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RBI cuts CRR by 25bps
The Reserve Bank of India on September 17, 2012 announced that the Cash Reserve Ratio will be cut by 25 basis points. The cut in the CRR will be effective from September 22, 2012 and even the reverse repo rates remains at 7 percent.
The...
Japan’s SMBC Nikko Securities Inc. to launch online money service
A new complimentary service will be launched for which the Sumitomo Mitsui Banking Corp will be cooperating with its subsidiary SMBC Nikko Securities Inc. The new complimentary service will allow the customers to transfer money online between...
Air India seeks Rs.1,100 crore more from Indian government for implementation of VRS
National carrier Air India in order to rationalise surplus manpower, has asked the government for an additional Rs. 1,100 crore to implement the voluntary retirement scheme. The voluntary retirement scheme is aimed at reducing the headcount...
Fuel prices not to be hiked immediately
Oil Minister Jaipal Reddy on September 7, 2012 said that the government does not intend to raise the petrol, diesel, LPG and kerosene prices immediately. Reddy said that the price issue will be decided by the Cabinet.
The oil minister assured...
State Bank Of India reduces interest rates on fixed deposits by 0.5 percent
India’s largest money lender State Bank Of India on September 5, 2012 said that it announced a reduction in the interest rate on fixed deposits by 0.5 percent for most of the maturity periods. The move is now also likely to be followed by...
Banks disable cash retraction system from all ATMs
The banks in India have now removed the system of cash retraction from the ATMs. Initially the system had enabled the system to take back the cash if it was not removed within a certain time.
The system was withdrawn last week after the Reserve...
IRCTC to launch Rolling Deposit Scheme for hassle free e-ticket booking
The Indian Railway Catering and Tourism Corporation has decided to launch a new payment deposit scheme. The passengers under the new scheme can book tickets against the advance money kept with the corporation.
An official involved with the...
Toyota looking forward to increase production capacity in India
Auto giant Toyota is now looking forward to increase its capacity at its Indian plants in Bidadi by March 2013. The company is looking forward to increase the capacity from 2,10,000 units to 3,10,000units in a year .
The capacity of the first...
Japan custom officials to return wartime assets
On August 24, 2012 the Custom Officials in Japan have appealed the owners of the bank notes, stock certificates and foreign currency which was seized by occupying forced at the end of the World War II, to come forward. Seven decades have passed...
Indian consumers curtail on non essential items due to inflation
A new survey has revealed that four out of five Indians plan to spend less on the non-essential items. A large number of Indians now plan to end less on clothes, food and entertainment and holidays as they expect poor monsoon rains to fuel inflation...