Business Standard

RBI will stick to borrowing calendar, says Khan

Related News

(RBI) will stick to the present market-borrowing calendar (April-September) for now, as there was still time for review, said Deputy Governor H R Khan.

The government’s fiscal deficit for the first quarter touched Rs 1.90 lakh crore, 37 per cent of the entire year’s budget estimate, the latest data released by the Controller General of Accounts said. The government had pegged the fiscal deficit for 2012-13 at Rs 513,000 crore (5.1 per cent of the gross domestic product). The fiscal deficit at the same period last year was 39 per cent of the budget estimates, amounting to Rs 1.63 lakh crore.

Meanwhile, Arvind Mayaram, economic affairs secretary, said the government was committed to bring down the burgeoning fiscal deficit and would soon come out with an action plan.

Earlier, speaking at inauguration of the Federal bank’s corporate finance branch, he said growth in manufacturing sector was hampered by aspects such as deficit of liquidity (resources, including capital), legal challenges in liquidation of defunct units and leadership (absence of diversified entrepreneurial base).

The system has not fully exploited the potential for manufacturing in the country whose share in the country’s GDP was 15-16 per cent, he said.

Read more on:   
|
|
|

Read More

Vijaya Bank cuts interest rates on MSME loans up to 1%

Vijaya Bank has slashed interest rates on MSME (Micro, Small and Medium Enterprises) loans by up to one per cent across the board, effective from ...

Quick Links

More news from Finance Rss icon

RBI amends Basel III guidelines for banks

The RBI said banks can now issue additional Tier 1 capital to retail investors subject to board approval

Credit dividend on shares to savings bank account to be treated as a transaction: RBI

The account cannot be declared dormant even if no other transaction has taken place for two years

RBI asks banks to set timeline to process loans

Move came after RBI noticed that there have been inordinate delays by banks to convey credit decisions

Back to Top