MONEY & BANKING
FOREX
Forex reserves leap by $3.37 b — More capital inflows, RBI dollar buying primary reasons
THE dollar rain on India continues and this time it has led to a historic one-time jump. Latest RBI data indicates an unprecedented rise in the forex reserves by $3.37 billion (about Rs 14,500 crore) in a single week for the week ended April 9. ...
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Indians in overseas cos can remit net salary to relatives abroad
INDIAN nationals employed by overseas companies, and on deputation to India, may now remit their salary for maintenance of close relatives residing abroad. In a notification issued here, the Reserve Bank of India has said that authorised ...
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Forex reserves exceed external debt
HERE is some data that has value that goes beyond plain symbolism. It captures in one frame the success story with regard to balance of payments management: a story of how a country, with a precarious forex reserves position and on the verge of ...
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HOUSING FINANCE
Birla Home set to enter non-housing activities
BIRLA Home Finance Ltd (BHFL) is all set to enter non-housing activities. The company will also increase its client portfolio to include societies and trusts. At present, it provides housing loans to resident and non-resident Indians (NRIs) and ...
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RBI & OTHER CENTRAL BANKS
RBI tightens norms on import credit
Henceforth, credits up to $20 million per import transaction will be permitted only for ``import of capital goods''. This measure pertains to import transactions with a maturity period exceeding one year but less than three years, said an RBI ...
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GOVT BONDS
RBI revises repo auction schedule
THE Reserve Bank of India has revised the schedule of the repo auctions under the Liquidity Adjustment Facility. No auction will be conducted under the Liquidity Adjustment Facility on April 26, 2004, in view of the Government of Maharashtra ...
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91-day T-bills auction on April 21
THE Reserve Bank of India has announced a Rs 2,000-crore auction of 91-day Government of India treasury bills on April 21. Of this amount, Rs 500 crore will be auctioned under the regular auction calendar and Rs 1,500 crore under the market ...
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CREDIT MARKET
Bank credit jumps by Rs 32,064 cr
BANK credit has jumped by Rs 32,064 crore for the fortnight ended April 2, 2004 to a cumulative figure of Rs 8,67,436 crore. In the previous week the rise was by Rs 22,344 crore. According to the weekly statistical supplement published by the ...
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FIXED DEPOSITS
Interest rate cap on NRE deposits cut
THE Reserve Bank of India on Saturday capped the interest rates on non-resident external (NRE) deposit schemes to LIBOR/SWAP rates with effect from close of business in India on April 17. Earlier, NRE deposit schemes attracted a rate of 25 ...
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Cross Currency Rates
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