Fixed Deposit Rates Falling But Still Extremely Attractive
After the Reserve Bank of India (RBI) India’s central bark embarked on an ambitious interest rate easing cycle since October, slashing official interest rates by 350 basis points, Fixed Deposit (FD) rates have begun falling.
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RBI Issues Report On Banking In India
The RBI, India’s Central Bank issued a report last Wednesday suggesting the country, with its strong drivers for economic growth, may escape the works of the global credit crisis. The report titled “Trend and Progress of Banking in India, 2007-08” suggests that once the global situation stabilises, India will return to the high growth rates it has been accustomed to over the last decade.
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Indian Government Announces Stimulus Package
The Congress led Central Government announced a Rs 20,000 crore or US$ 4 billion economic stimulus package on Sunday as it bolstered efforts to support an economy whose growth rate is suffering as a result of a global economic slowdown.
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RBI Simply Minting It
The Reserve Bank of India (RBI) India’s central bank booked a minimum gain of Rs 2000 crore or US$ 400 million profit on its dollar sales in the July to September 2008 quarter. The central bank also realised large gains on its US Treasuries during the same period as investors globally became skittish and started fleeing for the safe haven of US Government debt at exactly the same time the Federal Reserve began cutting interest rates.
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India Should Not Roll Back Fuel Price Hikes
The Union Government issued Rs 22,000 crores (US$ 4.4 billion) in oil bonds on behalf of the three oil marketing companies at the start of November, largely to compensate them for selling fuel at below production and acquisition costs.
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