In a company statement, state-run lender Indian Bank said it would reduce base rate by 0.30 per cent to 10.20 per cent from the existing 10.50 per cent, with effect from February 9, 2013. The statement also shows that the bank reduced its Benchmark Prime Lending Rate by 0.25 per cent from the existing 14.75 per cent to 14.50 per cent per annum with effect from February 9,
Tag: Reserve Bank of India
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India on course to meet $1 trillion infra investment target
G Padmanabhan, Executive Director of Reserve Bank of India (RBI) remarked that the country is on course to meet its infrastructure investment target of $1 trillion during the ongoing 12th five-year plan (2012-17). Speaking at a conference in London, he said the funding process was working in a seamless manner and thing
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RBI introduces new provisioning norms
In an official statement, Reserve Bank of India (RBI) said banks must make 3.75 percent provisioning, from March 31, 2014, for loans already restructured. The provisioning would rise further to 5 percent with effect from March 31, 2015, the statement said. The central bank also said that with effect from April 1, 2015, restructured accounts would be immediately classified as sub-standard. Non-performing asse
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IDBI Bank reduces interest rates by 25 bps
Effective February 1, IDBI Bank reduced its deposit and lending rates by 25 basis points after the Reserve Bank of India (RBI) cut policy repo rate and banks' cash reserve ratio (CRR). In its third quarter review of monetary policy, RBI cut repo rate by 0.25 per cent and slashed CRR by the same margin to inject Rs 18,000 crore of liquidity into the syst
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RBI mulls launch of inflation-indexed bonds
Reserve Bank of India (RBI) considers to launch inflation-indexed bonds (IIBs) in order to attract investors who buy gold for protection against inflation. RBI Governor D Subbarao informed reporters that the central bank tries to redesign IIBs after its introduction some years ago failed to attract
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RBI survey expects 5.5% economic growth in FY13
According to a survey sponsored by the Reserve Bank of India (RBI), the Indian economy may expand at 5.5 per cent in 2012-13, lower than the government's revised annual growth estimate of 5.7 per cent. It may be noted that the RBI had earlier projected a growth rate of 5.8 per cent for 2012-13. The Indian econ
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Infra firms welcome RBI rate cut
Infrastructure developers and development finance companies cheered the Reserve Bank of India's (RBI) move to cut policy repo rate in its third quarter review of monetary policy. Infrastructure developers urged banks to pass on the cut in policy rate to borrowers and thereby reduce the cost of funding
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RBI hints at more policy easing if inflation, CAD falls
The Reserve Bank of India (RBI) Governor D Subbarao informed reporters that there would be more room for monetary policy actions if inflation eases further and the current account deficit moderates further. He said this after announcing the decision of the RBI to reduce repo rate by 25 basis points and cash reserve ratio (CRR) of scheduled commercial banks by 25 bps in the third quarter monetary policy
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RBI cuts repo rate to support economic growth
Reserve Bank of India (RBI) reduced the policy repo rate by 25 basis points from 8.0 per cent to 7.75 per cent with immediate effect in its third quarter review of monetary policy 2012-13. In order to infuse liquidity into the banking system, the central bank also reduced the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.25 per
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RBI cuts repo rate to support economic growth
Reserve Bank of India (RBI) reduced the policy repo rate by 25 basis points from 8.0 per cent to 7.75 per cent with immediate effect in its third quarter review of monetary policy 2012-13. In order to infuse liquidity into the banking system, the central bank also reduced the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.25 per