Reserve Bank cuts CRR by 50 basis points, interest rates unchanged

   Jan 24, 8:43 pm

Mumbai, Jan 24 (ANI): The Reserve Bank of India (RBI) has lowered the Cash Reserve Ratio (CRR) by 50 basis points with effect from January 28, but kept the short-term lending rate unchanged in view of the inflationary concerns.

The cut is expected to inject Rs. 32,000 crore into the system.

RBI Governor D Subbarao, who unveiled the third quarterly monetary policy review, today said: "Based on the current inflation trajectory, including consideration of suppressed inflation, it is premature to begin reducing the policy rate."

"Even as inflation remains elevated, despite moderation, downside risks to growth have increased. The growth-inflation balance of the monetary policy stance has now shifted to growth," he added.

Subbarao further said slippage on fiscal deficit, crude prices and rupee depreciation are key challenges for inflation, which after remaining near double digit for almost two-years, came down to 7.5 percent in December last year.

The CRR has been reduced to 5.5 percent from 6 percent with effect from January 28. The CRR is the amount of deposits the banks are required to keep with RBI in cash.

The short-term lending rate (repo) has been kept unchanged at 8.5 per cent. (ANI)

Intel to set up 100 Internet of Things (IoT) centres in India Oct 9, 12:58 pm
New Delhi, Oct 9 (ANI): Intel plans to set up 100 Internet of Things (IoT) centres as academic institutions across India. These centres are meant for students, educators and do-it-yourself electronic enthusiasts and will be supported by Intel Galileo boards to help build product prototypes.
Full Story
Flipkart attracts customers by sending postcards for 'Big Billion Day' sale Oct 9, 12:58 pm
New Delhi, Oct 9 (ANI): With the 'Big Billion Day' sale round the week, Flipkart has adopted a new strategy to attract more customers. It has sent over half-a-million mail postcards to its users for making the company's ambitious sale a success.
Full Story
iPhone 6s and 6s Plus to cost much higher in India Oct 9, 12:07 pm
New Delhi, Oct 9 (ANI): Apple's much-awaited iPhone 6s and iPhone 6s Plus will cost Rs. 62,000 for the lowest storage variant and as much as Rs. 92,000 for the top end model, distributors said.
Full Story
Patanjali to enter big retail with Future Group tie up Oct 9, 10:48 am
New Delhi, Oct 9 (ANI): Indian private conglomerate, Future Group is all set to announce a tie-up with Baba Ramdev's Patanjali. Offering products in various categories such as medicine, food items and cosmetics, the company will get exclusive right to sell products in Future outlets like Nilgiris, Food Bazaar, Food Hall and Big Bazaar.
Full Story