InfoAnda - India's central bank cuts key rates, cites 'unsettled' conditions

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Senior US official visits Myanmar | 8 December 2010
Arrested general hell-bent on betrayal: Sri Lanka | | 9 February 2010
Madoff's Financial Chief Pleads Guilty In New York | 13 August 2009

Seoul shares fall; Hynix tumbles, automakers rise =2 | 23 September 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : India's central bank cuts key rates, cites 'unsettled' conditions

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: India's central bank cuts key rates, cites 'unsettled' conditions AFP - Sunday, November 2 MUMBAI (AFP) - - India's central bank unexpectedly cut its key lending rate for the second time in two weeks Saturday and took other steps to spur economic growth and counter fallout from the global financial crisis. The Reserve Bank of India, citing "unsettled" financial conditions, reduced its key short-term lending rate, the repo, by 50 basis points to ease a credit crunch. The repo is the rate at which it lends funds to commercial banks. "The central bank is sending the message that it will provide stimulus for India's economy to grow by at least 7.0 to 7.5 percent" in this financial year to March 20009, said Bank of Baroda economist Rupa Rege Nitsure. As part of a triple-prong move, the bank also cut the amount commercial banks must keep in reserve, easing the cash reserve ratio to 5.5 percent from 6.5 percent -- pumping billions of dollars into the financial system. And in another stimulus step, it cut the statutory reserve ratio -- the amount banks must hold in government securities -- to 24 percent from 25 percent to boost liquidity for the first time in over a decade. Banks around the world have been lowering rates this week with the US Federal Reserve slashing its main policy rate to one percent, neighbouring China also lowering key interest rates and the Bank of Japan cutting its key overnight lending rate. The Confederation of India Industry called the Reserve Bank of India's steps "supportive of growth." Expectations swept the stock market Friday the bank would move soon to boost liquidity after corporate complaints that credit was extremely tight and data showed lower than expected inflation. But the timing was uncertain. The bank said it took the steps "in view of the ebbing of upside inflation risks and also to address concerns relating to the moderation in the growth momentum" and promised "swift" further action as appropriate. The steps came after India's inflation rate fell below 11 percent for the first time since May to 10.68 percent. Analysts forecast it will slip to single digits by November or December as a result of falling global commodity prices and slowing economic growth. The central bank move, announced on a Saturday when financial exchanges closed, were the latest in a slew of easing steps to stabilise domestic markets which have been feeling the heat from the global crisis. India's stock market has tumbled by 53 percent from January highs as risk-averse foreign investors have pulled out their funds while the rupee has tumbled by nearly 20 percent against the dollar this year to record lows. "Global financial conditions continue to remain uncertain and unsettled, and early signs of a global recession are becoming evident," the bank said. "These developments are being reflected in sharp declines in stock markets across the world and heightened volatility in currency movements." Industry bodies have been clamouring for rate cuts to ease the impact of the financial crunch on companies while the government has become concerned about the slowing of India's previously red-hot growth. The moves reflect that the bank is "terribly worried about growth and worried about the disruption" in lending activity and "lack of access to credit," said Abheek Barua, chief economist at HDFC Bank. The bank has forecast growth slowing to between 7.5 and eight percent while private economists see expansion slipping as low as seven percent after the economy grew by nine percent last year. While still strong, seven percent growth is not enough to pull India's hundreds of millions of poor out deep poverty, economists say. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy TOPWRAP 3-China, India feel crisis; Brown seeks Gulf helpReuters - Sunday, November 2 Have gun, will travel: economy only grazes huntingAP - Sunday, November 2 India's central bank cuts key rates, cites 'unsettled' conditionsAFP - Sunday, November 2 Evidence of a recession piles higher with new dataAP - Sunday, November 2 Related Articles: Business No big sellers in sight to save troubled ChryslerAP - Sunday, November 2 TOPWRAP 3-China, India feel crisis; Brown seeks Gulf helpReuters - Sunday, November 2 Russia cuts oil duty but exporters disappointedReuters - Sunday, November 2 Bond film opens with guns blazing in BritainReuters - Sunday, November 2 Chrysler halts Renault-Nissan talks, favors GM-paperReuters - Sunday, November 2 Enlarge Photo India's central bank cuts key rates, cites 'unsettled' conditions Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US presidential race enters final weekend Consumers curb spending, deepening recession fears Bali bombers await firing squads as Indonesia stands guard Australian F1 race posts record financial loss Millions remember Philippine dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

Other News on Saturday, 1 November 2008
Al-Qaeda propaganda chief killed in Pakistan strike: officials
Al-Qaeda propaganda chief killed in Pakistan strike: officials
Iraq, Iran to exchange remains of 1980s war dead
Bali bombers' executions very close: official | International |
Rabbis' ruling puts thousands of converts in limbo
Iran upholds sentence against Kurdish activist
Improved tribal relations could aid NATO in Afghanistan: General
Bolivia's Morales bars spying U.S. DEA agents | International |
Like never before, US voters plug into power of the Internet
Hungary saved from bankruptcy by international aid: PM
Iraq expects U.S. reply on troop pact within days | International |
Al-Qaeda propaganda chief killed in Pakistan strike: officials
Internet collaboration still in infancy: Wikipedia founder
Obama riding 'righteous wind' three days before election
U.N. envoy raps Israel for razing West Bank homes | International |
Morales halts US anti-drug efforts in Bolivia
Hundreds queue for new Nintendo console
Western diplomats bid to stop crisis in eastern DR Congo
Europe to help east Congo, but cool on troops | International |
SAS chief in Afghanistan quits in equipment row: report
ANC dissidents lay out platform for new South African party
Nineteen militants killed in Afghanistan: US-led force
Britain's Brown arrives in Gulf for whirlwind tour
Mexico death industry thrives on drug war killings | International |
Moderate Islamist returns to Somalia for talks | International |
Massa hails 'dream' pole for Brazilian Grand Prix
Quake shakes Peru capital Lima, no damage reported | International |
Swiss central banker calls limiting bankers' pay 'senseless'
India's central bank cuts key rates, cites 'unsettled' conditions
ANC defectors to form new party in South Africa | International |
Chavez: Biz related to scandal may be expropriated
Welsh road sign lost in translation
Obama riding 'righteous wind' three days before election
Green prisons farm, recycle to save energy, money
Hundreds queue for new Nintendo console
India's central bank cuts key rates, cites 'unsettled' conditions
India central bank cuts interest rate half point
Bond film opens with guns blazing in Britain | Entertainment |
Russia cuts oil duty but exporters disappointed
Libyan leader seeks energy deals with Russia
UN envoy to Israel: Halt house demolitions
Outgoing Indonesian top judge denies graft
Britain extradites three Tunisian terror suspects to Italy
IMF needs hundreds of billions of dollars more: British PM
West African rebels say no longer want to kill hostages
Libya's Kadhafi touts energy ties in talks with Russian leader
Rwanda, DRCongo leaders agree to summit: EU official
Russia humiliating EU over Georgia: Lithuanian president
West Africa rebels threaten to kill French oilmen 'one by one'
Taiwan says no violence during China envoy visit
Brother of Afghan minister kidnapped in Pakistan
NKorea releases new photos of leader Kim Jong Il
At least 22 dead in Vietnam floods
Thai man shot after row with anti-govt protesters: police
Bali bombers await firing squads as Indonesia stands guard
Malaysia's No. 2 leader close to clinching top job
China's Canton Fair suffers drop in attendance
South Asia braces for fall in vital remittances
Asia-Pacific weather
Security tight ahead of Bali bombing executions
Family defiant as Indonesia awaits bombers' execution
Indonesian landslide kills 25
Indonesia passes far-reaching anti-porn law
Indonesian lawmakers pass anti-porn bill
Indonesian hard-line Muslim gets 18 months in jail
Obama's former house in Indonesia draws attention
Obama's former house in Indonesia up for sale
Iraq earmarks $15 billion for reconstruction
British PM calls on Gulf states to give funds to the IMF
Eight soldiers killed in Pakistan suicide attack: official
Loeb wins record fifth World Rally Championship
Bolivia's Morales bars spying U.S. DEA agents | International |
Australia anxious as Indonesia prepares to execute Bali bombers
Pakistan quake hits apple orchards, livelihoods
North Korea shows photos of leader Kim at soccer match | International |
Suicide car-bomber kills 8 Pakistani soldiers | International |
Foods to prevent disease?
China vows to wipe out tainted animal feed | International |
Boeing machinists end strike
Afghan abductors free Bangladeshi aid workers | International |
McCain shows funny side on 'Saturday Night Live'
Helpless and hopeless, Myanmar cyclone survivors struggle on | International |
NKorea releases photos of Kim in bid to quash health rumours
Europe to help east Congo, but cool on troops | International |
NKorea releases photo of Kim
Green prisons farm, recycle to save energy, money
Morales halts US anti-drug efforts in Bolivia
Japanese firms hit by global crisis, stronger yen: survey
South Asia braces for fall in vital remittances
Hedge funds take beating in global turmoil
China's Canton Fair suffers drop in attendance
S.Korean financial system sound despite turmoil-c.bank
Real McCain joins fake Palin on Saturday Night Live | Entertainment |
Two Israeli police injured in clash with settlers
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01