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After slashing the requirement for banks to keep cash with the central bank (CRR) by 150 basis points, the Reserve Bank may now go for a c
ut in short term lending rate (repo) by 25-50 basis points to infuse further liquidity in the system, bankers said.

“There may be 50 basis point cut in repo rate in the mid-term policy review,” UCO Bank Chairman and Managing Director S K Goel told PTI.
Continue reading “After CRR, RBI may now slash repo rate: Bankers

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The combined market capitalisation of the country’s top 10 firms saw an erosion of Rs 1.23 lakh crore in the past week, dropping to Rs 11,38,734 crore from the previous week’s Rs 12,61,788 crore.

PSU refiner ONGC lost Rs 22,191 crore last week, the highest fall among the top ten firms, which fell to Rs 1,95,888 crore at the end of trade on Friday last week.

Continue reading “In just one week, top 10 companies get Rs 1tn losses

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“Gold may witness some correction amid high volatility. Gold prices may hover around Rs 12,000-13,000 per 10 grams by November-end,” industry expert, Bhargav Vaidya, told media here on Sunday. The high prices of gold have severely hit demand for coins and bars in India.

“We have witnessed a poor demand due to high prices this festive season. Demand will increase only if prices start easing,” Vaidya said.

Continue reading “Gold prices may witness correction by Nov end: Experts

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The global financial crisis may force the Reserve Bank to delay the roadmap for further liberalising the banking sector by six to eight mo
nths from the scheduled date of April, 2009, a finance ministry official said.

“Opening of the banking sector to foreign players could be delayed by 6-8 months due to present uncertain global times,” the official on the condition of anonymity said.

Continue reading “RBI may delay further liberalisation policy for foreign banks

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The stock market’s latest entrant from Anil Ambani group is accompanied by two other private sector firms, Orchid Chemicals and Tech Mahindra, among the top ten companies with maximum decline in the number of their shareholders during the latest quarter ended September 30. Continue reading “Reliance Power tops list of shareholder exits

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“The financial institution (IMF) should have the mending instruments and the financing capacity to address potential borrowing needs,” according to Finance Minister P Chidambaram, whose speech was read out in absentia by Reserve Bank of India Governor D Subbarao at the International Monetary and Finance Committee’s meeting.
Continue reading “India seeks bigger IMF role in crisis

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Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, as 
k for a combined 35 billion pound ($60.5 billion) lifeline, the Sunday Times reported.

The unprecedented move would make the government the biggest shareholder in at least two banks, HBOS and Royal Bank of Scotland, the newspaper said on its website. It did not give a named source for its information. Continue reading “Britain to launch $60.5 bn banking rescue: Report

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 Australia will guarantee all bank deposits for three years and guarantee wholesale funding to Australian banks in an attempt to combat the 
global credit crisis, Australian Prime Minister Kevin Rudd said on Sunday. Continue reading “Australia to guarantee bank deposits for three years: PM

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 ”My employer would turn on the television every morning to check the latest stock market report even before breakfast. He is often angry and tells me he might send me home even before my contract ends,” Arciaga said. Continue reading “Asia’s migrant workers fear losing jobs in global crises

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