Reserve Bank cuts CRR by 50 basis points, interest rates unchangedJan 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)
Cinepolis Launch First International Multiplex in Delhi May 24, 6:42 pm
New Delhi, May 24 (ANI): In a bid to provide the best-in-cinema experience coupled with state-of-the-art technology, Cinepolis India, today announced the launch of their first International multiplex, in Rohini. Mr. Javier Sotomayor, Managing Director, made the announcement in the presence of Mr. Devang Sampat, Business Head - Strategy and Mr. Ashish Shukla, Director - Expansion, Cinepolis India, Harsh Bansal, Director, Unity One, Naresh Aggarwal, Director, Unity Group.Full Story »
TravelTriangle achieves rare milestone in world of startups May 24, 5:58 pm
New Delhi, May 24 (ANI): TravelTriangle, India's first online holiday marketplace has become Contribution Margin Net Marketing (CMNM) positive in 6 Key geographies including an International market, along with reaching 200 Cr GMV. With an enviable growth of 6X since last year, the company is now aiming to reach 100 million dollars by March 2017.Full Story »
Believers Church adds momentum to PM Modi's "Skill India" campaign May 24, 5:10 pm
New Delhi, May 24 (ANI-NewsVoir): With a mission to contribute towards Prime Minister Narendra Modi's "Skill India" Campaign, Believers Church has started imparting skill to underprivileged women across the country to help them earn their livelihood. The organization is providing free tailoring courses and sewing machines to women across India and trying to make them financially independent.Full Story »
India following fundamentals right and a reform-to-transform approach: Piyush Goyal May 24, 4:38 pm
Singapore, May 24 (ANI): India is following a policy of keeping its fundamentals right, and at the same time, promoting a reform to transform approach, said Piyush Goyal, Minister of State (IC) for Power, Coal, New and Renewable Energy,at the India-Singapore Energy Technology and Investors' Meet here last evening.Full Story »
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