Liquidity condition is quite comfortable as of now and the central bank is open to conduct more open market operations (OMOs) or reduce the cash reserve requirements (CRR) further in the case of a liquidity shortage in the future, it said today.

Liquidity comfortable, will have more OMOs if needed: Gokarn

Press Trust of India

The captains of Indian industry have welcomed the RBI&rsquo;s move to cut rates saying the move was on their expected lines.

'More rate cuts needed for better days ahead'

Business Standard

The government is set to complement the Reserve Bank of India&rsquo;s bold step to cut the repo rate to revive growth. Minutes after the monetary policy announcement, Finance Minister Pranab Mukherjee said while the 50-basis-point cut in the key policy rate would help revive investment, the government would do everything to bolster economic growth.

FM promises follow-up action to boost growth

Bankers indicated meeting the deposit mobilisation target would be difficult, as consumers were preferring competing savings options over bank deposits.

Banks uncertain of meeting deposit growth target

The International Monetary Fund (IMF) raised its global growth forecast for the first time in more than a year, with the US boosting the outlook while recent improvements remain &ldquo;very fragile.

IMF raises global growth forecast for first time since early 2011

Reserve Bank of India governor Duvvuri Subbarao on Tuesday surprised the market with a sharp 50-basis point (bp) reduction in the repo rate to boost economic growth, but warned there was limited scope for further cuts.

RBI cuts rate, signals pause

State Bank of India will cut lending rates by 25-50 basis points for certain products in two to three weeks. The major beneficiaries of the move are expected to be small and medium enterprises. The decision to cut rates was taken on the back of the repo rate cut by RBI today and earlier reduction of CRR. SBI&rsquo;s asset liability committee met this evening.

SBI may cut lending rate by 20-25 bps

The Reserve Bank seems to have decided to focus on boosting growth more than curbing inflation this time around. The move has put the inflation ball in government's court.

A move to set the ball rolling?

Indian banks' deposits grew 3.2% in the two weeks to April 6, while advances grew at a slower 1.8%, data from the Reserve Bank of India showed on Wednesday.

Banks' deposits outpace credit in 2 weeks to April 6

Reuters 

Private insurer Bharti AXA General Insurance today said it plans to double its business in the southern region by the end of the ongoing calendar year.

Bharti AXA aims to double biz in South India by year-end

The Reserve Bank of India (RBI) today issued a notification to reduce the bank rate or the interest the banks and financial institutions pay to the central bank on borrowed funds to 9% from 9.5% now.

RBI cuts bank rate to 9%

Olympus India Holdings Ltd on Wednesday acquired around 27 lakh shares for Rs 105.76 crore in Karur Vysya Bank.

Olympus India buys  shares in Karur Vysya

HDFC Bank, the second-largest private sector lender in the country, on Wednesday said its net profit for the quarter ended March 31 expanded 30.4 per cent to Rs 1,453 crore from Rs 1,115 crore a year earlier. Lower provisions, higher fee income, and growth in interest income from advances aided the bank's earnings during the quarter.

HDFC Bank Q4 net up 30%

First year premium underwritten by life insurance companies during the year ending March, 2012, declined 5.7 per cent in the case of public sector Life Insurance Corporation (LIC) to Rs 81,514.49 crore and 16.91 per for all the private sector life insurers to Rs 32,718.25 crore.

First year life premium mop-up down in FY12

The Union finance ministry on Wednesday began implementing the Budget proposals on external commercial borrowing (ECB) for capital needs of the power and roads sectors. It also indicated the same thing would be done for the airline sector later this month.

Budget proposals on ECBs for power, road sectors take off

The Insurance Regulatory and Development Authority (Irda) has asked life insurers to have a standard format in application forms that clients have to fill in before purchasing a product.

Life insurers to have similar application forms 

Citigroup Inc shareholders have rejected its executive pay plan, a first among the six largest US banks, amid criticism it lets Chief Executive Officer Vikram Pandit collect millions of dollars in rewards too easily.

Citigroup shareholders reject Pandit's $15-mn pay package

European banks could be forced to shed $3.8 trillion in assets through 2013 and curb lending if governments fall short of their pledges to stem the sovereign debt crisis or face a shock their firewall can&rsquo;t contain, the International Monetary Fund said.

European banks may have to shed up to $3.8 trillion: IMF

The sharp year-end increase in deposits and advances of scheduled commercial banks reversed to some extent in the first week of this month, revealing the artificial boost given to meet annual targets.

Bank deposits, loan growth fall after year-end rush

Reversing the interest rate cycle after three years to boost investment and growth, the Reserve Bank of India (RBI) now wants the government to act on fiscal consolidation and oil price deregulation to supplement monetary action. The central bank has also cautioned the scope for monetary easing would narrow down if the government slips on subsidy target.

After cutting rate, RBI wants govt to act

FirstRand Bank, the second largest bank in South Africa in terms of market capitalisation, on Wednesday said it has commenced retail and commercial banking operations in India. The lender has opened its first branch in Mumbai.

FirstRand Bank starts retail operations in India

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