Urijit Patel finally breaks his silence on demonetisation
The Dollar Business Bureau (sourced from PTI) Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel today said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.Patel also said the RBI has announced an incremental CRR (Cash Reserve Ratio) of 100 per cent "because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes" and the decision would be reviewed immediately once the government issues adequate quantum of MSS (Market Stablisation Scheme) bonds which they have promised to do.In an exclusive interview to ...
Bankers set to deliver rate cuts; SBI takes lead
Source: PTI Within couple of hours of rate cut by the Reserve Bank, country's largest lender SBI slashed its lending rate by 0.40%, while the largest private sector lender ICICI Bank hinted at cutting its base rate by at least 0.25%. “Clearly, interest rates will come down, base rates will come down. A large part of the cut will get transmitted. When I say a large part of the thing (repo rate) will get transmitted, it should mean more than half,” ICICI Bank's managing director and chief executive Chanda Kochhar told reporters at the RBI headquarters. SBI chairman Arundhati Bhattacharya was not present at the customary post-policy press conference organised by banking industry lobby grouping IBA, but her bank announced a ...
