RBI

Subbarao takes over as New RBI governor

Subbarao takes over as New RBI governorThe newly appointed Governor of the Reserve Bank of India Governor, D. Subbarao said that he will continue the fiscal reform processes in the financial sector of the country.

He said that he would try his best to tame the ever increasing inflation rate in India. He termed it his top priority. He expressed these views after taking the charge of the central bank. He is appointed as 22nd Governor of the central bank for 3 years duration. He was working as Finance Secretary in the Union Ministry of Finance before is elevation.

RBI May Announce Benign Monetary Policy

RBI May Announce Benign Monetary PolicyThe Reserve bank of India is expected to announce new monetary policy on Thursday. It can take various fiscal measures to curb inflation rate. Though international prices of crude oil are decreasing, the rate of inflation is not showing positive signs. The inflation rate in India is 11.89 percent at present, which is far away from the RBI’s forecast of 5-5.5 percent by the end of the year.

RBI Comes With Stringent Guidelines On Misuse Of Credit Card

In an attempt to help the credit card holders, Reserve Bank has made it RBI Comes With Stringent Guidelines On Misuse Of Credit Card  clear that the banks will have to pay a penalty for harassing customers over misuse of unsolicited cards.    

The banking regulator in its latest stringent guidelines has said if a customer is billed for unsolicited card, which is issued and activated without his consent, the card issuing bank shall not only reverse the charges forthwith (on misuse of unsolicited cards) but also pay a penalty without demur to the recipient amounting to twice the value of charges reversed.

Finance Ministry expresses hope in RBI’s steps to rein in inflation

New Delhi, Reserve Bank of IndiaJune 25: The Finance Ministry today expressed hope that the Reserve Bank of India’s decision of increasing the repo rate by 50 basis points and the CRR by 50 basis points in two stages without compromising economic growth, would help to rein in the surging inflation.

It said in a statement that the steps are expected to regulate demands and are necessary in the face of rising inflation due to relentless increase in crude oil prices.

RBI to release annual monetary and credit policy today

Mumbai, Reserve Bank of IndiaApr 29: Reserve Bank of India (RBI) will announce the annual the monetary and credit policy for the year 2008-09 today.

Rising inflation could impact the policy in terms of further rate hikes.

The RBI’s key policy rates were raised nine times since October 2004, while the Cash Reserve Ratio (CRR), the mandatory amounts that the banks have to keep with RBI, was raised five times since December 2006.

Price Pressures Already Included In Monetary Plan, Says Reddy

After the inflation rate moved up to a nine-month high to 5.11%, RBI YV Reddygovernor YV Reddy stated that India’s monetary plan has already included the rising food and fuel prices.

According to the data, the annual wholesale price inflation rate touched 5.11% in the week ended March 1, and the prices have gone up by 5.01% during the last week.

It is projected that inflation will go up in the coming weeks. Mr. Reddy had recently expressed his worry over increasing food and energy prices.

The central bank wishes to keep inflation around 5% during the 2007/08 fiscal year ending March 31.

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