RBI credit policy: Home loans may get cheaper

June 18, 2012
Rbi_Reserve

New Delhi, June 18: The Indian stock markets on Monday are expected to react positively to the Greece results and also domestic factors. The Reserve Bank of India will announce its mid-term credit policy review on Monday.

Majority of bankers and economist polled by CNBC-TV18 say that the RBI will cut repo rate and reverse repo rate by 25 basis points. This means home loans could become cheaper.

Cash reserve ratio may remain unchanged at 4.75 per cent and the repo rate, which is the rate at which the RBI lends to banks, is currently at 8 per cent. The reverse repo rate at which the RBI borrows from banks is currently at 7 per cent.

Finance Minister Pranab Mukherjee has also expressed confidence that the central bank would "adjust the monetary policy" to address the challenges before the economy.

Most experts feel that more or less the market has already factored in 25 basis points cut in both repo rate (at which banks borrow money from RBI) and cash reserve ratio, the portion of deposits that banks are required to keep with the Reserve Bank.

According to Kishor Ostwal, CMD, CNI Research, "Rate cut looks certain as the economy is going through tough patches. The next resistance for Nifty is at 5,155 which is very near and if this is crossed on Monday we may see Nifty rising to 5,280 to 5,300 very fast."

Meanwhile, Angel Broking said in a report, "Global developments in Greece, Spain and the euro-zone summit will keep markets volatile in June."

Meanwhile, the BSE 30-scrip benchmark Sensex gained for the second consecutive week by adding another 231 points on expectations that RBI will cut interest rates at its mid-quarterly monetary policy review on Monday to prop up a slowing economy.

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News Network
July 11,2020

Kanpur, Jul 11: "The Uttar Pradesh administration has done the right thing by taking action against my son," said an old and feeble Ram Kumar Dubey, father of gangster Vikas Dubey.

The father said his son killed eight police officials and it was an unforgivable sin.

"Had he listened to us, his life would not have ended this way. Vikas never helped us in any way. Due to him, even our ancestral property was razed to the ground. He also killed eight policemen, which is an unforgivable sin. The administration has done the right thing. Had they not done so, tomorrow others would have acted similarly," Ram Kumar said.

"It is the chief minister's duty to protect every individual. The police is an extension of that. He attacked them which cannot be forgiven. I will not even take part in his cremation," he added.

Ram Kumar Dubey said that his only appeal to the government is to allow him entry to his ancestral property now.

Vikas Dubey was cremated at Bhairav Ghat in Kanpur. His wife, younger son and brother-in-law were present and no other member of his family attended the last rites.

Vikas Dubey was arrested by the police in Ujjain on Thursday morning. He was on the run for the last six days and had come to the city to offer prayers at a temple, where he was identified by a security guard.

He was killed in an encounter by the Uttar Pradesh Police earlier today after he "attempted to flee".

The gangster was the main accused in the encounter that took place in Bikru village in Chaubeypur area of Kanpur last week, in which a group of assailants opened fire on a police team, which had gone to arrest him.

Eight police personnel were killed in the encounter.

Vikas Dubey managed to escape after the incident. Uttar Pradesh police had launched a hunt and raised a bounty on him for Rs 5 lakh.

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News Network
January 27,2020

Jan 27: The Andhra Pradesh Cabinet passed a resolution on Monday setting in motion the process for abolishing the state Legislative Council.

A similar resolution will now be adopted in the Legislative Assembly and sent to the Centre for necessary follow-up action.

With just nine members, the ruling YSR Congress is in minority in the 58-member Legislative Council. The opposition Telugu Desam Party (TDP) has an upper hand with 28 members and the ruling party could get a majority in the House only in 2021 when a number of opposition members will retire at the end of their six-year term.

The move by the Andhra Pradesh cabinet came after the Y S Jaganmohan Reddy government last week failed to pass in the Upper House of the state legislature two crucial Bills related to its plan of having three capitals for the state.

Andhra Pradesh Legislative Council Chairman M A Sharrif on January 22 referred to a select committee the two bills -- AP Decentralisation and Inclusive Development of All Regions Bill, 2020, and the AP Capital Region Development Authority (CRDA) Act (Repeal) Bill -- for deeper examination.

The chairman had said that he was using his discretionary powers under Rule 154 while referring the Bills to the select panel in line with the demand of the TDP.

Following this, the chief minister had told the Assembly, "We need to seriously think whether we need to have such a House which appears to be functioning with only political motives. It is not mandatory to have the Council, which is our own creation, and it is only for our convenience."

"So let us discuss the issue further on Monday and take a decision on whether or not to continue the Council," he had said.

In fact, the YSRC had on December 17 first threatened to abolish the Council when it became clear that the TDP was bent on blocking two Bills related to creation of a separate Commission for SCs and conversion of all government schools into English medium.

As the Legislature was adjourned sine dine on December 17, no further action was taken. But last week, the issue cropped up again as the TDP remained firm on its stand on opposing the three-capitals plan.

The YSRC managed to get two TDP members to its side, but the government failed to get the three capitals Bills passed in the Council.

"What will be the meaning of governance if the House of Elders does not allow good decisions to be taken in the interest of people and block enactment of laws? We need to seriously think about it… Whether we should have such a House or do away with it," the chief minister had said in the Assembly.

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Agencies
June 19,2020

New Delhi, Jun 19: Delhi minister Satyendar Jain's health has deteriorated further. He is infected with the coronavirus. Jain has also been diagnosed with pneumonia. He is being shifted to an ICU.  According to doctors, Jain is now kept full-time on oxygen support as his oxygen saturation level has dipped.  

Jain was admitted to Rajiv Gandhi Super Speciality Hospital early Tuesday after running high fever and suffering a sudden drop in oxygen level. The 55-year-old leader's test result came positive on Wednesday evening after a second test. Jain was brought to the hospital and was administered a test for the novel coronavirus infection on Tuesday morning, for which he tested negative. But he still ran fever and showed symptoms, so another test was done after 24 hours of the first.

He will now be shifted Max Hospital in Saket and administered plasma therapy. 

Union Home Minister Amit Shah has also wished for Jain's speedy recovery.

On Thursday, Delhi Deputy Chief Minister Manish Sisodia took over the charge of health, PWD, power and other departments held by Jain. Jain will remain the cabinet minister without any portfolio in the Arvind Kejriwal government until he recovers. 

On Sunday, Jain attended a high-level meeting on the coronavirus situation in the national capital, chaired by Union Home Minister Amit Shah, which was also attended by Delhi Lt Governor Anil Baijal, Kejriwal, Sisodia and Union Health Minister Harsh Vardhan.

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