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The Reserve Bank of India (RBI) today cautioned rising interest rate and high cost of funds could hurt the profitability of the banking sector. ‘Going ahead, with hardening interest rates and the imminent increase in cost of funds, the credit growth is expected to slow down, which could adversely affect the profitability,’ the RBI said in Financial Stability Report released today.
With an aim to regulate the credit system to the advantage of the country, the Reserve Bank today said NBFCs cannot open subsidiaries or enter into joint ventures abroad without its permission. ‘No NBFC shall open subsidiaries/joint ventures/ representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of India,, the central bank said in a notification.
Reserve Bank today admitted that its own tight monetary policy, besides rising crude oil prices and uncertain global environment, poses a threat to India’s growth momentum in the current fiscal. ‘The slackening of global recovery, high oil and commodity prices, deceleration in domestic industrial growth, uncertainty about continuation of strong growth in agricultural sector and impact of monetary policy actions pose downside risks to India’s GDP’, RBI said in a report.
India could see some slowdown in capital inflows going forward as advanced economies exit from the easy monetary policy, making it tougher to fund a widening current account deficit, the Reserve Bank of India (RBI) said in its Financial Stability report.
With inflation hovering much above the comfort zone, the Reserve Bank may raise key policy rates by 25 basis points in its first mid-quarterly review of the credit policy for FY’12 tomorrow. I think the RBI would take one more small step to curb inflationary expectations. Market is expecting a 25 basis points increase, Indian Overseas Bank Chairman and Managing Director M Narendra told PTI.
The Reserve Bank of India presented its assessment of the health of India’s financial sector in its Financial Stability Report (FSR), released here today. The report reflects the Reserve Bank’s continuing endeavour to communicate its assessment of the incipient risks to financial sector stability. The first FSR was released in March 2010 and the second in December 2010. Going forward, FSRs will be released bi-annually in June and December every year.
As a follow up of the implementation of the recommendations of the Working Group on Balance of Payments Manual for India (Chairman: Shri Deepak Mohanty), provisional aggregate data on trade in services have been compiled for the first time for the month of April 2011 based on the data reported by the Authorised Dealers (ADs) under the Foreign Exchange Transactions Electronic Reporting System (FETERS) (Table).
RPCD. GSSD. CO. No.14360 / 09.01.01 CM / 2010 – 11 We advise that the State – wise targets indicated may be allocated among the banks working under the jurisdiction of the SLBC Convenor bank of the State, under advice to us. The SLBCs should finalise the targets of individual banks on the basis of acceptable parameters like resources, number of rural / semi urban branches, etc., so that each of the banks will be in a position to arrive at its corporate target. We will be monitoring the achievement of the credit targets by the scheduled commercial banks through receipt of returns.
NOTIFICATION NO. DNBS.(PD)229/CGM(US)-2011, DATED 14-6-2011 1. No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of India. The application from the NBFC seeking No Objection would be considered subject to these directions. 2. These directions are in addition to those prescribed by Foreign Exchange Department for opening of branches abroad or for investments in Joint Venture/Wholly Owned Subsidiary.
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 28, 2011 with the Government of the United Republic of Tanzania making available to the latter, a Line of Credit (LoC) of USD 36.56 million (USD thirty six million and five hundred sixty thousand) for financing eligible goods and services including consultancy services from India for the purpose of financing the purchase of 723 vehicles under the India Africa Fund into Tanzania.
