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
May 29,2020

Bengaluru, May 29: Former prime minister H D Deve Gowda mourned the demise of Rajya Sabha member and Managing Director of leading Malayalam daily Mathrubhumi M P Veerendra Kumar, hailing him as a great journalist and writer.

"My deepest condolences on the demise of former union Minister and Rajya sabha member Shri M.P. Veerendra Kumar. He was a great journalist and writer. May god give strength to his family & his people to bear the loss," Gowda said in his condolence message.

Veerandra Kumar, who was a member of PTIs Board of Directors, died late Thursday at a private hospital in Kozhikode in Kerala following cardiac arrest.

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Agencies
February 11,2020

New Delhi, Feb 11: Senior Delhi Congress leader and national spokesperson of the party Sharmishtha Mukherjee alleged delay in decision making and lack of strategy and unity at the state level for the party's humiliating performance reflected in the Assembly poll results on Tuesday.

Mukherjee, president of Delhi Mahila Congress, stated that it was high time that the party takes some action. She added that she too was responsible for the Congress' poor show.

The Congress is on the verge of drawing blank again in the Assembly polls as all its candidates were way far behind their AAP and BJP opponents on all the 70 seats. In the 2015 Assembly elections too, Congress failed to win any seat.

"We r again decimated in Delhi. Enuf of introspection, time 4 action now. Inordinate delay in decision making at the top, lack of strategy & unity at state level, demotivated workers, no grassroots connect-all r factors. Being part of d system, I too take my share of responsibility (sic)," Mukherjee tweeted as the results came out.

She also accused the BJP of playing divisive politics while crediting Delhi Chief Minister Arvind Kejriwal for playing "smart politics" as the results showed a clean sweep by the AAP to return to power.

"BJP playing divisive politics, Kejriwal playing ‘smart politics’ & what r we doing? Can we honestly say that we’ve done all 2 put our house in order? We r busy capturing Congress whereas other parties are capturing India. If we r 2 survive, time 2 come out of exalted echo chambers! (sic)," she said in another tweet.

The Congress contested the Delhi polls in alliance with the Rashtriya Janta Dal (RJD), fielding candidates on 66 seats and leaving four to its partner.

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News Network
April 11,2020

Apr 11: India has sent back 20,473 foreigners who wanted to return to their countries following the Covid-19 global pandemic, it was revealed on Friday (April 10).

"So far, we have successfully evacuated 20,473 foreign nationals as of yesterday. This is an ongoing process," said Dammu Ravi, Coordinator on Covid-19 issues at the Ministry of External Affairs, MEA.

"This involves several countries," Ravi said during the daily government briefing on Covid-19, although he could not list the countries offhand. "We are receiving excellent cooperation from governments all over the world for this process."

Many foreigners, especially tourists, were stranded in India when domestic and international flights were abruptly cancelled last month in a bid to curb transmission of the coronavirus.

The Ministry of Tourism has asked stranded foreigners to get in touch with the government through a special portal started for the purpose, through their embassies in India and other sources to facilitate their evacuation if they wished to head home.

As of Friday evening, the Ministry of Health and Family Welfare had confirmed 6,761 Covid-19 cases in India, of whom 515 patients have been cured.

There were 206 deaths reported from across the country.

Two states, Punjab and Orissa, have extended the ongoing lockdown until April 30.

Prime Minister Narendra Modi will consult state chief ministers on Saturday to decide whether to extend the country-wide lockdown, which is due to end at midnight on April 14.

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