RBI

The Delhi High Court today stayed the direction of the Central Information Commission (CIC) asking the Reserve Bank of India to provide details of industrialists who have defaulted in repayment of loans taken from nationalised banks. A bench of Justice Vipin Sanghi, in its interim ex parte order, asked the information-seeker to respond to the petition filed by the RBI challenging the CIC order. Full Article

Country's largest lender State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts. SBI has decided to do away with the pre-payment charges on all kinds of housing loans with immediate effect. The bank has been charging pre-payment penalties only on housing loans with floating interest rates taken before May 2011. Full Article

Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance. Full Article

The upheaval in domestic markets that followed the US economic downgrade notwithstanding, RBI on Friday said the liquidity in the Indian banking system was not under stress and the central bank was monitoring the situation closely. Full Article

The OECD on Wednesday pegged India’s growth at 8.5 per cent for the current fiscal, indicating that economic expansion would be slower. The Organisation for Economic Cooperation and Development has projected the Indian economy to expand 8.5 per cent in 2011-12, much lower than the growth of 9.6 per cent witnessed in 2010-11 financial year. Full Article