’s Police Training Centre at Yamethin, Myanmar, an official state

RBI keeps repo rate unchanged but frees up more liquidity

MUMBAI - The Reserve Bank of India held its policy rate steady near seven-year lows on Wednesday after inflation surged, but still looked to prop up the cooling economy by spurring banks into lending more.

The decision to keep the repo rate at 6.00 percent had been widely expected, with all but three of 60 analysts polled by Reuters predicting the RBI would stand pat

RBI sets rupee reference rate at 65.2899 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.2899 against the US dollar and 76.8266 for the euro. The corresponding rates were 65.5529 and 76.7756, as on October 3. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.6266 and 58.00 per 100 yens, respectively, based on reference rates for the dollar and cross-curren