Top news in pics
Top news in pics
A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai.
The government has set up a committee headed by RBI Deputy Governor Shyamala Gopinath to review the structure of National Small Savings Fund (NSSF), it said in a release on Tuesday.
The panel will review the existing terms of loans extended from the NSSF to the centre and states and recommend the changes required in the arrangement of lending the net collection of small savings to centre and states, the release said.
The panel has been set up following the recommendation of the Thirteenth Finance Commission which suggested debt relief to states by re-setting loans to states at a common interest rate of 9 per cent in place of the current 10.5 per cent and 9.5 per cent.
Planning Commission Deputy Chairman Montek Singh Ahluwalia attends a business conference organised by the Confederation of Indian Industry (CII) in New Delhi.
The Reserve Bank of India (RBI) should marginally adjust its monetary policy, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, told reporters on Tuesday.
The RBI is widely expected to raise rates by another 25 basis points at its policy review on July 27, after it surprised markets early this month by raising policy rates by a quarter point.
An investor reacts in front of an electronic board showing stock information at a brokerage house in Taiyuan, Shanxi province.
The euro fell 0.4 per cent to $1.2531 after Moody's Investors Service cut Portugal's credit rating to A1 from Aa2 with a stable outlook, though the impact was limited as it was making up ground with rival agency Standard & Poor's. S&P rates Portugal at A-minus, two grades below where Moody's latest rating on Lisbon.
Investors were already cautious ahead of the sale of Greece's 1.25 billion euros ($1.57 billion) of six-month Treasury bills.
Steam and other emissions are seen coming from funnels at an oil refinery in Melbourne.
Global oil demand growth will slow next year, leaving the market with comfortable supplies until at least the middle of next year, the International Energy Agency has said in its monthly Oil Market Report.
Global oil demand will grow by 1.35 million barrels per day (bpd) next year to 87.84 million bpd, the IEA said in its first 2011 demand projection in a monthly report.
The agency, which advises 28 industrialised countries, also raised its forecast for 2010 by 80,000 bpd to 1.77 million bpd.
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