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Everything you need to know about Red Bank: news, reviews, in-depth analysis, opinion and more

Everything you need to know about Red Bank: news, reviews, in-depth analysis, opinion and more

RBI set to cap Bank's large Exposure at 25 per cent of Tier 1 Capital

March 29, 2015 at 5:59 PM

The Reserve Bank of India is all set to cap banks' large exposure (LE) to each counterparty, including a group of connected counterparties, at 25 per cent of their Tier 1 capital. It has been come into light by the new announcement made by RBI.

Banking stocks fall on concern new norms may hit profits

May 3, 2012 at 2:54 PM

Mumbai, May 3 (IANS) The share price of banking stocks fell sharply Thursday, a day after the Reserve Bank of India (RBI) announced guidelines for implementing Basel III norms that mandate lenders to keep aside a higher percentage of capital that may hit their profits.

Sensex falls 126 points; auto, realty stocks slump

May 3, 2012 at 12:46 PM

Mumbai, May 3 (IANS) A benchmark index for Indian equities markets was trading 126 points down at around noon Thursday, led by selling pressure in auto, realty and banking stocks due to sluggish global cues.

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Britain refuses asylum request from Moscow bankers

May 3, 2012 at 6:38 AM

London, May 3 (IANS/RIA Novosti) Britain has refused to grant political asylum to two former officials of a Moscow bank, after they were placed on the Interpol wanted list on charges of fraud involving government funds.

Bangladesh foreign currency reserves up

May 2, 2012 at 6:40 PM

Dhaka, May 2 (IANS) Bangladesh's foreign currency reserves rose to $10.19 billion in April after the International Monetary Fund (IMF) handed over the first instalment of its loan to the country.

Dow Jones industrial average hits highest mark since 2007

May 2, 2012 at 1:14 PM

New York, May 2 (ANI): The Dow Jones industrial average reached its highest close in more than four years following an accelerated growth in its manufacturing within 10 months, an industry survey firm has revealed.

Emirates Islamic Bank profits up

May 1, 2012 at 11:54 PM

Dubai, May 1 (IANS/WAM) The Emirates Islamic Bank announced Tuesday that its operating profits rose to 138 million dirhams (about $16 million) at the close of the first quarter of 2012.

Ponting not going anywhere: Micky Arthur

May 1, 2012 at 7:30 PM

Sydney, May 1 (IANS) Australian coach Mickey Arthur said Tuesday that former captain Ricky Ponting was very much in the reckoning to play in next year's Ashes series in England.

Sri Lanka's annual inflation rises to seven-month high

May 1, 2012 at 5:38 PM

Colombo, May 1 (Xinhua-ANI): Sri Lanka's annual inflation rate rose to 6.1 percent last month reaching a seven-month high compared to 2011, showed latest data on Tuesday.

Sri Lanka mobile phone connections exceed population

May 1, 2012 at 5:38 PM

Colombo, May 1 (Xinhua-ANI): The mobile telephone users in Sri Lanka have increased rapidly over the year 2011 with more than 105 telephone connections for 100 people, a spokesman said on Tuesday.

Sri Lanka has more mobile phones per person

May 1, 2012 at 3:06 PM

Colombo, May 1 (IANS) The mobile telephone users in Sri Lanka have increased rapidly over the year 2011 with more than 105 telephone connections for 100 people, authorities said Tuesday.

Australia cuts cash rate to boost growth

May 1, 2012 at 2:50 PM

Sydney, May 1 (IANS) The Reserve Bank of Australia (RBA) announced Tuesday that it decided to cut the official interest rate by 50 basis points.

Delegates begin arriving for ADB's 45th annual meeting in Manila

May 1, 2012 at 1:22 PM

Manila, May 1, (Xinhua-ANI): Delegates have begun arriving at the Philippine International Convention Center to register for the Asian Development Bank's (ADB) 45th Annual Meeting of its Board of Governors, which begins Wednesday, a ADB statement said Tuesday.

Vijaya Bank net zooms 235 percent in Q4

April 30, 2012 at 6:18 PM

Bangalore, April 30 (IANS) State-run Vijaya Bank posted net profit of Rs.181 crore for the fourth quarter (January-March) of fiscal 2011-12, registering a whopping 235 percent jump from Rs.54 crore the same quarter an year ago (2010-11) and 46 percent increase sequentially from Rs.124 crore in third quarter (Oct-Dec) of FY 2012.

Sensex up 76.94 points

April 30, 2012 at 3:54 PM

Mumbai, April 30 (IANS) Led by good buying support for information technology (IT) and bank scrips, a benchmark index for Indian equities markets was trading 76.94 points higher around the 2 p.m. trade session Monday.

Moody's may downgrade India's three top private lenders

April 30, 2012 at 2:02 PM

Mumbai, April 30 (IANS) Global ratings agency Moody's Investors Service said Monday it has placed on review India's three top private sector lenders ICICI Bank, HDFC Bank and Axis Bank for possible downgrade.

Bank of India quarterly net profit rises 93 percent

April 30, 2012 at 2:02 PM

Mumbai, April 30 (IANS) State-owned Bank of India Monday reported an increase of 93 percent in net profit at Rs.952.73 crore for the quarter ended March 31 against Rs.493.64 crore during the like period of the previous financial year.

Sensex up 160.85 points in afternoon trade

April 30, 2012 at 1:22 PM

Mumbai, April 30 (IANS) A benchmark index for Indian equities markets was trading 160.85 points higher in the afternoon session Monday, led by good buying support for information technology (IT) and bank scrips.

I don't need opposition leader permission to enter National Assembly: Gilani

April 29, 2012 at 1:06 PM

Lahore, Apr 29(ANI): Pakistan Prime Minister Yousuf Raza Gilani has said he does not need any opposition leader's permission to enter the National Assembly (NA), as he was a unanimously elected prime minister and member of parliament.

India's forex reserves rise by $1.46 billion

April 28, 2012 at 2:10 PM

Mumbai, April 28 (IANS) India's foreign exchange (forex) reserves rose by $1.46 billion to $294.60 billion for the week ended April 20, official data showed. Forex reserves had risen by $213.8 million to $293.14 billion in the previous week.

Remittances to India rose to $64 billion in 2011: World Bank

April 27, 2012 at 7:22 PM

New Delhi, April 27 (IANS) India remains the top recipient of money from diaspora as total remittance flow to the country is estimated to reach $64 billion in 2011, almost three percent of the country's gross domestic product (GDP), according to World Bank data.

Sensex closes flat; ICICI rallies on Q4 earnings (Roundup)

April 27, 2012 at 5:54 PM

Mumbai, April 27 (IANS) A benchmark index for Indian equities markets Friday closed flat amidst choppy trade. ICICI Bank emerged the top gainer after the private lender announced robust fourth quarter earnings.

ICICI Bank quarterly net profit rises 31 percent

April 27, 2012 at 4:26 PM

Mumbai, April 27 (IANS) India's largest private sector lender ICICI Bank Friday posted an increase of 31 percent for the quarter ended March 31 at Rs.1,901.76 crore due to a decline in bad debts.

Jayalalithaa opposes rate hike on rural infra loans

April 27, 2012 at 3:22 PM

Chennai, April 27 (IANS) Tamil Nadu Chief Minister J.Jayalalithaa Friday urged Prime Minister Manmohan Singh not to raise the interest rates on loans provided under the Rural Infrastructure Development Fund (RIDF).

Sensex remains choppy; ICICI Bank, M&M rally

April 27, 2012 at 1:06 PM

Mumbai, April 27 (IANS) A benchmark index for Indian equities markets was trading 22 points higher in the afternoon session Friday, led by good buying support in ICICI Bank scrips on expectations of robust earnings.

World Bank to open office in Myanmar

April 27, 2012 at 5:54 AM

Washington, April 27 (IANS) The World Bank will open an office in Myanmar in June, a bank official said Thursday.

India's financial system still strong, says RBI deputy governor

April 26, 2012 at 3:37 PM

Hyderabad, April 26 (IANS) India's financial system was strong and there was nothing to worry about, Reserve Bank of India (RBI) Deputy Governor K.C. Chakrabarthy said Thursday after Standard & Poor's (S&P) scaling down of the country's credit rating outlook to negative.

ADB aid to developing countries tops $21.7 bn in 2011

April 26, 2012 at 12:58 PM

Manila, April 26 (IANS) The Asian Development Bank (ADB) approved $21.72 billion in financing operations to Asian developing countries in 2011, a 14.5 percent year-on-year increase, according to its 2011 Annual Report.

Food prices rise on costlier oil: World Bank

April 26, 2012 at 5:53 AM

Washington, April 26 (IANS) Global food prices rose by eight percent in the first three months of 2012 due to higher oil prices, adverse weather and strong demand in Asia, the World Bank said in its latest Food Price Watch report Wednesday.

S&P lowers outlook on SBI, ICICI and HDFC Bank

April 25, 2012 at 7:57 PM

Mumbai, April 25 (IANS) Global ratings agency Standard & Poor's Wednesday cut its outlook to negative from stable on 11 financial institutions, including the top three banks State Bank of India, ICICI Bank and HDFC Bank, to negative from stable, but kept their ratings unchanged.

Pak SC rejects Interior Ministry report in 'ISI funding politicians' case

April 25, 2012 at 5:26 PM

Islamabad, Apr 25 (ANI): The Supreme Court (SC) which resumed hearing of the Asghar Khan case, pertaining to the alleged distribution of funds by the ISI to politicians, declared the report submitted by the Interior Ministry as unacceptable, saying that the report was based on memories of Interior Minister Rehman Malik.

High inflation smothers salaries in Italy

April 25, 2012 at 2:56 PM

Rome, April 25 (IANS/AKI) Salaries in Italy have touched their lowest in real terms in almost 17 years, according to fresh data.

Sensex slumps 117.57 points, Wipro tanks

April 25, 2012 at 2:41 PM

Mumbai, April 25 (IANS) A benchmark index for Indian equities markets was trading 117.57 points lower in the afternoon session Wednesday, affected by a decline in the shares of IT and power firms whose share prices came down by over 7 percent.

Did Berlusconi offer to 'cover Ruby in gold' to keep her quiet?

April 24, 2012 at 11:57 AM

London, April 24 (ANI): The teenage belly dancer allegedly paid by Silvio Berlusconi for sex told a friend that the former Italian prime minister offered her to give all the money she wants and to cover her in gold to keep silence about their relationship, according to newly emerged wiretaps.

SBI, Allahabad Bank cut interest rates

April 23, 2012 at 8:12 PM

Mumbai, April 23 (IANS) The State Bank of India (SBI), the country's largest lender, said Monday that it will cut interest rates on term deposits by upto 1 percent.

Ex Pak army chief opposes judicial commission probe of secret funds

April 23, 2012 at 3:40 PM

Islamabad, Apr 23(ANI): Former Pakistan army chief General (retd) Mirza Aslam Beg has opposed the idea of forming a judicial commission to probe the distribution of secret funds to politicians and accused former Mehran Bank head Younus Habib of prolonging the matter by forming the commission.

No leadership vacuum in India, says Pranab

April 23, 2012 at 11:00 AM

Washington, April 23 (IANS) Finance Minister Pranab Mukherjee has rejected a suggestion from corporate America that a leadership "vacuum" was chipping away at India's investment climate and asserted that India has a "very powerful, strong and acceptable prime minister".

'India has substantially reduced oil imports from Iran'

April 22, 2012 at 11:08 PM

Washington, April 22 (IANS) In the face of US sanctions on Iran, India has significantly reduced its oil imports from the country, though rising oil prices have caused immense problems for the Indian economy, Finance Minister Pranab Mukherjee said here Sunday.

India seeks quick ratification of quota reforms

April 22, 2012 at 10:36 PM

Washington, April 22 (IANS) Indian Finance Minister Pranab Mukherjee has urged lagging International Monetary Fund (IMF) members to move quickly to ratify quota and governance reforms that would give developing nations a greater voice in running the 188-nation global lender.

India continuing on the reform path: Mukherjee

April 22, 2012 at 9:00 PM

Washington, April 22 (IANS) Rejecting opposition charges of a policy paralysis on reforms back home, Finance Minister Pranab Mukherjee today that the United Progressive Alliance was going ahead with a series of reforms to spur the economy.

Protect 'innocent bystanders' from global financial crisis: India

April 22, 2012 at 12:53 PM

Washington, April 22 (IANS) As the International Monetary Fund (IMF) doubled its lending power with over $430 billion pledged to a reinforced safety net to bail out countries during global financial crises, India stressed that contributions should be voluntary and not linked with future voice or governance reform and should be able to bail out "innocent bystanders" affected by them.

World Bank, IMF call for inclusive growth, poverty reduction

April 22, 2012 at 11:09 AM

Washington, April 22 (Xinhua-ANI): The World Bank and the International Monetary Fund (IMF) have called for further efforts on inclusive growth and poverty reduction amid fragile global recovery.

Yes Bank to focus on retail segment for growth

April 21, 2012 at 8:29 PM

Chennai, April 21 (IANS) Privately-owned Yes Bank Ltd will train its focus on retail banking in order to grow its current account and savings account (CASA) portfolio, said a senior bank official here Saturday.

Economic adviser Basu is speaking the language of IMF and World Bank, says BJP

April 21, 2012 at 7:01 PM

Varanasi, Apr 21 (ANI): Bharatiya Janta Party (BJP) leader Murli Manohar Joshi on Saturday flayed the chief economic adviser Kaushik Basu for his remarks on economic reforms in the country, adding he was speaking the language of the International Monetary Fund (IMF) and World Bank.

IDBI Bank quarterly net profit rises to Rs.770.78 crore

April 21, 2012 at 5:17 PM

New Delhi, April 21 (IANS) IDBI Bank Saturday reported a net profit of Rs.770.78 crore for the quarter ended March 31, against Rs.516.25 crore logged in the like period of the previous financial year.

India's forex reserves rise by $213.8 million

April 21, 2012 at 2:29 PM

Mumbai, April 21 (IANS) India's foreign exchange (forex) reserves rose by $213.8 million to $293.14 billion for the week ended April 13, after declining by $1.47 billion in the previous week, official data showed.

G-24 nations to focus on job creations and effective social protection for poor: Mukherjee

April 20, 2012 at 10:29 PM

Washington, Apr 20 (ANI): Expressing concern over the current global economic scenario, Finance Minister Pranab Mukherjee on Friday said the G-24 nations will focus on job creation and effective social protection for the poor and the vulnerable.

Kaushik Basu clarifies on economic reforms statement

April 20, 2012 at 10:29 PM

Washington, Apr 20 (ANI): Following the controversy around the statement made at the Carnegie Endowment for International Peace on economic reforms in the country, Chief Economic Advisor, Ministry of Finance, Dr. Kaushik Basu on Friday clarified that the central message of his talk was the possible European crisis in 2014 and not India's 2014 general elections.

Government will bring economy back on growth path: Ahluwalia

April 20, 2012 at 5:49 PM

New Delhi, April 20 (IANS) The Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, Friday played down the row over Chief Economic Adviser Kaushik Basu's comment on the slow pace of economic reforms, saying reforms are always needed to be done and the government is focussing on bringing the economy back on track.

World Bank to create global partnership for social accountability

April 20, 2012 at 1:57 PM

Washington, April 19 (Xinhua-ANI): The World Bank's Board of Executive Directors has approved in principle the creation of the Global Partnership for Social Accountability (GPSA), its latest effort to support civil society organizations (CSOs), the Washington-based Bank announced on Thursday.

Global economic recovery at critical juncture: WB chief economist

April 20, 2012 at 1:57 PM

Washington, April 19 (Xinhua): The global economic recovery is facing a critical moment although some optimism has returned in recent months, and collective global action is critical for sustaining the recovery momentum, World Bank chief economist Justin Yifu Lin has said.

World Bank calls for more trade within South Asia

April 20, 2012 at 12:37 PM

Washington, April 20 (IANS) South Asia needs more political will to embrace regional trade cooperation for the benefit of the lagging region, said a senior World Bank official.

Bank of America earnings beat estimates

April 20, 2012 at 12:05 PM

New York, April 20 (IANS) Bank of America Corp. released lower earnings for the first quarter Thursday, but the results still beat Wall Street's estimates as the credit quality improved.

India asks G-20 to nake 'credible and ambitious' action plan

April 20, 2012 at 9:49 AM

Washington, April 20 (IANS) India has called upon G-20 nations, the world's top economies, to work out a "credible and ambitious" action plan to put the global economy firmly on the path of recovery as also promote strong, sustainable and balanced growth.

Banks lower interest rates taking cues from RBI policy

April 19, 2012 at 7:41 PM

Mumbai, April 19 (IANS) Leading lenders including ICICI Bank and Punjab National Bank Thursday announced cut in both lending and deposit rates, just two days after the Reserve Bank of India lowered key policy rates.

Sensex closes 111.32 points higher, auto stocks rally

April 19, 2012 at 6:45 PM

Mumbai, April 19 (IANS) A benchmark index for Indian equities markets closed 111.32 points or 0.64 percent higher Thursday with interest rates-sensitive auto stocks making considerable gains after the central bank cut key lending rates.

Banks cut lending rate, deposits rate

April 19, 2012 at 6:20 PM

Following the order of Finance Ministry to cut the lending rate as Reserve Bank of India, the master bank on Tuesday cut its policy rate more than expected to 50 basis points (bps), two state run and one private sector banks on Thursday announced to reduce their lending and deposit rates by 25 bps (0.25%)...................

Sri Lanka's Central Bank under fire for fixing statistics

April 19, 2012 at 5:41 PM

Colombo, April 19 (Xinhua-ANI): Sri Lanka's Central Bank is under fire for allegedly rigging per capita income statistics to show a higher figure, a main opposition MP charged here on Thursday.

IndusInd Bank quarterly net profit rises 30.5 percent

April 19, 2012 at 4:21 PM

Mumbai, April 19 (IANS) Private sector IndusInd Bank Thursday reported a 30.5 percent hike in net profit at Rs.223.38 crore during the quarter ended March 31 against Rs.171.16 crore in the like period of the previous financial year.

World Bank wants effective social safety nets

April 19, 2012 at 12:45 PM

Washington, April 19 (IANS) Three out of five people in developing countries lack effective social safety net coverage as they struggle to forge ahead through global financial volatility and food and fuel price hikes, the World Bank said.

US business groups to protest tax law changes in India

April 19, 2012 at 11:01 AM

Washington, April 19 (IANS) A dozen US business groups have asked US Treasury Secretary Timothy Geithner to raise their concerns with New Delhi that some proposed changes in Indian tax laws, including retroactive tax collection, would spoil India's investment climate for them.

Switzerland extends sanctions against Iran

April 18, 2012 at 7:41 PM

Geneva, April 18 (Xinhua-ANI): The Swiss government on Wednesday announced its decision to extend its financial sanctions against Iran.

Sensex rises 89 points

April 18, 2012 at 4:13 PM

Mumbai, April 18 (IANS) A benchmark index for Indian equities markets was trading 89 points or 0.51 percent higher Wednesday, a day after the Reserve Bank of India (RBI) announced the cut in interest rates.

European debt crisis could flare up again: IMF

April 18, 2012 at 4:05 PM

Washington, Apr 18 (ANI): The International Monetary Fund has warned that the European debt crisis might flare up again at any time and send the global economy back into deep recession.

Ronaldinho's brother jailed for money laundering

April 18, 2012 at 3:33 PM

Rio de Janeiro, April 18 (IANS) The brother of former Barcelona and AC Milan star Ronaldinho has been sentenced to five and a half years in jail after being convicted of money laundering.

Priyadarshan a wonderful director: Hollywood action expert

April 18, 2012 at 3:33 PM

Mumbai, April 18 (IANS) Hollywood action choreographer Peter Pedrero, who collaborated with Priyadarshan for his upcoming movie "Tezz", says it was a treat to work with the filmmaker. He also says Priyadarshan allowed him to explore his creative side.

HDFC Bank Q4 profit up 30 percent

April 18, 2012 at 2:21 PM

Mumbai, April 18 (IANS) HDFC Bank, India's second-largest private lender, Wednesday reported a 30.4 percent increase in its net profit at Rs.1,453.1 crore for the quarter ended March 31, 2012, led by higher interest rate margins and stable asset quality.

Sensex rises 100 points in the afternoon trade

April 18, 2012 at 1:17 PM

Mumbai, April 18 (IANS) A benchmark index for Indian equities markets was trading 100 points or 0.58 percent higher Wednesday, a day after the Reserve Bank of India (RBI) announced the cut in interest rates.

Key Canadian lending rate unchanged

April 18, 2012 at 12:37 PM

Ottawa, April 18 (IANS) The Bank of Canada is keeping its key interest rate at one percent, the bank has announced although it indicated that interest rates could rise soon.

IMF suggests reforms, inflation check to resume India's high growth

April 18, 2012 at 10:05 AM

Washington, April 18 (IANS) The International Monetary Fund (IMF) has suggested reinvigoration of structural reforms, including development of infrastructure, fiscal consolidation and controlling of inflation to bring India's growth back to potential and ensure its inclusiveness.

Hamas calls on Palestinians to abduct Israelis

April 18, 2012 at 7:49 AM

Gaza, April 18 (IANS/RIA Novosti) A senior Hamas official has called on Palestinian militants to kidnap Israeli soldiers in order to exchange them for Palestinians captured by Israel.

Palestinians jailed in Israel go on hunger strike

April 17, 2012 at 11:09 PM

Ramallah, April 17 (IANS) Palestinians jailed in Israel began a hunger strike on Tuesday demanding an improvement of their detention conditions.

Many nations vulnerable to unexpected shocks: IMF

April 17, 2012 at 9:33 PM

Washington, April 17 (IANS) Policymakers face the dilemma of how best to respond to the challenges of slackening global activity and continued financial volatility as many countries remain vulnerable to unexpected shocks, the International Monetary Fund (IMF) said Wednesday.

India Inc says cheers to surprise interest rates cut

April 17, 2012 at 8:05 PM

New Delhi, April 17 (IANS) Indian Industry Tuesday rejoiced at the interest rates cut by the Reserve Bank of India for the first time in three years by an unexpected and sharp 50 basis points, with top honchos saying the decision would boost business sentiment and revive investment and growth.

India needs to tighten fiscal policy: IMF

April 17, 2012 at 7:01 PM

Washington, April 17 (IANS) With the notable exception of India, a number of economies in emerging Asia have room to make policy more supportive of economic activity, given favourable debt dynamics, the International Monetary Fund (IMF) said Tuesday.

Banks expected to pass on cost savings to borrowers

April 17, 2012 at 6:05 PM

Chennai, April 17 (IANS) The cut in reverse purchase (repo) rate by 50 basis points by the Reserve Bank of India (RBI) Tuesday would reduce the cost of funds for banks and they are expected to pass on the same to borrowers, said a senior official of credit rating agency Fitch Ratings.

Rate cut to help revive growth, investment: Mukherjee

April 17, 2012 at 5:41 PM

New Delhi, April 17 (IANS) The Reserve Bank of India's (RBI) decision to cut policy rates by 0.50 percent for the first time in three years will help revive investments and economic growth, Finance Minister Pranab Mukherjee said Tuesday.

Sensex closes 207 points up, banking, realty, auto stocks rally (Roundup)

April 17, 2012 at 5:41 PM

Mumbai, April 17 (IANS) A benchmark index for Indian equities markets closed 206.99 points or 1.12 percent higher Tuesday after the Reserve Bank of India (RBI) cut key interest rates.

Interest rates to go down but not immediately, say top banks

April 17, 2012 at 5:01 PM

New Delhi, April 17 (IANS) The Reserve Bank of India's (RBI) move Tuesday to cut key rates for the first time in three years by a sharp 50 basis points will provide the much needed respite to consumers as top banks said interest rates would go down, but not too soon.

Sensex rises 102.09 points, banking, realty stocks rally

April 17, 2012 at 4:37 PM

Mumbai, April 17 (IANS) A benchmark index for Indian equities markets was trading 102.09 points or 0.60 percent higher around 2.00 p.m. Tuesday after the Reserve Bank of India (RBI) announced cut in interest rates.

World Bank new Chief's says, focus on market based growth

April 17, 2012 at 12:17 PM

World Bank's new president Jim Yong Kim has said that market based growth is the priority for every country

Sensex rises 110 points, banking, realty stocks rally

April 17, 2012 at 12:15 PM

Mumbai, April 17 (IANS) A benchmark index for Indian equities markets was trading 110 points or 0.64 percent higher around 11.30 a.m. Tuesday after the Reserve Bank of India's (RBI) announced the cut in interest rates.

RBI cuts repo rate by 50 bps; loans to go cheaper

April 17, 2012 at 12:09 PM

In a move to boost growth in rocketing speed, the Reserve Bank of India (RBI) on Tuesday cut the Repo rate - the rate at which RBI lends money to commercial banks - by 50 bps (0.50%) as against the expected 25bps......

India's central bank cuts key rates

April 17, 2012 at 11:27 AM

Mumbai, April 17 (IANS) The Reserve Bank of India (RBI) Tuesday cut some key rates by 50 basis points in a bid to push industrial growth and stimulate economy -- a move that may also see interest rates falling on housing, automobile and commercial loans.

World Bank picks 'US choice' Jim Yong Kim as new chief

April 17, 2012 at 9:59 AM

Washington, Apr 17 (ANI): The World Bank has named Korean-born American health expert Jim Yong Kim as its new president.

Developing nations can have 8 percent growth rate

April 17, 2012 at 7:51 AM

Washington, April 17 (IANS) Every developing country holds the potential to register fast economic growth boosted by sound policies and leveraging its comparative advantages, according to World Bank chief economist Justin Yifu Lin.

Jim Yong Kim is new World Bank president

April 16, 2012 at 11:31 PM

Washington, April 16 (IANS) The World Bank announced Monday that Jim Yong Kim, the US candidate, has been selected as the bank's new president.

Nigerian bank deploys Infosys' Finacle software

April 16, 2012 at 6:11 PM

Bangalore, April 16 (IANS) Nigeria's oldest bank Wema Bank plc has deployed Indian IT bellwether Infosys Ltd's software product Finacle to offer core banking, retail e-banking and treasury services to customers through its 137 branches across the African country.

Sensex closes 56 points up on interest rate cut hopes

April 16, 2012 at 4:59 PM

Mumbai, April 16 (IANS) A benchmark index for Indian equities markets closed 56.44 points or 0.33 percent higher Monday on speculation that the Reserve Bank of India (RBI) may cut interest rates for the first time in three years.

Mukherjee to visit US to attend IMF-World Bank meeting

April 16, 2012 at 4:11 PM

New Delhi, April 16 (IANS) Finance Minister Pranab Mukherjee will be on a four-day official visit to the United States beginning Thursday to attend the annual spring meeting of the International Monetary Fund and the World Bank.

Now, palm-scanning ATMs that don't need card

April 16, 2012 at 3:47 PM

Washington, April 16 (ANI): A Japanese bank has announced that it will be installing about a dozen automated teller machines that can read customers' palms to identify them.

RBI may cut key lending rates by 25 basis points

April 16, 2012 at 2:59 PM

Mumbai, April 16 (IANS) India's central bank is expected to cut key lending rates by about 0.25 percent or 25 basis points, thereby releasing more funds in the economy, in its annual credit policy for 2012-13 on Tuesday.

Sensex rises 21 points, banking stocks rally

April 16, 2012 at 2:11 PM

Mumbai, April 16 (IANS) A benchmark index for Indian equities markets was trading 21 points higher in the afternoon session Monday on speculation that the Reserve Bank of India's (RBI) might cut interest rates for the first time in three years.

Mukherjee embarks on US visit to take part in IMF, World Bank meet

April 16, 2012 at 11:47 AM

New Delhi, Apr 16 (ANI): Union Finance Minister Pranab Mukherjee will undertake a four-day official visit to the USA on Wednesday to attend the spring meetings of the World Bank and the International Monetary Funds (IMF).

Finetune policies to promote community tourism: Study

April 15, 2012 at 12:19 PM

New Delhi, April 15 (IANS) The government should reinforce policies and focus on effective marketing to promote domestic tourism which has a huge potential to contribute to the social and economic inclusive growth, a study said Sunday.

India's forex reserves drop by $1.47 billion

April 14, 2012 at 3:15 PM

Mumbai, April 14 (IANS) India's foreign exchange reserves declined by $1.47 billion to $292.92 billion for the week ended April 6, the lowest level in more than two months, largely due to suspected sale of dollars by the Reserve Bank of India (RBI) to curb the slide in value of rupee, official data showed.

Colombia's Antonio Ocampo ends World Bank chief bid

April 14, 2012 at 10:27 AM

London, Apr 14 (ANI): Former Colombian finance minister Jose Antonio Ocampo has announced he is withdrawing his attempt to become president of the World Bank.

Russia to back US nominee as world bank chief

April 14, 2012 at 9:55 AM

Moscow, April 14 (IANS/RIA Novosti)Russia will back Jim Yong Kim as head of the world bank, Finance Minister Anton Silyanov has said.

Pakistani economist sees huge prospects for trade with India

April 13, 2012 at 8:19 PM

Hyderabad, April 13 (IANS) Eminent economist and former governor of State Bank of Pakistan Ishrat Husain said Friday he saw huge prospects for bilateral trade with India with both the countries taking steps to allow larger flow of goods.

Inadequate sanitation costs Pakistan up to 3.9 percent of GDP

April 12, 2012 at 7:31 PM

Islamabad, Apr 12 (ANI): Inadequate sanitation causes Pakistan economic losses totaling US$ 5.7 billion (PKR 343.7 billion) each year. This is equivalent to 3.9 percent of the country's GDP, according to a new report published by the Water and Sanitation Program (WSP), a multi-donor partnership administered by the World Bank.

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