Finance News and Articles

IDBI Bank has been providing account portability facility to its customers since February 2010. Accordingly, customers can transfer their account from one service outlet (branch) to another in any city without changing the bank account number. Full Article

An NRE account is a Rupee denominated account. That is, funds in an NRE account are maintained in Indian Rupees. It can be a savings, current or a fixed / term deposit account. NRE accounts can be opened by NRIs. Funds can be repatriated from an NRE account. This means that the funds can be freely sent to any other country.An NRE account can contain funds remitted from abroad, or obtained from another NRE / FCNR account maintained in India.Funds can be transferred from .. Full Article

Financial Action Task Force (FATF) Approved the Revised Recommendations for Combating Money Laundering and Financing of Terrorism in its Plenary meeting in Paris The Plenary Meeting of Financial Action Task Force (FATF) being held in Paris approved the revised recommendations for combating money laundering and financing of terrorism. The plenary also discussed the fourth follow-up report on India’s progress with reference to the Action Plan that it had committed to in .. Full Article

The Union Budget, delayed because of elections in five states, will now be presented on March 16, four days after Parliament will begin its Budget session. The budget session, which normally commences in the third week of February, will start on March 12 with President Pratibha Patil addressing the joint sitting of members of both the Houses of Parliament. Full Article

Though the effects of deflation are just the opposite to those of inflation, deflation also poses its own menacing threat to economic stability in a system. Effects of Production. Deflation adversely affects the level of production, investment activity, employment, and income level in an economy. Full Article

The Union Finance Minister Shri Pranab Mukherjee said that the main reason for decline in the GDP growth is slowdown in industrial growth, in particular in investment growth. The Finance Minister said that the negative growth in mining sector along with slowdown in construction sector has also contributed to the decline in GDP growth. The Finance Minister Shri Mukherjee was reacting to the figures of advance estimates of GDP for the year 2011-12 which were released here .. Full Article

Calls for 9 percent Plus Growth for a Sustainable Period to achieve the Objective of Inclusive Growth; Industry Asks for Improvement in Outcome of Expenditure on Social Programmes, Widening of Tax Net, Shifting to Accrual Based Budgeting from Cash Based, Acceleration in the Disinvestment Process and Boost in Agricultural Growth among Others. Full Article

Reserve Bank of Indiashall come out with its credit policy review next week in the back drop of two important landmarks – growth in industrial output and decline in inflation, more so in food commodities. This is indeed a reversal from a long trend of unabated inflation. Full Article