April 28: RBI on saving rates.
April 28: RBI on saving rates.
A customer uses his card to withdraw money from an ATM in Jammu
ICICI Bank, India's second-largest lender, posted a 44% rise in quarterly profit, slightly below estimates, as stronger credit demand and lower provisions for bad loans was offset by treasury losses.
ICICI and its rivals SBI and HDFC Bank are seeing an improvement in their asset quality as positive business and consumer sentiment help lower loan defaults.
But loan growth at India's leading banks is likely to slow down in coming months following a series of interest rate increases by the central bank in Asia's third-largest economy to tame inflation.
New York-listed ICICI said net profit in Jan-Mar, its fourth quarter, rose to Rs 1,452 cr
RBI logo is pictured outside its head office in Mumbai
RBI on Thursday said in a discussion paper deregulation of savings bank deposit rate will improve transmission of monetary policy, but warned it could lead to unhealthy competition among banks and hurt their profitability.
The RBI has released a discussion paper on deregulation of savings bank deposit rate that is currently at 3.5% and sought feedback by May 20.
"For transmission of monetary policy to be effective, it is necessary that all rates move in tandem with the policy rates. This process, however, is impeded if the interest rate in any segment is regulated," the RBI said in the paper.
A customer looks at Apple's iPad 2 at Zurich's Apple store after its official launch for direct purchase in Switzerland
Apple's iPad 2 will be available in Indian stores from Friday, just over a month after the company started selling the updated version of its popular tablet device in the United States.
The iPad 2, a thinner and faster version that features two cameras for video chat, is priced between Rs 29,500 and Rs 46,900, depending on the model.
The device will be available through authorised resellers from 9 am local time on Friday, a company statement said.
The model with 16 GB of memory that works only on Wi-Fi is priced at Rs 29,500, while the one that can operate on both Wi-Fi as well as third-generation (3G) mobile networks costs Rs 36,900.
A man holds his son (C) as they enter a subway station in People's Square, Shanghai
China's population grew to 1.34 billion by 2010, according to census data, which showed an ageing and more urban population that experts say is likely to spur calls for the "one-child" policy to be relaxed.
The census released on Thursday showed the population in China, the world's second biggest economy, grew by 5.84 percent from the 1.27 billion in the last census in 2000 and to a level that was smaller than the 1.4 billion some demographers had projected.
The results also showed China is fast urbanising and becoming older. These trends augur big changes in the labour market in coming years, as the number of potential workers, especially from the countryside, shrinks and the elderly dependent population grows.
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