The government is taking various steps to ease the liquidity situation in the country. Now, the Reserve Bank of India (RBI) cuts rapo rates after successive cuts in the cash reserve ratio (CRR). The apex bank slashed rapo rates by 100 basis points. This is the step against the tight monetary policy adopted by the central bank. It is the first ever reduction in the rapo rates after March 2004. Rapo rates now stands at 8 percent.
The banks also started to slash the interest rates for consumers after revision of rapo rates. The fifth-largest state-owned bank, Union Bank of India reduced interest rates on home loan by 50 basis points up to a loan Rs 30 lakh.
New York - Thousands of jobs are likely to be lost as a result of Bank of America's takeover of Merrill Lynch.
The companies hope to save about seven billion dollars by merging, John Thain, the head of Merrill Lynch told the Bloomberg financial news service Monday. That will probably mean several thousand jobs will be eliminated, though no exact figures are available.
New Delhi, Oct. 20 : The Confederation of Indian Industry (CII) has welcomed the Reserve Bank of India’s decision to cut the repo rate by 100 base points to bring it down to eight percent.
Director General of CII Chandrajit Banerjee described the announcement as a step in the right direction.
"We are thankful to the RBI Governor for agreeing to this suggestion made by CII in view of the credit crisis that was starting to manifest in the Indian system, following the global liquidity crunch," he said.
Hong Kong - Banks in Hong Kong, China and Macau have been asked to help finance construction of a 37-billion-Hong-Kong-dollar (4.74-billion-US-dollar) bridge across the Pearl River estuary, government officials said Monday.
The institutions, including some of the region's largest financial players including HSBC, Standard Chartered and the Bank of China, have been approached to see if they are willing to partially bankroll the 35-kilometre-long link.
New York - Thousands of jobs are likely to be lost as a result of Bank of America's takeover of Merrill Lynch.
New Delhi, Oct. 20 : The Confederation of Indian Industry (CII) has welcomed the Reserve Bank of India’s decision to cut the repo rate by 100 base points to bring it down to eight percent.
Hong Kong - Banks in Hong Kong, China and Macau have been asked to help finance construction of a 37-billion-Hong-Kong-dollar (4.74-billion-US-dollar) bridge across the Pearl River estuary, government officials said Monday.
